Tag: introduction of business laws

Questions Related to introduction of business laws

An advertisement to pay reward to anyone who traces the missing boy of the advertiser is _____________.

introduction of business laws business law and contract act business studies

  1. an express offer

  2. an implied offer

  3. a general offer

  4. None of these

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Correct Option: C
Explanation:

Section 2(a) defines an offer as, “a proposal made by one person to another to do an act or abstain from doing it.” General offer is made to the public in general or society or community as a whole. Specific offer is made to one person or group of persons.

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A person who is mentally deranged due to some mental strain or other personal experience and suffers from intermittent intervals of sanity and insanity is

introduction of business laws business law and contract act business studies

  1. Idiot Person

  2. Lunatic Person

  3. Intoxicated Person

  4. All of the above

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Correct Option: B

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Contracts made before war with an alien enemy which are against public policy are:

introduction of business laws business law and contract act business studies

  1. suspended and are revived after the war is over.

  2. dissolved

  3. not affected at all

  4. void ab initio

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Correct Option: B

LEGAL PRINCIPLE: When one person signifies to another his willingness to do or abstrain from doing anything, with a view to obtaining the assent of that person to such an act or abstinence, he is said to have made a proposal.
FACTUAL SITUATION: Ram sends a telegram to Sohan, writing: "Will you sell me your Rolls Royce Car? Telegram the lowest cash price." Sohan also replied by telegram: " Lowest price for car is $Rs. 20$ lakh." Ram immediately sent his consent through telegram stating. " I agree to buy the car for $Rs. 20$ lakh asked by you." Sohan refused to sell the car.

introduction of business laws business law and contract act business studies

  1. He cannot refuse to sell the car because the contract has already been made

  2. He can refuse to sell the car because it was only invitation to offer and not the real offer

  3. It was not a valid offer because willingness to enter into a contract was absent

  4. It was not a valid contract as offer and acceptance is conveyed through telegram

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Correct Option: B
Explanation:

When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that to such act or abstinence, he is said to make proposal. It was just invitation to offer, not the real offer. Hence, Sohan can refused to sell the car.

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Who among the following is not disqualified by law to enter in to contract?
1. A major person    
2 . A lunatic    
3. Insolvent person 
4.  Diplomatic staff of foreign states

introduction of business laws business law and contract act business studies

  1. 1 & 2

  2. 2 & 3

  3. 3 & 4

  4. 1 & 4

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Correct Option: D

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Claim for Quantum Meruit cannot arise in case of _________.

introduction of business laws business law and contract act business studies

  1. Void Agreements

  2. Void Contracts

  3. Non-Gratuitous Act

  4. Gratuitous Act

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Correct Option: D

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The basis of quasi contractual relations is the________________.

introduction of business laws business law and contract act business studies

  1. existence of a valid contract between the parties

  2. prevention of unjust enrichment at the expense of others

  3. Provisions contained in Section 10 of the Contract Act

  4. Existence of a voidable contract between the parties

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Correct Option: B

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Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for _____________.

introduction of business laws business law and contract act business studies

  1. damages

  2. injunction

  3. quantum meruit

  4. none of these

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Correct Option: C

ad information means

introduction of business laws business law and contract act business studies

  1. From the beginning

  2. To the same thing

  3. To infinity

  4. From the base

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Correct Option: C

The chief sources of English law are

introduction of business laws business law and contract act business studies

  1. Common law

  2. Law merchant

  3. Principle of equity

  4. Common law, law merchant, principle of equity & statue law

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Correct Option: D