Mercantile Law 2009-Solved MCQs Competitive Exams Set 1

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(i) Select the correct answer:

(a) Promisee and Offeree are one and same party

(b) Offeree is a party who propose an agreement while promisee accepts it

(c) None of these

Answer: (a)

(ii) Every agreement forbidding marriage of any adult person is void except of a minor:

(a) Yes

(b) No

(c) Partly correct

(d) None of these

Answer: (a)

(iii) Can a contract executed in Saudi Arabia be enforced in courts in Pakistan?

(a) Yes

(b) No

(c) None of these

Answer: (b)

(iv) The effect of coercion on a contract is that the contract becomes:

(a) Void

(b) voidable

(c) valid

(d) None of these

Answer: (b)

(v) The members of partnership carrying out business of banking must not exceed:

(a) 10

(b) 20

(c) 50

(d) None of these

Answer: (b)

(vi) The minimum number of members required for forming private company is:

(a) 1

(b) 3

(c) 5

(d) None of these

Answer: (d)

(vii) The minimum number of members required for forming public company is:

(a) 7

(b) 50

(c) 5

(d) None of these

Answer: (a)

(viii) After its incorporation, the ordinary General Meeting of a company must be held within:

(a) One year

(b) The year of incorporation

(c) Eighteen months from the date of incorporation

(d) None of these

Answer: (b)

(ix) What type of tax is referred to in the sale of Goods Act, 1930?

(a) Income tax

(b) Wealth tax

(c) Customs duty

(d) Sales tax

(e) None of these

Answer: (d)

(x) The carrier holds the goods in transit as:

(a) Trustee

(b) Agent

(c) Bailee

(d) None of these

Answer: (d)

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