McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Cost Accounting .
301. |
A and B agree to deal in smuggled goods and share the profits. A refuses to give B's share of profit. In this case: |
A. | B can enforce the agreement in the court. |
B. | B can only claim damages. |
C. | B has no remedy as the contract is illegal. |
D. | B can enforce the contact or claim damages |
Answer» C. B has no remedy as the contract is illegal. |
302. |
A and B agree that law of limitation shall not apply to them. A debt becomes time barred and A refuses to pay the amount. Can B recover the amount under the terms of the agreement? |
A. | yes, the agreement between them is valid and enforceable. |
B. | yes, the agreement is not opposed to pub- I lie policy. |
C. | no, the agreement is a voidable agreement I and can be avoided by A. |
D. | no, the agreement falls under section 23 ! and hence void |
Answer» D. no, the agreement falls under section 23 ! and hence void |
303. |
A borrows ` 5,000 from B to purchase a revolver to shoot C. Can B recover his loan of ` 5,000. |
A. | yes, the agreement between them is valid and enforceable. |
B. | yes, the agreement is not opposed to public policy. |
C. | no, the agreement is a voidable agreement and can be avoided by A. |
D. | no, the agreement falls under section 23 and hence void |
Answer» D. no, the agreement falls under section 23 and hence void |
304. |
A borrows from B ` 500 to bet with C. Can B recover the amount of his loan? |
A. | yes, the agreement between them is collateral to a wagering agreement and hence enforceable |
B. | yes, the agreement is not opposed to public policy |
C. | no, the agreement is a voidable agreement and can be avoided by A |
D. | no, the agreement is wagering agreement and falls under section 23 and hence void |
Answer» D. no, the agreement is wagering agreement and falls under section 23 and hence void |
305. |
A paid `500 to a Government servant to get him a contract for the canteen. The Government servant could not get the contract. Can A recover `500 paid by him to the Government servant? |
A. | yes, the agreement between them is valid and enforceable |
B. | yes, the agreement is not opposed to public policy |
C. | no, the agreement is a voidable agreement and can be avoided by A |
D. | no, the agreement is void |
Answer» D. no, the agreement is void |
306. |
A person contracted to deliver a part of a specific crop of potatoes. The potatoes were destroyed by blight though no fault of the party. The contract is |
A. | Valid |
B. | Voidable |
C. | Void due to frustration of contract |
D. | Illegal |
Answer» C. Void due to frustration of contract |
307. |
A contractor entered into an agreement with Government to construct a godown and received advance payments for the same. He did not complete the work and the Government terminated the contract. |
A. | The Government can claim damages |
B. | The Government under sec. 65 could recover the amount advanced to the contractor |
C. | The Government cannot claim damages |
D. | Both (a)&(b) |
Answer» D. Both (a)&(b) |
308. |
A and B agree to deal in smuggled goods and share the profits. A refuses to give B's share of profit. In this case: |
A. | B can enforce the agreement in the court |
B. | B can only claim damages |
C. | B has no remedy as the contract is illegal |
D. | B can enforce the contract or claim damages |
Answer» C. B has no remedy as the contract is illegal |
309. |
A and B agree that law of limitation shall not apply to them. A debt becomes time barred and A refuses to pay the amount. Can B recover the amount under the terms of the agreement? |
A. | Yes, the agreement between them is valid and enforceable |
B. | No, the agreement is opposed to public policy |
C. | No, the agreement is a voidable agreement and can be avoided by A |
D. | No, the agreement falls under section 23 and hence illegal |
Answer» D. No, the agreement falls under section 23 and hence illegal |
310. |
A borrows ` 5,000 from B to purchase a revolver to shoot C. Can B recover his loan of ` 5,000, assuming that B knows the purpose of the loan. |
A. | yes, the agreement between them is valid and enforceable |
B. | no, the agreement is opposed to public policy |
C. | no, the agreement is a voidable agreement and can be avoided by A |
D. | no, the agreement falls under section 23 and hence illegal |
Answer» D. no, the agreement falls under section 23 and hence illegal |
311. |
A borrows from B ` 500 to bet with C. Can B recover the amount of his loan? |
A. | yes, the agreement between them is collateral to a wagering agreement and hence enforceable |
B. | no, the agreement is opposed to public policy |
C. | no, the agreement is a voidable agreement and can be avoided by A |
D. | no, the agreement falls under section 23 and hence illegal |
Answer» D. no, the agreement falls under section 23 and hence illegal |
312. |
A paid ` 500 to a Government servant to get him a contract for the canteen. The Government servant could not get the contract. Can A recover ` 500 paid by him to the Government servant? |
A. | yes, the agreement is opposed to public policy |
B. | no, the agreement is opposed to public policy |
C. | no, the agreement is a voidable agreement and can be avoided by A |
D. | no, the agreement falls under section 23 and hence illegal |
