Fybms Business Law Wid Answers

a)Law is either private law or _________ law.
1)Public
2)Private
3)Local
4)Family
5)None of these
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1
b) A breach of contract can be of ___________ breach

1)Discharged
2)Illegal
3)Void
4)None of these

1
(c) How many parties are there to a Promissory note?

(1) Two parties
(2) One party
(3) Four party
(4) Three parties
5)None of these

3
(d) A minor can be an _____________?

1) Surety
2) Agent
3) Partner
4) All of these
5)None of these

2
(e) Public Law is divided into ________ categories?

1)Three
2)Four
3)Two
4)None of these

2
(f) An agreement that is caused by fraud, misrepresentation &

coercion is _____?
1)Voidable
2)Partially Void
3)Valid
4)All of these
5)None of these

1
(g) The person which is represented as an agent ______?

1) Middleman
2) Owner
3)None of these
4) Principal

4
(h) Public law includes _______law?

1) Administrative
2) Constitution
3) Criminal
4) All of these
5)None of these

4
(I) Contingent goods belongs to _______ goods?

1)Existing
2)Future
3)Contingent
4)None of these

2
(J) Is voidable contract?

1) Partly valid agreement
2) An illegal agreement
3) All of these
4) None of these

4
According to Contract Act, Select the true about the “Contract”?
A. Legal Term
B. Binding agreement
C. Always in written
(A) B only
(B) A and B only
(C) A, B and C
(C) A, B and C
A Contract can be signed between
(A) Individuals
(B) Legal Entities
(C) All of the above A and B
(D) None of these
(C) All of the above A and B
In general, Partnership entails which one of the following liability?
(A) Unlimited Liability
(B) Limited Liability
(C) No Liability at all
(D) Both A and C
(B) Unlimited Liability
Select the best of partnership that entails more legal benefits?
(A) Unlimited Liability Partnership
(B) Limited Liability Partnership
(C) Ordinary Partnership
(D) None of these
(A) Unlimited Liability Partnership
Reciprocal represent the meaning of
A.One sided contracts
B.Trilateral contracts
C. Bilateral contracts
D.None of above
B.Trilateral contracts
…..is the promise which forms the consideration or part of the consideration for each
others.
A. Reciprocal promise
B. Conditional promise
C. Simple promise
D. None of above
A proposal may be revoked by different ways as are provided in which one of the
followings section of the Contract Act 1872.
A. 6
B. 7
C. 8
D. None of above
A. 6
How many ways for revocation of proposal, according to the section 6 of the Contract
Act, 1872
A. 2
B. 3
C. 4
D. None of above
C. 4

C. Simple promise
Which one of the following is the agreement that is not enforceable by law is?
A. Valid agreement
B. Void agreement
C. Voidable agreement
D. None of above
B. Void agreement
Which one of the following is the agreement that is enforceable by law?

A. Contract
B. An agreement
C. Both (a) and (b)
D. None of above
A. Contract
The Section 5 of the Contract Act, deals with which one of the followings;
A. Communication of contract
B. Revocation of proposals and acceptances
C. Acceptance of contracts
D. None of above
B. Revocation of proposals and acceptances
Which one of the following is the agreement that is ceases to be enforceable by law
becomes void when it ceases to be enforceable?
A. Valid contract
B. Void contract
C. Voidable contract
D. None of
B. Void contract
Sameed proposes by letter to sell a house to Shahzeb. When the Communication of the
proposal in between Sameed and Shahzeb is complete?
A. When Sameed make such proposal
B. When Shahzeb accepts the proposal
C. Both (A) and (B)
D. None of above
B. When Shahzeb accepts the proposal
(1) The contract of sale made by?

a) May be implied from the conduct of the parties
b) In writing
c) By word of mouth
d) All of the above
e) None of these

D
(2) The contract which is breach can be?

a) Anticipatory
b) Void
c) Actual
d) B and C
e) None of these

A
(3) The person who is representator of agent is…..

