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-8 section-10

Minimum number of members in case of private company.

A) 2 B) 3 C) 5 D) 7

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Answer & Solution

Answer: Option A

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Agreement to do an impossible act is:

A) voidable at the option of the promisor B) void C) valid D) voidable at the option of the promise

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Answer & Solution

Answer: Option B

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As per section 147 of the Negotiable Instruments Act, 1881, every offence punishable under the Act are:

A) Compoundable B) Non-compoundable C) Cognizable D) Both B and C above

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Answer & Solution

Answer: Option A

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Section 32 of the Competition Act, deals with

A) international cartel B) power to impose lesser penalty C) establishment of commission D) composition of commission

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Answer & Solution

Answer: Option A

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Assessment of duty and obtaining refunds is one of the functions of company secretary which is associated with:

A) Corporate laws advisory services B) Tax planning and management services C) Corporate restructuring services D) Financial services E) Personnel and other matters

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Answer & Solution

Answer: Option B

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The undertaking contained in a promissory note, to pay a certain sum of money is:

A) Conditional B) Unconditional C) May be conditional or unconditional depending upon the circumstances D) None of the above

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Answer & Solution

Answer: Option B

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To become a director in a company the person must obtain a:

A) Business License B) Director's License C) TIN D) DIN

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Answer & Solution

Answer: Option D

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When does the property in the goods pass to the buyer in case of contract for the sale of specific or ascertained goods?

A) When the contract for sale is made B) When the parties to the contract intend it to be transferred C) When the price is paid for the goods D) When the delivery of goods has been made

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Answer & Solution

Answer: Option B

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Customer opinions about using internet are example of which environment factors?

A) Political B) Social C) Economic D) Technological

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Answer & Solution

Answer: Option D

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A contracts with B to grow a crop of indigo on A's land and to deliver it to B at a fixed rate and C guarantee A's performance of this contract. B diverts a stream of water which is necessary for irrigation of A's land and thereby prevents him from raising the indigo.

A) A is liable on his guarantee B) A is partly liable on his guarantee C) A is no longer liable on his guarantee D) None of the above

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Answer & Solution

Answer: Option C

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