Solved MCQs Notes for Preparation of NTS Tests

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Business and Industrial Law MCQS Past Papers

Business and Industrial Law MCQS Past Papers Questions Asnwers Tests in pdf for B.Com Part-2

1.It is an expression of willingness to do or not to do something is called.
A. Proposal
B. Promise
C. Contract
D. All of them
ANSWER: A

2.When proposal is made clear in words spoken or written, it is called.
A. Implied proposal
B. Expressed proposal
C. Both of them
D. None of them
ANSWER: B

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3.Mr. A offers to B with spoken words to sell his bicycle for Rs 2000 it is an example of.
A. General offer
B. Implied offer
C. Specific offer
D. All of above
ANSWER: C

4.Mr. A Promises to sell his horse for Rs. 30000 to B. In this promise Rs. 30,000 is the _________ for A and horse is ____________for B.
A. Agreement
B. Contract
C. Promise
D. Consideration
ANSWER: D

5.Types of Consideration are.
A. Present Consideration
B. Past Consideration
C. Future Consideration
D. All of above
ANSWER: D

6.A person who has attained the age of majority, who is sound mind and who is not disqualified by law
is called.
A. Competent to contract
B. Not Competent to contract
C. Both of them
D. None of them
ANSWER: A

7.According to section 11 of contract act Alien enemy, Foreign Ambassador’s , Convict, Married
Women, Insolvent are considered as.
A. Incompetent to make a valid contract
B. Competent to make a valid contract
C. Both are correct
D. Both are incorrect
ANSWER: A

8.The Committing or threatening to commit, any act forbidden by Pakistan Penal code or unlawful
detaining or whatever with intention of causing any person to enter into agreement is called.
A. Undue Influence
B. Coercion
C. Fraud
D. None of Above
ANSWER: B

9.The active concealment of fact by having knowledge or belief of fact is called.
A. Undue Influence
B. Coercion
C. Fraud
D. All of above
ANSWER: C

10.Those contract for which we have to fulfill some formalities as prescribed by law for the validity of
such contract is called.
A. Express Contract
B. Implied Contract
C. Informal Contract
D. Formal Contract
ANSWER: D

11.When any of the contracting parties has performed his part of contract, the contract is said to be an.
A. Executed Contract
B. Executory Contract
C. Formal Contract
D. Non-Formal Contract
ANSWER: A

12.A contract which is not enforceable by law. An agreement by way of wager an agreement restraint
of legal proceeding is called.
A. Valid Contract
B. Voidable Contract
C. Void Contract
D. All of above
ANSWER: C

13.A race is held in between two horses, one white and other is black. A and B two parties enter into a
contract about this race that if white horse wins the race, A will pay Rs.1000 to B and vice versa this
contract is called.
A. Contingent Contract
B. Wagering Contract
C. Wrong Contract
D. Willingness of both parties contract
ANSWER: B

14.When all the contracting parties must fulfill their part of obligation imposed on them by law through
a contract is called.
A. Demand of Contract
B. Rejection of Contract
C. Good way of Contract
D. Performance of Contract
ANSWER: D

15.When two or more parties enter into a contract with one or more parties, it is called.
A. Joint Promises
B. Single Promise
C. Double Promise
D. None of above
ANSWER: A

16.The term offer/purposal has been defined under.
A. Section 2(a)
B. Section 2(d)
C. Section 2(h)
D. Section 2(e)
ANSWER: A

17.When proposal is made by way of behaviour and conduct of the purposal is called.
A. Implied proposal
B. Expressed proposal
C. Both of them
D. None of them
ANSWER: A

18.When one person offers to another with spoken words to sell his bicycle for Rs 5000 it is an
example of.
A. General offer
B. Implied offer
C. Specific offer
D. All of above
ANSWER: C

19.The reward given and recieved by the parties when contract is performed is known as.
A. Agreement
B. Consideration
C. Promise
D. Contract
ANSWER: B

20.An agreement enforceable by Law is a ________”.
A. Offer
B. Promise
C. Agreement
D. Contract
ANSWER: D

21.According to Pakistani Majority Act the age of Majority is.
A. 16 years
B. 18 years
C. 22 years
D. None of them
ANSWER: B

22.Proposal+Acceptance=__________.
A. Promise
B. Agrement
C. consideration
D. None of above
ANSWER: A

23.Promise + Consideration =_________.
A. Agrement
B. Valid Offer
C. Valid Contract
D. Promise
ANSWER: A

24.The active concealment of fact by having knowledge or belief of fact is called.
A. Undue Influence
B. Fraud
C. Coercion
D. All of above
ANSWER: B

25.Those contract for which we have to fulfill some formalities as prescribed by law for the validity of
such contract is called.
A. Express Contract
B. Formal Contract
C. Informal Contract
D. Implied contract
ANSWER: B

26.When Both the parties has performed their part of contract, the contract is said to be an.
A. Executed Contract
B. Executory Contract
C. Formal Contract
D. Non-Formal Contract
ANSWER: A

27.A wagering contract will be an example of.
A. Void Contract
B. Voidable Contract
C. Valid contract
D. All of above
ANSWER: A

28.A contract which is made by way of undue influence of a party will be.
A. Valid contract
B. Void contract
C. Voidable contract
D. None of Above
ANSWER: C

29.When all the contracting parties must fulfill their part of obligation imposed on them by law through
a contract is called.
A. Performance of Contract
B. Rejection of Contract
C. Good way of Contract
D. Demand of Contract
ANSWER: A

30.The consideration may be.
A. Past
B. Present
C. Future
D. All of above
ANSWER: D

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