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CBSE Questions for Class 12 Commerce Business Studies Consumer Protection Quiz 6 - MCQExams.com
CBSE
Class 12 Commerce Business Studies
Consumer Protection
Quiz 6
Which of the following statements is correct in relation to ascertainment of price of goods?
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Price of goods must be fixed in the Contract of sale
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Where the parties agreed that the price of goods has to be fixed by third party, and if the third party falls to fix the price, the agreement is void
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If the price is not fixed by any manner, seller is not entitled to any price
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None of the above
Explanation
Where the parties agreed that the price of goods has to be fixed by a third party, and if the third party fails to fix the price, the agreement is void- this statement is correct in relation to the ascertainment of price of goods. Ascertainment of price of goods is to specify or determine the price of goods without ambiguity.
In case of Hire purchase Agreement, the onus of the risk of the loss of goods is on.
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Hirer
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Owner of goods.
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The buyer of the goods
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None of the above
Explanation
Hirer is the party availing the facility in the hire- purchase agreement. Under hire-purchase agreement, the goods are let on hire and in accordance with the terms of the agreement hirer can purchase the good.
In case of Hire purchase Agreement during the hiring period the goods are in possession of the hirer but the ownership of the goods is with the original owner. Thus, the onus of the risk of the loss of goods is on the owner of goods.
When property in goods has not passed to the buyer the unpaid seller has a right of
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Withholding delivery
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Stoppage in transit
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a & b
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None of the above
Consumer's market is a type of __________ market.
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buyer's
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sellers
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distributor's
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none of the above
Explanation
Consumer's market is a type of buyer' market as in this market people buys goods mainly for the consumption purpose. Consumer refers to a person who consumes goods with his given income and prices of the goods and buyer is a person who buys the goods.
Distribution channel aims of moving products from producer to ___________.
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Ultimate consumer
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Retailers
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Stockists
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Brokers
Explanation
Distribution channel aims of moving products from producer to ultimate consumer. Distribution channel refers to the pathway of several persons by which the finished goods get transferred to the final consumer.
State with reasons whether the following statement is True or False.
Lok Adalat can rightly be described as "people's court".
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True
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False
Explanation
Lok Adalat is a kind of dispute redressal forum where the disputes or cases pending in the court or at pre-litigation stage are settled. It persuades the parties to a dispute to settle or reach to a compromise on the dispute. In case they do not settle the case, then it again goes to the court of law. Under the Legal Services Authorities Act, 1987, it has been given a statutory status.
A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as _____________.
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competitive advantage
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competence
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core competence
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value addition
Explanation
A distinct advantage that provides a firm to contribute greatly to customer benefits in the end products is known as core competence. It also provides long term competitive advantage. Thus in turn, the consumers get benefited.
What are the essential elements of Contract of Sale?
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At least two Parties
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Subject must be Goods
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Both (a) and (b)
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None of these
Explanation
The Sale of Goods Act, 1930 came into force on 1st day of July 1930. It is an Indian Contract Act. This act specifies that seller transfers the ownership of goods in the name of buyers during the sale of goods. Essential elements of Contract of Sale is that subject must be goods and there should be two people for contract.
The Sale of Goods Act, $$1930$$ came into force on _______.
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$$1^{st}$$ day of July $$1930$$
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$$1^{st}$$ day of September $$1930$$
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$$1^{st}$$ day of January $$1930$$
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$$31^{st}$$ day of December $$1930$$
Explanation
The Sale of Goods Act, 1930 is a mercantile law which came into existence on
1 July 1930.
Match the following:
A.
Various combinations of two commodities that a consumer can purchase
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Indifference map
B.
Various combinations of two commodities that give consumer equal satisfaction
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Indifference curve
C.
A set of indifference curves
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Budget line
D.
Point of agency of a budget line and an indifference curve
4.
