Business Law MCQ on Auction Sale: Check the below Business Law MCQ on Auction Sale with Answers Pdf free download. Business Law MCQ on Auction Sale Questions for Business Law with Answers were prepared based on the latest exam pattern. We have provided Business Law MCQ on Auction Sale with Answers to help students understand the concept very well.

Business Law MCQ on Auction Sale

1. An act by which an intending bidder is discouraged or dissuaded from bidding in the auction sale is called _________.
(a) Puffer
(b) Damping
(c) Dumping
(d) knockout

2. _________ is a form of combination of buyers to prevent competition among themselves at an auction sale.
(a) Knock-out agreement
(b) monopoly agreement
(c) oligopoly agreement
(d) puffing agreement

3. An auction sale is complete on the _________.
(a) delivery of goods
(b) payment of price
(c) fall of hammer
(d) None of the above

4. In pretended bidding, sale is _________.
(a) voidable at the option of the seller
(b) valid
(c) voidable at the option of the buyer
(d) illegal

5. Unless excluded by an agreement to the contrary, where after a contract has been made but before it has been performed, excise duty is increased:
(a) The buyer would have to pay increased price
(b) The seller cannot charge increased price
(c) The seller can charge increased price
(d) Both ‘a’ and ‘c’

6. In the case of sale by auction, where goods are put for sale in lots, each lot is prima facie the subject of _________.
(a) a single contract of sale
(b) a separate contract of sale
(c) either (a) or (b)
(d) both (a) and (b)

7. X purchased a VCD at a public auction. Neither Auctioneer nor X knew at that time that the VCD was a stolen property. In such case, the true owner can _________.
(a) recover the goods from X
(b) sue the Auctioneer for fraud
(c) both (a) and (b)
(d) either (a) or (b)

8. Where a right to bid at the auction has been expressly reserved by the seller, the seller can depute _________.
(a) not more than one agent to bid on his behalf
(b) not more than two agents to bid on his behalf
(c) not more than three agents to bid on his behalf
(d) any number of agents to bid on his behalf

9. At an auction sale, the bidder can withdraw his bid _________.
(a) before fall of hammer
(b) at any time during auction
(c) before payment of price
(d) cannot withdraw bid

10. Where the sale is not notified to be subject to a right to bid on behalf of seller, it shall not be lawful for the seller _________.
(a) to bid for himself
(b) to employ any person to bid at such sale
(c) either (a) or (b)
(d) neither (a) nor (b)

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By Team Learning Mantras