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-7 section-11

An instrument containing an unconditional promise to pay a certain sum, is called

A) bill of exchange B) cheque C) Promissory note D) All of these

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Answer & Solution

Answer: Option C

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Which of the following fact/s is/are true about public domain?

A) It refers to creative materials that are not protected by intellectual property laws such as copyright, trademark, or patent laws B) The public owns these works, not an individual author or artist C) Anyone can use a public domain work without obtaining permission, but no one can ever own it D) All of the above

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Answer & Solution

Answer: Option D

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Match the following.

List-I (Form)	List-II (Explanation)
a. Cheque	1. must be signed by the drawer
b. Bill of exchange	2. is always drawn on a banker
c. Promissory note	3. must contain an express promise to pay

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

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Answer & Solution

Answer: Option C

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Section 6 of the Negotiable Instruments Act defines a:

A) Cheque B) Bill of Exchange C) Promissory Notes D) Dishonour by non-payment

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Answer & Solution

Answer: Option A

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What is the obligation of a person who has received advantage under void agreement:

A) He can retain the advantage received with the prior approval of the person from whom he received it B) He can retain the advantage received without any prior permission from anyone C) He is bound to restore it or make compensation for it to the person from whom he received it D) He is bound to restore it or make compensation for it only when a Court order is passed in this behalf

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Answer & Solution

Answer: Option C

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Patent ability criteria includes
1. novelty
2. inventive step
3. capable of Industrial application
Select the correct answer

A) Only 2 B) Both 1 and 3 C) Both 2 and 3 D) All of the above

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Answer & Solution

Answer: Option D

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