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

21.
In India, GST become effective from

A. 1^st April, 2017

B. 1^st January, 2017

C. 1^st July, 2017

D. 1^st March, 2017

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22.
Which of the following commodities is kept outside the purview of GST?

A. Tobacco products

B. Petroleum products

C. Edible oils

D. Insurance products

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23.
Which of the following is not the objective of the Competition Act, 2002?

A. Prohibition of Restrictive Trade Practices

B. Prohibition of Dominant Position

C. Prohibition of Anti-competitive Agreements

D. Regulation of Combinations

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24.
In which of the following cases the unpaid seller cannot exercise the right of lien on goods in his possession?

A. Where goods have been sold without any stipulation regarding credit

B. Where the goods have been sold on credit but the term of the credit has expired

C. Where the buyer becomes insolvent

D. Where the goods have been sold on credit but the term of credit has not expired

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25.
As per the 101^st Constitution Amendment Act, the power to levy GST rests on . . . . . . . .

A. State Govt.

B. Union Govt.

C. State & Union Govt.

D. Union Territory, State & Union Govt.

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26.
When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.

A. Release

B. Completion

C. Discharge

D. All of these

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27.
A contract where the seller transfers or agrees to transfer property in goods to buyer for a price is called.

A. Contract of sale

B. Contract of purchase

C. Contract of lease

D. None of the above

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28.
Where a promisor has made an offer of performance to the promise and the offer has not been accepted:

A. The promisor is responsible for non-performance, but he does not lose his rights under the contract

B. The promisor is not responsible for non-performance, nor does he thereby lose his rights under the contract

C. The promisor is not responsible for non-performance, but he loses his rights under the contract

D. The promisor can enforce the performance of the promise

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29.
Which one of the following is not correct relating to competition policy and law?

A. Collusion and dominance have potential for unfair competition

B. The appeal against decisions of competition commission of India can be made to the competition Appellate Tribunal

C. State monopolies, government's business policies and functioning of regulatory authorities cannot be scrutinised under this law

D. Abuse of dominance rather than dominance should be the key for competition policy law

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30.
Consideration should not be . . . . . . . . but is should be natural.

A. Quasi

B. Complete

C. Party

D. Legal

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

21. In India, GST become effective from

Answer & Solution

22. Which of the following commodities is kept outside the purview of GST?

Answer & Solution

23. Which of the following is not the objective of the Competition Act, 2002?

Answer & Solution

24. In which of the following cases the unpaid seller cannot exercise the right of lien on goods in his possession?

Answer & Solution

25. As per the 101st Constitution Amendment Act, the power to levy GST rests on . . . . . . . .

Answer & Solution

26. When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.

Answer & Solution

27. A contract where the seller transfers or agrees to transfer property in goods to buyer for a price is called.

Answer & Solution

28. Where a promisor has made an offer of performance to the promise and the offer has not been accepted:

Answer & Solution

29. Which one of the following is not correct relating to competition policy and law?

Answer & Solution

30. Consideration should not be . . . . . . . . but is should be natural.

Answer & Solution

Read More Section(Legal Aspects of Business)

21.
In India, GST become effective from

22.
Which of the following commodities is kept outside the purview of GST?

23.
Which of the following is not the objective of the Competition Act, 2002?

24.
In which of the following cases the unpaid seller cannot exercise the right of lien on goods in his possession?

25.
As per the 101^st Constitution Amendment Act, the power to levy GST rests on . . . . . . . .

26.
When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.

27.
A contract where the seller transfers or agrees to transfer property in goods to buyer for a price is called.

28.
Where a promisor has made an offer of performance to the promise and the offer has not been accepted:

29.
Which one of the following is not correct relating to competition policy and law?

30.
Consideration should not be . . . . . . . . but is should be natural.