Business Law

211. A contract is discharged by novation which means the;

1. Cancellation of the existing contract
2. Change in one or more terms of the contract
3. Substitution of existing contract for a new one
4. None of these

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212. Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for;

1. Damages
2. Injunction
3. Quantum merit
4. None of these

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213. Which of the following statement is true?

1. An agreement enforceable by law is a contract
2. An agreement is an accepted proposal
3. Both (a) and (b)
4. None of these

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214. As a general rule, an agreement made without consideration is;

1. Void
2. Voidable
3. Valid
4. Unlawful

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215. Which of the following persons do not fall under the category of persons of unsound mind?

1. Idiot
2. Lunatics
3. Drunken
4. Alien

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216. A contract made by mistake about some foreign law, is;

1. Void
2. Valid
3. Voidable
4. Illegal

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217. An agreement, which prevents a person from carrying lawful business is

1. Valid
2. Void
3. Voidable
4. Contingent

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218. A contingent contract dependent on the non happening of a future uncertain event becomes void when such event

1. Happens
2. Does not become impossible
3. Does not happen
4. Both (a) and (b)

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219. A party entitled to rescind contract, losses the remedy where

1. He has ratified the contract
2. Third party has acquired right in good faith
3. Contract is not separable and recession is sought of a party only
4. All of these

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220. When offer is made to a definite person, it is known as

1. General offer
2. Cross offer
3. Counter offer
4. Special offer

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