31
The person who writes a promissory note, is called
A)
payee
B)
maker
C)
drawer
D)
None of these
Answer & Solution
Answer: Option
B
32
Where two or more persons have made a joint promise, a release of one of such joint promisors by the promise:
A)
does not discharge the other joint promisor, neither does it free the joint promisor so released from responsibility to the other joint promisor or joint promisors
B)
discharges the other joint promisor but it does not free the joint promisor so released from responsibility to the other joint promisor or joint promisors
C)
discharges the other joint promisor also frees the joint promisor so released from responsibility to the other joint promisor or joint promisors
D)
release of one of such joint promisors is not possible
Answer & Solution
Answer: Option
A
33
For the fraudulent act or wilful wrong of a sub-agent who had been duly appointed, the sub-agent is:
A)
responsible to the agent only
B)
responsible to the principal only
C)
responsible to the agent and principal both
D)
responsible to the third party
Answer & Solution
Answer: Option
C
34
When good shave been delivered to a carrier, right of lien
A)
terminates
B)
starts
C)
exists
D)
All of these
Answer & Solution
Answer: Option
A
35
On a winding-up order being made, the company's property comes under the custody of
A)
Liquidator
B)
Tribunal
C)
Central Government
D)
Shareholder
Answer & Solution
Answer: Option
A
36
Which among the following is NOT included in negotiable instrument?
A)
Cheque
B)
Demand Draft
C)
Promissiory Note
D)
Mutual Fund
Answer & Solution
Answer: Option
D
37
Which of the following circumstances is undue influence not exercised?
A)
Where one person holds a real or apparent authority over the other
B)
Where he stands in a fiduciary relation with the other
C)
Where he makes a contract with a person whose mental capacity is temporarily or permanently affected by reason of age, illness or mental distress
D)
When something is said or done in a dishonest way to trick people
Answer & Solution
Answer: Option
D
38
A bill that is sponsored, drawn, accepted without any condition is known as:
A)
Trade bill
B)
Clean bill
C)
Accommodation bill
D)
Usance bill
Answer & Solution
Answer: Option
C
39
Which of the following is not the objective of the Competition Act, 2002?
A)
Prohibition of Restrictive Trade Practices
B)
Prohibition of Dominant Position
C)
Prohibition of Anti-competitive Agreements
D)
Regulation of Combinations
Answer & Solution
Answer: Option
A
40
Which of the following is called the common law?
A)
English Mercantile Law
B)
Indian Statute Law
C)
Indian taboos
D)
Indian customs and usages
Answer & Solution
Answer: Option
A
