Business Law 211. A contract is discharged by novation which means the;
Cancellation of the existing contract Change in one or more terms of the contract Substitution of existing contract for a new one None of these View answer Correct answer: (C)
212. Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for;
Damages Injunction Quantum merit None of these View answer Correct answer: (C)
213. Which of the following statement is true?
An agreement enforceable by law is a contract An agreement is an accepted proposal Both (a) and (b) None of these View answer Correct answer: (C)
214. As a general rule, an agreement made without consideration is;
Void Voidable Valid Unlawful View answer Correct answer: (A)
215. Which of the following persons do not fall under the category of persons of unsound mind?
Idiot Lunatics Drunken Alien View answer Correct answer: (D)
216. A contract made by mistake about some foreign law, is;
Void Valid Voidable Illegal View answer Correct answer: (A)
217. An agreement, which prevents a person from carrying lawful business is
Valid Void Voidable Contingent View answer Correct answer: (B)
218. A contingent contract dependent on the non happening of a future uncertain event becomes void when such event
Happens Does not become impossible Does not happen Both (a) and (b) View answer Correct answer: (D)
219. A party entitled to rescind contract, losses the remedy where
He has ratified the contract Third party has acquired right in good faith Contract is not separable and recession is sought of a party only All of these View answer Correct answer: (D)
220. When offer is made to a definite person, it is known as
General offer Cross offer Counter offer Special offer View answer Correct answer: (D)