Business Laws Multiple Choice Questions and Answers (MCQs), Dibrguarh University

Business Laws Multiple Choice Questions and Answers (MCQs)
Dibrugarh University
Covering Question Papers from 2011 to 2021

1.  Amount of a crossed cheque is not  paid at the counter.

2. Only Bearer cheque can be encashed on the counter.                    True

3. An agent cannot work for more than one principal.  False

4. Registration of limited liability partnership shall be with the Registrar of Companies. True

5. Agreement with a person of unsound mind is void.                 True

6. A sale is an Executory contract.                          False, Executed Contract

7. The Bill of Exchange has three parties.                           Three, Drawer, Drawee and Payee

8. A Promissory note has two parties.                 Maker and Payee           

9. Offer and acceptance make contract.

10. To execute a contract of sale, price is not essential / essential element.          False

11.  Implied warranties are not written in a contract of sale.

12. Days of grace is not counted in cheque.

13.   Negotiable instruments payable on demand do not have days of grace.            True

14.   Bill of Exchange and promissory note are not same.

15.   The Consumer Protection Act was passed in 1986.

16.  FEMA came into force from June 1, 1999/2000.

17.   Indian contract act was passed in 1872.                          True

18.   A contract dependent on happening or non-happening of a future uncertain event is called contingent contract. True

19.   Offer and acceptance make agreement.                       True

20.   Quasi-contracts are created by circumstances.                           True

21.   Sale of goods Act was passed in 1930.                             True

22.   Implied warranties are written/ not written in a contract of sale.       Ans: Not written in a contract of sale

23.   Expressed warranties are written in a contract of sale.                           True

24.   An unpaid seller obtains right against goods only.                                     True

25.   An unpaid seller obtains the right against buyer.                                       True

26.   In promissory note there are two parties.                    True

27.   In bills of exchange there are three parties.                 True

28.   Days of grace is allowed in cheque.                  False

29.   Consumer protection Act recognizes six rights of consumers.                              True (Sec. 6)

30.   FEMA came into force from June 1, 2000.                     True

31.   A contract is discharged by commercial impossibility.                               Yes

32.   A quasi-contract is a contract created by low not by the parties.                         Yes

33.   Condition is a stipulation unessential to the main purpose of a contract.                        False, Essential

34.   To execute a contract of sale, seller and buyer must be there.                                            True

35.   To execute a contract of sale, price is an essential element.                 True

36.   A cheque is not payable on demand.                              False

37.   A promissory note is payable on demand or after a definite period of time.                 True

38.   A promissory note is always in writing.                           True

39.   Definition of consumer does not include a person who obtains goods for resale or for any commercial purpose.  True

40.   A promissory note may not be in writing.                      False

41.   The Consumers’ Protection Act was passed in 1986.                                True

42.   Offer may be implied.                            True

43.   Acceptance may be conditional.                        False, it is unconditional

44.   An agreement to sell is an executory contract not executed contract.                             True

45.   Agreement with a minor is void.                       Void

46.   Consideration from stranger to contract is valid.                        False    

47.   Money cannot be a subject matter of sale under the Sale of Goods Act 1930.                                              True

48.   Breach of warrantees by one party entitles the other party to repudiate the contract.                            False

49.   Share warrants are Negotiable Instruments but share certificate is not a negotiable instrument.        True

50.   A government hospital is considered as an industry under the Industrial Disputes Act, 1947.                True

51.   The definition of industry was amended in the year 1981.                     False

52.   A probationer is a workman under industrial dispute act.                      True

53.   Maximum age limit of a member of a district forum is 65 years.                          True

54. Quasi-contracts are created by circumstances, not by the parties.  True, Peculiar circumstances

55. A specific offer can be accepted by any party. True

56. Money is considered as ‘goods’ under the Sale of Goods Act. False, Money and actionable claim are not goods.

57. An insolvent cannot enter into a contract.  True

58. An agent is a link in between the principal and the third parties.  True

59. Registration of a partnership firm is compulsory.  False

60. An agreement to sale is an executory contract. True

61. The Indian Contract Act was enacted at 1972. False, 1872

62. The Indian Contract Act was passed in1873.  False, 1872

63. A quasi-contract is a contract created bylaw, not by the parties.          True

64. Registration of a partnership firm is notcompulsory. True

65. The rights and liabilities of partners ofLLP are stated in the LLP agreement.

66. A cheque is not payable on demand.               False     

67. Days of grace is counted in cheque.  False

68. To execute a contract of sale; seller andbuyer must be there.              True

69. Implied warranties are not written in acontract of sale.           True

70. The Indian Contract Act, 1872 came into force on

Ans: 1st September, 1872.

71. In a sale there is an implied condition on the part of the seller that he

Ans: has a right to sell the goods.

72. The provisions regarding maximum number of members in a partnership are given in

Ans:The Companies Act.

73. The Right to Information Act, 2005 came into force on

Ans: 12th October, 2005.

74. A contract of indemnity is a

Ans: contingent contract.

75. A bill of exchange needs acceptance. True

76. The Sale of Goods Act, 1930 came into force from 1st July, 1930. True

77. A contract with or by a minor is a valid contract. False

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