Law: Test 1

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Law Test 1: questions and answers

Take the test first if you want an honest score. The answers and solutions below are folded away until you open them.

  1. 1. Under the Indian Contract Act, an agreement enforceable by law is called
    1. A promise
    2. A consideration
    3. An offer
    4. A contract

    Reference: q-cdc8255a-73 · Report this question

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    Answer: D. A contract

    Section 2(h) of the Indian Contract Act defines a contract as an agreement enforceable by law.
  2. 2. The Indian Contract Act was enacted in the year
    1. 1872
    2. 1881
    3. 1930
    4. 1949

    Reference: q-60817015-48 · Report this question

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    Answer: A. 1872

    The Indian Contract Act was passed in 1872.
  3. 3. Dishonour of a cheque for insufficiency of funds is an offence under which section of the Negotiable Instruments Act, 1881?
    1. Section 138
    2. Section 123
    3. Section 131
    4. Section 141

    Reference: q-ff6b3700-124 · Report this question

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    Answer: A. Section 138

    Section 138 deals with the dishonour of cheques for insufficiency of funds.
  4. 4. An agreement entered into by a minor is
    1. Enforceable after the minor attains majority
    2. Valid
    3. Voidable at the option of the minor
    4. Void from the beginning

    Reference: q-20368f6-40 · Report this question

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    Answer: D. Void from the beginning

    A minor is not competent to contract, so the agreement is void from the beginning.
  5. 5. The legal maxim "caveat emptor" means
    1. Goods once sold cannot be returned
    2. Let the buyer beware
    3. Let the seller beware
    4. The buyer is always right

    Reference: q-8e2e578c-38 · Report this question

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    Answer: B. Let the buyer beware

    "Caveat emptor" means let the buyer beware.
  6. 6. The bailment of goods as security for the payment of a debt is called
    1. Pledge
    2. Lien
    3. Mortgage
    4. Hypothecation

    Reference: q-703f3af3-70 · Report this question

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    Answer: A. Pledge

    Section 172 of the Indian Contract Act defines pledge in these words.
  7. 7. In a contract of guarantee, the person who gives the guarantee is called the
    1. Bailee
    2. Surety
    3. Creditor
    4. Principal debtor

    Reference: q-b294393b-77 · Report this question

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    Answer: B. Surety

    The surety gives the guarantee, the principal debtor owes the debt and the creditor receives the guarantee.
  8. 8. The SARFAESI Act was passed in the year
    1. 1993
    2. 1999
    3. 2002
    4. 2005

    Reference: q-dba0510e-40 · Report this question

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    Answer: C. 2002

    The SARFAESI Act, 2002 lets banks enforce security interests without going to court.
  9. 9. Under the Limitation Act, the general period of limitation for a suit to recover a simple money debt is
    1. 1 year
    2. 3 years
    3. 5 years
    4. 12 years

    Reference: q-f169bf43-104 · Report this question

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    Answer: B. 3 years

    The period is three years from the date the debt becomes due.
  10. 10. The Banking Regulation Act was passed in the year
    1. 1934
    2. 1949
    3. 1969
    4. 1955

    Reference: q-bfaed06a-50 · Report this question

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    Answer: B. 1949

    The Banking Regulation Act was passed in 1949. The Reserve Bank of India Act dates from 1934.

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