Business & Corporate Law

Chapter 1- Introduction to Indian Contract Act, 1872

Q1.
For a contract to be legal and valid, which conditions must be fulfilled?
All of These 

Q2.

When one person signifies to another his willingness to do or to abstain from doing
anything, with a view to obtaining the assent of that either to such act or abstinence, he
is said to make a
Proposal 

Q3.
Whenever you sign an indemnity bond you are incurring a _______.
Contingent liability 

Q4.

The delivery of goods by one person to another for some purpose, upon a contract that
they shall, when the purpose is accomplished, be returned or otherwise disposed of
according to the directions is called as ______.
Contract of Bailment 

Q5.
A contract by which one party promises to save the other from loss caused to him by
the contract of the promisor himself, or by the conduct of any other person is called as
_______
Contract of indemnity 

Q6.
The bailment of goods as security for payment of a debt or performance of a promise is
called as
Pledge 

Q7.

Which of the following statements is false?

Q8.

As per Section 2(g) an agreement not enforceable by law is said to be

Q9.

Which is an example of Contract of indemnity?

Insurance business 

Q10.
Promises which form the consideration or part of the consideration for each other, are
called ______.
Reciprocal promises

Q11.
A contract to perform the promise, or discharge the liability, of a third person in case of
his default is called as _______________.
Contract of Guarantee 

Q12.

When the person to whom the proposal is made, signifies his assent thereto, the
proposal is said to be
Accepted 

Q13.

The person making the proposal is called the ______.

Q14.
The person accepting the proposal is called _______.
Promisee 

Q15.

As per Section _______ of Indian Contract Act, all agreements are contracts if they are
made by the free consent of parties competent to contract, for a lawful consideration
and with a lawful object, and are not hereby expressly declared to be void
10 

Chapter 2- Sales of Codes Act, 1930

Q1.
Kanaad Institute of Education has purchased a computer. If the hard disk is not working
properly, it is a case of _______________.
Condition 

Q2.
Which of the following statements is false?
Caveat Emptor means it is the duty of the seller to verify and inspect the goods that he is selling.

Q3.
Business & Corporate Law

Kanaad Institute of Education has purchased a computer. If a key button on the key
board is not working properly, it is a case of _______________.
Warranty

Q4.
A contract whereby the seller transfers or agrees to transfer the property in goods to the
buyer for a price
A contract of sale 

Q5.

Unless otherwise agreed, delivery of the goods and payment of the price are
___________ conditions
Concurrent 

Q6.

A stipulation collateral to the main purpose of the contract, the breach of which gives
rise to a claim for damages but not to a right to reject the goods and treat the contract
as repudiated is called as a
Warranty 

Q7.
"Goods" include
Furniture 

Q8.

Every kind of moveable property other than actionable claims and money are called as
Goods 

Q9.
Where under a contract of sale the property in the goods is transferred from the seller to
the buyer, the contract is called _______
A sale

Q10.
Where the transfer of the property in the goods is to take place at a future time or
subject to some condition thereafter to be fulfilled, the contract is called ___________.
An agreement to sell

Q11.
Which is not the right of an unpaid seller of goods?
A right to file criminal complaint 

Q12.
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Mr. Vishal has personally gone to the office of a paper mill to purchase the A4 size
papers. He has placed the order for purchase of 1000 packets (each packet containing
100 sheets). 1000 packets are kept ready for delivery by the paper mill. In this case,
The ownership of the goods is transferred to Mr. Vishal

Q13.
A stipulation essential to the main purpose of the contract, the breach of which gives
rise to a right to treat the contract as repudiated is called as a _________.
Condition

Q14.
Voluntary transfer of possession from one person to another is called as
Delivery 

Q15.

