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ValueError: Cannot assign "1": "QuestionMultipleChoice.lab" must be a "Lab" instance.
this means lab attribute trying to get Lab instance you can provide a lab instance to assign Lab instance you have to do like this
lab1 = Lab.objects.create(lab_name="testlab", pub_date=datetime.now(), lab_theory="test theory")
QuestionMultipleChoice.objects.create(question='This is a test question', lab=lab1)
Source:stackexchange.com