CA/CMA Foundation - Nature of Contract Quiz 19 Created on July 06, 2023 By admin Nature of Contract MCQ 1 / 18 Law of contract _______. Is the whole law of obligations Is the whole law of agreements Deals with only such legal obligation which arise from agreement Deals with social agreements 2 / 18 Social agreements are _______. Enforceable in the courts Not enforceable in the courts Subject to legal obligations Made by social workers 3 / 18 All contracts _______. Are agreements Are not agreements Do not have legal obligations Should be in writing 4 / 18 Obligation between parties that form contract _______. Are all kinds of obligations Are legal obligation which spring from agreements Are not voluntary in nature None of the above 5 / 18 A void agreement _______. is illegal is not void ab-initio may or may not be illegal none of the above 6 / 18 All illegal agreements _______. are not void are not void ab-initio are void none of the above 7 / 18 The terms of agreement _______. must be certain must be capable of made certain unambiguous and clear all the above. 8 / 18 Voidable contract _______. are enforceable by law if they are not avoided are not enforceable by law can be enforced if the court directs can be enforced with prior permission of Court/ Government 9 / 18 A contract means an agreement _______. Which is enforceable by law Which is not enforceable by law Which creates social obligation Which is in writing 10 / 18 A void agreement is one _______. which is forbidden by law enforceable at the option of one of the parties which is not enforceable by law enforceable by law 11 / 18 A void contract _______. is void from the very beginning is valid in the beginning but becomes void later on is enforceable at the option of one of the contracting parties only none of the above 12 / 18 Right in rem implies: a right available against the whole world a right available against a particular indi-vidual a right available against the Government none of the above 13 / 18 A contract is made where: A buys a book from a shop X bids at a public auction. X agrees with Y to discover a treasure by magic Z agrees to attend the birthday party of his friend 14 / 18 All kinds of obligations between the parties form part of the contract. This statement is _______. True False Partially true None of the above 15 / 18 A agrees to sell to B my white horse for ₹ 500 or ₹ 1,000. There is nothing to show which of the two prices was to be given. The agreement is _______. Valid Void Voidable Unenforceable 16 / 18 A agree to sell to B a hundred tons of oil. There is nothing whatever to show what kind of oil was intended. The agreement is _______. Valid Void for uncertainty Voidable Illegal 17 / 18 Which of the following statements is false _______. Law of contract is the whole law of obliga-tions Certain contracts must be in writing All contracts are agreements Conditional Contract 18 / 18 An agreement created by words spoken or written is called _______. express agreement execute agreement implied agreement voidable agreement Your score isThe average score is 73% LinkedIn Facebook VKontakte 0% Restart quiz 13 Created on July 06, 2023 By admin Nature of Contract T/F 1 / 20 An agreement and a contract are one and the same thing. True False 2 / 20 All contracts are not agreements. True False 3 / 20 A foreigner is not competent to enter into a contract. True False 4 / 20 All contracts should be in writing. True False 5 / 20 Social agreements are enforceable in the Courts. True False 6 / 20 Law of Contract is the whole law of obligations. True False 7 / 20 An agreement the meaning of which is not capable of being made certain is void. True False 8 / 20 Mercantile law is applicable to businessman only. True False 9 / 20 Voidable contracts are enforceable by law, if they are not avoided. True False 10 / 20 Precedents (Judicial decisions) form an important source of mercantile law. True False 11 / 20 The Indian Contract Act, 1872 is a complete code on contracts. True False 12 / 20 In an executed contract both parties have yet to fulfill their obligations. True False 13 / 20 An agreement with intention to create legal liability is not enforceable in law. True False 14 / 20 A contract consists in actionable promise or promises. True False 15 / 20 A contract is a contract from the time its performance is due and not from the time it is made. True False 16 / 20 An unenforceable contract can be enforced if the technical defect is removed. True False 17 / 20 All kinds of obligations between the parties form part of the contract. True False 18 / 20 There cannot be a contract to make a contract. True False 19 / 20 All void agreements are illegal. True False 20 / 20 All illegal agreements are void but all void agreements are not necessarily illegal. True False Your score isThe average score is 72% LinkedIn Facebook VKontakte 0% Restart quiz
