Topics of Law Test 1

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Topics of Law Test 1

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Weekly Quiz Competition

Question 1
1 / -0

What does the postal rule state?

A
That acceptance occurs as soon as the letter is posted.

B
That acceptance occurs when the letter is received by the offeror.

C
That acceptance occurs when the letter is read by the offeror.

D
That acceptance does not occur if the letter is lost in the post .
Question 2
1 / -0

"From the law" can be written as _____________.

A
De jure

B
De novo

C
De facto

D
None of the above

Solution

De jure is a Latin legal maxim which means 'according to the law' or 'by the law'.
It is legally binding and recognised by the law. De jure has been in use under various sectors.
For example, ABC company is de jure organization that means it is legally recognised association.
Hence, A is the correct option.
Question 3
1 / -0

A contract made with word spoken is a _________.

A
express contract

B
implied contract

C
quasi contract

D
executed contract

E
all of these
Question 4
1 / -0

Which of the following is not a proposal ?

A
Price list or catalogue

B
Menu card of restaurant

C
Time table of railways

D
All of the above
Question 5
1 / -0

Which of the following is not an essential element of misrepresentation?

A
The misrepresentation must have been made before conclusion of the contract.

B
It must not relate the material facts of the contract.

C
It may be caused by breach of duty.

D
It may be caused be representing half-truths.
Question 6
1 / -0

Which is the general principle of the law of contract?

A
Agreement

B
Legal obligation

C
Lawful consideration

D
Capacity of parties

E
All of these
Question 7
1 / -0

Past consideration is one that is wholly suffered by the _______ even before making of the agreement.

A
promisee

B
promisor

C
endorser

D
all of the above
Question 8
1 / -0

According to section 25 of the Indian Partnership Act, 1932, the liability of a partner is ________.

A
joint

B
several

C
joint and several

D
none of the above.
Question 9
1 / -0

Which is the specific kinds of contract?

A
Contracts of Indemnity

B
Contracts of Guarantee

C
Agreement

D
Contract

E
(A) and (B) both are
Question 10
1 / -0

Which of the following statement is not correct?

A
On OTCEI the transaction is settled within 7 days.

B
Issued capital of company should be between Rs. 30 lakhs and 25 crores.

C
Under Securities Contract Regulation (SCRA) Act 1956, minimum specified capital should be Rs. 5 crores.

D
Derivatives can be used to change the risk characteristics of underlying asset or liability.

Solution

Under SCRA minimum capital should be Rs.3 Crores. establishment of OTCEI helps small and medium size companies so that companies with capital of Rs. 30 Lakhs can sought listing o OTCEI.

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Topics of Law Test 1

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Topics of Law Test 1

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SHARING IS CARING

Question 1

That acceptance occurs as soon as the letter is posted.

That acceptance occurs when the letter is received by the offeror.

That acceptance occurs when the letter is read by the offeror.

That acceptance does not occur if the letter is lost in the post .

Question 2

De jure

De novo

De facto

None of the above

Solution

Question 3

express contract

implied contract

quasi contract

executed contract

all of these

Question 4

Price list or catalogue

Menu card of restaurant

Time table of railways

All of the above

Question 5

The misrepresentation must have been made before conclusion of the contract.

It must not relate the material facts of the contract.

It may be caused by breach of duty.

It may be caused be representing half-truths.

Question 6

Agreement

Legal obligation

Lawful consideration

Capacity of parties

All of these

Question 7

promisee

promisor

endorser

all of the above

Question 8

joint

several

joint and several

none of the above.

Question 9

Contracts of Indemnity

Contracts of Guarantee

Agreement

Contract

(A) and (B) both are

Question 10

On OTCEI the transaction is settled within 7 days.

Issued capital of company should be between Rs. 30 lakhs and 25 crores.

Under Securities Contract Regulation (SCRA) Act 1956, minimum specified capital should be Rs. 5 crores.

Derivatives can be used to change the risk characteristics of underlying asset or liability.

Solution

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