Business Law MCQs
Bailment and Pledge – MCQs with Answers Which section of the Indian Contract Act defines Bailment?a) Section 124b) Section 148c) Section 172d) Section 126 Answer: b) Section 148 In bailment, the person delivering the goods is called the:a) Bailorb) Baileec) Lessord) Pledger Answer: a) Bailor The person to whom goods are delivered in a bailment […]
Breach of Contract and Its Remedies – MCQs Q1. What is a breach of contract?A. Violation of criminal lawB. Violation of a promise under a contractC. Making a new contractD. Performing the contract early Answer: B. Violation of a promise under a contract Q2. Which of the following is a remedy for breach of contract?A. ImprisonmentB. […]
Limited Liability Partnership Act, 2008 – CA Foundation Business Law Study Material Question 1.What is meant by Limited Liability Partnership? What are its salient features/characteristics?Answer:An LLP is a new form of legal business entity with limited liability. It is a separate legal entity where LLP itself is liable to the third parties up to the […]
Registration of a Firm & Dissolution of a Firm – CA Foundation Business Law Study Material Question 1.What is the procedure of registration of the firm? Explain.Answer:The registration of a partnership is not compulsory. Therefore an unregistered firm is not an illegal association. But an unregistered firm suffers from certain disabilities and therefore registration is […]
Relations of Partners – CA Foundation Business Law Study Material Question 1.Explain the rights of a partner, under the Indian Partnership Act, 1932.Answer:Rights of partnersSubject to contract between the partners, the Partnership Act confers the following rights upon the partners of a firm: 1. Right to take part in the conduct of the business […]
General Nature of Partnership – CA Foundation Business Law Study Material Question 1.Define Partnership. Discuss the essential elements of Partnership.Answer:Section 4 of the Indian Partnership Act, 1932, lays down that “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them […]
Unpaid Seller – CA Foundation Business Law Study Material Question 1.What are the rights of the buyer against the seller in case of breach of contract by him, under the provisions of the Sale of Goods Act, 1930?Answer:A buyer has the following rights against the seller for breach of contract under the Sale of Goods […]
Transfer of Ownership – CA Foundation Business Law Study Material Question 1.What is the appropriation of goods under the Sale of Goods Act, 1930? State the essentials regarding appropriation of unascertained goods.Answer:Under Section 23(1), in a contract for the sale of unascertained or future goods by description, the property in the goods passes to the […]
Conditions & Warranties Question 1.Explain the condition as to merchantability ant! condition as to wholesomeness.Answer:Implied condition as to merchantability. – [Sec. 16(2)]Where goods are brought by description from a seller who deals in goods of that description, there is an implied condition that goods shall be of merchantable quality. Merchantable means that the goods are […]
Formation of Contract of Sale – CA Foundation Business Law Study Material Question 1.What is a contract of sale? What are the essentials of a valid contract of sale?Answer:According to Section 4(1) of the Sale of Goods Act, 1930, “a contract whereby the seller transfers or agrees to transfer the property in the goods to […]