MCQ’s Business law

1. Law is either private law or _________ law.
(A) Public
(B) Private
(C) Local
(D) Family

2. A breach of contract can be of ___________ breach.
(A) Discharged
(B) Illegal
(C) Void
(D) None of these

3. How many parties are there to a Promissory note?
(A) Two parties
(B) One party
(C) Four parties
(D) Three parties

4. A minor can be an _____________.
(A) Surety
(B) Agent
(C) Partner
(D) All of these

5. Public Law is divided into ________ categories.
(A) Three
(B) Four
(C) Two
(D) None of these

6. An agreement that is caused by fraud, misrepresentation & coercion is _____.
(A) Voidable
(B) Partially Void
(C) Valid
(D) All of these

7. The person which is represented as an agent ______.
(A) Middleman
(B) Owner
(C) None of these
(D) Principal

8. Public law includes _______ law.
(A) Administrative
(B) Constitution
(C) Criminal
(D) All of these

9. Contingent goods belong to _______ goods.
(A) Existing
(B) Future
(C) Contingent
(D) None of these

10. Is voidable contract?
(A) Partly valid agreement
(B) An illegal agreement
(C) All of these
(D) None of these

11. According to Contract Act, select the true about the “Contract”?
(A) Legal Term
(B) Binding agreement
(C) Always in written
Answer: (C) A, B and C

12. A Contract can be signed between
(A) Individuals
(B) Legal Entities
(C) All of the above A and B
(D) None of these

13. In general, Partnership entails which one of the following liability?
(A) Unlimited Liability
(B) Limited Liability
(C) No Liability at all
(D) Both A and C

14. Select the best of partnership that entails more legal benefits?
(A) Unlimited Liability Partnership
(B) Limited Liability Partnership
(C) Ordinary Partnership
(D) None of these

15. Reciprocal represent the meaning of
(A) One sided contracts
(B) Trilateral contracts
(C) Bilateral contracts
(D) None of above

16. …..is the promise which forms the consideration or part of the consideration for each other.
(A) Reciprocal promise
(B) Conditional promise
(C) Simple promise
(D) None of above

17. A proposal may be revoked by different ways as are provided in which one of the followings section of the Contract Act 1872.
(A) 6
(B) 7
(C) 8
(D) None