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    Business Law Mcqs

    Uploaded by

    Haseeb Shaikh
    This document contains a series of multiple choice questions related to business law concepts: 1. The questions cover topics like contracts, partnerships, and different types of business entities. Contracts must meet requirements of being a binding agreement between two parties that is not necessarily in writing. 2. Partnerships typically involve unlimited liability unless it is a limited liability partnership, which provides legal protections inspired by the corporate form. 3. The answers provided indicate that limited liability partnerships provide the most benefits over ordinary or unlimited liability partnerships according to business law.

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    Business Law Mcqs

    Uploaded by

    Haseeb Shaikh
    242 views2 pages
    This document contains a series of multiple choice questions related to business law concepts: 1. The questions cover topics like contracts, partnerships, and different types of business entities. Contracts must meet requirements of being a binding agreement between two parties that is not necessarily in writing. 2. Partnerships typically involve unlimited liability unless it is a limited liability partnership, which provides legal protections inspired by the corporate form. 3. The answers provided indicate that limited liability partnerships provide the most benefits over ordinary or unlimited liability partnerships according to business law.

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    Business law mcqs

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    business law mcqs

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    This document contains a series of multiple choice questions related to business law concepts: 1. The questions cover topics like contracts, partnerships, and different types of business entities. Contracts must meet requirements of being a binding agreement between two parties that is not necessarily in writing. 2. Partnerships typically involve unlimited liability unless it is a limited liability partnership, which provides legal protections inspired by the corporate form. 3. The answers provided indicate that limited liability partnerships provide the most benefits over ordinary or unlimited liability partnerships according to business law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    242 views2 pages

    Business Law Mcqs

    Uploaded by

    Haseeb Shaikh
    This document contains a series of multiple choice questions related to business law concepts: 1. The questions cover topics like contracts, partnerships, and different types of business entities. Contracts must meet requirements of being a binding agreement between two parties that is not necessarily in writing. 2. Partnerships typically involve unlimited liability unless it is a limited liability partnership, which provides legal protections inspired by the corporate form. 3. The answers provided indicate that limited liability partnerships provide the most benefits over ordinary or unlimited liability partnerships according to business law.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    1.

     According to Contract Act, what is true about the “Contract”?


    I. Legal Term
    II. Binding agreement
    III. Always in written
    (A) II only
    (B) I and II only
    (C) II and III only
    (D) I, II and III

    2. Contract can be signed between


    (A) Individuals
    (B) Legal Entities
    (C) Both (A) and (B)
    (D) None of these

    3. In general, Partnership entails


    (A) Limited Liability
    (B) Unlimited Liability
    (C) No Liability at all
    (D) Both (A) and (C)

    4. Which kind of partnership entails more legal benefits?


    (A) Limited Liability Partnership
    (B) Unlimited Liability Partnership
    (C) Ordinary Partnership
    (D) None of these

    5. Limited Liability in Partnership has been introduced after seeking inspiration from
    (A) Sole Proprietorship
    (B) Company or Corporation
    (C) Both (A) and (B)
    (D) None of these

    ANSWERS: BUSINESS LAW MCQS


    1. (D) I, II and III
    2. (C) Both (A) and (B)
    3. (B) Unlimited Liability
    4. (A) Limited Liability Partnership
    5. (B) Company or Corporation

    a)Law is either private law or _________ law.


    1)Public [a]
    2)Private
    3)Local
    4)Family
    b) A breach of contract can be of ___________ breach
    1)Discharged[a]
    2)Illegal
    3)Void
    4)None of these

    (c) How many parties are there to a Promissory note?


    (1) Two parties
    (2) One party
    (3) Four party[c]
    (4) Three parties
    5)None of these

    (d) A minor can be an _____________?


    1) Surety
    2) Agent[b]
    3) Partner
    4) All of these
    5)None of these

    (e) Public Law is divided into ________ categories?


    1)Three
    2)Four[2]
    3)Two
    4)None of these
    (f) An agreement that is caused by fraud, misrepresentation &
    coercion is _____?
    1)Voidable[1]
    2)Partially Void
    3)Valid
    4)All of these
    5)None of these
    (g) The person which is represented as an agent ______?
    1) Middleman
    2) Owner
    3)None of these
    4) Principal[d]

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