Which of the following is NOT an essential element of a valid contract?
A
Lawful consideration
B
Competent parties
C
Reasonable terms
D
Free consent
Question 2Single Answer
A contract must be made with ________ to be enforceable by law.
A
Unlawful consideration
B
Free consent
C
Illegal object
D
Coercion
Question 3Single Answer
An agreement which is enforceable by law at the option of one or more parties but not at the option of others is called:
A
Valid contract
B
Void contract
C
Voidable contract
D
Unenforceable contract
Question 4Single Answer
Which section of the Indian Contract Act defines a contract?
A
Section 2(a)
B
Section 2(b)
C
Section 2(h)
D
Section 3
Question 5Single Answer
An agreement not enforceable by law is known as:
A
Void contract
B
Illegal contract
C
Valid contract
D
Voidable contract
Question 6Single Answer
An offer made to the public in general is known as:
A
Cross offer
B
Counteroffer
C
General offer
D
Special offer
Question 7Single Answer
When is an offer said to be completed?
A
When it is communicated to the offeree
B
When it is written on paper
C
When it is thought of by the offeror
D
When it is accepted by the offeree
Question 8Single Answer
Silence of the offeree amounts to acceptance in:
A
Every case
B
No case
C
Cases involving fraud
D
Cases involving undue influence
Question 9Single Answer
A contract is formed when:
A
Offer is made
B
Offer is accepted
C
Consideration is given
D
Contract is written
Question 10Single Answer
Which of the following is NOT a valid acceptance?
A
Conditional acceptance
B
Absolute acceptance
C
Acceptance by words
D
Acceptance by conduct
Question 11Single Answer
"No consideration, No contract" is mentioned under which section?
A
Section 23
B
Section 25
C
Section 10
D
Section 20
Question 12Single Answer
Which of the following is a valid consideration?
A
Past consideration
B
Present consideration
C
Future consideration
D
All of the above
Question 13Single Answer
Consideration must be:
A
Real and lawful
B
Illusory
C
Unlawful
D
Free from conditions
Question 14Single Answer
Which case established that consideration must move at the desire of the promisor?
A
Chappell & Co. Ltd. v. Nestle Co. Ltd.
B
Mohori Bibee v. Dharmodas Ghose
C
Dunlop Pneumatic Tyre Co. Ltd. v. Selfridge & Co. Ltd.
D
Durga Prasad v. Baldeo
Question 15Single Answer
An agreement made without consideration is:
A
Always void
B
Always valid
C
Voidable
D
Illegal
Question 16Single Answer
Free consent is defined under which section of the Indian Contract Act?
A
Section 10
B
Section 12
C
Section 13
D
Section 14
Question 17Single Answer
Which of the following does NOT affect free consent?
A
Coercion
B
Undue influence
C
Lawful agreement
D
Fraud
Question 18Single Answer
When consent is obtained by coercion, the contract is:
A
Valid
B
Void
C
Voidable
D
Illegal
Question 19Single Answer
Which section defines coercion?
A
Section 15
B
Section 16
C
Section 17
D
Section 18
Question 20Single Answer
Fraud includes:
A
Active concealment of a fact
B
False suggestion of a fact
C
Promise made without intention of performing
D
All of the above
Question 21Single Answer
An agreement in restraint of trade is:
A
Valid
B
Voidable
C
Void
D
Legal
Question 22Single Answer
A minor's contract is:
A
Void
B
Voidable
C
Valid
D
Enforceable
Question 23Single Answer
Agreements by way of wager are:
A
Void
B
Valid
C
Voidable
D
Illegal
Question 24Single Answer
Which section of the Indian Contract Act deals with agreements in restraint of marriage?
A
Section 24
B
Section 25
C
Section 26
D
Section 27
Question 25Single Answer
A contract with a lunatic is:
A
Void
B
Valid
C
Voidable
D
Illegal
Question 26Single Answer
A contract is discharged by:
A
Performance
B
Agreement
C
Breach
D
All of the above
Question 27Single Answer
Novation means:
A
Substitution of an old contract with a new one
B
End of contract by impossibility
C
Performance of the contract
D
None of the above
Question 28Single Answer
A contract is discharged by impossibility if:
A
The event is unforeseen
B
The parties mutually agree
C
It becomes illegal
D
Both a and c
Question 29Single Answer
A contract is discharged by breach when:
A
One party refuses to perform
B
Both parties agree
C
Performance is completed
D
All of the above
Question 30Single Answer
Anticipatory breach occurs:
A
Before the performance is due
B
After performance is due
C
After completion
D
Never
Question 31Single Answer
Who can perform a contract?
