Business Law MCQ Online Assignment
Business Law MCQ Online Assignment for your amity mba bba courses, ignou mba, imt cdl, smu and upes management program. This is important online mcq question answer for various distance learning program.
Q1: Annual – general Meeting is required to be held
Answer
Answer: By a public company only
Q2: An acceptance is complete and effective only when it has been
Answer
Answer: Communicated to the offerer
Q3: Name of a company can be changed by passing a special resolution and with the approval of
The company law tribunal
The Central Government
The Registrar of Companies
Answer
Answer: The Central Government
Q4: A contract becomes voidable if it has been caused by
Coercion
Fraud
Undue Influence
Answer
Answer: All these
Q5: If the goods have perished, the contract of sale of such specific goods, will become
Answer
Answer: voidable
Q6: Articles can be altered by
Answer
Answer: Special Resolution
Q7: A contract entered into between the parties by words is called
Answer
Answer: An implied contract
Q8: A prospectus is issued
Answer
Answer: By a Public Limited Company
Q9: When, before the contract becomes due for performance, the promisor declares his intention of not performing his promise, it is called
Answer
Answer: Anticipatory breach
Q10: A bailment cannot be made about
Answer
Answer: Money
Q11: The damages which arise in the usual course of things happening from the breach of contract, are called
Answer
Answer: Ordinary damages
Q12: When a person is employed to represent another in dealings with third person, it is a contract of
Answer
Answer: Agency
Q13: Which of the following is not an essential element of a contract of sale
Answer
Answer: Railway receipts
Q14: Which of the following does not relate to ‘termination of agency by operation of law’
Answer
Answer: Destruction of subject-matter
Q15: Limited liability means liability of its
Answer
Answer: Members is limited
Q16: In a contract of sale, property means
Answer
Answer: Ownership
Q17: The goods which are yet to be acquired by the seller, are called
Answer
Answer: Future goods
Q18: Acceptance of an offer is complete as against the offeror as soon as
Answer
Answer: The letter of acceptance is posted
Q19: If a company fails to pay its debts suit can be filed against the
Answer
Answer: Company
Q20: A contract with a minor is
Answer
Answer: Void
Q21: Who is liable for the supply of necessaries to a minor
Answer
Answer: His guardian
Q22: In return for a new television, Raju agrees to give his old television valued at Rs. 3,000 and an amount of cash worth Rs. 5,000 to Ganesh. This is a
Answer
Answer: Exchange
Q23: Which of the following rights is held by an unpaid seller
Right of lien
Right of stoppage in transit
Right of resale
Answer
Answer: All these
Q24: Which of the following is not a remedy for breach of contract
Answer
Answer: Alteration of the contract
Q25: A contract by which one party promises to save the other from loss is called
Answer
Answer: Contract of indemnity
Q26: Surety’s liability is
Answer
Answer: Absolute
Q27: Crossed cheques payable to bearer are negotiated by
Answer
Answer: Endorsement and delivery
Q28: In a contract of sale, which of the following is treated as implied condition
That the seller has title to goods
That goods are similar to description
That goods are according to sample shown
Answer
Answer: All of the above
Q29: Consideration must move at the desire of
Answer
Answer: The promisor
Q30: Which of the following sentence is a valid promissory note
Answer
Answer: I promise to pay Mohan or order Rs. 1,000.
Q31: A stipulation collateral to the main purpose of the contract, is called a
Condition
Warranty
Guarantee
Answer
None of the above
Q32: A person who receives a negotiable instrument for consideration, before maturity, and in good faith, is called
Answer
Answer: Holder in due course
Q33: A director must vacate his office if he fails to obtain qualification shares within
Answer
Answer: One month
Q34: A private company has at least
Answer
Answer: 2 Members
Q35: A cheque payable to order may be negotiated
Answer
Answer: By endorsement
Q36: Which of the following endorsements is invalid
Answer
Answer: Partial endorsement
Q37: When a cheque bears across its face an addition of the words “&” between two parallel transverse lines, it is called
Answer
Answer: General crossing
Q38: Which of the following rights are available to a finder of goods
Answer
Answer: Right of sale of goods
Q39: The best, simple definition of a contract is
An objective meeting of minds
A negotiated two-party agreement upon which each party will act or refrain from acting
A document reflecting a meeting of the minds? between two or more competent parties.
