MCQ Bank

A contract is legally recognized and enforceable, and it creates or affects legal rights and liabilities between the parties. Therefore, the statement that it does not affect legal liabilities is not true.

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A Wasiya be made for………………..

A) Daughter
B) Cousin
C) Wife
D) Son

AI Explanation

A Wasiya (bequest) may be made for a person who is not already entitled to a fixed inheritance share. A cousin can receive a bequest, subject to the rules governing Wasiya.

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Which of the following is an important factor in the definition of sale?

A) Mutual Consent of persons or parties
B) All of the given options
C) Exchange
D) Valuable

AI Explanation

A sale involves mutual consent between the parties, an exchange, and valuable consideration. Thus, all the listed factors are important elements in defining a sale.

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In Islamic Concept of Ownership Every owner has the right to protect his property and to save it from following

A) Sellers
B) Trespass
C) Buyers
D) Intruders

AI Explanation

In the Islamic concept of ownership, an owner has the right to protect and preserve his property. This includes safeguarding it from unauthorized persons or intruders.

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Allah has declared that He becomes a party in a business between ………………….

A) All of the given options
B) Two Musharakain
C) Ajir and Ajeer
D) Muzarrah and Landlord

AI Explanation

Islamic teachings describe Allah as a party in a business partnership between two Musharakain, provided neither partner acts treacherously toward the other. This highlights the importance of honesty and trust in Musharakah.

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Q10

In Shirkat-ul-Aaqd both partners ………………………. to earn profit from Shirkah asset.

A) Do intend
B) Do not intend
C) Must not intend
D) May intend

AI Explanation

In Shirkat-ul-Aaqd, the partnership is formed by agreement between the partners with the intention of earning profit from the partnership assets. Profit-making is therefore an intended purpose of this type of partnership.

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Q11

Which of the following method is not allowed for accumulation of wealth in Islam?

A) Trampling
B) Avarice
C) Cupidity
D) All of the given options

AI Explanation

Trampling, avarice, and cupidity represent improper or prohibited approaches to wealth accumulation in Islamic teachings. Therefore, all of the given options are not allowed methods.

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Q12

Which of the following is not a “valuable thing” for a contract of sale as per Islamic system?

A) Meat of camel
B) Meat of goat
C) Meat of cow
D) Meat of pig

AI Explanation

For a valid Islamic sale, the subject matter must be a lawful and valuable thing. Pig meat is prohibited (haram) in Islam and therefore cannot be treated as a valid subject of sale.

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Q13

In shirkat-ul-Milk both partners ………………………. to earn profit from Shirkah asset.

A) Do intend
B) May intend
C) Must intend
D) Do not intend

AI Explanation

Shirkat-ul-Milk refers to joint ownership of an asset, which may arise without an agreement specifically aimed at earning profit. The co-owners may intend to earn profit from the jointly owned asset, but they do not necessarily have to.

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Q14

Under which of the following condition, a Musharakah is not terminated?

A) When a partner draw money for personal use
B) When one or both partners become mentally unsound
C) When a partner dies
D) When a partner withdraws from the partnership business

AI Explanation

A partner drawing money for personal use does not by itself terminate a Musharakah, provided the partnership itself continues according to its terms. Death, mental incapacity, or withdrawal from the partnership can terminate the partnership under the relevant rules.

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Q15

You give an item to a person and he accepted that (without any exchange) is knows as………..in the Sharia.

A) Kafala
B) Hasna
C) Hiba
D) Hawala

AI Explanation

Hiba is a voluntary gift in Islamic law in which property is transferred to another person without an exchange or consideration. Acceptance by the recipient completes the essential elements of the gift.

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Q16

Which of the following is true about Shirakat-ul-Inan?

A) Compatriots in faith
B) A minor and an adult can enter into partnership.
C) The amount of capital by each party must be equal
D) Loss of business will be shared equally

AI Explanation

In Shirakat-ul-Inan, partners may contribute unequal amounts of capital and may have unequal profit-sharing arrangements by agreement. A minor may participate in partnership under the applicable conditions, making option B the correct statement.

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Q17

The term relating to specific quality of the product in a sale is known as…………………

A) Khiyaar-e-Wasf
B) Khiyaar-e-Aib
C) Khiyaar-e-Roiyyat
D) Khiyaar-e-Shart

AI Explanation

Khiyaar-e-Wasf relates to an agreed or specified quality or characteristic of the product in a sale. If the product does not possess the specified quality, the buyer may have the relevant option to cancel the transaction.

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Q18

Gambling and------------- have been forbidden in the same verse of Quran.

A) Drugs
B) Alcohol
C) Adultery
D) Pork

AI Explanation

The Quran prohibits gambling (maisir) and intoxicants (khamr) together in the same verse. Both are described as harmful practices that believers are commanded to avoid.

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Q19

The object of a contract ………………….at the time of contract.

A) Should be in existence
B) Should be present in front of buyer
C) Should not be present in front of buyer
D) Should not exist

AI Explanation

In a normal Islamic sale, the subject matter should exist at the time the contract is made. Selling something that does not yet exist is generally prohibited because it can involve excessive uncertainty (gharar).

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Q20

Man has been appointed vicegerent on earth and he has been charged with the duty of achieving well-being …………………….

A) In his name only
B) In hereafter only
C) In both worlds
D) In this world only