Business Law (MCQs) Set-3
Categories: EDUCATION
Q.21. A agreed to sell 100 shares to B at Rs. 75 per share delivery to be given on the 1st march, B refused to accept delivery on 1st march as price had gone down to Rs. 60 per share. Subsequently A sold these shares at Rs.92 per share
- A cannot recover any damages from B
- A will have to restore to BRs. 1700 i.e. the profit he made
- A caan recover dameges to be determined by the President of the stock exchange.
Answer: (C) A caan recover dameges to be determined by the President of the stock exchange.
Q.22. A finder of lost goods is a
- bailor
- Baile
- true owner
- thief
Answer: (B) Baile
Q.23. A guarantee obtained by a creditor by keeping silence as to material circumstances is
- valid
- voidable
- unenforceable
- invalid
Answer: (D) invalid
Q.24. If a price is not determined by the parties in a contract of sale , the buyer is bound to pay
- the price demanded by the seller,
- a reasonable price
- the price which the buyer thinks is reasonable
- the price to be determined by a third independent person.
Answer: (B) a reasonable price
Q.25. In case of breach of a warranty, the buyer can
- repudiate the contract
- claim damages only
- return the goods
- refuse to pay the price
- refuse to take delivery of the goods.
Answer: (B) claim damages only
Q.26. Law of contract is
- not the whole of agreements nor is it the whole law of obligations
- the whole law of agreements
- the whole law of obligations
- none of the above.
Answer: (A) not the whole of agreements nor is it the whole law of obligations
Q.27. A specific offer can be accepted by
- any person
- any friend of offerer
- the person to whom it is made
- any friend of offeree.
Answer: (C) the person to whom it is made
Q.28. Consideration
- must be adequate to the promise made,
- need not be adequate to the promise made
- must be of reasonable value
- must be of more value than the value of promise made.
Answer: (B) need not be adequate to the promise made
- A promise to subscribe to a charity. The promise is a
- valid contract,
- voidable contract,
- void agreement
- void contract.
Answer: (C) void agreement
- A contract by an idiot is
- voidable
- enforceable
- invalid
- void ab inito
Answer: (D) void ab inito