A
The promisor himself
B
His agent
C
His legal representative
D
All of the above
Question 32Single Answer
If the performance of a contract depends on the personal skill of the promisor, then the contract:
A
Can be performed by an agent
B
Cannot be performed by an agent
C
Can be delegated
D
Becomes void
Question 33Single Answer
Performance of a contract can be classified into:
A
Actual and anticipatory performance
B
Valid and void performance
C
Express and implied performance
D
None of the above
Question 34Single Answer
If a contract contains reciprocal promises, then:
A
Both parties must perform simultaneously
B
One party must perform before the other
C
One party may refuse to perform
D
None of the above
Question 35Single Answer
In case of death of the promisor, the contract is:
A
Automatically void
B
Can be performed by legal representatives
C
Needs to be renegotiated
D
None of the above
Question 36Single Answer
When a party refuses to perform a contract before the due date, it is called:
A
Actual breach
B
Anticipatory breach
C
Material breach
D
Minor breach
Question 37Single Answer
When a party fails to perform its obligations under a contract, it is called:
A
Performance
B
Breach
C
Offer
D
Acceptance
Question 38Single Answer
Which of the following is NOT a remedy for breach of contract?
A
Damages
B
Specific performance
C
Injunction
D
Rescission of contract
Question 39Single Answer
The purpose of awarding damages in breach of contract cases is to:
A
Punish the guilty party
B
Compensate the injured party
C
Benefit the breaching party
D
Declare the contract void
Question 40Single Answer
Liquidated damages refer to:
A
Damages agreed upon in the contract
B
Compensation determined by the court
C
Unspecified penalties
D
None of the above
Question 41Single Answer
Quasi-contracts are:
A
Legally enforceable contracts
B
Obligations imposed by law
C
Created by the agreement of parties
D
None of the above
Question 42Single Answer
A quasi-contract is based on the principle of:
A
Offer and acceptance
B
Free consent
C
Unjust enrichment
D
Agreement of parties
Question 43Single Answer
The liability under a quasi-contract is:
A
Same as under a valid contract
B
Different from a contractual liability
C
Based on criminal liability
D
Not enforceable by law
Question 44Single Answer
The Indian Contract Act recognizes how many types of quasi-contracts?
A
2
B
3
C
5
D
7
Question 45Single Answer
If a person finds goods belonging to another and takes them into his custody, he is bound to:
A
Return them to the owner
B
Sell them
C
Use them
D
Keep them for himself
Question 46Single Answer
A contingent contract is:
A
A contract dependent on an uncertain future event
B
A void contract
C
A contract made without consideration
D
None of the above
Question 47Single Answer
A contingent contract is valid if:
A
The event is uncertain
B
The event depends on the will of the promisor
C
The event is illegal
D
The event is impossible
Question 48Single Answer
A contract of insurance is a:
A
Wagering contract
B
Contingent contract
C
Void contract
D
Unenforceable contract
Question 49Single Answer
A wagering agreement is:
A
Valid
B
Void
C
Voidable
D
Illegal
Question 50Single Answer
Which of the following is an example of a wagering agreement?
