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-6 section-1

Which of the following does not fall in the ambit of the objectives of Competition Act, 2002?

A) Encourage Competition B) Prevent abuse of dominant position C) Prevent monopolistic rights are arising out of intellectual property D) Regulate mergers and acquisitions

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Answer & Solution

Answer: Option C

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IGST is payable when the supply is:

A) Inter-state B) Intra-state C) Intra-UT D) All of the above

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Answer & Solution

Answer: Option A

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Certificate of commencement of business is not required by:

A) A public company B) A private company C) Both public and private company D) Private company subsidiary to a public company

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Answer & Solution

Answer: Option B

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The first committee to design GST model was headed by:

A) Vijay Kelkar B) Asim Das Gupta C) Dr. Chidambaram D) None of the above

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Answer & Solution

Answer: Option B

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Which one of the following is a void contract?

A) Unilateral contract B) A contract which ceases to be enforceable by law C) Implied contract D) Express contract

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Answer & Solution

Answer: Option B

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A company secretary has following liability:

A) Contractual only B) Statutory only C) Civil only D) Both contractual and statutory

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Answer & Solution

Answer: Option D

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Match List-I with List-II and select the correct answer:

List-I (Term)	List-II (Explanation)
a. Contract	1. Accepted proposal
b. Offer	2. Agreement enforceable by law
c. Promise	3. Proposal

A) a-2, b-3, c-1 B) a-1, b-3, c-2 C) a-1, b-2, c-3 D) a-3, b-2, c-1

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Answer & Solution

Answer: Option A

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In which of the following cases is a contract not voidable at the option of the party whose consent was so caused?

A) When the consent was caused by coercion B) When the consent was caused by misrepresentation C) When the consent was caused by silence but the party had the means of discovering the truth D) When the consent was caused by fraud

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Answer & Solution

Answer: Option C

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Mr. A advertises in a daily newspaper that he will give a prize of Rs. 90,000 to the first person to swim the English channel and back during the month of August. F, who has read the advertisement, sets off from Dower on 1^st August and reaches the coast of Fracne on 2^nd August. On that day, a further advertisement appears in the same newspaper stating that the offer of the prize has been withdrawn. On 3^rd August, F completes the return swim to England can F recover the prize.

A) Yes, as the second advertisement is ineffective so for as F is concerned B) No, as the offer was revocated C) F can only claim for damages D) None of the above

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Answer & Solution

Answer: Option A

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Arrange the following in order of their manifestations:
1. Offer
2. Acceptance
3. Breach of contract
4. Contract
Choose the correct option from the following:

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

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Answer & Solution

Answer: Option B

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