Consumer's equilibrium
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A-1, B-2, C-4, D-3
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A-4, B-3, C-2, D-1
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A-2, B-3, C-4, D-1
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A-3, B-2, C-1, D-4
Explanation
a) Various combinations of two commodities that a consumer can purchase is depicted by the budget line.
b) Various combinations of two commodities that give consumer equal satisfaction is depicted by an indifference curve.
c) A set of indifference curves is known as indifference map.
d) Point of agency of a budget line and an indifference curve is known as consumer's equilibrium point.
Dividing the total market into several groups on the basis of consumer characteristics is known as:
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Market segmentation
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Market Development
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Market Research
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None of the above.
Explanation
Dividing the total market into several groups on the basis of consumer characteristics is known as market segmentation. In this process, potential consumers are divided into different groups. Market segmentation is done to facilitate market research.
Hence, option (A) is the correct answer.
Giving keys to buyer is __________ delivery.
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Constructive
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Symbolic
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Actual
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None of the above
Explanation
Giving keys to a buyer is symbolic delivery. Symbolic delivery refers to the type of delivery when the goods are sold, but delivery of such goods will take time.
Which of these is NOT a Document of Title to Goods?
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Bill of Lading
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Railway Receipt
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Dock Warrant
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Bearer Cheque
Explanation
The bearer Cheque is not a document of Title to Goods. A cheque which is payable to any person who presents it for payment at the bank counter is called a bearer cheque.
Which of the following are document of title of goods?
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Performa invoice
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Mate's receipt
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Railway receipt
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All of above
Explanation
A document issued by a Railway Company to acknowledge receipt of goods is known as railway receipt. When the goods are sent by rail, the receipt received is known as the railway receipt. Railway receipts are a document of title of goods.
"Goods" under the Sale of Goods Act, includes _______.
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Money
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Actionable claim
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Both (a) and (b)
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Neither (a) nor (b)
Explanation
Goods under the Sale of Goods Act does not include money and actionable claims. Money acts as a medium of exchange of goods and actionable claims refer to a claim to any debt.
Hence, option (D) is the correct answer.
"Jubilee Coins" are goods within the meaning of Section $$2(7)$$ of the Sale of Goods Act.
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True
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Partly True
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False
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None of the above
Explanation
"Jubilee Coins" are goods within the meaning of Section2(7) of the Sale of Goods Act- this statement is true. Jubilee coins are those coins other than money and actionable claims.
Hence, option (A) is the correct answer.
Which of the following is not a document of title to goods?
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Bill of lading
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Railway receipt
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Dock warrant
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Proforma invoice
Explanation
A Proforma invoice is not a document of title to goods. Before the delivery of goods, a Proforma invoice is issued to the buyer as a bill of sale.
A document issued by a Railway Company to acknowledge receipt of goods is known as ______.
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Bill of lading
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Railway receipt
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Dock warrant
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None of these
Explanation
A document issued by a Railway Company to acknowledge receipt of goods is known as railway receipt.
"Delivery" within the meaning of the Sale of Goods Act, can be _______.
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Symbolic
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Actual
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Constructive
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Either (a) or (b) or (c)
Explanation
"Delivery" within the meaning of the Sale of Goods Act, can be:
a) Symbolic: When delivery of goods become inaccessible, then delivery of goods is done by way of gift or sale, which is known as symbolic delivery.
b) Actual: When delivery of goods is done to the buyers and the ownership of the goods is also transferred on the name of the buyers, it is known as actual delivery.
c) Constructive: When actual delivery is not possible, transfer of title by operation of law is done, which is known as constructive delivery.
Which of the following is not correct in relation to hire purchase?
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The property in goods passes to hirer along with its possession
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The hirer is deemed to be a bailee till the payment of last instalment
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The hirer can terminate the Contract by returning the goods
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The hirer cannot transfer any title
Explanation
The hirer is the party availing the facility in the hire-purchase agreement. Under the hire-purchase agreement, the goods are let on hire and in accordance with the terms of the agreement hirer can purchase the goods.
Hence, option (A) is the correct answer.
Goods does not include ___________.
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Money and actionable claims
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Growing Crops
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Shares
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None of the above
Explanation
Goods does not include money and actionable claims. Money acts as a medium of exchange of goods and actionable claims refer to a claim to any debt.