Answer» D. no, the agreement falls under section 23 and hence illegal |
313. |
A makes a contract with B to buy B's horse if A survives C. This is |
A. | a Quasi-contract |
B. | a Void contract |
C. | a Contingent contract |
D. | a Conditional contract |
Answer» C. a Contingent contract |
314. |
An insurance contract is |
A. | Contingent contract |
B. | Wagering agreement |
C. | Unenforceable contract |
D. | Void contract |
Answer» A. Contingent contract |
315. |
If the contingent depends on the mere will of the promisor it would be- |
A. | Valid |
B. | Void |
C. | Illegal |
D. | Depends on the circumstances |
Answer» B. Void |
316. |
For a contingent contract the event must be: |
A. | Certain |
B. | Uncertain |
C. | Independent |
D. | Uncertain and collateral |
Answer» D. Uncertain and collateral |
317. |
Which of the following is a contingent contract: |
A. | A promises to pay B if he repairs his scooter |
B. | A promises to pay B ` 10,000 if his scooter is stolen |
C. | A promises to sell his car if his wife permits |
D. | A promises to buy a car if his employer approves it |
Answer» B. A promises to pay B ` 10,000 if his scooter is stolen |
318. |
A contract of life insurance, the performance of which depends upon a future event falls under the category of |
A. | Contract of Indemnity |
B. | Contract of Guarantee |
C. | Contingent Contract |
D. | Special type of Contract |
Answer» C. Contingent Contract |
319. |
Which one of the following is not a characteristic of a contingent contract? |
A. | Performance depends upon a future event |
B. | The event must be uncertain |
C. | The event must be collateral to the contract |
D. | There must be reciprocal promises |
Answer» D. There must be reciprocal promises |
320. |
Which one of the following is not an essential feature of a wagering agreement? |
A. | Insurable interest |
B. | Uncertain event |
C. | Mutual chances of gain or loss |
D. | Neither party to have control over the event |
Answer» A. Insurable interest |
321. |
Which of the following types of contracts are generally termed uberrimae fidei contracts? 1. Insurance contracts. 2. Contract for purchase of car. 3. Partnership contracts. 4. Quasi-contract. Select the correct answer using the code given below: |
A. | 1,3 and 4 |
B. | 1 and 3 |
C. | 1,2 and 4 |
D. | 2, 3 and 4 |
Answer» A. 1,3 and 4 |
322. |
A makes a contract with B to buy his house for ` 50,000 if he is able to secure to bank loan for that amount. The contract is |
A. | Void for vagueness |
B. | Wagering contract |
C. | Contingent contract |
D. | Voidable contract |
Answer» C. Contingent contract |
323. |
Contingent contracts to do or not to do anything if a specified uncertain event does not happen within a fixed time become |
A. | Void, if before the time fixed, such event becomes impossible |
B. | Valid, if before the time fixed, such event becomes impossible |
C. | Voidable, if before the time fixed, the promisor becomes lunatic |
D. | Illegal, if before the time fixed, the promisor dies |
Answer» B. Valid, if before the time fixed, such event becomes impossible |
324. |
Which of the following statements is true in connection with the contingent contract: |
A. | The collateral event is contingent |
B. | The collateral event may be certain or uncertain |
C. | The contingency event may be the mere will of the promisor |
D. | The main event should be contingent |
Answer» A. The collateral event is contingent |
325. |
Which of the following statement is false in connection with the contingent contract: |
A. | The event must be collateral |
B. | The event must be uncertain |
C. | The event should not be mere will of the promisor |
D. | None of the above |
Answer» D. None of the above |
326. |
The contingent contract dependent on the happening of the future uncertain event can be enforced when such event: |
A. | Happens |
B. | Does not happen |
C. | Does not become a impossible |
D. | Both (a)&(c) |
Answer» A. Happens |
327. |
Contract contingent upon the happening of a future uncertain event becomes void. |
A. | If the event becomes impossible |
B. | If the event happens |
C. | If the event does not happen |
D. | None of the above |
Answer» A. If the event becomes impossible |
328. |
Contracts contingent upon the non-happening of the future uncertain event becomes void when such event:- |
A. | Happen |
B. | Does not happen |
C. | The event becomes impossible |
D. | None of the above |
Answer» A. Happen |
329. |
Contract contingent upon the non-happening of the future uncertain event becomes enforce able |
A. | When the happening of that event becomes impossible and not before |
B. | When the happening of that event becomes possible and not before |
C. | When the event happens |
D. | None of the above |
Answer» A. When the happening of that event becomes impossible and not before |
330. |
A promises to pay B a sum of money if a certain ship does not return within a year. The ship is sunk within a year. The contract is |
A. | Enforceable |
B. | Void |
C. | Voidable |
D. | Illegal |
Answer» A. Enforceable |
331. |
Contingent contract to do or not to do anything, if an impossible event happens are:- |
A. | Valid |
B. | Void |
C. | Voidable |
D. | Illegal |
Answer» B. Void |
332. |
