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-2 section-11

Which one is not necessarily the duty of a Company Secretary?

A) To file a "return of allotment of shares" with the Registrar of Companies B) To submit the application for license for manufacturing a new product C) To convene the first meeting of the Board of Directors D) To convene the statutory meeting of the company

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Answer & Solution

Answer: Option D

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Which of the following propositions indicate that an invention should be patented?
1. It gives protection to a patentable invention.
2. It gives lawful recognition to the invention.
3. It generates awareness that to whom does the invention belong to.
4. Patents makes it possible to provide data to others for further research and development.
Out of four reasons given above, identify the correct reasons.

A) 2 and 3 B) 2, 3 and 4 C) None of the above D) All of the above

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Answer & Solution

Answer: Option B

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The contracts, entered into by promoters on behalf of a prospectus company are known as

A) post incorporation contracts B) pre-incorporation contracts C) provisional contracts D) both B and C

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Answer & Solution

Answer: Option D

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What is the minimum consideration required to create an agency?

A) Minimum of Rupees One Lakh B) Minimum of Rupees One Thousand C) No consideration at all is required D) Minimum of Rupees Ten Thousand

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Answer & Solution

Answer: Option C

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When does an agreement to sell become a sale as per the provisions of Sale of Goods Act, 1930?

A) When the seller transfers the property in goods B) When the seller agrees to transfer the property in goods C) When the time elapses or the conditions subject to which the property in the goods is to be transferred are fulfilled D) Agreement to sell is deemed to be sale

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Answer & Solution

Answer: Option C

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Which of the following methods can be used to pass resolution?

A) Voting by show of hands B) Voting through electronic means C) Poll D) All of the above

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Answer & Solution

Answer: Option D

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Which one of the following is not an advantage of the incorporation as company:

A) Perpetual succession B) Limited liability of members C) Capital contribution forming part of the company D) Freedom to do any business

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Answer & Solution

Answer: Option D

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Which of the following instrument/s is/are mentioned under Negotiable Instrument Act, 1881?

A) Promissory note B) A bill of exchange C) Cheque D) All of the above

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Answer & Solution

Answer: Option D

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When was CCI established?

A) 2^nd October, 2003 B) 14^th March, 2003 C) 14^th May, 2003 D) 14^th October, 2003

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Answer & Solution

Answer: Option B

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Which of the following business is not transacted at the Annual General Meeting of the Company?

A) Appointment of Auditors B) Fixation of remuneration of Auditors C) Issue of Debentures D) Appointment of Directors in place of those retiring

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Answer & Solution

Answer: Option C

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