- Which of the following statements are TRUE in a contractual capacity?
A. Law presumes that every person is competent to contract unless otherwise proved
B. That a minor can make a contract for necessities of life
C. That a person of unsound mind can enter into the family contracts
D. A convict cannot enter into a valid contract nor can sue
E. That a wife can always make valid business contracts and bind her husband
Choose the correct answer from the options given below:
(a) A and E only,
(b) A, C and E only,
(c) B and D only,
(d) B, D and E only, - A contract is said to be discharged by rescission:
A. When terms of a contract are altered
B. When a party makes novation of a contract
C. When an aggrieved party exercises his option to avoid the contract
D. When a party to a contract waives his rights under the contract
E. Where none of the parties has performed its part for a long time and no other party has objected against it
Choose the correct answer from the options given below:
(a) A, D and E only,
(b) B and D only,
(c) B, C and E only,
(d) C and E only, - In which of the following cases, the Doctrine of Supervening impossibility will apply?
(a) Commercial Impossibility,
(b) Difficulty in performance,
(c) Impossibility known to the parties at the time of making of the contract
(d) Strikes, Locks-outs, and civil disturbances, - Which one of the following statements are TRUE about the contract of Bailment?
(a) A contract of Bailment does not result when a person leaves some goods with his friend for
being looked after.
(b) Bailee has a right of the general lien.
(c) Hiring of bank locker is a contract of Bailment.
(d) Money deposited in fixed deposit with a bank is a contract of Bailment. - Match List I with List II relating to The Sale of Goods Act
List I
A. Actionable claim
B. Appropriation of goods
C. Existing goods
D. Future goods
List II
I. Goods to be manufactured after the making of the contract
II. Goods owned by the seller at the time of the making of the contract of sale
III. Separating the goods sold from other goods so as to determine and identify the actual goods to be delivered
IV. Recovered only by means of a suit or an action in a court of law
Choose the correct answer from the options given below:
(a) A – l, B – ll, C – lll, D – lV
(b) A – ll, B – lV, C – l, D – lll
(c) A – lll, B – l, C – lV, D – ll
(d) A – lV, B – lll, C – ll, D – l - Given below are two statements:
Statement I: patents are defined as monopoly rights which one granted by the government, for full disclosure of invention for a limited period of time, that is for 20 years
Statement II: The purpose of granting patents is to encourage inventions by promoting their protection and utilization so as to contribute to the development of Industries
In light of the above statements, choose the most appropriate answer from the options given
below
(a) Both Statement I and Statement II are correct,
(b) Both Statement I and Statement II are incorrect,
(c) Statement I is incorrect but Statement II is correct
(d) Statement I is correct but Statement II is incorrect - Which one of the following is NOT true regarding input tax credit to avoid cascading effect?
(a) Input Tax credit of CGST can be utilised for payment of CGST first and balance for payment of IGST on outward supply.
(b) Input Tax credit of SGST/UTGST can be utilised for payment of CGST.
(c) Input Tax credit of UTGST can be utilised for payment of UTGST first and balance for payment of IGST on outward supply.
(d) Input Tax credits of SGST can be utilised for payment of SGST first and balance for payment of IGST on outward supply - Which one of the following State Taxes have NOT been replaced by GST?
(a) Luxury Tax,
(b) Purchase Tax,
(c) Special additional duty of customs,
(d) Taxes on lotteries, betting, and gambling,
Answer Key
| 1 (c) | 2 (d) | 3 (c) | 4 (c) | 5 (d) |
| 6 (a) | 7 (b) | 8 (c) |