There is a list of MCQs for Legal Aspects of business or law which is important for UGC NET Commerce or any related exams of commerce and management. Find below the Multi Choice Questions (MCQs) for Business Law

LEGAL ASPECTS OF BUSINESS MCQs (UGC NET Commerce)

1. An agreement enforceable by law is.

(a) contract

(b) promise

(c) proposal

(d) acceptance

2. Every promise and every set of promises, forming the consideration for each other is an   .

(a) proposal

(b) acceptance

(c) contract

(d) agreement

3. The term means dominating the will of the other person to obtain an unfair advantage over the other.


a. fraud

b. undue influence

c. misrepresentation

d. coercion

4. is the cancellation of all or some of the terms of the contract.

a. Novation

b. Remission

c. Rescission

d. Coercion

5. is the act of giving consent to the proposal.

a. Acceptance

b. Promise

c. Contract

d. Agreement

6. State which of the following statements is false?

a. The person making the proposal is called the “promisee” and the person accepting the proposal is called the “promisor.

b. Agreements, the meaning of which is not certain, or capable of being made certain, are void.

c. A proposal when accepted becomes a contract.

d. The normal rule of law is that unless a  party has performed its promise in entirety,  it cannot claim performance from the other.

7. Match the following

1. Ordinary damages      A. claimed in case of loss of profit

2. Special damages         B. awarded with a view to punish the defendant

3. Vindictive damages    C. where there is no substantial loss

4 . Nominal damages     D. naturally arise in the usual course of things

a. 1-B, 2-C, 3-D, 4-A

b. 1-C, 2-D, 3-A, 4-B

c. 1-D, 2-A, 3-B, 4-C

d. 1-D, 2-C, 3-A, 4-B

8. Quasi-contracts is a classification of a contract in terms of    .

a. mode of formation

b. validity

c. mode of performance

d. enforceability

9. State which of the statements is false?

a. If the parties to a contract agree to substitute a new contract for it or to rescind it or alter it, the original contract cannot be discharged

b. Act’ is a specific type of ‘law’ which is also referred to as codified law.

c. There must be a free and genuine consent from both the parties, for the contract to be considered as a valid contract.

d. The Indian Contract Act is based on the English Law of Contracts which is an unwritten law.

10. In India, the law relating to contracts is contained in the Indian Contract Act of   .

a. 1957

b. 1999

c. 1872

d. 1960

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ANSWERS:

  1. a
  2. d
  3. b
  4. c
  5. a
  6. a
  7. c
  8. a
  9. a
  10. c