Business Law 171. Where the performance of a promise by one party depends on the prior performance of promise by the other party, such reciprocal promises fall under category of
Mutual and Concurrent Conditional and dependent Mutual and independent Both (a) and (b) View answer Correct answer: (B)
172. Standing offer means
Offer allowed to remain open for acceptance over a period of times Offer made to the public in general When the offeree offers to qualified acceptance of the offer Offer made to a definite person View answer Correct answer: (A)
173. An agreement which is enforceable by law at the portion of one or more of the parties thereon but not at the option of the other or others is a:
Valid Contract Void Contract Voidable Contract Illegal Contract View answer Correct answer: (C)
174. When the consent of a party is not free, the contract is:
Void Voidable Valid Illegal View answer Correct answer: (B)
175. Which of the following statement is false?
Generally a stranger to a contract can not sue A verbal promise to pay a time barred debt is valid Completed gifts need no consideration No consideration is necessary to create an agency View answer Correct answer: (B)
176. Which of the following is not an exception to the rule - No consideration, No contract.
Compensation for involuntary services Love & Affection Contract of agencies Gift View answer Correct answer: (A)
177. Moral pressure is involved in the case of
Coercion Undue influence Misrepresentation Fraud View answer Correct answer: (B)
178. An agreement the object or consideration of which is unlawful, is:
Void Valid Voidable Contingent View answer Correct answer: (A)
179. When prior to the due date of performance, the promisor absolutely refuses to perform the contract, it is known as:
Abandonment of a contract Remission of contract Actual breach of contract Anticipatory breach of contract View answer Correct answer: (D)
180. A contract depend on the happening or non happening of the future uncertain event, is a
Uncertain contract Contingent contract Void contract Voidable contract View answer Correct answer: (B)