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    Business Law

    1. NO notice of resale is given to the buyer, the unpaid seller is not entitled

    To retain surplus, if any on the resale

    2. Seller expressly reserves a right to resale

    Buyer making default in payment of the price of the goods

    3. Right to sue for interest

    Rights of an unpaid seller

    4. Where the properties in goods has not passed to the buyer

    Right to sue for price.

    5. Promise such as taking of a lunch is a valid contract.


    6. An agent is appointed for the performance of a contract where?

    Personal skill is not required, Personal test is not required

    7. Sale by pawnee of pledge

    Buyer geta a good tide to die goods

    8. Buyer gets a good title to the goods

    Sale By one of joint owners

    9. A Bill of exchange was received but dishonoured

    Unpaid seller

    10. Mercantile agent

    No authority to sell


    11. Some act or forbearance or promise suffered or made by the promise for the promise.


    12. A promise given to pay in whole or in part of past voluntary services

    Binding and enforceable without consideration.

    13. Creating an agency

    No consideration

    14. Delivery of goods to transport operator is an example of ……..


    15. Where the partnership continues even after the expiry of the fixed period, the rights and duties continue to

    be same

    16. The statement in lieu of prospectus is prepared only for advertising purpose.


    17. in fraud a false representation is deliberately made.


    18. Three kinds of promissory notes are.

    ( 1 ) A promise to pay a certain sum of money to a certain person, 
    (2) A promise to pay a certain sum of money to the order of a certain person and,
    (3) A promise to pay the bearer of the instrument

    19. When a promisee accepts performance of the promise from a ……… he can not afterwards enforce it against the promisor.

    third person

    20. Contracts which ceases to be enforceable by law remains valid.


    21. An offer is ……… from an invitation


    22. District Forum refer a copy of complaint within …………………. from the date of its admission to the opposite party to give his version.

    twenty one days

    23. payees is

    a person to whom the amount of cheque is made payable.

    24. Unless otherwise agreed, the buyer of goods is not bound to accept delivery thereof by …………


    25. Symbolic delivery:

    When it is very difficult to hand over the goods physically to the buyer because of the bulky nature of the goods, the goods are delivered.

    26. A promissory note, bill of excharige or cheque drawn in India any person in India shall be deemed to be

    an inland instrument”.

    27. an unregistered firm is an illegal association.


    28. An agreement enforceable by law is a contract defined under section:-

    2(h) of Indian contract act.

    29. When the notice of stoppage in transit is given by the seller to the carrier, the buyer must:-

    Redeliver the goods to the seller.

    30. X, Y, Z are under a joint promise to pay Rs. 6000/- to Mr. A and X is compelled to pay the whole amount of Rs. 6000/- whether X can recover contribution of Rs. 2000/-from:-


    31. The minor has a right to share of the:-

    Property and profits.

    32. A contract of indemnity is a contract by which one party promises to save the other party from the loss caused due to him by the conduct of the promise or himself or of any other person, has been defined:-

    Under section 124.

    33. An agreement in restraint of marriage is an agreement expressly declared:-

    Void by law.

    34. The various types of partner are:-

    Active partner, sleeping partner, nominal partner.

    35. Limitations to the principle of ratification:-

    When ratification is not done of the whole transaction, where the ratification is not communicated to the concerned party, where the act to be ratified is illegal or void.

    36. Parties to the agreement must be of the same mind upon the same subject:-


    37. The partners are held individually and collectedly responsible for all the business obligations of the firm:-


    38. Every illegal agreement is unlawful but every unlawful agreement may not be necessarily illegal:-


    39. The property in goods is transferred immediately from buyer to seller after a sale:-


    40 .The hirer may ………… at any time without any obligation to pay the balance rent.

    return the goods

    41. When a promise accepts performance of the promise from a …………, he cannot afterwards enforce it against the promisor.

    third person

    42. A partnership cannot be formed with more than …….. persons in banking.


    43. Unlawful acts are those which involve …………. of law and are disapproved by law on some ground of public policy.

    non-criminal breach

    43. In a sale, the buyer cannot terminate the contract and is …….. to pay the price of the goods purchased.


    Match the following:-


    44. Breach of a contract under some special circumstances 
    special damages.
    breach of contract.
    lapse of time.

    special damages.

    45. Failure of a party to a contract to perform his obligations under a contract
    special damages.
    breach of contract.
    lapse of time.

    breach of contract.

    46. After a specified period, a contract can not be enforced in the court of law 
    special damages.
    breach of contract.
    lapse of time.

    lapse of time.

    47. The deliberate abandonment of a right of a party to a contract 
    special damages.
    breach of contract.
    lapse of time.


    48. No one can give something which he does not possess is the meaning of:-

    nemo dat quod non habet.

    49. After the expiry of time or accomplishment of purpose of bailment:-

    50. The seller can file a suit against the buyer for the price of the goods, only after the property of the goods is:-

    Transferred to the buyer.

    51. An agreement in restraint of marriage is an agreement expressly declared:-

    Void by law.

    52. Contract created by law is:-

    Quasi contract.

    53. The subject matter of the contract of sale must be:-

    Moveable property.

    54. Under an auction sale and in an execution of a decree a person buys:-

    His own goods.

    55. When both the parties to the contract fulfill their respective obligation the contract is said to be:-


    56. A Pawnee, in the event of default in payment of debt by the Pawner, has a right:-

    To retain the goods pledged as collateral security.

    57. Rights of a surety are:-

    Rights to information, right of consultation, right of subrogation.

    58. A contract is created by entering into an agreement, it can also be discharged by another agreement by way of:-

    Recession, alteration, novation.

    59. Kinds of quasi-contractual obligation are:-

    Supply of necessaries, responsibility of a finder of goods, payment of money by mistake.

    60. The consideration of an agreement is lawful unless it is:-

    Fraudulent, involves injury to the person, forbidden by law.

    61. If the transfer of possession of goods is not voluntary then there is a delivery:-


    62. The law of quasi-contract suit exists to provide remedies where a person unjustly suffer loss:-


    63. A contract of insurance is a contract of idenmity:-


    64. Business must be lawful and legal:-


    65. It is only the promise who is entitled to demand performance of the promise:-


    66. In an agreement to sale, the …… has all the rights to sell the goods once sold to a new buyer.


    67. Any person of ……… not competent to enter into a partnership contract.

    unsound mind

    68. A ……. for damages is one of the remedies for breach of a contract.


    69. Unilateral mistake is not allowed as a ………. to avoid contract.


    70. Lapse of time …….. the contract.


    71. The death of a surety puts an end to the contract of guarantee.


    72. Proposal made otherwise than in words are said to be ……. contract.


    73. A partner shall …….. the firm for any loss caused to it by his willful neglect.


    74. A seller is under no duty to reveal ……….. about the goods sold.

    unlettered truth

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