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-3

Annual general meeting of a company is called by the:

A) Company secretary B) Board of directors C) Registrar of companies D) company auditor

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Answer & Solution

Answer: Option B

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What can be the subject matter of the contract of sale as per section 6 of Sale of Goods Act?

A) Only existing goods owned or possessed by the owner B) Only Future goods C) Existing goods which are neither owned nor possessed by the owner D) Existing goods, owned or possessed by the owner or future goods

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Answer & Solution

Answer: Option D

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In which of the following case(s), right of lien comes to an end?

A) Buyer or his agent lawfully obtains delivery B) Seller has waived his right of lien C) Goods delivered to carrier D) All of the above

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Answer & Solution

Answer: Option D

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A company Secretary is appointed by:

A) The Managing Director B) The Board of Directors C) The members of the Company at the Annual General Meeting D) A special resolution passed at the General Meeting of the Company

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Answer & Solution

Answer: Option B

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A company is called an artificial person because:

A) It does not have the shape of a natural person B) It cannot be sued in the court of law C) It is invisible and intangible D) It exists only in contemplation of law

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Answer & Solution

Answer: Option D

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Out of the following persons which of the following does not come under the definition of the "unpaid seller" as per Chapter V of Sale of Goods Act?

A) A seller to whom the whole of the price has not been paid or tendered B) A seller to whom more than half of the price has been paid or tendered C) A seller who has received a bill of exchange as conditional payment and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise D) A seller who has received a negotiable instrument as conditional payment and the condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise

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Answer & Solution

Answer: Option C

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Which of these contracts has three parties consisting of creditor, principal debtor, and surety?

A) Contract of indemnity B) Contract of surety C) Contract of pledge D) Contract of guarantee

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Answer & Solution

Answer: Option D

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Which of the following feature is not essential for a contract?

A) It should be in writing only B) Free consent of parties competent to contract C) Lawful consideration and with a lawful object D) It should not be declared void expressly

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Answer & Solution

Answer: Option A

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Section 11 of the Indian Contract Act specifies that every person is competent to contract provided:

A) he is of the age of majority according to the law to which he is subject B) he is of sound mind C) he not disqualified from contracting by any law to which he is subject 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 the form of merger of company?

A) Horizontal B) Vertical C) Diagonal D) Conglomerate

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Answer & Solution

Answer: Option C

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