Consider the following statements:<br>1. There may be situations where only one party is bound to the terms of the contract.<br>2. In order to convert a proposal into a promise, the acceptance must be absolute and may be unqualified.<br>3. Death or insanity of the proposer is considered as good ground for revocation of proposal in all circumstances.<br>Choose the correct option from below:

. . . . . . . . of the Indian Contract Act, 1872 prescribes that the acceptance must be made in a reasonable manner. If the proposer has prescribed a manner of acceptance, the acceptance must be made in that manner, if not so made, there is a contract only if the proposer 'accepts the acceptance'

A

Section 7(2)

B

Section 7(3)

C

Section 7(4)

D

None of these

Which of the following are the drawbacks of acceptance sampling? (i) Acceptance sampling is less expensive. (ii) Acceptance sampling has the risk of accepting good lots and rejecting bad lots. (iii) Acceptance sampling requires planning and documentation of the acceptance-sampling procedure whereas 100% inspection does not. (iv) Acceptance sampling requires less manpower.

A

i, ii, iii, iv

B

ii, iii, iv

C

ii, iii

D

i, ii, iv

Read Assertion (A) and Reason (R) and give the correct answer by using the given below:
Assertion (A): A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, But not afterwards.
Reason (R): Section 5 of the Indian contract Act 1872, deals with the revocation of proposals and acceptances.

A

Both (A) and (R) are correct, but (R) is not related to (A)

B

(A) is correct, but (R) is wrong

C

(A) is wrong, but (R) is correct

D

Both (A) and (R) are correct, and (R) is the correct explanation of (A)

Consider the following statements in respect of acceptance:
1. In case of telephonic conversation, the contract is complete when the acceptor speaks the words of acceptance.
2. Conditional or qualified acceptance is also an acceptance.
3. Acceptance should be in the usual prescribed manner.
Which of the statements given above is/are correct?

A

1 and 2

B

2 and 3

C

3 only

D

1 and 3

Seven people A, B, C, D, E, F and G live on separate floors of a 7-floor building. Ground floor is numbered 1, first floor is numbered. 2 and so on until the topmost floor is numbered 7. Each one of these having a different cars-Cadillac, Ambassador, Fiat, Maruti, Mercedes, Bedford and Fargo but not necessarily in the same order. Only three people live above the floor on which A lives. Only one person lives between A and the one having a car Cadillac. F lives immediately below the one having a car Bedford. The one having a car Bedford lives on an even-numbered floor. Only three people live between the ones having a car Cadillac and Maruti. E lives immediately above C. E is not having a car Maruti. Only two people live between B and the one having a car Fargo. The one having a car Fargo lives below the floor on which B lives. The one having a car Fiat does not live immediately above D or immediately below B. D does not live immediately above or immediately below A. G does not have a car Ambassador. Question : How many people live between the floors on which D and the one having a car Bedford ?

A

One

B

Two

C

Three

D

Four

h,J,K,L,M,N and O are the only legislators eligible to vote on Bills 1,2 and 3, each of which will be passed if at least four legislators eligible vote in favor of it. each legislator must vote on all three bills; on abstentions are possible. The following is known : H must vote against all three bills; each of the other legislators must vote in favor of at least one bill and against at lest one bill. j must vote against Bills 1. O Must vote against Bills 2 and 3. L must the same way that K dose on all three bills.*N must vote the same way that O dose on all three bills. which of the following must vote in favor of Bill 1 ?

A

J

B

K

C

L

D

O

h,J,K,L,M,N and O are the only legislators eligible to vote on Bills 1,2 and 3, each of which will be passed if at least four legislators eligible vote in favor of it. each legislator must vote on all three bills; on abstentions are possible. The following is known : H must vote against all three bills; each of the other legislators must vote in favor of at least one bill and against at lest one bill. j must vote against Bills 1. O Must vote against Bills 2 and 3. L must the same way that K dose on all three bills.*N must vote the same way that O dose on all three bills. If any bill is to be passed,which of the following must be among the legislators who vote in favor of it?

A

J

B

K

C

M

D

N

h,J,K,L,M,N and O are the only legislators eligible to vote on Bills 1,2 and 3, each of which will be passed if at least four legislators eligible vote in favor of it. each legislator must vote on all three bills; on abstentions are possible. The following is known : H must vote against all three bills; each of the other legislators must vote in favor of at least one bill and against at lest one bill. j must vote against Bills 1. O Must vote against Bills 2 and 3. L must the same way that K dose on all three bills.*N must vote the same way that O dose on all three bills. If M votes the same way that O dose on all three bills, which of the following can be determined ?

A

Bill I will be passed

B

Bill I will be defeated

C

Bill 2 will be passed

D

Bill 2 will be defeated

Consider the following statements:
The communication of an acceptance is complete
1. As against the acceptor when it comes to the knowledge of the proposer.
2. As against the proposer, when it is put in a course of transmission to him, so as to be out of the power of the acceptor.
Which of the statements given above is/are correct?

A

1 only

B

2 only

C

Both 1 and 2

D

Neither 1 nor 2

Read the following information carefully and answer the questions that follow: Seven persons Tina, Vini, Yasir, Rishi, Sanya, Pankaj and Urmila live on the separate floors of a 7- floor building. Ground floor is number one; second floor is number two and so on. Each of them goes to a city viz. Paris, Istanbul, Shanghai, Durban, London, Madrid and Dubai but not necessarily in the same order. Only three people live above the floor on which Sanya lives. Only one person lives between Sanya and the one who goes to Paris. Vini lives just below the person who goes to Madrid. Only three people live between the one who goes to Paris and London. The person who goes to Madrid lives on an even numbered floor. Urmila lives just above Rishi. Urmila does not go to London. Only two persons live between Pankaj and the one who goes to Durban. Pankaj lives above the person who goes to Durban. Yasir does not go to Istanbul. Tina does not live just above or just below Sanya. The one who goes to Shanghai does not live just above or just below Pankaj. Who among the following lives on floornumber 7?

A

Tina\

B

Yasir

C

Pankaj

D

Urmila