Hence, option (A) is the correct answer.
X agrees to sell, Y all crops of wheat to be grown in X farm, in this case.
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It is a contract of sale of present goods
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There is no contract of sale
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It is an agreement to sell of future goods
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None of the above
Explanation
X agrees to sell Y, all crops of wheat to be grown in X farm, in this case- it is an agreement to sell future goods as the delivery of goods will be made at a future date. Future goods are those goods that are to be delivered in the future. Future goods are not delivered at the time of agreement.
Hence, option (C) is the correct answer.
Viru agrees to buy the crop of rice that would yield in Y's farm located in Punjab at the rate of Rupees $$2000$$ per $$100$$ kg. This deals under _______________ of the sale of Goods Act, $$1930$$
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Agreement for sale of present goods
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Contract of sale
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Agreement for sale of future goods
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None of the above
Explanation
Viru agrees to buy the crop of rice that would yield in Y's farm located in Punjab at the rate of Rs 2000 per 100 kg. This deals under agreement for sale of future goods of the sale of Goods Act, 1930. In this case, the goods are future goods as future goods refer to those goods which are to be delivered in a future date. Future goods are not delivered when the contract of sale is made.
Hence, option (C) is the correct answer.
In an Agreement to Sell, the property in goods is transferred in ________.
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Past
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Present
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Future
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There is no transfer of property at all
Explanation
When under a contract, the property in goods is transferred from the seller to the buyer, the contract is called an agreement to sell. In an Agreement to Sell, the property in goods is transferred in present.
Hence, option (B) is the correct answer.
An agreement to Sell in respect of goods is an ________ contract which creates a just in personam.
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Executed
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Executory
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Voidable
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Void
Explanation
An agreement to Sell in respect of goods is an executory contract which creates a just in personam as executory contract refers to that contract which is not fully executed. In this contract performance from both parties is partially done.
Hence, option (B) is the correct answer.
Which of the following statements is not true?
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In an agreement to sell, ownership will be transferred to buyer
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In agreement to sell, loss will be with the seller
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Both (a) & (b)
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None of the above
Explanation
In an agreement to sell, ownership will be transferred to the buyer- this is not true. When under a contract, the property in goods is transferred from the seller to the buyer, the contract is called an agreement to sell. In an Agreement to Sell, the property in goods is transferred in present.
Hence, option (A) is the correct answer.
X agrees to sell Y, all crops to be grown in X's farm in Haryana during $$2016$$ season, for Rs. $$1,00,000$$. In this case, the goods are _______.
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Future goods
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Specific goods
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Unascertained goods
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Contingent goods
Explanation
X agrees to sell Y, all crops to be grown in X's farm in Haryana during 2016 season, for Rs 100000. In this case, the goods are future goods as future goods refer to those goods which are to be delivered in a future date. Future goods are not delivered when the contract of sale is made.
Hence, option (A) is the correct answer.
When under a contract, the property in goods is transferred from the Seller to the Buyer, contract is _________.
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Called a Sale
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Called an Agreement to Sell
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Voidable at the option of the Buyer
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Void ab-initio
Explanation
When under a contract, the property in goods is transferred from the seller to the buyer, the contract is called an agreement to sell. In an Agreement to Sell, the property in goods is transferred in present.
Hence, option (B) is the correct answer.
Which of the following is not sale under sale of goods Act, $$1930$$?
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Purchase of goods by a partner for firm
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X agree with y to sell future goods
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X sold goods worth Rs. $$2000$$ to y
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X sold building Rs. $$100000$$ to y
Explanation
option b is the correct answer
Goods sold by description but not identified or agreed upon at the time of contract of sale are _____________.
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Specific goods
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Future goods
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Existing goods
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Unascertained goods
Explanation
Goods sold by description but not identified or agreed upon at the time of contract of sale are unascertained goods. In simple words, unascertained goods are not identified or ascertained when the contract of sale is made.
Hence, option (D) is the correct answer.
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