Answer
none of above answer is correct–correct ans should- An agreement enforceable in law made by two or more person
Q40: A bearer instrument may be negotiated by
Answer
Answer: mere delivery
Q41: The liability of members if company is limited by shares
Answer
Answer: Unpaid value of shares
Q42: A in consideration that B will employ C in collecting the rent of B”s zamindari, promises B to be responsible, to the amount of 5000 rupees for the due collection and payment by C of those rents. This is a
Answer
Answer: Continuing guarantee
Q43: The suggestion as a fact of that which is not true by one who does not believe it to be true and the active concealment of a fact by one having knowledge or believe of the fact is called
Answer
Answer: fraud
Q44: When one person signifies to another his willingness to do or to abstain from doing any thing with a view to obtaining the assent of that other person to such act or abstinence he is said to make a
Answer
Answer: proposal
Q45: A contract to do or not to do something if some event collateral to such contract does or does not happen is called
Answer
Answer: contingent contract
Q46: manish is forming a business which he wants to control completely. He knows nobody else with whom he wishes to work, he values his privacy, and he dislikes formality, paper work, state filing requirements, and lawyers. What type of business organization should he prefer
Answer
Answer: sole proprietorshiop
Q47: XYZ private company had reduced to a single member and continued business more than 6 months. The company’s liability will be
Answer
Answer: unlimited
Q48: In pledge bailor is called
Answer
Answer: pawner
Q49: Which of the following is not an effective way to terminatean offer
Answer
Answer: rejection
Q50: Generally rights and obligations of the company are regulated in
Answer
Answer: memorandum
Q51: A proposal may be revoked at any time
Answer
Answer: Before the communication of its acceptance
Q52: When an offer can only be accepted by the performance of the person to whom the offer is made, is characteristic of
Answer
Answer: implied contracts
Q53: If any of the companies does not increase their paid up capital by 1/5 lakhs as per new norms with in 2 years such companies are known as___
Answer
Answer: defunct
Q54: If minimum subscription is not received application money should be refunded with in____days
Answer
Answer: 10
Q55: A continuing guarantee may at any time be revoked by the surety as to future transaction by giving notice to
Answer
Answer: creditor
Q56: A principal is responsible for all the acts of his agent which is called
Answer
Answer: Vicarious liability
Q57: Promise which forms the consideration or part of the consideration for each other is called______promise
Answer
Answer: reciprocal
Q58: A subsidiary company is the one
Answer
Answer: in which the majority shares are held by another company
Q59: A intending to deceive B, falsely represents that five hundred munds of indigo are made annually at A”s factory and their by induces B to buy the factory
Answer
Answer: The contract is voidable on the part of B
Q60: A liquidator is a person
Answer
Answer: who winds up company
Q61: Mistake of fact
Answer
Answer: Makes a contract voidable
Q62: The Term “Consent” means
free mind
Voluntary accordance with or concurrence in what is done or proposed by another
free will
Answer
Answer: all of these answer are correct
Q63: Indemnity means
Answer
Answer: Security from damage or loss
act of protection
Q64: E-commerce is the commercial transaction of services in a/an _______ format
Answer
Answer: electronic
Q65: A agreed to supply food for party to B at 1: 00 pm. However, he could hardly supply the food at 3. 00 pm
Answer
Answer: B can reject the delivery;
Q66: Caveat emptor
Answer
Answer: is seller who discloses defects in the goods being sold
Q67: An agreement which is enforceable by law at the option of one or more of the parties there to but not at the option of other or others is
Answer
Answer: voidable
Q68: An agreement enforceable by law is called
Answer
Answer: contract
Q69: The liability of members if company is limited by guarantee
Answer
Answer: Guarantee amount
Q70: The Sale of Sub standard and hazardous goods under defined conditions constitute_____trade practice
Answer
Answer: restrictive
Q71: Any guarantee obtained by means of misrepresentation made by the creditor or with his knowledge and assent concerning a material part of the transaction is
Answer
Answer: invalid
Q72: district forum under CPA 1986 has a pecuniary limt of___lakh
Answer
Answer: 5
Q73: Minimum no. of Directors in case of private company is___
