MCQs of Laws / Mercantile Law

A offers to sell a horse to B in the presence of C.B remains silent but C accepts There is a contract _______.

A proposal is revoked by the death of the proposer __________.

The effect of a bilateral mistake of law upon a contract will be ___________.

A makes a contract with B to buy B’s horse if A survives C. The contract is enforceable__________.

A,B C are co-sureties The creditor releases A. The Will___________,.

P appoints A as his agent. A is not a person of full age_________.

X and Y agree that Price of certain goods shall be valuated by a third person Z. Z refuses to Valuate the Goods_______.

If all the partners but one becomes insolvent ________.

A bill of exchange was drawn by A in California where the rate of interest is 25% and it was accepted by B, payable in Washington where the rate of interest is 6%. The Bill is endorsed in Pakistan where the rate of interest is 10& the Bill is dishonoured in Pakistan.__________

The Kinds of general meetings of a company are _____________.

The maximum number of members of partners in a firm is __________.

The maximum number of members of public limited company is

A cheque is always payable __________.

A supplied B a lunatic with necessities suited to his condition in life_________.

A lands some ornaments to B to be used in a marriage. The transaction is ___________.

A principal appoints an agent to build a house. The Agent appoints a sub-agent to do the job_________.

B offers A for his hours Rs. 5000/- The hours to be delivers to B on a stated date,and price to be a paid on another stated date , A accepts the offers ___________.

A partner may be expelled from a partnership ________.

A , the holder of a negotiable instrument payable to bearer, delivers it to B’ agent to keep for B________.

The annual general meeting of a company cannot be called by________.

Payment can be made on a bill of exchange to________.

How a cheque is treated by banker among the following when the balance at credit of drawer is found insufficient ?

“Accommodation party” is a person who has singed a negotiable instrument _____.

Which of the following is correct ?

Which of the following is correct?

Goods will____.

When under influence is used in a contract by one against the other the contract becomes _________.

Which of the following is correct?

Pledge or Pawnor are:

The Principal must ratify the contract _______.

A dormant Partners is one__________.

Caveat Emptor means__________.

If the seller of immovable property has affected a fire insurance policy in respect of the property, the purchaser of the property ___

The delivery of the insurance policy to the assured is _______.

The Grace period for every instrument payable at a specified period after date or after sight is_______.

Special resolution is passed at a general meeting of a public when not less the following notice has been given_________.

One of the special privileges of a private limited company is that _________.

A company shall be eligible for registration as a Modarba company if its paid up capital is not less than

A and B are Partners A buys land with Partnership money for his sole benefit. Therefore, A debits himself in the firm books and becomes a debtor to the firm for the amount of the purchase money. The Purchased property is_________.

Whether a partner has got powers to assign his partnership interest to any other person so as to make him a partner in the business ?

A, Proposes by letter sent by post, to sell his house to B. The acceptance of the proposal is complete________.

In order to convert a proposal into promise, the acceptance must be________.

A voidable contract may be turned by the option the party at a loss into ___________.

The Maximum number of members in a private company is __________.

The Maximum number of Partners in a firm is_________.

The Companies Ordinance, 1984_______

A company is subsidiary of another company ______.

P appoint A as his agent , A is not a person of full age___________.

Statutory meeting of a company is held__________.

Publication of Prospectus is compulsory by__________.

Award is a decision given by___________.

A lends some ornaments to B to be used in a marriage .The transaction is________.

A partners may be expelled from the partnership by________.

Third party insurance is an insurance relating to__________.

A Bill of Exchange has ____________.

A minor ________.

A void as well as an illegal contract is__________.

In the Companies Ordinance, 1984 there are_________.

Like a cheque, a bill of exchange may be______.

An executory consideration takes the form of__________.

Portage Ltd. Wishes to alter its. memorandum to state that all of the company’s shareable must hold a minimum of 200 shares. Can Brain, who currently owns 100 shares be bound by this alternation?

Gama offers to sell his car to Maja for 550,000//* Maja accepts the offer but states that he would buy it for Rs. 500.000/- The Statement of Maja is__________>

Kala Khan agreed to supply onion to Sodagar Khan six months after the date of contract and Kala Khan agreed to pay for such supply. Two months after the conclusion of the contract Kala Khan refused to supply.In such case which of the following facts is correct?

Sharafat Hussain offered to sell his tonga to sadaqat Hussain for Rs.35,000/- but Sadaqat Hussain did not answer and nearby standing Karamat Hussain accepted the offer. Karamat Hussain’s answer to the offer is______.

