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.
First appeal to the first Appellate authority can be preferred by the applicant within . . . . . . . . days from the expiry of the prescribed time limit or from the receipt of the decision from the PIO.

A. 30

B. 45

C. 60

D. 90

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22.
A company may be wound up by the Tribunal, if

A. the company passes an ordinary resolution to this effect

B. the company does not commence its business within 6 months of its incorporation

C. number of members reduced below 7 in the case of a private company

D. company is unable to pay its debts

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23.
As per Section 52 of the companies Act, 2013, the balance in the Security Premium Account cannot be utilized for:

A. payment of dividend

B. writing off discount on issue of shares

C. issue of fully paid-up bonus share

D. capital losses

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24.
Which of the following is not a right of buyer against seller?

A. Suit for price

B. Suit for non-acceptance of delivery

C. Suit for breach of warranty

D. Both A and B

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25.
Mr. X, a tradesman, left certain goods at Mr. Y's house by mistake, in this case, Mr. Y

A. is bound to return the goods under quasi-contratual obligations

B. is not bound to return the goods as there is no agreement between the two

C. can use the goods as his own and can also claim compensation from Mr. X

D. is under obligation to make a fresh contract with Mr. X for the use of these goods

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26.
GST was introduced in India with effect from:

A. 1^st July 2017

B. 1^st January 2017

C. 1^st April 2017

D. 8^st July 2017

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27.
Which among the following statements is/are incorrect with respect to Competition Commission of India?
1. It is a constitutional body.
2. It is responsible for enforcing The Competition Act, 2002.
Select the correct answer from the following:

A. 1 only

B. 2 only

C. Both 1 and 2

D. Neither 1 nor 2

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28.
Sale under Sales of Goods Act, 1930 is the following type of contract?

A. Executory Contract

B. Executable Contract

C. Executed Contract

D. Any of the above contracts

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29.
According to the Companies Act, 1956 who can by appointed as Company Secretary

A. An individual

B. A partnership firm

C. A corporate body

D. All the above

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30.
A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of Rs. 500.

A. This is contract of indemnity

B. This is not a valid contract of indemnity

C. This is contract of stipulation

D. None of the above

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

21. First appeal to the first Appellate authority can be preferred by the applicant within . . . . . . . . days from the expiry of the prescribed time limit or from the receipt of the decision from the PIO.

Answer & Solution

22. A company may be wound up by the Tribunal, if

Answer & Solution

23. As per Section 52 of the companies Act, 2013, the balance in the Security Premium Account cannot be utilized for:

Answer & Solution

24. Which of the following is not a right of buyer against seller?

Answer & Solution

25. Mr. X, a tradesman, left certain goods at Mr. Y's house by mistake, in this case, Mr. Y

Answer & Solution

26. GST was introduced in India with effect from:

Answer & Solution

27. Which among the following statements is/are incorrect with respect to Competition Commission of India? 1. It is a constitutional body. 2. It is responsible for enforcing The Competition Act, 2002. Select the correct answer from the following:

Answer & Solution

28. Sale under Sales of Goods Act, 1930 is the following type of contract?

Answer & Solution

29. According to the Companies Act, 1956 who can by appointed as Company Secretary

Answer & Solution

30. A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of Rs. 500.

Answer & Solution

Read More Section(Legal Aspects of Business)

21.
First appeal to the first Appellate authority can be preferred by the applicant within . . . . . . . . days from the expiry of the prescribed time limit or from the receipt of the decision from the PIO.

22.
A company may be wound up by the Tribunal, if

23.
As per Section 52 of the companies Act, 2013, the balance in the Security Premium Account cannot be utilized for:

24.
Which of the following is not a right of buyer against seller?

25.
Mr. X, a tradesman, left certain goods at Mr. Y's house by mistake, in this case, Mr. Y

26.
GST was introduced in India with effect from:

27.
Which among the following statements is/are incorrect with respect to Competition Commission of India?
1. It is a constitutional body.
2. It is responsible for enforcing The Competition Act, 2002.
Select the correct answer from the following:

28.
Sale under Sales of Goods Act, 1930 is the following type of contract?

29.
According to the Companies Act, 1956 who can by appointed as Company Secretary

30.
A contracts to indemnify B against the consequences of any proceedings which C may take against B in respect of a certain sum of Rs. 500.