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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. How many parties are involved in a bill of exchange?
2. Mr. A obtained mobile set from Mr. B by fraud. Mr. A has a voidable title at the option of Mr. B. Before Mr. B could rescind the contract, Mr. A sold the same to Mr. C who purchased from Mr. A in good faith and without knowledge of fraud by Mr. A and paid for it. In this case.
3. The Sale of Goods Act, 1930 governs the transfer of property in
4. A finder of goods can sell the goods if
5. When a cheque is payable across the counter of a bank it is called
6. A and B agree that A shall pay ₹1000 for which B shall afterwards deliver to either rice or smuggled opium. In this case
7. When there is breach of contract, the aggrieved party has no remedy.
8. A valid consideration includes,
9. Right of Stoppage in transit can be exercised by the Unpaid Seller, where he
10. Transfer of documents of title to the goods sold to the buyer, amounts to
11. The term ‘Unpaid Seller’ includes
12. A mows B’s lawn without asked by B to do so. B watches A do the work but does not attempt to stop him. Thus A is entitled to get consideration from B.
13. The holder in due course of a negotiable instrument can sue on the in strument in his own name.
14. An advertisement for sale of goods by auction. This is a case of
15. A buys an article thinking that it is worth 100 when in fact it is worth only 50. There has been no misrepresentation on the part of the seller. The contract is unenforceable.
16. The undertaking contained in a promissory note, to pay a certain sum of money is
17. Which of the following is not competent to contract?
18. “Nemo dat quad non habet”, means
19. An offer need not be made to an ascertained person.
20. In case of contractual obligations where the promisor dies before performance,
21. An instrument incomplete in some respect is known as inchoate instrument.
22. M is minor, B, the borrower, approaches M for a loan on the basis of a mortgage of the house owned by B. Hence, M advances the money and B executed a mortgage in favour of M, a minor. In these circumstances
23. The term ‘Negotiable Instrument’ is defined in the Negotiable Instruments Act, 1881, under Section.
24. A borrows from B 500 to bet with C. Can B recover the amount of his loan?
25. When an Instrument is drawn conditionally or for a special purpose as a collateral security and not for the purpose of transferring property therein, it is called an

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