MCQOPTIONS
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MCQOPTIONS
This section includes 53 Mcqs, each offering curated multiple-choice questions to sharpen your Bachelor of Commerce (B Com) knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
Valid contracts |
| A. | are made by free consent. |
| B. | are made by competent parties. |
| C. | have lawful consideration and lawful object. |
| D. | all of the above. |
| Answer» E. | |
| 2. |
The Indian Contract Act came into force on: |
| A. | 15th September, 1872 |
| B. | 1st September, 1872 |
| C. | 1st October, 1872 |
| D. | 15th October, 1872. |
| Answer» C. 1st October, 1872 | |
| 3. |
The Indian Contract Act, applies to the: |
| A. | Whole of India excluding Jammu & Kashmir |
| B. | Whole of India including Jammu & Kashmir |
| C. | States notified by the Central Government from time to time |
| D. | None of the above. |
| Answer» C. States notified by the Central Government from time to time | |
| 4. |
Every promise and every set of promise forming the consideration for each other is a/an |
| A. | contract. |
| B. | agreement. |
| C. | offer. |
| D. | acceptance. |
| Answer» D. acceptance. | |
| 5. |
An agreement consists of reciprocal promises between at least |
| A. | four parties. |
| B. | six parties. |
| C. | three parties. |
| D. | two parties. |
| Answer» E. | |
| 6. |
Contract is defined as an agreement enforceable by law, vide Section of the Indian Contract Act. |
| A. | Section 2(e) |
| B. | Section 2(f) |
| C. | Section 2(h) |
| D. | Section 2(i) |
| Answer» D. Section 2(i) | |
| 7. |
Which of the following legal statement is incorrect? |
| A. | An agreement enforceable by law is a contract [Section 2] |
| B. | All agreements are contracts [Section 10] |
| C. | A proposal when accepted becomes a promise [Section 2] |
| D. | Every promise and every set of promise forming the consideration for each other is an agreement [Section 2(e)] |
| Answer» C. A proposal when accepted becomes a promise [Section 2] | |
| 8. |
is made by words written. |
| A. | Express contract |
| B. | Implied contract |
| C. | Tacit contract |
| D. | Unlawful contract |
| Answer» B. Implied contract | |
| 9. |
In agreements of a purely domestic nature, the intention of the parties to create legal relationship is |
| A. | to be proved to the satisfaction of the court. |
| B. | presumed to exist. |
| C. | required to the extent of consideration. |
| D. | not relevant at all. |
| Answer» B. presumed to exist. | |
| 10. |
A makes a contract with B to beat his business competitor. This is an example of |
| A. | valid contract. |
| B. | illegal agreement. |
| C. | voidable contract. |
| D. | unenforceable contract. |
| Answer» C. voidable contract. | |
| 11. |
. is forbidden by law. |
| A. | Valid contract |
| B. | Illegal agreement |
| C. | Voidable contract |
| D. | Unenforceable contract |
| Answer» C. Voidable contract | |
| 12. |
Drawing cash from ATM, sale by fall of hammer at an auction sale, etc., are example of |
| A. | express contract. |
| B. | implied contract. |
| C. | tacit contract. |
| D. | unlawful contract. |
| Answer» C. tacit contract. | |
| 13. |
Agreement the meaning of which is uncertain is |
| A. | Void |
| B. | Valid |
| C. | Voidable |
| D. | Illegal |
| Answer» B. Valid | |
| 14. |
Which of the following relationship raise presumption of positive influence? |
| A. | Parent and Child |
| B. | Religious/ Spiritual Guru and disciple |
| C. | Guardian and Ward |
| D. | All of the above |
| Answer» E. | |
| 15. |
.. is a one-sided contract in which only one party has to perform his promise or obligation. |
| A. | Void contract |
| B. | Illegal agreement |
| C. | Unilateral contract |
| D. | Bilateral contract |
| Answer» D. Bilateral contract | |
| 16. |
Every agreement and promise enforceable by law is . |
| A. | Offer |
| B. | Contract |
| C. | Acceptance |
| D. | Consideration |
| Answer» C. Acceptance | |
| 17. |
A/an is every Promise and every set of promises, forming consideration for each other |
| A. | Offer |
| B. | Agreement |
| C. | Acceptance |
| D. | Tr |
| Answer» B. Agreement | |
| 18. |
All Contract is a/an .. |
| A. | Offer |
| B. | Agreement |
| C. | Acceptance |
| D. | Tr |
| Answer» B. Agreement | |
| 19. |
Sale under Sale of goods Act is a/an ____________________ contract |
| A. | Executory |
| B. | Executable |
| C. | Executed |
| D. | None of the above |
| Answer» D. None of the above | |
| 20. |
In Agreement to sell the transfer of property in goods from the seller to the buyer takes place |
| A. | At the end of contract |
| B. | Immediately |
| C. | In a future Date |
| D. | Both b&c |
| Answer» D. Both b&c | |
| 21. |
In sale the transfer of property in goods from the seller to the buyer takes place |
| A. | At the end of contract |
| B. | Immediately |
| C. | In a future Date |
| D. | Both a&b |
| Answer» E. | |
| 22. |
As per Sale of goods Act Movable goods does not include |
| A. | Gas |
| B. | Growing crop |
| C. | Electricity |
| D. | Money |
| Answer» E. | |
| 23. |
Which of the following is not a subject matter in a Sale of goods Act |
| A. | Trade mark |
| B. | Good will |
| C. | Money |
| D. | Water |
| Answer» D. Water | |
| 24. |
