Fundamentals of Law

Q 1. A Promissory Note must be

(A) in writing
(B) unconditional
(C) signed by the maker
(D) all of the above
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Q 2. The Negotiable Instruments Act 1881 came into force on

(A) 9th December 1881,
(B) 19th December, 1881
(C) 1st March, 1882
(D) None of the above
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Q 3. The term ‘Negotiable Instrument’ is defined in the Negotiable Instruments Act, 1881, under Section.

(A) 12
(B) 13
(C) 13A
(D) 2(d)
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Q 4. Right of Stoppage in transit may be exercised by the Unpaid Seller, by

(A) taking actual possession of goods.
(B) giving notice of his claim to the Carrier/Bailee who holds the goods
(C) Either (a) or (b)
(D) Both (a) and (b)
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Q 5. Property in the goods in the Sale of Goods Act, 1930 means

(A) Ownership of goods
(B) Possession of goods
(C) Asset in the goods
(D) Custody of goods
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Q 6. The Sale of Goods Act, 1930 governs the transfer of property in

(A) movable property
(B) immovable property
(C) both movable and immovable property \
(D) all types of properties
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Q 7. Right of Stoppage in transit can be exercised by the Unpaid Seller, where he

(A) has lost his right of lien
(B) still enjoys his right of lien
(C) either (a) or (b)
(D) neither (a) nor (b)
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Q 8. Transfer of documents of title to the goods sold to the buyer, amounts to

(A) actual delivery
(B) Symbolic delivery
(C) constructive delivery
(D) None of the above
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Q 9. A valid contract of sale

(A) includes ‘an agreement to sell’
(B) does not include ‘an agreement to sell’
(C) includes hire purchase contract
(D) includes contract for work and labour
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Q 10. If the performance of contract becomes impossible because the subject matter of contract has ceased to exist then

(A) both the parties are liable
(B) neither party is liable
(C) only offeror is liable
(D) only acceptor is liable
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