CA Foundation - Business Laws & Regulatory Framework

Contract Act, Sale of Goods, Partnership & Companies Act question bank (Mercantile & Corporate Laws)

Practice 56 free CA Foundation - Business Laws & Regulatory Framework Mercantile & Corporate Laws - Contract Act, Sale of Goods, Partnership & Companies Act questions with answers and step-by-step solutions.

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Q1.

CA Foundation Business Laws (Contract Act): According to Section 11 of the Indian Contract Act 1872 and the landmark judgment Mohori Bibee v. Dharmodas Ghose in 'Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent', an agreement entered into by a minor is:

(A)

Void ab initio (completely null and void from the very inception) (Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent)

(B)

Voidable at the option of the minor

(C)

Valid and legally enforceable

(D)

Unenforceable only after attaining majority

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Q2.

Sale of Goods Act 1930: What is the primary legal distinction between a Condition and a Warranty in 'Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent'?

(A)

Breach of condition entitles the aggrieved party to repudiate the contract and claim damages, whereas breach of warranty entitles only a claim for damages (Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent)

(B)

Breach of warranty entitles repudiation of contract

(C)

Condition is collateral; warranty is essential to main purpose

(D)

There is no distinction under Indian law

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