When the goods are delivered to buyer without receiving full payment, the seller is
called
Unpaid seller 

Chapter 3- Negotiable Instruments Acts, 1981

If the cheque is payable to Mr. Vishal or order. Vishal simply signs on the back of the
cheque without naming any body. This is an example of _____
Blank endorsement

Q2.
What are the Examples of Material alteration?
Converting an order cheque into a bearer cheque

Q3.
Order cheques are negotiated by _________
Endorsement and Delivery 

Q4.
A collecting banker gets protection if he fulfils the conditions
All of These 

Q5.
An order by one branch of a bank to another branch of a bank to pay certain sum for
value received is called as _______.
Demand draft

Q6.
S V Hajeri has issued a cheque to Ashok Hajeri drawn on Bank of Maharashtra. In this
case which of the following statement is false?
Debtor is Ashok Hajeri 
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Q7.
What are the features of a negotiable instrument?
All of these 

Q8.
Which of the following statements is false?
If the words “Or Order” are struck or cancelled without the full signature and “Bearer” is hand written, then
the cheque is said to be payable to Bearer.

Q9.
Transfer of a negotiable instrument to any person, so as to constitute the person the
holder thereof, it is called as ____________.
Negotiation 

Q10.
Payee/Holder in due course of a bounced cheque should file a case in the Court within
_____ days from the date of expiry of 15 days period available to drawer for payment.
30

Q11.
A bill of exchange drawn on a specified banker and not expressed to be payable
otherwise than on demand is called as _______.
Cheque

Q12.
Signature of the marker or holder of a negotiable instrument for the purpose of
negotiation on the back or face thereof is called as _________.
Endorsement

Q13.
Which of the following statements is false?
It is the duty of paying banker to verify the genuineness of the endorsement. 

Q14.

Which conditions should be fulfilled if the bouncing of a cheque has to become criminal
offence?
Cheque should have been issued towards discharge of a debt or other liability

Q15.
Which of the following statements is false?
Account Payee Crossing is defined by Negotiable Instruments Act 

Chapter 4- The Companies 'Act 2013

The books of account of every company relating to a period of not less than ------- years
immediately preceding the current year shall be preserved in good order
Eight

Q2.
public company means
a company which is not a private company; 

Q3.

A private limited company cannot raise its capital from

Q4.
If an auditor states that the financial statement reflects true and fair view subject to
certain reservations, then it is called _______________ opinion.
Qualified

Q5.
Every person holding equity share capital of a company is called ---- of the company
Member

Q6.
"private company" means
a company which limits the number of its members to 200 

Q7.
The Balance Sheet and the Profit or Loss Account of a company should comply with
Accounting Standards

Q8.
a memorandum containing such salient features of a prospectus as may be prescribed
is called as --------.
abridged prospectus

Q9.
What a copmany has to issue to invite deposits?
advertisement 

Q10.

liability of all the share holders is

Q11.

Every company shall appoint an auditor at each --------

Q12.
all share capital which is not preference share capital is ____
equity share capital

Q13.
a public company which has any of its securities listed in any recognised stock
exchange is called as
listed public company

Q14.
"limited company" means
a company limited by shares or by guarantee 

Q15.

Provisions in respect of which document are also applicable to advertisement inviting

Chapter 5- The Consumer Protection Act 1986

Any fault, imperfection or shortcoming in the quality, quantity, potency, purity or

Q2.
District Forum shall have jurisdiction to entertain complaints where the compensation
claimed does not exceed rupees
20 Lakhs 

Q3.
Any person aggrieved by an order made by the District Forum may prefer an appeal
against such order to the State Commission within a period of _____ days from the date
of the order
thirty 

Q4.
State Forum shall have jurisdiction to entertain complaints where the compensation
claimed is above 20 Lakhs and does not exceed rupees
1 Crore

Q5.
District Forum cannot issue an order to the opposite party directing him
Business & Corporate Law

To stop the business 

Q6.
Who can lodge the complaint under Consumer Protection Act?
All of these

Q7.
Which of the following statements is false?
The people availing free services are also covered under consumer protection act

Q8.
NationalForum shall have jurisdiction to entertain complaints where the compensation
claimed exceeds rupees
1 Crore

Q9.
Which of the following is not an Unfair trade practice
refusal to give discount 

Q10.

