Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business LawsTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. A quasi-contract arises when: An agreement is not enforceable A contract is expressly written A legal obligation exists without a contract None of the above None 2. A contract is discharged when: It is performed It becomes impossible to perform The parties agree to end it All of the above None 3. Specific performance of a contract can be enforced: In all contracts In contracts involving personal skill In contracts related to immovable property INone of the above None 4. When one party refuses to perform a contract before the performance is due, it is called: Novation Anticipatory breach Rescission Remission None 5. Consent obtained by undue influence renders a contract: Valid Void Voidable Illegal None 6. A contract for the sale of goods where ownership is transferred immediately is called: Agreement to sell Sale Hire-purchase Bailment None 7. In a contract of sale, if the buyer is unaware of a defect that the seller knows about, it is: Buyer’s risk Seller’s responsibility Covered under caveat emptor None of the above None 8. When the seller is in possession of goods after the sale, he: Has ownership rights Is a trustee of the buyer Can resell the goods Can withhold delivery unconditionally None 9. If the goods are perishable and the buyer does not take delivery, the seller can: Destroy the goods Resell the goods Sue for damages only None of the above None 10. Transfer of property in goods means transfer of: Possession Ownership Custody Risk only None 11. A cheque crossed “Account Payee” can be: Cashed by anyone Cashed only by the payee Cashed only by the drawer Cashed by the bank None 12. A promissory note requires: A drawer and a drawee A promise to pay unconditionally An acceptance by the drawee None of the above None 13. Negotiation of a bearer cheque is completed by: Delivery Endorsement Delivery and endorsement Writing on the cheque None 14. Who is primarily liable on a promissory note? Maker Payee Endorser Drawee None 15. A dishonored cheque must be presented for payment: Any time after its issuance Within 3 months from the date of the cheque Within 6 months from the date of the cheque None of the above None 16. A partner can retire from a firm with: Consent of all partners A court order His own wish without informing others None of the above None 17. A partner who does not take part in the management of the firm is called: Active partner Dormant partner Nominal partner None of the above None 18. Partnership property is owned: By individual partners By the firm collectively By the managing partner By the person contributing the maximum capital None 19. If a minor is admitted to benefits of partnership, he: Has full liability for the debts of the firm Has no liability at all Has liability only to the extent of his share Can become a partner after attaining majority None 20. A partnership firm is dissolved by: Mutual agreement of partners Insolvency of a partner Expiry of the term of partnership All of the above None 21. In an LLP, the document that governs internal management is called: Articles of Association Partnership Agreement LLP Agreement Memorandum of Association None 22. An LLP can be wound up by: An order of the court The consent of all partners Failure to meet legal requirements All of the above None 23. An LLP must maintain its books of accounts for: 5 years 8 years 10 years No specified period None 24. In LLP, Designated Partners are responsible for: Day-to-day management Statutory compliance Admission of new partners None of the above None 25. Conversion of a partnership firm into an LLP requires: Consent of all partners Approval of creditors Filing necessary documents with the Registrar All of the above None 26. A consumer can file a complaint in: District Commission for claims up to ₹1 crore State Commission for claims up to ₹10 crore National Commission for claims above ₹10 crore All of the above None 27. An online marketplace operator is: A manufacturer A seller A service provider An e-commerce entity None 28. Product liability arises due to: Defective manufacturing Inadequate labeling Non-conformance to safety standards All of the above None 29. The time limit for filing a consumer complaint is: 1 year from the date of cause of action 2 years from the date of cause of action 3 years from the date of cause of action No time limit None 30. The penalty for false or misleading advertisement under the Consumer Protection Act is: ₹5 lakh fine or 1-year imprisonment ₹10 lakh fine or 2-year imprisonment ₹50,000 fine or 6-month imprisonment No penalty specified None 31. The minimum number of members required for a public company is: 2 3 7 10 None 32. A company that is formed to promote art, science, or charity is called: Limited liability company Public company Private company Section 8 company None 33. The first directors of a company are appointed by: Members at the first AGM The subscribers to the Memorandum The Registrar of Companies The Board of Directors None 34. The primary objective of the Articles of Association is to regulate: The company's external affairs The company's internal management The relationships with creditors The company’s marketing strategies None 35. A dormant company under the Companies Act, 2013 is: A company that is not carrying on any significant accounting transactions A company that has been declared insolvent A company with disputes among directors None of the above None 36. The purpose of the Consumer Protection Act is to: Protect the rights of consumers Ensure proper pricing of goods Regulate businesses Promote imports None 37. A consumer grievance may be filed under the Consumer Protection Act for: Restrictive trade practices Deficiency in services Sale of hazardous goods All of the above None 38. The maximum time limit for resolving a consumer dispute is: 1 year 3 years 90 days (or 120 days if testing is required) No time limit specified None 39. A partnership can be dissolved in the following cases: By mutual agreement of the partners Compulsory dissolution due to unlawful business By order of the court All of the above None 40. The relation between partners of a firm is that of: Employer and employee Principal and agent Trustee and beneficiary Debtor and creditor None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test.Look out for results and future opportunities.Stay Connected !! Your quiz time is about to finish. Few seconds left. 1 2 3 4 Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
