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

31.
The person who writes a promissory note, is called

A. payee

B. maker

C. drawer

D. None of these

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32.
Where two or more persons have made a joint promise, a release of one of such joint promisors by the promise:

A. does not discharge the other joint promisor, neither does it free the joint promisor so released from responsibility to the other joint promisor or joint promisors

B. discharges the other joint promisor but it does not free the joint promisor so released from responsibility to the other joint promisor or joint promisors

C. discharges the other joint promisor also frees the joint promisor so released from responsibility to the other joint promisor or joint promisors

D. release of one of such joint promisors is not possible

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33.
For the fraudulent act or wilful wrong of a sub-agent who had been duly appointed, the sub-agent is:

A. responsible to the agent only

B. responsible to the principal only

C. responsible to the agent and principal both

D. responsible to the third party

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34.
When good shave been delivered to a carrier, right of lien

A. terminates

B. starts

C. exists

D. All of these

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35.
On a winding-up order being made, the company's property comes under the custody of

A. Liquidator

B. Tribunal

C. Central Government

D. Shareholder

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36.
Which among the following is NOT included in negotiable instrument?

A. Cheque

B. Demand Draft

C. Promissiory Note

D. Mutual Fund

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37.
Which of the following circumstances is undue influence not exercised?

A. Where one person holds a real or apparent authority over the other

B. Where he stands in a fiduciary relation with the other

C. Where he makes a contract with a person whose mental capacity is temporarily or permanently affected by reason of age, illness or mental distress

D. When something is said or done in a dishonest way to trick people

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38.
A bill that is sponsored, drawn, accepted without any condition is known as:

A. Trade bill

B. Clean bill

C. Accommodation bill

D. Usance bill

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39.
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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40.
Which of the following is called the common law?

A. English Mercantile Law

B. Indian Statute Law

C. Indian taboos

D. Indian customs and usages

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

31. The person who writes a promissory note, is called

Answer & Solution

32. Where two or more persons have made a joint promise, a release of one of such joint promisors by the promise:

Answer & Solution

33. For the fraudulent act or wilful wrong of a sub-agent who had been duly appointed, the sub-agent is:

Answer & Solution

34. When good shave been delivered to a carrier, right of lien

Answer & Solution

35. On a winding-up order being made, the company's property comes under the custody of

Answer & Solution

36. Which among the following is NOT included in negotiable instrument?

Answer & Solution

37. Which of the following circumstances is undue influence not exercised?

Answer & Solution

38. A bill that is sponsored, drawn, accepted without any condition is known as:

Answer & Solution

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

Answer & Solution

40. Which of the following is called the common law?

Answer & Solution

Read More Section(Legal Aspects of Business)

31.
The person who writes a promissory note, is called

32.
Where two or more persons have made a joint promise, a release of one of such joint promisors by the promise:

33.
For the fraudulent act or wilful wrong of a sub-agent who had been duly appointed, the sub-agent is:

34.
When good shave been delivered to a carrier, right of lien

35.
On a winding-up order being made, the company's property comes under the custody of

36.
Which among the following is NOT included in negotiable instrument?

37.
Which of the following circumstances is undue influence not exercised?

38.
A bill that is sponsored, drawn, accepted without any condition is known as:

39.
Which of the following is not the objective of the Competition Act, 2002?

40.
Which of the following is called the common law?