Legal Aspects of Business MCQ Questions and Solutions with Explanations

1

Maximum number of members in case of public company.

A) 10 B) 50 C) 70 D) Unlimited

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Answer & Solution

Answer: Option D

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2

Before forfeiture of shares the directors of the company have to first of all give a notice allowing at least:

A) 15 days to pay the amount due and interest there on B) 21 days to pay the amount and interest there on C) 30 days to pay the amount and interest there on D) 25 days to pay the amount and interest there on

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Answer & Solution

Answer: Option D

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3

When is the communication of a proposal complete?

A) When it comes to the knowledge of the person to whom it is made B) Only when the proposal, acceptance or revocation of the proposal is recorded in writing C) When the other party gives his assentor dissent to the proposal D) Only when a clear verbal communication of such proposal is made

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Answer & Solution

Answer: Option A

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4

Which of the following statements are true in context of a company under Company Act, 2013?
1. It is compulsory for every company to have its own Article of Association.
2. A public company having share capital can start business right from the date of its incorporation.
3. A private company having share capital can start business right from the date of its incorporation.

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

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Answer & Solution

Answer: Option D

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5

. . . . . . . . is horizontal agreement.

A) Cartel B) Exclusive distribution C) Resale price maintenance D) Tie-in-arrangement

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Answer & Solution

Answer: Option A

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6

Choose the most appropriate option in respect of a Sale which is not generally rescinded by lien or stoppage in transit?

A) A contract of sale is rescinded by the exercise of an unpaid seller's right of lien or stoppage of lien B) Where an unpaid seller who has exercised his right of lien or stoppage in transit resells the goods, the buyer of such goods does not acquire a good title there to as against the original buyer C) Where the seller resells the goods in case of buyer's default the original contract of sale is not rescinded D) Where the unpaid seller who has exercised his right of lien or stoppage in transit gives notice to buyer of his intention to resell, the unpaid seller may resell the goods within a reasonable time and recover damages incurred due to his breach of the contract from the original buyer

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Answer & Solution

Answer: Option D

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7

Who are the parties to a cheque?
1. Drawer
2. Payee
3. Acceptor
4. Holder
Choose the correct answer from the following options:

A) 1 and 2 only B) 1, 2 and 4 only C) 1 and 3 only D) All of these

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Answer & Solution

Answer: Option B

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8

. . . . . . . . is a person in whose name the digital signature certificate is issued.

A) Certified authority B) Subscriber C) Holder D) Controller

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Answer & Solution

Answer: Option B

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9

Public authority mentioned under Section 2(h) of Right to Information Act means any authority or body or institution of self-government established or constituted. What are the types of 'Public Authorities'?

A) Central Public Authorities B) State Public Authorities C) Both A and B D) None of these

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Answer & Solution

Answer: Option C

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10

What is the distinctive feature of plagiarism against copyright violation even though both are similar?

A) Using someone else B) Distributing someone copyright C) Reproducing someone else D) All of the above

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Answer & Solution

Answer: Option A

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Legal Aspects of Business MCQ Questions and Solutions with Explanations | Commerce