A
Life insurance contract
B
Lottery tickets
C
Agreement to sell goods
D
Rent agreement
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Business Administration
Question 51Single Answer
A contract of indemnity involves:
A
Two parties
B
Three parties
C
Four parties
D
None of the above
Question 52Single Answer
In a contract of guarantee, the person who gives the guarantee is called:
A
Principal debtor
B
Creditor
C
Surety
D
None of the above
Question 53Single Answer
The Sale of Goods Act, 1930, applies to:
A
Movable goods
B
Immovable goods
C
Both movable and immovable goods
D
Services
Question 54Single Answer
A contract for the sale of goods where the transfer of ownership takes place immediately is called:
A
Sale
B
Agreement to sell
C
Hire purchase
D
Pledge
Question 55Single Answer
In a sale, the risk of loss is borne by:
A
Seller
B
Buyer
C
Both seller and buyer
D
None of the above
Question 56Single Answer
In an agreement to sell, the risk remains with the seller until:
A
Delivery of goods
B
Transfer of ownership
C
Full payment is made
D
None of the above
Question 57Single Answer
The Sale of Goods Act, 1930, came into force on:
A
1st January 1930
B
1st July 1930
C
1st October 1930
D
1st April 1930
Question 58Single Answer
Goods that are yet to be manufactured or acquired by the seller are called:
A
Existing goods
B
Future goods
C
Specific goods
D
Perishable goods
Question 59Single Answer
If the seller has the right to repurchase the goods after sale, it is known as:
A
Absolute sale
B
Conditional sale
C
Hire purchase
D
Agreement to sell
Question 60Single Answer
A condition is:
A
A minor term in a contract
B
A term essential to the main purpose of the contract
C
A warranty
D
A collateral term
Question 61Single Answer
A breach of condition gives the right to:
A
Claim damages only
B
Terminate the contract
C
Ignore the breach
D
Both a and b
Question 62Single Answer
A breach of warranty gives the right to:
A
Repudiate the contract
B
Claim damages only
C
Both repudiate and claim damages
D
None of the above
Question 63Single Answer
Implied conditions in a contract of sale include:
A
Condition as to title
B
Condition as to description
C
Condition as to sample
D
All of the above
Question 64Single Answer
Which of the following is NOT an implied warranty?
A
Warranty as to quiet possession
B
Warranty as to title
C
Warranty as to quality
D
Warranty against latent defects
Question 65Single Answer
If the buyer has examined the goods, the doctrine of “Caveat Emptor” applies, meaning:
A
Let the seller beware
B
Let the buyer beware
C
Goods must be of high quality
D
None of the above
Question 66Single Answer
The doctrine of Caveat Emptor does not apply when:
A
The buyer relies on the seller’s skill and judgment
B
The buyer examines the goods
C
The goods are of merchantable quality
D
The price is very low
Question 67Single Answer
Ownership of goods is transferred when:
A
Goods are identified and agreed upon
B
Goods are delivered
C
Goods are paid for
D
Goods are manufactured
Question 68Single Answer
In case of unascertained goods, ownership is transferred:
A
When goods are ascertained
B
When goods are delivered
C
When goods are manufactured
D
When payment is made
Question 69Single Answer
The risk in goods passes to the buyer when:
A
Ownership is transferred
B
Goods are delivered
C
Payment is made
D
The contract is signed
Question 70Single Answer
In a contract for sale of specific goods, the property passes to the buyer:
A
When the contract is made
B
When payment is made
C
When goods are put in a deliverable state
D
When goods are manufactured
Question 71Single Answer
Sale by a person who is not the owner is valid only if:
A
The buyer is aware of ownership issues
B
The seller has permission from the actual owner
C
The seller is a merchant
D
The buyer has paid in full
Question 72Single Answer
Who is responsible for delivering the goods under a contract of sale?
A
Buyer
B
Seller
C
Carrier
D
Government
Question 73Single Answer
Delivery of goods can be:
A
Actual
B
Symbolic
C
Constructive
D
All of the above
Question 74Single Answer
If the buyer refuses to take delivery, the seller can:
A
Resell the goods
B
Claim damages
C
Sue for breach of contract
D
All of the above
Question 75Single Answer
If goods perish before sale without the fault of either party, the contract:
A
Remains valid
B
Becomes void
C
Buyer must pay damages
D
Seller must compensate the buyer
Question 76Single Answer
Payment and delivery are considered:
A
Mutually independent
B
Concurrent conditions
C
Irrelevant to the contract
D
Unnecessary
Question 77Single Answer
The unpaid seller has a right to:
A
Retain the goods
B
Stop goods in transit
C
Resell the goods
D
All of the above
Question 78Single Answer
If the buyer wrongfully refuses to accept the goods, the seller can:
A
File a suit for damages
B
Resell the goods
C
Claim interest on the unpaid amount
D
All of the above
Question 79Single Answer
If the buyer refuses to pay the price after delivery, the seller can:
A
Repossess the goods
B
Sue for the price
C
Declare the contract void
D
None of the above
Question 80Single Answer
In which of the following cases can an unpaid seller resell the goods?
