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-8

If the parties to a contract agree to . . . . . . . . a new contract for it, or to rescind or alter it, the original contract, need not be performed.

A) Alter B) Amend C) Substitute D) Modify

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Answer & Solution

Answer: Option C

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'Right of Participation' given to preference shareholders normally implies the right to participate in:

A) Management B) Voting in General Meeting C) Divisible surplus profit/Bonus share D) Surplus assets at the time of winding up of the company

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Answer & Solution

Answer: Option C

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Maximum number of partners can be

A) 100 B) 200 C) 50 D) Unlimited

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Answer & Solution

Answer: Option D

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A agreed to sell his horse to B, but unknown to both the parties, the horse was dead at the time of agreement, in this case, the contract is

A) void and the parties are discharged from performance B) void but the parties are not discharged from performance C) voidable at the option of either party D) voidable at the option of A only

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Answer & Solution

Answer: Option A

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What is the purpose behind the enactment of Sale of Goods Act, 1930?

A) To define the laws relating to the sale of goods B) To consolidate and amend the laws relating to the sale of goods C) To consolidate, amend, and define the laws relating to the sale of goods D) To define and amend the laws relating to the sale of goods

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Answer & Solution

Answer: Option D

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Minimum number of partner(s) in LLP

A) 1 B) 2 C) 3 D) 4

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Answer & Solution

Answer: Option B

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What do we mean by 'consent' under the Indian Contract Act, 1872?

A) When acceptance of proposal is made by the party to whom the proposal is made B) When the acceptance is made by another person other than the person to whom the proposal is made C) When they agree upon the same thing in the same sense D) When both the parties agree upon a thing in the way it is understood by them

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Answer & Solution

Answer: Option C

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Mr. A's property was wrongfully advertised for sale for recovery of government revenue due from B. In order to save his property, Mr. A paid the government dues. In this case, Mr. A is entitled to recover the amount of dues paid by him from Mr. B on the basis of

A) government contract B) valid contract C) quasi-contract D) None of these

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Answer & Solution

Answer: Option C

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The liability under section 138 of the Negotiable Instruments Act, 1881, is:

A) Civil liability B) Criminal liability C) Both A and B D) None of the above

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Answer & Solution

Answer: Option B

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100

A company must hold its first Annual General Meeting within a period of:

A) 18 months from the date of its incorporation B) 18 months from the date of commencement of business C) 6 months form the date on which it becomes entitled to commence business D) 12 months from the date of its incorporation

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Answer & Solution

Answer: Option A

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