Integrated Goods and Services Tax is applicable when - |
| A. | Sold in Union territory |
| B. | Sold from one GST dealer to another GST dealer |
| C. | Sold within a state |
| D. | There is interstate supply |
| Answer» E. | |
| 25. |
The goods must be ________ goods for transferring the property in the goods |
| A. | Ascertained |
| B. | Unascertained |
| C. | Future |
| D. | All of the above |
| Answer» B. Unascertained | |
| 26. |
The subject matter of the contract must necessarily be _____________ |
| A. | Sale |
| B. | Product |
| C. | Service |
| D. | Goods |
| Answer» B. Product | |
| 27. |
A consideration in contract of sale must be ______________ only |
| A. | Goods |
| B. | movable only |
| C. | price |
| D. | Purchase |
| Answer» D. Purchase | |
| 28. |
Employees Deposit Linked Insurance Scheme was introduced in the year |
| A. | 1976 |
| B. | 1961 |
| C. | 1923 |
| D. | 1948 |
| Answer» B. 1961 | |
| 29. |
Minimum .. Persons must be employed in as establishment for the applicability of the PF act. |
| A. | 15 |
| B. | 20 |
| C. | 35 |
| D. | 50 |
| Answer» C. 35 | |
| 30. |
GST was introduced in Jammu and Kashmir with effect from |
| A. | 1.8.2017 |
| B. | 1.7.2017 |
| C. | 1.1.2018 |
| D. | 8.7.2017 |
| Answer» E. | |
| 31. |
The subject matter of the contract under Sale of goods Act must be |
| A. | Money |
| B. | Goods |
| C. | Immovable Goods |
| D. | All of the above |
| Answer» C. Immovable Goods | |
| 32. |
The contribution which shall be paid by the employer to the Fund shall be |
| A. | 5% |
| B. | 7% |
| C. | 12% |
| D. | 10% |
| Answer» D. 10% | |
| 33. |
Constitution Amendment Act, 2016 for GST was |
| A. | 80th |
| B. | 101st |
| C. | 122nd |
| D. | None of these |
| Answer» C. 122nd | |
| 34. |
As a result of constitution amendment for GST a Separate List --- has been inserted in the constitution. |
| A. | Article 246A |
| B. | Article 146B |
| C. | Article 122 C |
| D. | Article 101B |
| Answer» B. Article 146B | |
| 35. |
The incidence of tax on tax is called |
| A. | Tax Cascading |
| B. | Tax Pyramidding |
| C. | Tax evasion |
| D. | Indiret tax |
| Answer» B. Tax Pyramidding | |
| 36. |
UTGST is applicable when |
| A. | Sold from Union territory |
| B. | Goods are purchased by Central Government |
| C. | Sold from one union territory to another union territory |
| D. | There is interstate supply |
| Answer» B. Goods are purchased by Central Government | |
| 37. |
The tax which was not merged into GST |
| A. | Counterveiling Duty |
| B. | Excise duty |
| C. | Basic Customs Duty |
| D. | Purchase tax |
| Answer» D. Purchase tax | |
| 38. |
Goods that are identified at the time of contract of sale is called _______________ goods |
| A. | Specific |
| B. | ascertained |
| C. | clear Goods |
| D. | both a & b |
| Answer» E. | |
| 39. |
The sale of goods Act deals only with goods which are ______________ in nature |
| A. | Immovable |
| B. | Movable |
| C. | Specific |
| D. | All of the above |
| Answer» C. Specific | |
| 40. |
Condition is a stipulation which is |
| A. | Essential to the main purpose of contract |
| B. | Collateral to the main purpose of contract |
| C. | Not essential to the main purpose of contract |
| D. | Collateral to the main purpose of contract |
| Answer» B. Collateral to the main purpose of contract | |
| 41. |
Under GST, value addition refers to |
| A. | Expenses plus profit |
| B. | Cost plus tax |
| C. | Cost plus tax plus profit |
| D. | Tax plus profit |
| Answer» B. Cost plus tax | |
| 42. |
_________________ is a Stipulation which is Collateral to purpose of contract |
| A. | Condition |
| B. | Warranty |
| C. | Guaranty |
| D. | Collateral Contract |
| Answer» C. Guaranty | |
| 43. |
___________________ and _______________ are the two parties involved in Contract of sale |
| A. | Seller & Buyer |
| B. | Agent & Principle |
| C. | Customer & Sales man |
| D. | Customer and supplier |
| Answer» B. Agent & Principle | |
| 44. |
The sale of Goods Act enforces in the year |
| A. | 1935 |
| B. | 1930 |
| C. | 1945 |
| D. | 1955 |
| Answer» C. 1945 | |
| 45. |
__________________________ is the concept of LET THE BUYER BEWARE . |
| A. | Information Center |
| B. | Unfair Trade Practices |
| C. | Caveat Emptor |
| D. | Buyer Kingdom |
| Answer» D. Buyer Kingdom | |
| 46. |
It is a standard rule that risk follows ____________________ |
| A. | Seller |
| B. | buyer |
| C. | property |
| D. | Possession |
| Answer» D. Possession | |
| 47. |
Transfer or agree to transfer the _____________ of the goods is the purpose of sale of goods Act |
| A. | Property |
| B. | Possession |
| C. | Value |
| D. | Usage |
| Answer» C. Value | |
| 48. |
A sale is a ______________ contract |
| A. | Implied |
| B. | Executed |
| C. | Agreed |
| D. | Executory |
| Answer» C. Agreed | |
| 49. |
The Law of Contract is nothing but ............... |
| A. | A Child of Commercial dealing |
| B. | A Child of Religion |
| C. | A Child of day to day Politics |
| D. | A Child of Economics. |
| Answer» B. A Child of Religion | |
| 50. |
To form a valid contract, there should be atleast ............. |
| A. | Two parties |
| B. | Three parties |
| C. | Four parties |
| D. | Five parties. |
| Answer» B. Three parties | |