a) Principle
b) Middle man
c) Principal
d) Owner
e) None of these

C
(4) The act of agent on behalf of principal is?

a) Intention
b) Consideration
c) Rule
d) Policy
e) None of these

A
(5) The Ratification done by an agent is for…..

a) Not a part of contract
b) Part of the contract
c) Whole contract
d) A and B
e) None of these

C
(6) When agency is ratified it must communicated with…..

a) Principal
b) Third party
c) Agent
d) Owner
e) All of the above

B
(7) The goods which are contingent is part of……

a) Unascertained
b) Ascertained
c) Future
d) Existing
e) Previous

C
(8) In sale contract , the parties make statement which is known as…..
a) Promises
b) Stipulations
c) Agreement
d) Contract
e) None of these

B
(9) The condition on title is an example of…..

a) Express condition
b) Express warranty
c) Implied warranty
d) Implied condition
e) None of these

D
(10) The condition for quality or fitness is ?

a) Implied warranty
b) Implied condition
c) Express warranty
d) Express condition
e)All of the above

B
(11) The condition for Merchantable quality is?

a) Implied warranty
b) Express condition
c) Express warranty
d) Implied condition
e) None of these

D
(12) The warranty of quiet possession is?

a) Express warranty
b) Express condition
c) Implied condition
d) Implied warranty
e)All of the above

D
(1) According to the Sale of Goods Definition Section 2(7) the word
goods meanings are?
a) All type of properties
b) Property without actionable claims & money
c) All type of movable properties
d) All type of movable property, without actionable claims & money

D
(2) Consideration can be defined as…

a) Income
b) Benefit
c) Profit
d) All of these
B
(3) Which of the following debentures is paid to a certificate holder is
______?
(a) secured
(b) Bearer
(c) registered
(d) None of these
B
(4) Law of relationship in business person & middleman is the ?
a) Agency
b) business
c) surety
d) legacy
A
(5) A private company can be established by how many persons?
a) Four
b) Three
c) Two
d) All of these
C
(6) In a public company, minimum numbers of Directors are _______?
a) 3
b) 8
c) 2
d) All of the above
A
(7) According to contract ______ person not usually get any
response…
a) Principle
b) Surety
c) Agent
d) None of these
C
(8) The notice of general meeting to non-profitable companies are
given in?
a) 15 days
b) 22 days
c) 14 days
d) 33 days
C
(9) G & H contract to marry each other. Now, suppose death of H
occurs, the contract is…
a) Voidable
b) Valid
c) None of these
d) Void
D
(10) The act which is done on behalf of the principal is?
a) Intention
b) Rule
c) Consideration
d) All of the above

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a)Law is either private law or _________ law.

b) A breach of contract can be of ___________ breach

Answer - Click Here:

(c) How many parties are there to a Promissory note?

Answer - Click Here:

(d) A minor can be an _____________?

Answer - Click Here:

(e) Public Law is divided into ________ categories?

Answer - Click Here:

(f) An agreement that is caused by fraud, misrepresentation &

Answer - Click Here:

(g) The person which is represented as an agent ______?

Answer - Click Here:

(h) Public law includes _______law?

Answer - Click Here:

(I) Contingent goods belongs to _______ goods?

Answer - Click Here:

(J) Is voidable contract?

Answer - Click Here:

Answer - Click Here:

Which one of the following is the agreement that is enforceable by law?

(1) The contract of sale made by?

Answer - Click Here:

(2) The contract which is breach can be?

Answer - Click Here:

(3) The person who is representator of agent is…..

Answer - Click Here:

(4) The act of agent on behalf of principal is?

Answer - Click Here:

(5) The Ratification done by an agent is for…..

Answer - Click Here:

(6) When agency is ratified it must communicated with…..

Answer - Click Here:

(7) The goods which are contingent is part of……

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Answer - Click Here:

(9) The condition on title is an example of…..

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(10) The condition for quality or fitness is ?

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(11) The condition for Merchantable quality is?

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(12) The warranty of quiet possession is?

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(2) Consideration can be defined as…

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