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

11.
Integrated GST is applicable on:

A. Interstate Supply only

B. Interstate supply and Imports

C. Exports

D. Intrastate sales

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12.
Which of the following statement is/are correct about the Central Information Commission?
1. Post of Central Information Commission is derived from the RTI Act, 2005.
2. Chief Information Commission and other commissioners can hold office for the period of 3 years.
3. On the advice of Supreme Court, the President can remove the Chief Information Commission and other commissioners.

A. Only 1 and 3

B. Only 3

C. Only 1 and 2

D. Only 1

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13.
Which of the following descriptions are correct?
1. Two competent parties - Sections 11 and 12
2. Valid acceptance - Sections 4 to 7
3. Lawful consideration - Sections 2(d) and 25
4. Free and voluntary consent - Sections 15 and 19A

A. 2 and 4 only

B. 1 and 4 only

C. 2, 3 and 4

D. 1, 2, 3 and 4

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14.
Where the provisions of the companies Act are violated the auditor must report the same to the:

A. Board of Directors

B. Managing Director

C. Shareholders

D. Central Government

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15.
The indemnity holder is not entitled to:

A. All damages which he may be compelled to pay in any suit in respect of any matter to which the promise applies

B. All costs that he may be compelled to bear in defending any such suit

C. All sums that he may have paid under the terms of any compromise of such suit

D. Damages for liability incurred which is not absolute

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16.
What percentage of income from compensation on disaster is exempted from tax liability?

A. 100%

B. 75%

C. 50%

D. 25%

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17.
If a person who is incapable of entering into a contract is supplied with necessaries by another person, then the latter shall:

A. Be reimbursed for such supplies by a relative of the incapable person and that relative must be capable of contracting

B. Be reimbursed for such supplies from the property of such incapable person

C. Be reimbursed for such supplies from the property of such incapable person

D. Not entitled to be reimbursed at all

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18.
A negotiable instrument may be dishonoured

A. By non-acceptance

B. By non-payment

C. Both A and B

D. Neither A nor B

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19.
Match List-I with List-II and select the correct answer:

List-I List-II

a. Unpaid seller 1. Section 45

b. Right of lien 2. Section 47

c. Right of stoppage in transit 3. Section 50

d. Right of resale 4. Section 54

A. a-1, b-2, c-3, d-4

B. a-4, b-3, c-2, d-1

C. a-2, b-3, c-4, d-1

D. a-4, b-1, c-3, d-2

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20.
A owes Rs. 10,000 to B under a contract. It is agreed between A, B and C that B shall henceforth accept C as his debtor instead of A for the same amount. Old debt of A is discharged and a new debt from C to B is contracted. This is

A. Alteration of contract

B. Rescission of contract

C. Novation of contract

D. Charge in contract

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1 2 3 4 5 6 7 8 9 10

List-I	List-II
a. Unpaid seller	1. Section 45
b. Right of lien	2. Section 47
c. Right of stoppage in transit	3. Section 50
d. Right of resale	4. Section 54

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

11. Integrated GST is applicable on:

Answer & Solution

Answer & Solution

13. Which of the following descriptions are correct? 1. Two competent parties - Sections 11 and 12 2. Valid acceptance - Sections 4 to 7 3. Lawful consideration - Sections 2(d) and 25 4. Free and voluntary consent - Sections 15 and 19A

Answer & Solution

14. Where the provisions of the companies Act are violated the auditor must report the same to the:

Answer & Solution

15. The indemnity holder is not entitled to:

Answer & Solution

16. What percentage of income from compensation on disaster is exempted from tax liability?

Answer & Solution

17. If a person who is incapable of entering into a contract is supplied with necessaries by another person, then the latter shall:

Answer & Solution

18. A negotiable instrument may be dishonoured

Answer & Solution

19. Match List-I with List-II and select the correct answer: List-I List-II a. Unpaid seller 1. Section 45 b. Right of lien 2. Section 47 c. Right of stoppage in transit 3. Section 50 d. Right of resale 4. Section 54

Answer & Solution

20. A owes Rs. 10,000 to B under a contract. It is agreed between A, B and C that B shall henceforth accept C as his debtor instead of A for the same amount. Old debt of A is discharged and a new debt from C to B is contracted. This is

Answer & Solution

Read More Section(Legal Aspects of Business)

11.
Integrated GST is applicable on:

13.
Which of the following descriptions are correct?
1. Two competent parties - Sections 11 and 12
2. Valid acceptance - Sections 4 to 7
3. Lawful consideration - Sections 2(d) and 25
4. Free and voluntary consent - Sections 15 and 19A

14.
Where the provisions of the companies Act are violated the auditor must report the same to the:

15.
The indemnity holder is not entitled to:

16.
What percentage of income from compensation on disaster is exempted from tax liability?

17.
If a person who is incapable of entering into a contract is supplied with necessaries by another person, then the latter shall:

18.
A negotiable instrument may be dishonoured

19.
Match List-I with List-II and select the correct answer:

List-I List-II

a. Unpaid seller 1. Section 45

b. Right of lien 2. Section 47

c. Right of stoppage in transit 3. Section 50

d. Right of resale 4. Section 54

20.
A owes Rs. 10,000 to B under a contract. It is agreed between A, B and C that B shall henceforth accept C as his debtor instead of A for the same amount. Old debt of A is discharged and a new debt from C to B is contracted. This is