Business Law mcqs

ALI AND ASAD ARE FRIENDS THEY BOTH MADE A SALES CONTRACT WITH SAFDAR. SAFDAR IS 17 YEARS OLD AND SO IS ASAD. AFTER THE DELIVERY ALI AND ASAD REFUSED TO PAY. AS THE CLAIMED THAT ASAD WAS MINOR AND CANNOT BE SUBJECTED TO SUCH LIABILITIES AND SAFDAR TOO IS A MINOR AND CANNOT BE ENTITLED TO SUCH PAYMENTS. THE CLAIM IS TRUE O False ASAD IS A 14 YEARS OLD BOY HE PAINTS PORTAITS AND SEL THEM ONLINE IN THE INTERNATIONAL E MARKET. BUT HE'S NOT LEGALLY ALLOWED TO DO SO O TRUE O FALSEBANK LEND A LOAN TO RIZ FOR BUYING A HOUSE. HE MORTGAGED THAT HOUSE WITH BANK FOR LOAN. HE COULD'NT PAY BACK THE LOAN. HE SECRETLY SOLD HIS HOUSE TO FARAZ, BANK TRIED TO TRACE RIZ BUT COULD'NT SO BANK APPROACHES FARAZ TO EITHER PAY THE AMOUNT OR OTHERWISE THE BANK WILL CEASE THE PROPERTY. BANK HAS EVERY RIGHT TO SO BY LAW. O TRUE O FALSE law is enforced by ---- to regulate people's conduct and protect their rights and properties. O judiciary O legislature O stateASLAM OFFERS TO BUY ASAD'S HOUSE FOR 80 LAKHS. ASAD MAKES ANOTHER OFFER OF 1 CRORE O THIS TERMINATES THE DEAL O THE COUNTER OFFER MADE IS INVALI O THE FIRST OFFER TERMINATES AND SECOND IS VALID IF ACCEPTED AHMED MADE AN OFFER TO ADNAN ON TELEPHONE. ADNAN HEARD THE OFFER AND CONVEYED ACCEPTANCE BUT DUE TO THE TECHNICAL DEFECT AHMED COULDNT HEAR HIM. WILL THAT LEAD TO THE FORMATION OF A CONTRACT AND IS IT BINDING ON ANY OF THE PARTYWILL ANY LEGAL OBLIGATION ARISE FROM THIS CONTRACT? O YES O NOAN AMBASSADAR OF TURKEY IN PAKISTAN MAKE A CONTRACT WITH A LOCAL PAKISTANI CRAFTSMEN FOR HIS OWN BUSINESS. IF ANY VOILATION ON PART OF THE TURKISH AMBASSADOR TAKES PLACE WITH REGARDS TO THIS CONTRACT, THE PAKISTAN CRAFTSMEN WONT BE ABLE TO SUE HIM. O TRUE O False ALI OFFERED A BUSINESS DEAL TO DANYAL AND WAITED FOR HIS RESPONSE AFTER A FEW DAYS . ALI CONSIDERED DANYAL'S NO RESPONSE TO HIS AGREEMENT TO THE OFFER. SUCH CONDITIONS OF ACCEPTANCE IS CALLED O INVALID CONDITION O VOID CONDITION O UNLAWFUL CONDITION O NEGETIVE CONDITIONNAHYAN A 16 YEARS OLD, SCAMED AZMAT BY 1 point SELLING HIM A PROPRTY THAT DOESNT BELONGED TO HIM. WILL NAHYAN BE ACCOUNTABLE FOR HIS FRAUD BY LAW? YES No SANA CONTACTED FARAH AND OFFERED HER, 1 point HER CAR FOR 11 LAKHS. FARAH ASKED FOR SOME TIME TO THINK OVER SANA'S OFFER. MEANWHILE SANA GOT A BETTER OFFER OF 12.5 LAKHS FOR HER CAR FROM ALI. NOW SHE WANTS TO ACCEPTS ALI'S OFFER. SHE CAN --- NOT REVOKE HER OFFER AND WAIT TIL O FARAH RESPONDS TO HER OFFER REVOKE HER OFFER BEFORE FARAH O COMMUNICATES HER ACCEPTANCE O ACCEPTS ALI'S OFFER WITHOUT INFORMING FARAHALI WANTED TO REVOKE HIS OFFER BEFORE HE 1 point