Business Law 101. Thecollateral transactions to an illegal agreement are
Void, illegal, voidable, not affected at all View answer Correct answer: (B)
102. Which of the following are contingent contracts?
contract of insurance contract of guarantee, contracts for the sale of goods on credit Wagering agreements View answer Correct answer: (A)
103. If a new contract is substituted in place of an existing contract, it is called
alteration rescission novation waiver, remission View answer Correct answer: (C)
104. The right of subrogation in a contract of guarantee is available to the
creditor principal debtor surety indemnified View answer Correct answer: (C)
105. Ifa contract contains an undertaking to perform an impossibility , the contract is
void ab initio void voidable at the option of the plaintiff illegal View answer Correct answer: (A)
106. A agree to pay B Rs. 2000 if a certain ship does not return at Mumbai port within a year .A ‗s promise can beenforced when the ship
arrives Mumbai a damaged condition during the years is lost during the year is sunk during the years arrives Mumbai in a good condition during the year. View answer Correct answer: (B)
107. An employee , by the terms of his service agreement , is prevented from accepting a similar engagement after the termination of his service .The restraint
valid void illegal unenforceable View answer Correct answer: (B)
108. A who owes Rs. 10000 to B dies leaving an estate of Rs. 6000. The legal representation of A are
Liable for Rs. 10000 liable for Rs. 6000 not liable at all liable for Rs. 3000. View answer Correct answer: (B)
109. Regulationas to the opening and closing of business in a market are
not unlawful even if they are in restraint of trade. unlawful because they are in restraint of trade. void not valid View answer Correct answer: (A)
110. Where both the parties to an agreement are under a mistake as a matter of fact essential to the agreement ,theagreement I
void voidable illegal not affected at all. View answer Correct answer: (A)