Chapter 01: Introduction to Indian Contract Act, 1872
Q1.For a contract to be legal and valid, which conditions must be fulfilled?
There should be agreement between the parties
There should be free consent of parties
There should be a lawful consideration
All of These
Q2.When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that either to such act or abstinence, he is said to make a
Proposal
Q3.Whenever you sign an indemnity bond you are incurring a _______.
Contingent liability
Q4.The delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions is called as ______.
Contract of Bailment
Q5.A contract by which one party promises to save the other from loss caused to him by the contract of the promisor himself, or by the conduct of any other person is called as
Contract of indemnity
Q6.The bailment of goods as security for payment of a debt or performance of a promise is called as
Pledge
Q7.Which of the following statements is false?
Minor can appoint an agent to represent him.
Q8.As per Section 2(g) an agreement not enforceable by law is said to be
Illegal contract
Q9.Which is an example of a Contract of indemnity?
Insurance business
Q10.Promises which form the consideration or part of the consideration for each other, are called ______.
Reciprocal promises
Q11.A contract to perform the promise, or discharge the liability, of a third person in case of his default is called as _______________.
Contract of Guarantee
Q12.When the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be
Accepted
Q13.The person making the proposal is called the ______.
Promisor
Q14.The person accepting the proposal is called _______.
Promisee
Q15.As per Section _______ of Indian Contract Act, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void
10
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Chapter 02: Sales of Codes Act,1930
Q1. Kanaad Institute of Education has purchased a computer. If the hard disk is not working properly, it is a case of _______________.
Condition
Q2.
Which of the following statements is false?
Caveat Emptor means it is the duty of the seller to verify and inspect the goods that he is selling.
Q3.Kanaad Institute of Education has purchased a computer. If a key button on the key board is not working properly, it is a case of _______________.
Warranty
Q4.A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price
A contract of sale
Q5.Unless otherwise agreed, delivery of the goods and payment of the price are ___________ conditions
Concurrent
Q6. A stipulation collateral to the main purpose of the contract, the breach of which gives rise to a claim for damages but not to a right to reject the goods and treat the contract as repudiated is called as a
Warranty
Q7."Goods" include
Furniture
Q8.Every kind of moveable property other than actionable claims and money are called
Goods
Q9.Where under a contract of sale the property in the goods is transferred from the seller to the buyer, the contract is called _______
A sale
Q10.Where the transfer of the property in the goods is to take place at a future time or subject to some condition thereafter to be fulfilled, the contract is called ___________.
An agreement to sell
Q11.Which is not the right of an unpaid seller of goods?
A right to file criminal complaint
Q12.Mr. Vishal has personally gone to the office of a paper mill to purchase the A4 size papers. He has placed the order for purchase of 1000 packets (each packet containing 100 sheets). 1000 packets are kept ready for delivery by the paper mill. In this case,
The ownership of the goods is transferred to Mr. Vishal
Q13.A stipulation essential to the main purpose of the contract, the breach of which gives rise to a right to treat the contract as repudiated is called as a _________.
Condition
Q14.Voluntary transfer of possession from one person to another is called as
Delivery
Q15.When the goods are delivered to buyer without receiving full payment, the seller is called
Unpaid seller
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Chapter 03: Negotiable Instrument Acts, 1981
Q1.If the cheque is payable to Mr. Vishal or order. Vishal simply signs on the back of the cheque without naming any body. This is an example of _____
Blank endorsement
Q2.What are the Examples of Material alteration?
Converting an order cheque into a bearer cheque
Q3.Order cheques are negotiated by _________
Endorsement and Delivery
Q4.A collecting banker gets protection if he fulfils the conditions
A collecting banker acts in good faith and without negligence
Cheque is crossed generally or specially to himself
Collects cheque for a customer
All of These
Q5.An order by one branch of a bank to another branch of a bank to pay certain sum for value received is called as _______.
Demand draft
Q6.S V Hajeri has issued a cheque to Ashok Hajeri drawn on Bank of Maharashtra. In this case which of the following statement is false?
Debtor is Ashok Hajeri
Q7.What are the features of a negotiable instrument?
A negotiable instrument is in writing
It is expressed in terms of money
It is payable to bearer or to the order of a person
All of these
Q8.Which of the following statements is false?
If the words “Or Order” are struck or cancelled without the full signature and “Bearer” is hand written, then the cheque is said to be payable to Bearer.
Q9.Transfer of a negotiable instrument to any person, so as to constitute the person the holder thereof, it is called as ____________.
Negotiation
Q10.Payee/Holder in due course of a bounced cheque should file a case in the Court within _____ days from the date of expiry of 15 days period available to drawer for payment.
30
Q11.A bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand is called as _______.
Cheque
Q12.Signature of the marker or holder of a negotiable instrument for the purpose of negotiation on the back or face thereof is called as _________.
Endorsement
Q13.Which of the following statements is false?
It is the duty of paying banker to verify the genuineness of the endorsement.
Q14.Which conditions should be fulfilled if the bouncing of a cheque has to become criminal offence?
Cheque should have been issued towards discharge of a debt or other liability
Q15.Which of the following statements is false?
Account Payee Crossing is defined by Negotiable Instruments Act
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Chapter 04: Companies act 2013
Q1. The books of account of every company relating to a period of not less than ------- years immediately preceding the current year shall be preserved in good order
Eight
Q2. Public company means
a company which is not a private company;
Q3.A private limited company cannot raise its capital from
Public
Q4.If an auditor states that the financial statement reflects true and fair view subject to certain reservations, then it is called _______________ opinion.