RECIEVES ACCEPTANCE FROM THE OTHER PARTY. HE WROTE REVOCATION LETTER. REVOCATION WILL COMMUNICATED WHEN O WHEN ALI POSTS THE LETTER AFTER RECIEVING THE ACCEPTANCE LETTER WHEN ITS POSTED AFTER OTHER OFFER IS O RECIEVED AND BEFORE ACCEPTANCE LETTER O THE OTHER PARTY RECIEVES THE LETTER O NONE OF THE ABOVE HARIS OFFERED RIDA TO SELL HIM HER 5 MARLA 1 point PLOT FOR 90 LAKH RIDA ACCEPTS THE OFFER BUT LATER ON SHE REALIZE THAT THE OFFER IS NOT GOOD ENOUGH AND SHE CAN GET A BETTER OFFER. HOW CAN SHE COMMUNICATE REVOCATION O WRITE A REVOCATION LETTER AND POST IT WRITE A REVOCATION LETTER POST IT O AND IF RECIEVED AFTER ACCEPTANCE LETTER THE REVOCATION IS COMPLETE WRITE REVOCATION LETTER POST IT AND O IF RECIEVED BEFORE ACCEPTANCE LETTER REVOCATION IS COMPLETESARA IS 20 YEARS OLD. HER PARENT PASSED 1 point AWAY AN YEAR AGO. SHE WANTS TO PURCHASE SHARES OF A FIRM BUT COULD'NT AS AN ORPHAN SHE'S STILL MINOR. O TRUE O False HARIS IS INTETRESTED IN NAILA'S PROPERTY. 1 point NAIL SOLD HER PROPERTY TO FIZZA , THAT'S WHY HARIS SUED NAILA FOR NOT SELLING HER PROPERTY TO HIM AND INSTEAD SELLING IT TO FIZZA. WHAT IS THE LEGAL STATUS OF THIS LAW SUIT NAILA'S ACT IS CONSIDERED AS A O FRAUDULENT ACT AND HARIS CLAIM IS CORRECT O NAILA WILL LOOSE THE CASE BECAUSE OF HER BREACH OF THE CONTRACT HARIS WILL LOOSE THE CASE BECAUSE OF O HIS LAME LAW SUITE O NONE OF THE ABOVEUNTIL THE LETTER OF ACCEPTANCE REACHES 1 point THE OFFEROR THE CONTRACT REMAINS O VOID AT OPTION OF OFFERROR O VOID AT OPTION OF OFFEREE O VOID AT THE OPTION OF ACCEPTOR O VOIDABLE AT THE OPTION OF ACCEPTOR FURQAN OFFERED A PURCHASE OF 10 UNITS 1 point OF 10 UNITS OF MACHINERY FROM ASAD BUT BEFORE ASAD COULD ACCEPTS THE OFFER ASAD PASSED AWAY. IS THE LEGAL REPRSENTATIVE OF ASAD BOUND TO ACCEPT OR IGNORE THE OFFER O YES HE MUST O No HE CANNOT O NONE OF THE ABOVETHE OFFEREE IS NOT BOUND BY THE LETTER 1 point OF TILL IT REACHES THE OFFERROR O REVOCATION O ACCEPTANCE O OFFERANCE O ALL OF THE ABOVE A OFFERED TO BUY A BYCYCLE FROM B AND 1 point REQUESTED HIM TO SEND ACCEPTANCE BY THE PERSON WHO BROUGHT THE ORDER . B SENT HIS ACCEPTANCE BY POST. HELD A IS BOUND BY THE ACCEPTANCE O TRUE O FalseSARA AND FATIMA MAKES A CONTRACT OF SALE OF FATIMA'S GOLD JEwELRY. SARA OFFERS A PRICE QUOTE , FATIMA ACCEPTS . BOTH DECIDES A DATE OF PAYMENT AND DELIVERY. AT THE DAY OF DELIVERY FATIMA FINDS OUT THAT HER JEWELRY Is MISSING AND STOLEN. IN THE ABOVE MENTIONED CASE THE CONTRACT WAS __________ O A VALID CONTRACT O VOIDABLE CONTRACT O VOID CONTRACT O VOID AGREEMENT AN AGREEMENT WHICH IS MADE TO HELP THE PERFORMANCE OF ANY WAGERING AGREEMENT