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

Business Law MCQ on Nature of Contracts

1. All illegal agreements _______.
(a) are not void
(b) are not void ab-initio
(c) are void
(d) none of the above

2. Obligation between parties that form contract _______.
(a) Are all kinds of obligations
(b) Are legal obligation which spring from agreements
(c) Are not voluntary in nature
(d) None of the above

3. A void agreement _______.
(a) is illegal
(b) is not void ab-initio
(c) may or may not be illegal
(d) none of the above

4. Law of contract _______.
(a) Is the whole law of obligations
(b) Is the whole law of agreements
(c) Deals with only such legal obligation which arise from agreement
(d) Deals with social agreements

5. The terms of agreement _______.
(a) must be certain
(b) must be capable of made certain
(c) unambiguous and clear
(d) all the above

6. Social agreements are _______.
(a) Enforceable in the courts
(b) Not enforceable in the courts
(c) Subject to legal obligations
(d) Made by social workers

7. An agreement created by words spoken or written is called _______.
(a) express agreement
(b) execute agreement
(c) implied agreement
(d) voidable agreement

8. All contracts _______.
(a) Are agreements
(b) Are not agreements
(c) Do not have legal obligations
(d) Should be in writing

9. A void contract _______.
(a) is void from the very beginning
(b) is valid in the beginning but becomes void later on
(c) is enforceable at the option of one of the contracting parties only
(d) none of the above

10. A contract means an agreement _______.
(a) Which is enforceable by law
(b) Which is not enforceable by law
(c) Which creates social obligation
(d) Which is in writing

11. A agree to sell to B a hundred tons of oil. There is nothing whatever to show what kind of oil was intended. The agreement is _______.
(a) Valid
(b) Void for uncertainty
(c) Voidable
(d) Illegal

12. Voidable contract _______.
(a) are enforceable by law if they are not avoided
(b) are not enforceable by law
(c) can be enforced if the court directs
(d) can be enforced with prior permission of Court/ Government

13. Right in rem implies:
(a) a right available against the whole world
(b) a right available against a particular indi-vidual
(c) a right available against the Government
(d) none of the above

14. Which of the following statements is false _______.
(a) Law of contract is the whole law of obligations
(b) Certain contracts must be in writing
(c) All contracts are agreements
(d) Conditional Contract

15. All kinds of obligations between the parties form part of the contract. This statement is _______.
(a) True
(b) False
(c) Partially true
(d) None of the above

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By Team Learning Mantras