Tag: commerce

Questions Related to commerce

X, Y and Z are partners of software business jointly promise to pay Rs. 30,000 to A. Over a period of time Y became insolvent, but his assets are sufficient to pay 1/4th of his debts. Z is compelled to pay the whole.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Z has to bear the entire amount of liability

  2. X has to bear the entire loss arising out of Y's insolvency

  3. X and Z have to bear equally, the loss arising out of Y's insolvency

  4. Z can recover back the entire amount from A.

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Correct Option: C

Ram, Lal and Shyam jointly promise to pay Mohan Rs. 30,000. Shyam paid the whole amount to Mohan. If Ram and Lal are solvent, Sham can recover _________.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Rs. 50,000 from Lal

  2. Rs. 30,000 from Ram

  3. Rs. 20,000 from Lal

  4. Rs. 10,000 each from Ram and Lal

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Correct Option: D

Ashok owes Lakshmi Rs. 25,000/-. Lakshmi said that she will accept Rs. 15,000/- towards final statement. It is ___________ contract.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. voidable

  2. valid

  3. ollegal

  4. unenforceable

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Correct Option: B

A business can be transacted at a board meeting even if it is not mentioned in the agenda

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. True

  2. False

  3. Partly True

  4. Partly False

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Correct Option: B

A contract to do an act which, after the contract is made, becomes impossible

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. becomes void when the act becomes impossible;

  2. becomes voidable when the act becomes impossible;

  3. becomes illegal when the act becomes impossible;

  4. any of the above.

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Correct Option: A

The directors appointed in a company on an application made under Sec. 241 are appointed by.

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Auditor

  2. Tribunal

  3. General Government

  4. None of the above

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Correct Option: B

The disqualification for being appointed as a director are contained in which section of Companies Act, 2013?

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Sec. 164

  2. Sec. 166

  3. Sec. 170

  4. None of the above

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Correct Option: A

Consideration must move at the desire of the

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. Promisor

  2. Promisee

  3. Any person

  4. Third party

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Correct Option: A

A person who is usually of unsound mind, but occasionally of sound mind:

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. may make a contract when he is of sound mind;

  2. cannot make any contract;

  3. can make a contract by his legal representative;

  4. can make a contract by registered document.

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Correct Option: A

Every promise and every set of promises, forming the consideration for each other, is called

commerce performance of contract who will perform the contract performance, discharge, breach and remedies of contract business law and contract act

  1. An offer

  2. An agreement

  3. A promise

  4. A contract

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Correct Option: B