What is the quantum of the fine in case of contempt of court?

Q11.
Any person who buys any goods or services for a consideration is called a
Consumer 

Q12.
Which of the following statements is True?
Appeals against the order of National Commission should be lodged with Supreme Court

Q13.
Which of the following is not a right of a Consumer?
The right to return the goods and seek refund of price.

Q14.
What is the quantum of the imprisonment in case of contempt of court?
Imprisonment: Minimum 1 month and Maximum 3 years

Q15.
Which of the following is not an objective of Consumer Protection Act?
To promote and protect the rights of service providers

Chapter 6- Information Technology Act 2000

Services to its subscribers and relying parties as per its certification practice statement
are provided by
Licensed Certifying Authorities

Q2.
Publishing or transmitting or causing to be published in the electronic form, obscene
material is called as
pornography 

Q3.

The functions of identification, declaration, proof of electronic documents are carried out
by using a
digital signature

Q4.
Which of the following is not an objective of Information Technology Act 2000?
To encourage computer literacy

Q5.
Which of the following is not a cyber crime?
a. Damages or causes to be damaged any computer resource

Q6.
For affixing a digital signature, signatory has to use
Private Key 

Q7.

For verifying a digital signature, receipient has to use

Chapter 7- Laws Related to Intellectual Property Righ

Q1.
The object of The Trade Marks Act, 1999 is
to protect the goodwill and reputation of a business

Q2.
The exclusive right given by law for a certain term of years to an author, composer to
print, publish and sell copies of his original work is called as
Copyright 

Q3.
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A _____ protects words, phrases, symbols, or designs identifying the source of the
goods or services of one party and distinguishing them from those of others
Trade Mark 

Q4.
Unauthorised use of copyright or trade mark is called as
Infringement

Q5.
The period (Term) of copyright is ___ years
50

Q6.
If a person uses without authority the same mark or deceptively similar mark it results in
Infringement

Q7.
A visual symbol in the form of a word, a device, or a label applied to articles of
commerce is called as
Trade Mark

Chapter 8- Indian PatentsAct, 1970

The sealing of a patent shall be made not later than the expiration of a period of ___
months from the date of advertisement
6 

Q2.

In case of a invention claiming process of manufacture of a substance intended to be

Q3.
Any person may oppose the grant of patent within _________ months from the date of
advertisement
4

Q4.
Which of the following is considered as invention?
An useful and novel machine

Q5.
A patent holder gets
Exclusive Marketing rights

Q6.
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In case of any other invention the term of patent is ___ years from the date of patent.
14

Q7.
The term _____ refers to a right granted to anyone who invents or discovers any new
and useful process, machine, article of manufacture, or composition of matter
Patent 

Chapter 9- Partnership Laws

Q1.
Which of the following statements is false?
A body corporate cannot be a partner in a limited liability partnership 

Q2.
Which of the following statements is false?
A partnership firm is a distinct legal entity. 

Q3.
Which of these cannot convert into a limited liability partnership?
an listed public company 

Q4.

A collective name for the partners is called as

Q5.
A partnership firm should be registered with
Registrar of Firms 

Q6.

Every limited liability partnership shall file an annual return duly authenticated with the
Registrar within ____ days of closure of its financial year
Sixty

Q7.
Which of the following statements is true?
A partner is the agent of the firm 

Q8.

If the rights and liabilities of each partner are determined afresh, it is called as
reconstitution of a firm 
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Q9.

Every partner of a limited liability partnership is

Q10.
A person may cease to be a partner of a limited liability partnership by giving a notice in
writing of not less than ____ days
Thirty

Q11.
The relation between persons who have agreed to share the profits of business carried
on by all or any of them acting for all is called as
Partnership 

Q12.
A firm can have Minimum _ and Maximum _ partners
2 and 20