A
When goods are perishable
B
When the buyer has defaulted in payment
C
When the seller has reserved the right to resell
D
All of the above
Question 81Single Answer
If the buyer becomes insolvent before paying for the goods, the seller can:
A
Stop the goods in transit
B
Sue the buyer
C
Both a and b
D
None of the above
Question 82Single Answer
If the seller delivers goods that are defective, the buyer can:
A
Reject the goods
B
Claim damages
C
Both a and b
D
None of the above
Question 83Single Answer
If the seller wrongfully refuses to deliver the goods, the buyer can:
A
File a suit for damages
B
Seek specific performance
C
Obtain an injunction
D
All of the above
Question 84Single Answer
Specific performance can be ordered in case of:
A
Ordinary goods
B
Unique and rare goods
C
Services
D
None of the above
Question 85Single Answer
In case of a breach of contract, damages are awarded to:
A
Penalize the seller
B
Compensate the aggrieved party
C
Reduce the price of goods
D
None of the above
Question 86Single Answer
The measure of damages in a breach of contract is based on:
A
The actual loss suffered
B
The future profits of the buyer
C
The financial status of the seller
D
None of the above
Question 87Single Answer
In an auction sale, ownership is transferred when:
A
The goods are displayed
B
The auctioneer announces the sale
C
The highest bid is made
D
The payment is received
Question 88Single Answer
If an auction sale is not notified to be subject to a reserve price, then:
A
The seller can withdraw the goods anytime
B
The goods must be sold to the highest bidder
C
The auctioneer can reject bids
D
None of the above
Question 89Single Answer
The price in a contract of sale may be:
A
Fixed by the contract
B
Determined later by an agreed method
C
Left to be determined by the course of dealings
D
All of the above
Question 90Single Answer
If a buyer refuses to accept goods, the seller can recover damages based on:
A
The difference between contract price and market price
B
The cost of manufacturing the goods
C
The price paid by another buyer
D
None of the above
Question 91Single Answer
Which of the following is NOT covered under the Sale of Goods Act, 1930?
A
Sale of land
B
Sale of movable goods
C
Sale of shares
D
Sale of machinery
Question 92Single Answer
A sale by sample implies that:
A
The bulk must correspond with the sample
B
The sample must be defective
C
The buyer must rely on the description
D
The seller can refuse to deliver
Question 93Single Answer
A sale by description means:
A
The goods must match the description given
B
The buyer must see the goods before purchase
C
The seller can change the goods
D
The buyer must accept any variation
Question 94Single Answer
In case of CIF contracts (Cost, Insurance, and Freight), the seller must:
A
Deliver the goods at the buyer’s premises
B
Arrange for insurance and freight
C
Pay the buyer for loss
D
None of the above
Question 95Single Answer
In FOB (Free on Board) contracts, the seller’s responsibility ends when:
A
The goods are delivered to the buyer
B
The goods are shipped
C
The buyer takes possession
D
The buyer makes payment
Question 96Single Answer
An agreement to sell becomes a sale when:
A
Payment is made
B
Goods are delivered
C
Ownership is transferred
D
Contract is signed
Question 97Single Answer
The Sale of Goods Act is derived from which country's law?
A
United States
B
United Kingdom
C
Canada
D
France
Question 98Single Answer
Goods that are in existence at the time of contract are called:
A
Future goods
B
Specific goods
C
Perishable goods
D
Contingent goods
Question 99Single Answer
Who bears the cost of delivery in a contract of sale?
