Business Law

101. Thecollateral transactions to an illegal agreement are

1. Void,
2. illegal,
3. voidable,
4. not affected at all

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102. Which of the following are contingent contracts?

1. contract of insurance
2. contract of guarantee,
3. contracts for the sale of goods on credit
4. Wagering agreements

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103. If a new contract is substituted in place of an existing contract, it is called

1. alteration
2. rescission
3. novation
4. waiver,
5. remission

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104. The right of subrogation in a contract of guarantee is available to the

1. creditor
2. principal debtor
3. surety
4. indemnified

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105. Ifa contract contains an undertaking to perform an impossibility , the contract is

1. void ab initio
2. void
3. voidable at the option of the plaintiff
4. illegal

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106. A agree to pay B Rs. 2000 if a certain ship does not return at Mumbai port within a year .A ‗s promise can beenforced when the ship

1. arrives Mumbai a damaged condition during the years
2. is lost during the year
3. is sunk during the years
4. arrives Mumbai in a good condition during the year.

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107. An employee , by the terms of his service agreement , is prevented from accepting a similar engagement after the termination of his service .The restraint

1. valid
2. void
3. illegal
4. unenforceable

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108. A who owes Rs. 10000 to B dies leaving an estate of Rs. 6000. The legal representation of A are

1. Liable for Rs. 10000
2. liable for Rs. 6000
3. not liable at all
4. liable for Rs. 3000.

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109. Regulationas to the opening and closing of business in a market are

1. not unlawful even if they are in restraint of trade.
2. unlawful because they are in restraint of trade.
3. void
4. not valid

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110. Where both the parties to an agreement are under a mistake as a matter of fact essential to the agreement ,theagreement I

1. void
2. voidable
3. illegal
4. not affected at all.

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