Contingent contract dependent on the non-happening of the event within a fixed time can be enforced, if the event:- |
A. | Does not happen within the fixed time |
B. | Before the time fixed such event becomes impossible |
C. | Both (a) & (b) |
D. | None of the above |
Answer» C. Both (a) & (b) |
333. |
In a contingent contract which event is contingent |
A. | Main event |
B. | Collateral event |
C. | Both(a)&(b) |
D. | None of the above |
Answer» B. Collateral event |
334. |
The obligation of a finder of lost goods is laid down in: |
A. | Sec. 71 of the Contract Act |
B. | Sec. 65 of the Contract Act |
C. | Sec. 68 of the Contract Act |
D. | Sec. 66 of the Contract Act |
Answer» A. Sec. 71 of the Contract Act |
335. |
Secs. 68 to 72 of the Indian Contract Act deal with: |
A. | The performance of contract |
B. | The discharge of contract |
C. | Certain relations resembling those created by contract |
D. | Contingent contract |
Answer» C. Certain relations resembling those created by contract |
336. |
Under section 70 of the Indian Contract Act, 1872, if a person who enjoys the benefit of any other person's work, the beneficiary must pay to the benefactor for the services rendered, pro vided the intention of the benefactor was : |
A. | Gratuitous |
B. | Non-gratuitous |
C. | To create legal relations |
D. | None of these |
Answer» B. Non-gratuitous |
337. |
A finder of goods can: |
A. | file a suit to recover his expenses |
B. | sell the goods if he likes |
C. | can sue for a reward, if any |
D. | None of the above |
Answer» C. can sue for a reward, if any |
338. |
A finder of goods can sell the goods if the cost of finding the true owner exceeds: |
A. | 1 /4 of the value of the goods, |
B. | 1 /3 of the value of the goods, |
C. | 1 /2 of the value of the goods, |
D. | 2/3 of the value of the goods. |
Answer» D. 2/3 of the value of the goods. |
339. |
The phrase "Quantum Meruit" literally means |
A. | As much as earned |
B. | The fact in itself |
C. | A contract for the sale |
D. | None of these |
Answer» A. As much as earned |
340. |
Liability of a person getting benefit under mistake has been described in the Indian Contract Act under: |
A. | Section 68 |
B. | Section 69 |
C. | Section 71 |
D. | Section 72 |
Answer» D. Section 72 |
341. |
Quasi-contracts or implied contracts are exceptional kinds of contracts by which: |
A. | One party is bound to pay money in consideration of something done or suffered by the other party |
B. | No contractual relation exists between the parties |
C. | No contract has been made by the parties |
D. | All of these |
Answer» D. All of these |
342. |
A gives a recognizance binding him in a penalty of `500 to appear in the court on a certain day. He forfeits his recognizance. He is: |
A. | Liable to pay the whole penalty |
B. | Is not liable to pay the penalty |
C. | Is liable to pay partially |
D. | None of these |
Answer» A. Liable to pay the whole penalty |
343. |
Which one of the following conditions must be satisfied for making claim under 'Necessaries supplied to a person incapable of contracting?' |
A. | The articles supplied should be necessaries |
B. | The articles supplied should be necessaries at the time of sale and not delivery |
C. | Necessaries must have been supplied gratuitously out of mere kindness |
D. | Necessaries should be supplied only to person in competent to contract |
Answer» D. Necessaries should be supplied only to person in competent to contract |
344. |
A contract implied by law is known as: |
A. | Contingent contract |
B. | Quasi-contract |
C. | Expressed contract |
D. | Implied contract |
Answer» B. Quasi-contract |
345. |
The juridical basis of quasi-contractual obligation can be explained through the theory of: |
A. | Indebitatus assumpsit |
B. | Unjust enrichment |
C. | Just and reasonable solution |
D. | Voluntary benefits |
Answer» B. Unjust enrichment |
346. |
An implied contract is made: |
A. | Orally |
B. | In writing |
C. | By conduct of parties |
D. | None of the above |
Answer» C. By conduct of parties |
347. |
Who is liable for necessaries supplied to a minor? |
A. | The guardian of the minor |
B. | The minor |
C. | His property |
D. | None of the above |
Answer» C. His property |
348. |
Under the Indian Contract Act some persons have the duty similar to that of a bailee but under which of the following sections: |
A. | Section 69 |
B. | Section 70 |
C. | Section 71 |
D. | Section 72 |
Answer» C. Section 71 |
349. |
The contract uberrimae fidei means a contract |
A. | Of goodwill |
B. | Guaranteed by a surety |
C. | Of utmost good faith |
D. | Of good faith |
Answer» C. Of utmost good faith |
350. |
The term 'quasi-contracts' is: |
A. | Defined by section 68 of the Indian Contract Act |
B. | Named 'implied in fact contract' by Section 69 of the Indian Contract Act |
C. | Found as 'unjust' enrichment' is Section 70 only of the Indian Contract Act |
D. | Conspicuous by its absence in the Indian Contract Act |
Answer» D. Conspicuous by its absence in the Indian Contract Act |
Done Studing? Take A Test.
Great job completing your study session! Now it's time to put your knowledge to the test. Challenge yourself, see how much you've learned, and identify areas for improvement. Don’t worry, this is all part of the journey to mastery. Ready for the next step? Take a quiz to solidify what you've just studied.