The appointment of a person of the minor age as an agent is_________.

Third Party insurance is an insurance for__________.

A bill of exchange in involves _________.

A bearer instrument may be negotiated by_________.

An order instrument may be negotiated by___________.

A partnership business is unlawful if the number of partners in ti is_______.

The Relation between the partners of a firm is of____________.

An unregistered contract of partnership is___________.

A decision made by aberrations is_________;

An umpire in an arbitration reference is appointed when the number of arbitration is____________.

The minimum number of members in a private limited company ______.

A public limited company must have __________.

Which of the following company cannot have?

The minimum age for a person who concludes a contract of sale of goods is___________.

It is essential for the validity of a contract of sale of goods that the price must be paid_____.

If the delivery of goods under a contract of sale of goods is late___________.

To What extent is a member of a company which is limited by guarantee personally liable for the company’s dotes ?

Jamshed, a house painter misreads his work order and paints Salman’s house by accident while Salman sits inside watching which of the following is correct?

On 30-11-2003, A offered to buy one of the 10 tables of the same specification present in B’s shop for 500 rupees. B accepted the offer. It was agreed that the table would be delivered on 1-12-2003 while the price would be paid on 8-12-2003, It was not clear which of those tables was attributed to the contract. Which of the following is correct?

Akram sent a proposal to Karachi by post for the sale of his stall in the Sunday Market.Karachi accepted the offer by post. Karachi may revoke his acceptance at any time before__________.

A appoints B as his agent for buying him a house. Appoints C as his agent to. arrange a house to be bought, C is liable to __________.

Delivery of an insurance Policy to be insured is__________.

A partners may be expelled form a firm ____.

An order instrument may be negotiated by__________.

A cheque is always payable ________.

A sold some food stuff to B, a minor, on credit. If B refuses to pay_____.

If a contract has been fully performed by both parties, that contract would be described as________.

An unregistered contact of sale of a computers is __________.

A decision made by an arbitrator is _________.

Each party to an arbitration agreement can appoint

Shahid and Hamid wished to form a company. On 1st December 2002 they filed all the required document with the registrar. On 10 February 2003 they received the certificate of Incorporation dated 1st February 2003 The company was incorporation on________

A public limited company must have _________.

A listed public limited company must have _______.

A, agent 18 for whom a court has appointed a guardian, wants to make a contract. He can make a contract _________.

A agrees to pay B 10,000 rupees if his (B’s ) horse wins the race. The horse died one day before the race. The contract is_______.

Abid’s son has forged Majid’s name to a pro note. Majid under threat of prosecuting Abid’s son demanded that he should sell him his bungalow that is wroth one billion rupees for one million only.Abid has no way except to agree with the proposal. The Contract is____.

A person on attaining the age of majority ________.

A person who has attained the age of 18 while under guardian_________.

A person who is usually of unsound mind __________.

When a contract is substituted with a new contract ___________.

For a breach of contract _________.

The Supplier of necessaries _______.

A contract by which one party promises to save the other from loss caused to him by the conduct of the promiser himself, or by the conduct of any other person________.

Surety is a person_________.

If the bailee’s lawful charges are not paid, he may retain the goods________

A person who works under the contract of another__________.

A promises to pay Rs.1000 to B and Takes a promissory note from him for that amount but pays only Rs.500 to B_____________

A bill of exchange is addressed to B. It is accepted by (i) B as a partner of a firm in the firm’
s name, (ii) it is accepted by B and C _________.

A buys a nylon pant from a store and starts wreaking it A contracts skin disease __________.

A, B & C are partners in a business, An order for certain goods is placed with D. before the goods are delivered, C dies. D had no notice of the death of C___.

When a firm is put to an end as between all the parties________.

A partner may be expelled from a firm if there is agreement to that effect ___________.

Difference between the arbitrators are__________.

A authorized B to buy 50 sheep for him, B buys the whole lot of 44 sheep and 15 lambs for the sum of Rs.30000______

A public limited company must have ________.

An agreement based on bilateral mistake ___________,

Total is forming a business which he wants to control completely, He knows nobody else with whom he wishes to work, he values his privacy , and requirement, and lawyers, what type of busines organization should he prefer?

The Article of Association of a company contain__________,

A partnership involves three essential elements Which of the following is not one of those elements?

