Topics of Law Test 18

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Topics of Law Test 18

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SHARING IS CARING

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Weekly Quiz Competition

Question 1
1 / -0

When the parties to a contract agree that a certain sum of money would be payable in case of breach of contract such payment of damage is called _________.

A
liquidated damage

B
unliquidated damage

C
penalty

D
special damages

Solution

Liquidated damages refer to the sum of damages that the parties assess and agree upon at the time of contract for breach of the contract by either party. On breach of contract, this sum of money becomes payable irrespective of the actual value of the damages that may be caused on breach. The Indian Contract Act, 1972 recognizes liquidated damages under Section 74 by stating that if parties stipulate any amount to be paid as damages or any penalty to be imposed on breach, the aggrieved party is entitled to only that amount or penalty and no other greater or lesser amount.
Question 2
1 / -0

Under Indian Contract Act promisor is the ___________.

A
person who make the proposal

B
person who accepts the proposal

C
person who makes the promise

D
person to whom the promise is made
Question 3
1 / -0

A letter of acceptance sent by post is lost in transit.

A
There is a concluded contract as the letter of acceptance is put in the course of transmission.

B
There is no concluded contract as the acceptance has not come to the knowledge of the proposer.

C
There is no concluded contract as the acceptance has not been communicated to the proposer.

D
All the above
Question 4
1 / -0

Parties are not competent to contract if any one of them is __________.

A
a minor

B
insane

C
declared insolvent

D
All the above
Question 5
1 / -0

Discharge of contract due to insolvency is __________.

A
discharge by mutual agreement

B
discharge by lapse of time

C
discharge by operation of law

D
discharge by impossibility
Question 6
1 / -0

An agreement of agency must make clear the _________ of a person to act on behalf of another person.

A
intention

B
certainty

C
involvement

D
None of the above
Question 7
1 / -0

Which is correct?

A
Proposal + acceptance = Agreement

B
Promise + offer= agreement

C
Agreement + promise = contract

D
All the above
Question 8
1 / -0

Which of the following are the rights available to agents ?

A
Right to remuneration

B
Right to retainer

C
Right ti lien

D
All of the above
Question 9
1 / -0

Section 17 of the Indian contract act deals with ___________.

A
wilful misrepresentation

B
coercion

C
fraud

D
both a and b
Question 10
1 / -0

Transfer of shares in the partnership firm is _________.

A
Marginally restricted

B
Freely transferable

C
Prohibited

D
None of the above

Solution

The restrictions on the transfer of shares in private companies flow from the partnership principle, which is the soul and basis of private companies. These restrictions, as stated above are considered essential in private companies which are usually a group of trading persons bound together by close ties of friendship. These close associations can be established with anyone and everyone so easily and therefore, these members seek to keep the shares of such a company within the group.
Hence, option (A) is the correct answer.

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Topics of Law Test 18

Result

Topics of Law Test 18

Score

-

Rank

-

SHARING IS CARING

Question 1

liquidated damage

unliquidated damage

penalty

special damages

Solution

Question 2

person who make the proposal

person who accepts the proposal

person who makes the promise

person to whom the promise is made

Question 3

There is a concluded contract as the letter of acceptance is put in the course of transmission.

There is no concluded contract as the acceptance has not come to the knowledge of the proposer.

There is no concluded contract as the acceptance has not been communicated to the proposer.

All the above

Question 4

a minor

insane

declared insolvent

All the above

Question 5

discharge by mutual agreement

discharge by lapse of time

discharge by operation of law

discharge by impossibility

Question 6

intention

certainty

involvement

None of the above

Question 7

Proposal + acceptance = Agreement

Promise + offer= agreement

Agreement + promise = contract

All the above

Question 8

Right to remuneration

Right to retainer

Right ti lien

All of the above

Question 9

wilful misrepresentation

coercion

fraud

both a and b

Question 10

Marginally restricted

Freely transferable

Prohibited

None of the above

Solution

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