IS ALSO INVALID AND ANY AGREEMENT WHICH IS MADE TO HELP THE PERFORMANCE OF AN AGREEMENT IS A COLLATERAL AGREEMENT. FARAH MAKES A HIGHEST BID FOR ALI'S GOODS 1 point IN AN AUCTION , BUT FARAH REALISE THAT SHE MADE A BID WAY TOO HIGHER THAN SHE SHOULD HAVE, SHE WITHDRAWS HER BID BEFORE THE FALL OF THE HAMMER, THIS OFFER WAS O IRREVOKABLE O VOID O VOIDABLE O NONE OF THE ABOVE WILLIE OFFERED TO SELL A FARM TO HUGO FOR 1 point 10 MILLION HUGO OFFERED 9.5 MILLION WILLIE REFUSED THE OFFER , SUBSEQUENTLY HUGO OFFERED 10 MILLION. HELD THERE WAS NO CONTRACT DUE TO? O SUBSEQUENT ILLEGALITY O CROSS OFFER O NO FREE WILL O NONE OF THE ABOVEA contract in which the consent of one party is 1 point missing and is enforceable by law at the option of both the parties is called O void contract O voidable O void agreement Option 4 O none of the above HADI AND ALI MADE A SALES CONTRACT. HADI 1 point IS RICH MAN AND OWNS ALOT OF ASSETS . ALI SUPPLIED SOME NECESSARIES TO HADI. BUT AT THE TIME OF PAYMENT HADI REFUSED AND CLAIMED THAT DUE TO OVER DOSE OF DRUGS HE COULDN'T UNDERSTAND WHAT HE WAS DOING AND THATALI CANNOT LEGALLY CLAIM ANY PAYMENT FOR NECESSARIES. HADI'S CLAIM IS O TRUE O FalseSUNNY IS AN ORPHAN AND MINOR. HE AND HIS 1 point CUSTODIAN ARE WAITING FOR HIS 18TH BIRTHDAY , WHICH IS ON 6TH JUNE. SO THAT HE BE LEGALLY ELIGIBLE FOR SELLING OUT HIS PROPERTY. O TRUE O False A CONTRACT WHICH IS AN OBLIGATION BY 1 point LAW, BOUND BY MORALITY IS CALLED O unenforceable contract O wagering agreement O quasi agreement O NONE OF THE ABOVERIZWAN MADE AN OFFER THROUGH A LETTER 1 point TO AZHAR TO PROVIDE HIM WITH 400 UNITS OF OFFICE FURNITURE. THIS OFFER IS COMPLETED AND COMMUNICATED O WHEN RIZWAN WROTE IT O WHEN RIZWAN POSTED IT O WHEN AZHAR RECIEVES IT AZAN OFFERS FAHAD ON A TELEPHONE CALL 1 point THAT HE WANTS TO SELL HIS CAR TO FAHAD FOR 6 LAKHS . FAHAD AGREES TO THE OFFER. ITS A -_ CONTRACT O EXECUTED CONTRACT O VOIDABLE O IMPLIED CONTRACT O NONE OF THE ABOVEHIRA MADE AN OFFER TO SANA FOR BUSINESS 1 point PARTNERSHIP. SANA WROTE AN ACCEPTANCE LETTER TO HIRA.HIRA DIDNT RECIEVED THE LETTER ACCEPTANCE AS IT WAS MISPLACED BY THE POST OFFICE. WILL THIS CONTRACT BE BINDING ON HIRA BY LAW? YES O No NAILA TOOK PART INTO A LOCAL QUIZE 1 point CONTEST ARRANGED BY A PRIVATE FIRM. WHERE SHE WAS ASKED A FEW QUESTIONS. SHE ANSWERED THEM RIGHT AND QUALIFIED INTO 2ND ROUND WHERE ALL THOSE WHO ANSWERED CORRECTLY WOULD BE QUALIFIED FOR A LUCKY DRAW. LUCKILY HER NAME WAS ANNOUNCED IN THE DRAW AND SHE WON THE PRIZE. SINCE THE PRIZE WAS BASED ON HER IQ IT WAS A VALID TRANSACTION BY LAW O TRUE O FALSE