Model Paper

1. The vesting of interest in favour of the ultimate beneficiary may be postponed till their
minority. If the ultimate beneficiary fails to attain majority, the property ____________.
A. Passes to the Government.
B. Is put to public auction.
C. Passes to the next of kin.
D. Reverts to the transferor

2. Where, on a transfer of property, a person becomes entitled to an interest on attaining a certain

age, with the transferor providing them with so much of the interest arising therefrom as may be
necessary until they attain such age, the interest is_____.
A. Vested
B. Express.
C. Implied
D. Contingent
3. Which of the following are valid illustrations of an anamolous mortgage?
A. A possessory mortgage without a conditional sale
B. A possessory mortgage with a right to cause the mortgaged property to sale in the
event of default in payment
C. both A and B
D. neither A nor B
4. Which of the following can be considered implied surrender of the lease?
A. Non acceptance of a new lease taking effect during the continuance of the existing lease
B. Abandonment of possession by the lessee
C. A surrender by one of the two joint lessee’s, implied surrender on the part of second
lessee
D. None of these

5. Which of the following is in the nature of a contingent contract –

A. Force Majeure Clause
B. Indemnity Bond
C. Guarantee Bond
D. All the above

6. The doctrine of promissory estoppel is an equitable exception to the –

A. Doctrine of Consideration
B. Principle of freedom to bargain
C. Idea of competence of parties to contract
D. Principle of economic duress
7. Which DTAA was a subject-matter of contention in the Azadi Bachao Andolan case?
A. India-Cyprus DTAA
B. India-Singapore DTAA
C. India-Mauritius DTAA
D. India-USA DTAA

8. Which body has the authority to investigate and regulate the affairs of a company in case
of complex fraudulent activities?
A. Central Bureau of Investigation
B. Enforcement Directorate
C. Serious Fraud Investigation Office
D. Income Tax Department