1.Under which section of the Contract Act is fraud specifically defined?
2.What is the legal status of a contract formed under undue influence?
3.What does the term 'Coercion' refer to?
4.What does the term "Consent" refer to?
5.How does the law view a contract entered into by a person who is legally declared insane?
6.Which type of consideration and object must be present for an agreement, made with the free consent of parties competent to contract, to be considered a valid contract?
7.When can a proposal be withdrawn or revoked?
8.Under which section of the Contract Act 1872 can an offer be legally withdrawn?
9.A sends a letter offering to sell a house to B. At what point is the communication of the offer considered complete?
10.What do you call a contract that can be legally enforced at the choice of one or more parties involved, but not at the discretion of the other parties?
11.What do you call an agreement that has no legal enforceability?
12.Company A Ltd. records sales of ₹2,200, total fixed costs amounting to ₹570, and variable costs totalling ₹1,540. Out of the variable cost, raw materials consumed are ₹1,100. The company sold 22,000 units. If the cost of raw materials decreases by 2%, what will be the new break-even point (BEP) in units?
13.Which of the following is considered a key instrument in cost planning?
14.A worker is paid at a rate of $15 per hour. He produces 720 units of a component in a 48-hour workweek, where the standard time to make one unit is 5 minutes. Calculate his total earnings for the week, including the Rowan bonus.
15.Given that the minimum inventory level is 4,000 units and the average inventory level is 9,000 units for a raw material, what is the reorder quantity?
16.Given the following information related to a company's production for one month, calculate the factory overheads applied to the production: Opening raw material stock is 11,570 units, closing raw material stock is 10,380 units, raw material purchased during the month is 128,450 units, and the total manufacturing cost charged to the product is 339,165. Factory overheads are allocated at 45% of the direct labor cost. What is the factory overhead applied?
17.A firm is functioning at 80% of its full capacity, with a normal production volume of 150,000 units. The variable cost for each unit is ₹14, and the total fixed costs amount to ₹800,000. To achieve a desired profit of ₹400,000, what should be the selling price per unit?
18.A firm has an asset turnover ratio of 1.85 and a profit margin of 0.35. What is its return on investment (ROI)?
19.If the projected sales for the upcoming year are 500,000 units, with a target ending finished goods inventory of 150,000 units and 60,000 equivalent units in ending work-in-process (WIP) inventory, while the beginning finished goods inventory is 80,000 units and beginning WIP inventory has 50,000 equivalent units, what is the total number of equivalent units that need to be produced?
20.Which type of cost does the value of outdated inventory purchased years ago represent when deciding whether to retain or discard it?