MCQ Question Mar15-CPT,CS Foundation and CMA Foundation Exam.

1.Proprietor used the rented building both for business purpose and as well for personal purpose equally.
The rent actually paid during the year for the building was ₹ 1,32,000 debited to Rent expenses in the books of the business. One month rent is still outstanding. Liability of the business for outstanding rent is:

(a) ₹ 11,000
(b) ₹ 12,000
(c) ₹ 5,500
(d) ₹ 6,000

2.X agrees to pay 'Y' ₹ 5,000 if Y delivers a judgement in his favour in a suit. 'Y' does so but X refuses to pay any money. In this context which one of these gives the correct legal position of the agreement?

(a)The agreement is void being opposed to public policy
(b)The agreement is valid and enforceable
(c)The agreement is voidable at the option of 'Y'
(d)The agreement is void because the object is unlawful, forbidden by law

3.An agreement in restraint of legal proceedings is void. It does not cover an agreement which :

(a)Cuts short the period of limitation
(b)Restricts absolutely the parties from enforcing their legal rights
(c)Discharges a party from liability or extinguishes the rights of a party
(d)Provides for a reference to arbitration instead of court of law

4. A promissory note does not require:

(a) Noting
(b) Discounting
(c) Acceptance
(d) None of the above

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Answer -1d,2a,3d,4c