Qualified
Q5.Every person holding equity share capital of a company is called ---- of the company
Member
Q6."private company" means
a company which limits the number of its members to 200
Q7.The Balance Sheet and the Profit or Loss Account of a company should comply with
Accounting Standards
Q8.a memorandum containing such salient features of a prospectus as may be prescribed is called as --------.
abridged prospectus
Q9.What a copmany has to issue to invite deposits?
Advertisement
Q10.liability of all the share holders is
limited to the shares held by them
Q11.Every company shall appoint an auditor at each --------
annual general meeting
Q12.all share capital which is not preference share capital is ____
equity share capital
Q13.a public company which has any of its securities listed in any recognised stock exchange is called as
listed public company
Q14."limited company" means
a company limited by shares or by guarantee
Q15.Provisions in respect of which document are also applicable to advertisement inviting deposits?
prospectus
____________________________
Chapter 05: Consumer Protection Law
Q1.Any fault, imperfection or shortcoming in the quality, quantity, potency, purity or standard which is required to be maintained is called as a
Defect
Q2.District Forum shall have jurisdiction to entertain complaints where the compensation claimed does not exceed rupees
20 Lakhs
Q3.Any person aggrieved by an order made by the District Forum may prefer an appeal against such order to the State Commission within a period of _____ days from the date of the order
thirty
Q4.State Forum shall have jurisdiction to entertain complaints where the compensation claimed is above 20 Lakhs and does not exceed rupees
1 Crore
Q5.District Forum cannot issue an order to the opposite party directing him
To stop the business
Q6.Who can lodge the complaint under Consumer Protection Act?
Affected consumer himself
An association of consumers
State government
All of these
Q7.Which of the following statements is false?
The people availing free services are also covered under consumer protection act
Q8.NationalForum shall have jurisdiction to entertain complaints where the compensation claimed exceeds rupees
1 Crore
Q9.Which of the following is not an Unfair trade practice
refusal to give discount
Q10.What is the quantum of the fine in case of contempt of court?
Fine: Minimum Rs.2,000/- and Maximum Rs.10,000/-
Q11.Any person who buys any goods or services for a consideration is called a
Consumer
Q12.Which of the following statements is True?
Appeals against the order of National Commission should be lodged with Supreme Court
Q13.Which of the following is not a right of a Consumer?
The right to return the goods and seek refund of price
Q14.What is the quantum of the imprisonment in case of contempt of court?
Imprisonment: Minimum 1 month and Maximum 3 years
Q15.Which of the following is not an objective of Consumer Protection Act?
To promote and protect the rights of service providers
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Chapter 06: Information Technology Act, 2000
Q1.Services to its subscribers and relying parties as per its certification practice statement are provided by
Licensed Certifying Authorities
Q2.Publishing or transmitting or causing to be published in the electronic form, obscene material is called as
Pornography
Q3.The functions of identification, declaration, proof of electronic documents are carried out by using a
digital signature
Q4.Which of the following is not an objective of Information Technology Act 2000?
To encourage computer literacy
Q5.Which of the following is not a cyber crime?
a. Damages or causes to be damaged any computer resource
Q6.For affixing a digital signature, signatory has to use
Private Key
Q7.For verifying a digital signature, receipient has to use
Public key
___________________________
Chapter 07: Laws Related to Intellectual Property Righ
Q1.The object of The Trade Marks Act, 1999 is
to protect the goodwill and reputation of a business
Q2.The exclusive right given by law for a certain term of years to an author, composer to print, publish and sell copies of his original work is called as
Copyright
Q4.Unauthorised use of copyright or trade mark is called as
Infringement
Q5.The period (Term) of copyright is ___ years
50
Q6.If a person uses without authority the same mark or deceptively similar mark it results in
Infringement
Q7.A visual symbol in the form of a word, a device, or a label applied to articles of commerce is called as
Trade Mark
______________________________
Chapter 08: Indian Patent Act 1970
Q1.The sealing of a patent shall be made not later than the expiration of a period of ___ months from the date of advertisement
6
Q2.In case of a invention claiming process of manufacture of a substance intended to be used as food or medicine the term of patent is ___ years from the date of patent.
7
Q3.Any person may oppose the grant of patent within _________ months from the date of advertisement
4
Q4.Which of the following is considered as invention?
An useful and novel machine
Q5.A patent holder gets
Exclusive Marketing rights
Q6.In case of any other invention the term of patent is ___ years from the date of patent.
14
Q7.The term _____ refers to a right granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or composition of matter
Patent
_____________________________
Chapter 09: Partnership Laws
Q1.Which of the following statements is false?
A body corporate cannot be a partner in a limited liability partnership
Q2.Which of the following statements is false?
A partnership firm is a distinct legal entity.
Q3. Which of these cannot convert into a limited liability partnership?
an listed public company
Q4. A collective name for the partners is called as
A firm
Q5. A partnership firm should be registered with
Registrar of Firms
Q6. Every limited liability partnership shall file an annual return duly authenticated with the Registrar within ____ days of closure of its financial year
Sixty
Q7. Which of the following statements is true?
A partner is the agent of the firm
Q8. If the rights and liabilities of each partner are determined afresh, it is called as
reconstitution of a firm
Q9. Every partner of a limited liability partnership is
the agent of the limited liability partnership, but not of other partners
Q10. A person may cease to be a partner of a limited liability partnership by giving a notice in writing of not less than ____ days
thirty
Q11. The relation between persons who have agreed to share the profits of business carried on by all or any of them acting for all is called as
Partnership
Q12. A firm can have Minimum _ and Maximum _ partners
2 and 20
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