Q. Which of the following statement is true?
✅ Correct Answer: (D)
A person who is usually of an sound mind cannot enter into contract even when
Business Laws MCQs and Notes
Q. Which of the following statement is not true about minor’s position in a form?
✅ Correct Answer: (B)
He can become a partner in an existing firm
Q. A minor’s liability for ‘necessaries’ supplied to him
✅ Correct Answer: (B)
Is against only minor’s property
Q. Ordinarily, a minor’s agreement is
✅ Correct Answer: (A)
Void ab initio
Q. Which of the following is not an exception to the rule – No consideration, No contract.
✅ Correct Answer: (A)
Compensation for involuntary services
Q. Consideration in sample term means
✅ Correct Answer: (B)
Something in return
Q. Which of the following statement is true?
✅ Correct Answer: (B)
There can be a stranger to a consideration
Q. Consideration must move at the desire of:
✅ Correct Answer: (A)
Promisor
Q. Which of the following statement is false?
✅ Correct Answer: (B)
A verbal promise to pay a time barred debt is valid