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CMA Foundation Exam: Fundamentals of Laws Practice Test
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The CMA Foundation exam syllabus includes the following topics under the Fundamentals of Business Laws and Business Communication (FBLC) paper:
Indian Contract Act, 1872
Sale of Goods Act, 1930
Negotiable Instruments Act, 1881

Section A: Introduction, sources of law, legislative process in India, legal methods and court system in India 
 

CMA Foundation Exam: Fundamentals of Laws Practice Test
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25 Questions

1. A contract is said to be executed when it has been performed wholly on two sides.
2. When the mode of acceptance is prescribed in the proposal then acceptance can be given in usual or reasonable mode.
3. A stranger to a contract can file
4. Which of the statement is incorrect in connection with duties of seller and buyer?
5. A master asks his servant to sell his cycle to him at less than the market price. This contract can be avoided by the servant on grounds of mistake.
6. Seller can raise the price by fictitious bids in an auction sale with the help of
7. Under Sec. 2 (b) of the Indian Contract Act, 1872 if the person to whom the proposal is made signifies his assent thereto the proposal is said to have been
8. In case of a ‘Void Contract’ there is no legal remedy for the parties to the contract. Even the court will not permit performance of the contract, even if the parties desire.
9. Unpaid seller can exercise his right of withholding delivery of goods
10. In a voidable contract, if a third party who purchased goods in g ood faith and for consideration before the contract is repudiated, acquires good title to those goods.
11. ‘Active Concealment of fact’ is associated with which one of the following?
12. If in certain special cases of breach of contract, if the court is of opinion that there is no standard for ascertaining the actual damage caused by the non-performance, the court may in such cases, order specific performance of the contract.
13. In an auction sale, the property shall be sold to be
14. Under Indian Law, ‘acceptance’ is revocable.
15. An agreement without consideration is void under
16. Asim unlawfully detains Anil to obtain his va cant flat at Safdarjang enclave (valuing 50,00,000) at 40,00,000. This is a case of
17. The term ‘Negotiable Instrument’ is defined in the Negotiable Instruments Act, 1881, under Section.
18. If a minor draws, endorses, delivers or negotiates an instrument, such instrument binds
19. If the performance of contract becomes impossible because the subject matter of contract has ceased to exist then
20. Mr. A delivers a basket of mango to Mr. B mistaking him to be Mr. C and Mr. B consumes those mangos. Hence
21. An agreement in restrain of legal proceedings are void.
22. In the case of sale by auction if the seller makes use of pretended bidding to raise the price, the sale is void.
23. Communication of acceptance is not necessary
24. Amount paid under mistake of law cannot be recovered back.
25. A finder of goods can sell the goods if

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