Business Law

171. Where the performance of a promise by one party depends on the prior performance of promise by the other party, such reciprocal promises fall under category of

  1. Mutual and Concurrent
  2. Conditional and dependent
  3. Mutual and independent
  4. Both (a) and (b)
Correct answer: (B)
Conditional and dependent

172. Standing offer means

  1. Offer allowed to remain open for acceptance over a period of times
  2. Offer made to the public in general
  3. When the offeree offers to qualified acceptance of the offer
  4. Offer made to a definite person
Correct answer: (A)
Offer allowed to remain open for acceptance over a period of times

173. An agreement which is enforceable by law at the portion of one or more of the parties thereon but not at the option of the other or others is a:

  1. Valid Contract
  2. Void Contract
  3. Voidable Contract
  4. Illegal Contract
Correct answer: (C)
Voidable Contract

174. When the consent of a party is not free, the contract is:

  1. Void
  2. Voidable
  3. Valid
  4. Illegal
Correct answer: (B)
Voidable

175. Which of the following statement is false?

  1. Generally a stranger to a contract can not sue
  2. A verbal promise to pay a time barred debt is valid
  3. Completed gifts need no consideration
  4. No consideration is necessary to create an agency
Correct answer: (B)
A verbal promise to pay a time barred debt is valid

176. Which of the following is not an exception to the rule - No consideration, No contract.

  1. Compensation for involuntary services
  2. Love & Affection
  3. Contract of agencies
  4. Gift
Correct answer: (A)
Compensation for involuntary services

177. Moral pressure is involved in the case of

  1. Coercion
  2. Undue influence
  3. Misrepresentation
  4. Fraud
Correct answer: (B)
Undue influence

178. An agreement the object or consideration of which is unlawful, is:

  1. Void
  2. Valid
  3. Voidable
  4. Contingent
Correct answer: (A)
Void

179. When prior to the due date of performance, the promisor absolutely refuses to perform the contract, it is known as:

  1. Abandonment of a contract
  2. Remission of contract
  3. Actual breach of contract
  4. Anticipatory breach of contract
Correct answer: (D)
Anticipatory breach of contract

180. A contract depend on the happening or non happening of the future uncertain event, is a

  1. Uncertain contract
  2. Contingent contract
  3. Void contract
  4. Voidable contract
Correct answer: (B)
Contingent contract
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