Legal Aspects of Business MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11

1.
As per IT Act, 2000, those who fails to furnish documents will be penalised upto

A. Rs. 5,000

B. Rs. 25,000

C. Rs. 50,000

D. Rs. 1,50,000

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2.
As per the Act, the contracts made after incorporation of the company but before it is entitled to commence business are termed as:

A. Pre-incorporation contracts

B. Provisional contracts

C. Preliminary contracts

D. None of the above

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3.
In the event of company being wound up, the Tribunal shall prepare list of contributories into

A. List A

B. List B

C. Either A or B

D. Both A and B

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4.
Which statement(s) does/do not apply on bill of exchange?

A. It should be in writing

B. It should be accepted

C. It should be stamped

D. It should be registered

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5.
Which one of the following relates to warranty?

A. It is of vital importance for completion of contract

B. If there is breach, the aggrieved party can repudiate the contract

C. It is essential to the main purpose of the contract

D. In case of breach, the aggrieved party can claim only damages

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6.
Which of the following items should be part of patent ability criteria?

A. Novelty

B. Inventive step

C. Capable of Industrial application

D. All of the above

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7.
Which of the following statements are true in the context of contract of guarantee?

A. The person who gives the guarantee is called the 'surety'

B. The person in respect of whose default the guarantee is given is called the 'principal debtor'

C. The person to whom the guarantee is given is called the 'creditor'

D. All of the above

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8.
Which of the following act governs the formation and regulation of Limited Liability Partnership in India?

A. Partnership Act, 1932

B. Companies Act, 2013

C. Limited Liability Partnership Act, 2008

D. Limited Liability Partnership Act, 2010

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9.
Consider the following statements regarding Competition Commission of India?
1. It was established in 2003.
2. Commission has been functioning as a single member body right from its inception.
Which among the above statements is/are correct?

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

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10.
The statement which mentions in detail the matters to be considered in a meeting is called

A. Minutes of the meeting

B. Agenda of the meeting

C. Notice of the meeting

D. Resolution

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

1. As per IT Act, 2000, those who fails to furnish documents will be penalised upto

Answer & Solution

2. As per the Act, the contracts made after incorporation of the company but before it is entitled to commence business are termed as:

Answer & Solution

3. In the event of company being wound up, the Tribunal shall prepare list of contributories into

Answer & Solution

4. Which statement(s) does/do not apply on bill of exchange?

Answer & Solution

5. Which one of the following relates to warranty?

Answer & Solution

6. Which of the following items should be part of patent ability criteria?

Answer & Solution

7. Which of the following statements are true in the context of contract of guarantee?

Answer & Solution

8. Which of the following act governs the formation and regulation of Limited Liability Partnership in India?

Answer & Solution

9. Consider the following statements regarding Competition Commission of India? 1. It was established in 2003. 2. Commission has been functioning as a single member body right from its inception. Which among the above statements is/are correct?

Answer & Solution

10. The statement which mentions in detail the matters to be considered in a meeting is called

Answer & Solution

Read More Section(Legal Aspects of Business)

1.
As per IT Act, 2000, those who fails to furnish documents will be penalised upto

2.
As per the Act, the contracts made after incorporation of the company but before it is entitled to commence business are termed as:

3.
In the event of company being wound up, the Tribunal shall prepare list of contributories into

4.
Which statement(s) does/do not apply on bill of exchange?

5.
Which one of the following relates to warranty?

6.
Which of the following items should be part of patent ability criteria?

7.
Which of the following statements are true in the context of contract of guarantee?

8.
Which of the following act governs the formation and regulation of Limited Liability Partnership in India?

9.
Consider the following statements regarding Competition Commission of India?
1. It was established in 2003.
2. Commission has been functioning as a single member body right from its inception.
Which among the above statements is/are correct?

10.
The statement which mentions in detail the matters to be considered in a meeting is called