Business Regulatory Framework(Business Statistics ) Questions and Answers

Question 1. The Indian Contract Act came into force on:
  1.    15th September, 1872
  2.    1st September, 1872
  3.    1st October, 1872
  4.    15th October, 1872.
Explanation:-
Answer: Option B. -> 1st September, 1872


Question 2. The Indian Contract Act, applies to the:
  1.    Whole of India excluding Jammu & Kashmir
  2.    Whole of India including Jammu & Kashmir
  3.    States notified by the Central Government from time to time
  4.    None of the above.
Explanation:-
Answer: Option B. -> Whole of India including Jammu & Kashmir


Question 3. An agreement consists of reciprocal promises between at least
  1.    four parties.
  2.    six parties.
  3.    three parties.
  4.    two parties.
Explanation:-
Answer: Option D. -> two parties.


Question 4. Every promise and every set of promise forming the consideration for each other is a/an
  1.    contract
  2.    agreement
  3.    offer
  4.    acceptance
Explanation:-
Answer: Option C. -> offer


Question 5. Contract is defined as an agreement enforceable by law, vide Section … of the Indian Contract Act.
  1.    Section 2(e)
  2.    Section 2(f)
  3.    Section 2(h)
  4.    Section 2(i)
Explanation:-
Answer: Option C. -> Section 2(h)


Question 6. In agreements of a purely domestic nature, the intention of the parties to create legal relationship is
  1.    to be proved to the satisfaction of the court.
  2.    presumed to exist.
  3.    required to the extent of consideration.
  4.    not relevant at all.
Explanation:-
Answer: Option A. -> to be proved to the satisfaction of the court.


Question 7. ………………. is forbidden by law.
  1.    Valid contract
  2.    Illegal agreement
  3.    Voidable contract
  4.    Unenforceable contract
Explanation:-
Answer: Option B. -> Illegal agreement


Question 8. A makes a contract with B to beat his business competitor. This is an example of
  1.    valid contract.
  2.    illegal agreement.
  3.    voidable contract.
  4.    unenforceable contract.
Explanation:-
Answer: Option B. -> illegal agreement.


Question 9. Which of the following legal statement is incorrect?
  1.    An agreement enforceable by law is a contract [Section 2]
  2.    All agreements are contracts [Section 10]
  3.    A proposal when accepted becomes a promise [Section 2]
  4.    Every promise and every set of promise forming the consideration for each other is an agreement [Section 2(e)]
Explanation:-
Answer: Option B. -> All agreements are contracts [Section 10]


Question 10. ……………… is made by words written.
  1.    Express contract
  2.    Implied contract
  3.    Tacit contract
  4.    Unlawful contract
Explanation:-
Answer: Option A. -> Express contract


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