Mercantile Law MCQs
Which of the following is not a type of contract recognized by mercantile law?
a) Unilateral Contract
b) Bilateral Contract
c) Executed Contract
d) Quasi-Contract
Answer: d) Quasi-Contract
Which of the following is not a requirement for a valid contract under mercantile law?
a) Offer and acceptance
b) Consideration
c) Legal capacity to contract
d) Formal writing
Answer: d) Formal writing
Which of the following is not a type of commercial document recognized by mercantile law?
a) Bill of Lading
b) Promissory Note
c) Invoice
d) Mortgage Deed
Answer: d) Mortgage Deed
Which of the following is not a right of a buyer under the Sale of Goods Act?
a) Right to reject defective goods
b) Right to sue for damages
c) Right to demand immediate payment
d) Right to obtain delivery of goods
Answer: c) Right to demand immediate payment
Which of the following is not a type of agency recognized by mercantile law?
a) Express Agency
b) Implied Agency
c) Apparent Agency
d) Secret Agency
Answer: d) Secret Agency
Which of the following is not a type of negotiable instrument recognized by mercantile law?
a) Cheque
b) Bill of Exchange
c) Voucher
d) Promissory Note
Answer: c) Voucher
Which of the following is not a type of partnership recognized by mercantile law?
a) General Partnership
b) Limited Partnership
c) Joint Venture Partnership
d) Corporate Partnership
Answer: d) Corporate Partnership
Which of the following is not a type of company recognized by mercantile law?
a) Private Limited Company
b) Public Limited Company
c) Sole Proprietorship Company
d) Limited Liability Partnership Company
Answer: c) Sole Proprietorship Company
Which of the following is not a remedy available to a buyer in case of breach of contract under mercantile law?
a) Specific Performance
b) Damages
c) Injunction
d) Arbitration
Answer: d) Arbitration
Which of the following is not a type of security recognized by mercantile law?
a) Mortgage
b) Pledge
c) Hypothecation
d) Guarantee
Answer: d) Guarantee
Which of the following is not a type of intellectual property recognized by mercantile law?
a) Patent
b) Trademark
c) Copyright
d) License
Answer: d) License
Which of the following is not a type of insolvency proceeding recognized by mercantile law?
a) Bankruptcy
b) Liquidation
c) Administration
d) Litigation
Answer: d) Litigation
Which of the following is not a condition for the formation of a contract under mercantile law?
a) Offer
b) Acceptance
c) Intention to create legal relations
d) Payment of consideration
Answer: d) Payment of consideration
Which of the following is not a type of breach of contract recognized by mercantile law?
a) Material breach
b) Anticipatory breach
c) Minor breach
d) Unilateral breach
Answer: d) Unilateral breach
Which of the following is not a type of goods recognized by mercantile law?
a) Fungible goods
b) Non-fungible goods
c) Stolen goods
d) Expendable goods
Answer: c) Stolen goods
Which of the following is not a type of contract termination recognized by mercantile law?
a) Performance
b) Breach
c) Frustration
d) Merger
Answer: d) Merger
Which of the following is not a type of tort recognized by mercantile law?
a) Negligence
b) Defamation
c) Battery
d) Breach of Contract
Answer: d) Breach of Contract
Which of the following is not a principle of insurance law recognized by mercantile law?
a) Utmost Good Faith
b) Indemnity
c) Contribution
d) Litigation
Answer: d) Litigation
Which of the following is not a type of agency termination recognized by mercantile law?
a) Performance
b) Revocation
c) Renunciation
d) Insolvency
Answer: d) Insolvency
Which of the following is not a requirement for a negotiable instrument under mercantile law?
a) In writing
b) Signed by the maker
c) Containing a promise or order to pay
d) Registered with the government
Answer: d) Registered with the government
Which of the following is not a type of property recognized by mercantile law?
a) Real Property
b) Personal Property
c) Intellectual Property
d) Liquid Property
Answer: d) Liquid Property
Which of the following is not a type of sale recognized by mercantile law?
a) Sale by sample
b) Sale by description
c) Sale by inspection
d) Sale by negotiation
Answer: d) Sale by negotiation
Which of the following is not a type of director recognized by mercantile law?
a) Executive Director
b) Non-Executive Director
c) Nominee Director
d) Nomad Director
Answer: d) Nomad Director
Which of the following is not a type of company director’s duty recognized by mercantile law?