Answer
Answer: 2
Q74: which one of these is a cyber crime
stalking
hacking
virus attack
Answer
all of these are correct
Q75: A director appointed by the Board to hold the office until the conclusion of next annual general meeting is known as
Answer
Answer: additional director
Q76: A hires a carriage of B. The carriage is unsafe though B is not aware of it and A is injured
Answer
Answer: B is responsible to A for the injury
Q77: Undue influence make a contract
Answer
Answer: void
Q78: As per section 185 of the Contract Act, 1872 consideration is
Answer
Answer: Not necessary to create agency
Q79: Right to Information Act came into existence in
Answer
Answer: 2005
Q80: An agreement not enforceable by law is called
Answer
Answer: void
Q81: The term “Fraud” means
Answer
Answer: Doing any act fitted to deceive
Active concealment of fact with knowledge and belief of the fact
Q82: Age limit of Directors in case of public company is ______ years
Answer
Answer: 65
Q83: The consideration or object of an agreement is lawful unless it is
Answer
Answer: forbidden by law
Q84: With in how many days prospectus or statement in lieu of prospectus should file with ROC
Answer
Answer: 30
Q85: Carlill v Carbolic Smoke Ball Co. Ltd. deals with
Answer
Answer: Implied acceptance
Q86: An unsound person cannot become
Answer
Answer: agent and principal
Q87: Central Government permission is required in case of___conversion___
Answer
Answer: Public to private
Q88: Reciprocal Contracts means
Answer
Answer: Bilateral contracts
Q89: Company’s owners are shareholders. So the company property belongs to___only
Answer
Answer: shareholders
company
promoters
Answer
all of these correct option
Q90: Which Act was replaced with the introduction of Competition Act 2002
Answer
Answer: MRTP
Q91: The person acting employed by under the control of the original gent in the business of the agency is called
Answer
Answer: sub-agent
Q92: A person employed to do any act for another or to represent another in dealings with third person is called
Answer
Answer: agent
Q93: Jay, age 16, purchases a new sports car with his inheritance from his grandfather. Nine months later he wrecks the car, which is a total loss. What are Jay’s disaffirmance rights in most states
A) He may disaffirm.
B) He may disaffirm but must pay nine months rental value.
C) He may disaffirm but must pay the salvage value of the car.
D) He may not disaffirm.
Answer
Answer: A) He may disaffirm.
Q94: LaVall, age 18, lives in a state in which the age of adulthood is nineteen. May she legally vote in a U.S. Presidential election
A) No, since adulthood in her state is nineteen
B) Yes, since she is eighteen
C) No, since it would be an unreasonable burden to separate federal and state elections
D) Yes, since she pays federal income taxes on her wages
Answer
Answer: B) Yes, since she is eighteen
Q95: A minor may become emancipated by___
A) giving up all parental support
B) a legally sanctioned court procedure
C) giving up all parental support or by a legally sanctioned court procedure
D) only becoming married or joining the armed forces
Answer
Answer: C) giving up all parental support or by a legally sanctioned court procedure
Q96: What constitutes as necessary___
A) is the same for all minors
B) varies according to local standards
C) varies according to the age of the minor
D) varies according to the minor’s social status
Answer
Answer: D) varies according to the minor’s social status
Q97: Leo, age 16, has his wisdom teeth removed by Jane, a local dentist. Jane charges Leo USD1,200 while most dentists would have charged USD900. Leo must pay___
A) USD1,200
B) USD1,050
C) USD900
D) nothing if he disaffirms the contract
Answer
Answer: C) USD900
Q98: Margarita does not like the dinner her parents have prepared and leaves the house to purchase a USD50 steak dinner at a local restaurant. How much must Margarita’s parents pay the restaurant if Margarita refuses to pay anything
A) USD50
B) a reasonable price
C) an amount to be determined in arbitration
D) Nothing
Answer
Answer: D) Nothing
Q99: Hector, age 16, decides to get free use of a computer by purchasing it and later disaffirming the contract. Hector is using minority as___
A) a sword
B) a shield
C) both a sword and a shield
D) neither a sword or a shield
Answer
Answer: A) a sword
Q100: A minor may disaffirm a contract___
A) only while a minor
B) only after becoming and adult
C) both while a minor and after becoming an adult
D) only with the permission of a court
Answer
Answer: C) both while a minor and after becoming an adult
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