The transfer of ownership in exchange for a price paid or promised or part-paid and part-promised is called:

• A) Sale
• B) Agreement of Sale
• C) Contract for sale
• D) Lease

Essentials of a contract of sale include all of the following, EXCEPT:

• A) There must be some price as consideration
• B) There must be transfer of ownership
• C) There must be an agreement
• D) There must be more than two parties

Who is the regulatory authority to implement the Law of Insurance in Pakistan?

• A) The federal government
• B) Chamber of commerce and industry
• C) The insurance companies
• D) The securities and exchange commission of Pakistan

Which of the following is NOT the characteristic of Cheque?

• A) A cheque is entitled to days of grace
• B) The holder of a cheque, as between himself and the drawer, has no right to require acceptance
• C) a cheque is given for immediate payment
• D) A cheque is not intended for circulation

Which of the following is not considered to be a “Living Person” by the Transfer of Property Act, 1882?

• A) A sole proprietor
• B) A juristic person
• C) A listed company
• D) Any non-animate body

The provisions of the Trusts Act, 1882 shall not affect the rules of:

• A) Law of sales of goods
• B) Law of partnership
• C) Muhammadan Law
• D) Contract act

All of the following must be included in a contract of sale, EXCEPT:

• A) Place of delivery of goods
• B) Advance payment of price
• C) Time of delivery of goods
• D) Acceptance of delivery

The following are kinds of promissory notes, EXCEPT:

• A) A promise to pay a certain cheque to a person
• B) A promise to pay a certain sum of money to a person.
• C) A promise to pay the bearer.
• D) A promise to pay a certain sum of money to the order of a certain person

Which of the following is not an example of property as per Transfer of Property Act, 1882?

• A) Uncalled share capital of a company
• B) Right of a company to call up shares
• C) Copyright
• D) Rights relating to physical objects

Which of the following is not considered to be ‘general crossing’ of a cheque?

• A) Crossing with two parallel lines
• B) Crossing containing words “& Co.”
• C) Crossing containing words “HBL”
• D) Crossing containing words “not negotiable”

The person who is the endorsee of the promissory note and is entitled to the possession of the instrument in his own name is called:

• A) Holder
• B) Maker
• C) Payee
• D) Drawer

Which of the following is not a feature of Common Carrier?

• A) Offer with discrimination
• B) Regular business
• C) For hire
• D) Inland Navigation

The following are the necessary conditions for a document to a promissory note EXCEPT:

• A) The maker should sign it
• B) the payment should be to, or to the order of, a person who is certain, or to the bearer of the instrument
• C) The bearer should sign it
• D) The sum should be a sum of money and should be certain

If the endorser signs his name only, the endorsement is said to be:

• A) Full
• B) Blank
• C) Restrictive
• D) Special

The principal money and interest of which payment is secured for the time being is called:

• A) Mortgage deed
• B) Scope of mortgage
• C) Registered mortgage
• D) Mortgage money

Which of the following instruments is not recognized as ‘Quasi Negotiable Instruments’?

• A) Bearer Debenture
• B) Promissory Note
• C) Dividend Warrant
• D) Share Warrant

The purpose of a trust is unlawful unless it:

• A) Assures the provisions of any law
• B) Is forbidden by law
• C) Implies injury to the person or property of another
• D) The court regards it as opposed to public policy

When a negotiable instrument is endorsed and delivered to the endorsee, the endorsee becomes entitled for the:

• A) Conditional endorsement
• B) Liabilities
• C) Cancellation of endorsement
• D) Ownership rights

Payment against irrevocable letter of credit cannot be stopped unless:

• A) It contain an order to pay
• B) It contain an order to accept
• C) There is a fraud
• D) Bank refuse to pay

The right of beneficiary against the trustee as owner of the trust property is called:

• A) Trust property
• B) Instrument of trust
• C) Beneficial interest
• D) Trust money