a) Duty of Care
b) Duty of Loyalty
c) Duty of Honesty
d) Duty of Diligence
Answer: c) Duty of Honesty
Which of the following is not a type of winding up recognized by mercantile law?
a) Voluntary Winding Up
b) Compulsory Winding Up
c) Creditors’ Voluntary Winding Up
d) Fraudulent Winding Up
Answer: d) Fraudulent Winding Up
Which of the following is not a type of trademark recognized by mercantile law?
a) Word Mark
b) Device Mark
c) Service Mark
d) Color Mark
Answer: d) Color Mark
Which of the following is not a type of industrial property recognized by mercantile law?
a) Patent
b) Copyright
c) Trademark
d) Industrial Design
Answer: b) Copyright
Which of the following is not a type of damage recognized by mercantile law?
a) Compensatory Damage
b) Punitive Damage
c) Liquidated Damage
d) Emotional Damage
Answer: d) Emotional Damage
Which of the following is not a type of restrictive trade practice recognized by mercantile law?
a) Price Fixing
b) Boycott
c) Bid Rigging
d) Dumping
Answer: d) Dumping
Which of the following is not a requirement for a valid contract under mercantile law?
a) Offer and acceptance
b) Intention to create legal relations
c) Consideration
d) Witness signature
Answer: d) Witness signature
Which of the following is not a type of negotiable instrument recognized by mercantile law?
a) Bill of exchange
b) Promissory note
c) Cheque
d) Deed of trust
Answer: d) Deed of trust
Which of the following is not a type of company recognized by mercantile law?
a) Sole proprietorship
b) Partnership
c) Limited liability company
d) Cooperative society
Answer: a) Sole proprietorship
Which of the following is not a type of agency recognized by mercantile law?
a) Express agency
b) Implied agency
c) Apparent agency
d) Exclusive agency
Answer: d) Exclusive agency
Which of the following is not a type of credit facility recognized by mercantile law?
a) Loan
b) Overdraft
c) Leasing
d) Grant
Answer: d) Grant
Which of the following is not a type of commercial document recognized by mercantile law?
a) Invoice
b) Bill of lading
c) Passport
d) Delivery note
Answer: c) Passport
Which of the following is not a type of negotiable instrument holder recognized by mercantile law?
a) Bearer
b) Endorser
c) Payee
d) Guarantor
Answer: d) Guarantor
Which of the following is not a type of contract discharge recognized by mercantile law?
a) Performance
b) Novation
c) Breach
d) Enrichment
Answer: d) Enrichment
Which of the following is not a type of commercial dispute resolution mechanism recognized by mercantile law?
a) Litigation
b) Mediation
c) Arbitration
d) Repudiation
Answer: d) Repudiation
Which of the following is not a type of negotiable instrument endorsement recognized by mercantile law?
a) Blank endorsement
b) Restrictive endorsement
c) Qualified endorsement
d) Invalid endorsement
Answer: d) Invalid endorsement
Which of the following is not a type of security recognized by mercantile law?
a) Mortgage
b) Pledge
c) Lien
d) Discount
Answer: d) Discount
Which of the following is not a type of contract recognized by mercantile law?
a) Unilateral contract
b) Bilateral contract
c) Multilateral contract
d) Extraterritorial contract
Answer: d) Extraterritorial contract
Which of the following is not a type of intellectual property recognized by mercantile law?
a) Patent
b) Copyright
c) Trademark
d) Fiduciary
Answer: d) Fiduciary
Which of the following is not a type of business entity recognized by mercantile law?
a) Sole proprietorship
b) Partnership
c) Limited liability company
d) Unincorporated association
Answer: d) Unincorporated association
Which of the following is not a type of negotiable instrument payment recognized by mercantile law?
a) Cash
b) Cheque
c) Wire transfer
d) Gift card
Answer: d) Gift card
Which of the following is not a type of bankruptcy recognized by mercantile law?
a) Liquidation bankruptcy
b) Reorganization bankruptcy
c) Consolidation bankruptcy
d) Adjustment bankruptcy
Answer: c) Consolidation bankruptcy
Which of the following is not a type of security interest recognized by mercantile law?
a) Mortgage
b) Pledge
c) Lien
d) Lease
Answer: d) Lease
Which of the following is not a type of employment contract recognized by mercantile law?
a) Permanent contract
b) Fixed-term contract
c) Casual contract
d) Self-employment contract
Answer: d) Self-employment contract
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