Legal Aspects of Business MCQ Questions and Solutions with Explanations

Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce

Legal Aspects of Business MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Legal Aspects of Business MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-10 section-7

Whose association can be taken as an cartel?

A) Supplier B) Distributor C) Trader D) All of these

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Answer & Solution

Answer: Option D

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Share capital of a company may be reduced by:

A) a resolution of the board of directors B) an ordinary resolution C) a special resolution and permission from company Law Board D) permission of the company Law Board

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Answer & Solution

Answer: Option C

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Which of the following law contains law relating to promissory note, bill of exchange and cheque?

A) Negotiable Instrument Act B) Reserve Bank of India Act C) Contract Act D) All of the above

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Answer & Solution

Answer: Option A

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The outsiders dealing with the company in good faith have the right to presume that the company has duly completed all the formalities, is a principle of:

A) Good faith B) Indoor Management C) Constructive notice D) Ultra vires

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Answer & Solution

Answer: Option B

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When a party liable under a negotiable instrument, makes payment in due course, the instrument is

A) discharged B) released C) altered D) None of these

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Answer & Solution

Answer: Option A

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Which among the following act, is not amended in Information Technology Act, 2000?

A) The Banker's Books Evidence Act, 1891 B) BSNL IT Policy C) RBI Act, 1934 D) The Indian Evidence Act, 1872

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Answer & Solution

Answer: Option B

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When two or more existing companies go into liquidation and a new company is formed to take over their business it is called:

A) Amalgamation B) Absorption C) External reconstruction D) Liquidator

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Answer & Solution

Answer: Option A

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Unpaid seller is a seller who has not been

A) paid whole of the price B) tendered whole of the price C) Both A and B D) Neither A nor B

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Answer & Solution

Answer: Option C

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The first meeting of the company after incorporation is

A) AGM B) extra ordinary meeting C) statutory meeting D) class meeting

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Answer & Solution

Answer: Option C

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100

If a person who is incapable of entering into a contract is supplied with necessaries by another person, then the latter shall:

A) be reimbursed for such supplies by a relative of the incapable person and that relative must be capable of contracting B) be reimbursed for such supplies from the property of such incapable person C) not entitled to be reimbursed at all D) None of the above

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Answer & Solution

Answer: Option B

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