A
Buyer
B
Seller
C
As agreed in the contract
D
Government
Question 100Single Answer
A buyer in good faith who buys from a non-owner gets:
A
No title
B
Limited title
C
Full title under certain exceptions
D
All rights over the goods
Question 101Single Answer
The seller has the right to stop goods in transit if:
A
The buyer becomes insolvent
B
The buyer delays payment
C
The buyer refuses to accept goods
D
The price is increased
Question 102Single Answer
When the goods are sold on the basis of weight or measurement, the ownership passes when:
A
The goods are identified
B
The goods are weighed or measured
C
The goods are dispatched
D
The payment is made
Question 103Single Answer
A contract for the sale of goods that is subject to a future event is called:
A
Absolute contract
B
Conditional contract
C
Executed contract
D
None of the above
Question 104Single Answer
If the buyer refuses to take delivery without any valid reason, the seller can:
A
Resell the goods and claim damages
B
Cancel the contract without legal consequences
C
Retain the advance payment and cancel the sale
D
All of the above
Question 105Single Answer
In case of part-delivery of goods, the ownership of the remaining goods passes when:
A
The contract states so
B
The remaining goods are separated
C
The goods are in a deliverable state
D
The buyer makes payment
Question 106Single Answer
The Sale of Goods Act, 1930, is applicable in:
A
The whole of India, including Jammu & Kashmir
B
The whole of India, except Jammu & Kashmir
C
Only in states that adopt it
D
None of the above
Question 107Single Answer
Which regulatory body administers the Companies Act, 2013?
A
SEBI
B
RBI
C
MCA (Ministry of Corporate Affairs)
D
IRDAI
Question 108Single Answer
The minimum number of members required to form a private company is:
A
1
B
2
C
3
D
7
Question 109Single Answer
The minimum number of members required to form a public company is:
A
2
B
5
C
7
D
10
Question 110Single Answer
The maximum number of members in a private company as per the Companies Act, 2013 is:
A
50
B
100
C
200
D
No limit
Question 111Single Answer
A company gets legal existence from the date of:
A
Submission of incorporation documents
B
Certificate of incorporation
C
Certificate of commencement of business
D
Memorandum of Association approval
Question 112Single Answer
The Memorandum of Association defines:
A
Internal rules of the company
B
The company's objectives and scope of operations
C
The roles of the Board of Directors
D
Shareholder agreements
Question 113Single Answer
Which clause of the Memorandum of Association defines the company’s objectives?
A
Name Clause
B
Object Clause
C
Capital Clause
D
Registered Office Clause
Question 114Single Answer
The Articles of Association contain:
A
The objectives of the company
B
The internal regulations of the company
C
The capital structure of the company
D
List of directors
Question 115Single Answer
The doctrine of Ultra Vires means:
A
A company can do anything beyond its objectives
B
A company must act within the scope of its Memorandum of Association
C
Directors have unlimited powers
D
A company cannot alter its articles
Question 116Single Answer
Which document is mandatory for every company to file during incorporation?
A
Articles of Association
B
Memorandum of Association
C
Both a and b
D
None of the above
Question 117Single Answer
A public company issues a Prospectus to:
A
Invite applications for shares or debentures
B
Register with SEBI
C
Inform shareholders of dividends
D
Conduct board meetings
Question 118Single Answer
A document issued instead of a prospectus by a private company is called:
A
Red Herring Prospectus
B
Statement in Lieu of Prospectus
C
Shelf Prospectus
D
Deed of Company Formation
Question 119Single Answer
A Red Herring Prospectus is used in:
A
Private Placements
B
Initial Public Offerings (IPO)
C
Buyback of shares
D
Bonus issue
Question 120Single Answer
A Shelf Prospectus is used when a company:
A
Plans multiple public issues over time
B
Issues bonus shares
C
Wants to delist from the stock exchange
D
Merges with another company
Question 121Single Answer
The minimum subscription refers to:
A
The minimum number of shares a company must issue
B
The minimum amount to be raised before allotment
C
The minimum capital for a company
D
The minimum number of members required in a company
Question 122Single Answer
The minimum number of directors required for a public company is:
A
1
B
2
C
3
D
4
Question 123Single Answer
The maximum tenure of an independent director is:
A
3 years
B
5 years
C
10 years
D
Lifetime
Question 124Single Answer
A company secretary is a:
A
Key managerial personnel
B
Shareholder
C
Member of the audit committee
D
None of the above
Question 125Single Answer
The Board of Directors is primarily responsible for:
A
Managing the company's daily operations
B
Making strategic decisions
C
Approving dividend payments
D
All of the above
Question 126Single Answer
The minimum number of board meetings required in a year for a public company is:
A
1
B
2
C
4
D
6
Question 127Single Answer
The maximum time for payment of declared dividends is:
A
14 days
B
30 days
C
60 days
D
90 days
Question 128Single Answer
The auditor of a company is appointed by:
A
Board of Directors
B
Shareholders
C
Registrar of Companies
D
Government
Question 129Single Answer
The statutory audit of a company is conducted:
A
Monthly
B
Quarterly
C
Annually
D
Every five years
Question 130Single Answer
A company’s Annual General Meeting (AGM) must be held:
A
Every six months
B
Once every two years
C
Within six months of the financial year-end
D
Within 12 months of incorporation
Question 131Single Answer
The Corporate Social Responsibility (CSR) spending requirement is applicable to companies having:
A
Net profit of Rs. 1 crore
B
Turnover of Rs. 500 crore or more
C
Net worth of Rs. 100 crore
D
All of the above
Question 132Single Answer
Who is responsible for ensuring compliance with the Companies Act, 2013?