Rashid Shahid and Talal agree to form a computer business. Rashid agrees to manage the business and to assume full personal liability. Shahid and Talal agree to invest in the firm but to be liable only to that extent .These three have formed _____.

The member of a limited partnership include_________.

A bearer cheque may be negotiated by _________.

The responsibility of overall management of a company belongs to__________.

The Best definition of a quorum is which of the following?

When a partnership is found liable for a debt, which assets are first used to pay the debt?

The board of directed does not have responsibility over which of the following areas?

A found a wallet full of money on a roadside and upon finding the address of the owner in the wallet he returned it to its owner. When he came back he read the announcement of a reward for the return of such wallet in the newspaper_______.

Mohsin in considerations forms of business organization for his law firm. One advantage of the limited liability partnership form is that it allow the limited partners to avoid personal liability for_____.

A’s son has forged B’s name to a forged . B under threat of prosecuting A’s son demanded that A should sell him his houses that is wroth Rs. 1000,000/- for Rs. 300,000/- A agrees with the proposal. The contract is_____

The Best simple definition of a contract is:

Salman signs a written contract with Khalid giving him the right to cast his votes in the election for the directors of Hashiya Limited, whose shares Salman holds. This agreement between Salman and Khalid is known as___________.

A sent a proposal to B by post for the sale of his house. B accepted the offer by post. A may revoke his proposal at any time before __________.

Danish offers to sell to sadiq a mobile phone for Rs. 550. Sadiq tells Danish that he will take the phone for Rs.540 Nothing further is said and the next day, Danish demands Rs. 450 from Sadiq in exchange for the phone Choose the correct statement :

If you want to start a partnership what formal requirements do you hove to meet?

The relation between the partners of a firm is of__________.

A bearer instrument may be negotiated by ____________.

When an offer can only be accept by the performance of the person to whom the offers is made is characteristic of________.

A tells B “If you stood first in the class, I’ll pay you Rs. 5000.00 B stood first in class and A paid him Rs. 5000.00. Which of the following is correct?

A offers to sell B his motorcycle some time in the future. B accepts. Is there a valid contract?

Which of the following is not an effective way to termination offer?

A offers to sell B his collection of rare books for Rs.5000.00. Before B even has a chance to accept, A says , “Sorry, I changed my mind, no deal.” This is an example of___________.

A and B enter into a contract in which A agrees to deliver milk to a restaurant, They forget to include a price in the agreement . A court will________.

A agreed to supply food for Walima to B at 1:00 pm. However, he could hardly supply the food at 5:00pm________

Which of the following actions an unpaid seller can not take against a buyer?

When a partnership is found liable for a debt, which assets are first used to pay the dept?

A partnership involves three essential elements Which of the following is not one of those elements?

Which of the following actions requires the unanimous consents of all partners before it may be undertaken ?

An Order Instrument is the one which is payable to:

A bearer Instrument is the one which payable to:

A holder in due course is the one :

For the incorporation of a limited liability company filing of Memorandum of association is essential:

A subsidiary company is the one:

A is considering different forms of business organization for his business, For the purpose of forms which are legal entities separate form their owner include_____.

A decision made by arbitrators is called _____.

The appointed of a persons of the minor age as an agent is_________.

Which of the following is a bilateral contract ?

A called his friend B and offered to give him two tickets of a cricket match taking place next month. B said “okay! I love to watch cricket matches .” A few days later A called B and told him that he couldn’t give B the tickets. Assuming B sued A_______.;

Under the doctrine of quasi contract , a plaintiff may recover in “quantum merit”a Latin phrase that means.

Which of the following writing are negotiable instrument ?

A has a bill of exchange that does not indicate when it is to be paid as the language of the bill only says “pay” when is it payable to A?

A written a cheque on his Habib Bank account to pay for groceries at Utility Stores. Who is the drawer?

Which of the following may count as the signature of a drawer ?

Which of the following language on an order will create a bill of exchange ?

Which of the following is payable at a definite time?

Which of the following Phrases makes an order Bill of exchange?

A write a post-dated chaque. Is it negotiable ?

You write a cheque to pay for your haircut In this transaction, who is the drawer?

The best, simple definition of a contract is________.

If A is the by a car, and B, a doctor, sees the incident and performs emergency first aid upon A which result in A’s recovery ________.

A offers to sell to B a mobile Phone for Rs.5500. B tells A that he will take the phone for Rs. 4500 Nothing further is said and the next day, A demands Rs. 4500 from B in exchange for the phone. Choose the true Statement________.