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-1 section-9

Which of the following impossibility is the ground for discharge of contract?

A) Initial impossibility B) Supervening impossibility C) Both A and B D) None of the above

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Answer & Solution

Answer: Option C

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What is the duration to file the consent of a newly nominated director?

A) 7 days B) 10 days C) 15 days D) 30 days

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Answer & Solution

Answer: Option D

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Patent application can be filed in India by

A) true and first inventor B) assignee of the inventor C) legal representative of the inventor D) All of the above

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Answer & Solution

Answer: Option D

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Basically, a tax can either be origin based or destination based. Goods and Service Tax is significantly different tax from earlier system as it is:

A) origin-based taxation B) destination-based taxation C) both supply and consumption based D) none of these

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Answer & Solution

Answer: Option B

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Which of the following does not form part of the statutory duties of a company secretary:

A) To maintain the statutory books and documents of the company B) To provide information regarding shareholdings of a shareholder to Estate Duty Controller in case of death of the shareholder C) To act as Public Relations Officer of the company D) To see that necessary deductions have been made in respect of Income Tax from payments made by the company

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Answer & Solution

Answer: Option C

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Study the following statements and give your answer:
When a promoter moves the Registrar of Companies for registration, the application must among others, be accompanied by:
I. Memorandum and Articles of Association
II. Written consent of the Directors
III. Address of the Registered Office
IV. Names and addresses of the promoters

A) I and II are correct B) II and III are correct C) II and IV are correct D) III and IV are correct

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Answer & Solution

Answer: Option A

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Which of the below is not included in goods as per Sales of Goods Act, 1930?

A) Forming part of land B) Stocks C) Actionable claims D) Crop

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Answer & Solution

Answer: Option C

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"A person dealing with a company must satisfy himself that the company has power to enter into the proposed transaction." This is the requirement of:

A) Doctrine of Ultra Vires B) Doctrine of Indoor Management C) Doctrine in Constructive Notice D) Doctrine of 'Buyer beware'

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Answer & Solution

Answer: Option C

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How many times a company helds statutory meeting in its lifetime?

A) One B) Two C) Three D) Every year

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Answer & Solution

Answer: Option A

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Consider the following statements:
Assertion (A): Persons dealing with the company shall be within their rights to assume that the provisions of Articles have been complied with by the company in its internal working.
Reason (R): Every person who deals with a company is not supposed to have read and understood the Memorandum and Articles of the company.
Now select your answer:

A) Both A and R are true and R is the correct explanation of A B) Both A and R are true but R is not the correct explanation of A C) A is true but R is false D) A is false but R is true

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Answer & Solution

Answer: Option C

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