A
Shareholders
B
Board of Directors
C
Employees
D
Government Officials
Question 133Single Answer
Which section of the Companies Act, 2013 deals with Corporate Social Responsibility (CSR)?
A
Section 130
B
Section 135
C
Section 180
D
Section 210
Question 134Single Answer
Corporate Social Responsibility (CSR) spending is mandatory for companies fulfilling which of the following conditions?
A
Net profit of Rs. 5 crore or more
B
Turnover of Rs. 500 crore or more
C
Net worth of Rs. 500 crore or more
D
Any one of the above
Question 135Single Answer
Independent Directors in a company are required to meet at least:
A
Once a year
B
Twice a year
C
Four times a year
D
Once in two years
Question 136Single Answer
The main purpose of the Audit Committee in a company is to:
A
Approve financial statements
B
Conduct internal audits
C
Ensure proper financial reporting and compliance
D
Approve dividends
Question 137Single Answer
The process of determining the price of shares during an IPO is known as:
A
Shareholding Pattern
B
Book Building
C
Dividend Declaration
D
Rights Issue
Question 138Single Answer
A company can issue secured debentures for a maximum period of:
A
5 years
B
10 years
C
20 years
D
25 years
Question 139Single Answer
Sweat Equity Shares are issued to:
A
Promoters only
B
Directors and Employees
C
General public
D
Creditors
Question 140Single Answer
The minimum subscription amount that must be raised in a public issue is:
A
50% of the issue size
B
75% of the issue size
C
90% of the issue size
D
100% of the issue size
Question 141Single Answer
A company may raise capital through:
A
Equity Shares
B
Preference Shares
C
Debentures
D
All of the above
Question 142Single Answer
The process of closing a company's operations is called:
A
Amalgamation
B
Liquidation
C
Merger
D
Takeover
Question 143Single Answer
A company may be voluntarily wound up by:
A
Decision of shareholders
B
Order of the Tribunal
C
Creditors’ approval
D
All of the above
Question 144Single Answer
The official liquidator in case of winding up is appointed by:
A
Board of Directors
B
Tribunal
C
Shareholders
D
SEBI
Question 145Single Answer
The fast-track exit mode is applicable for:
A
Private companies only
B
Dormant companies
C
Public companies
D
Listed companies
Question 146Single Answer
The winding-up petition of a company can be filed by:
A
Creditors
B
Shareholders
C
Tribunal
D
Any of the above
Question 147Single Answer
A one-person company (OPc) must convert into a private/public company if its turnover exceeds:
A
Rs. 1 crore
B
Rs. 2 crore
C
Rs. 50 crore
D
Rs. 100 crore
Question 148Single Answer
The tenure of an auditor appointed in a listed company is:
A
1 year
B
3 years
C
5 years
D
10 years
Question 149Single Answer
The Registrar of Companies (ROc) is responsible for:
A
Registering new companies
B
Monitoring statutory compliance
C
Maintaining company records
D
All of the above
Question 150Single Answer
Which of the following is NOT a type of company under the Companies Act, 2013?
