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. The contract that is formed when one party accepts the offer made by the other party is called: Express contract Implied contract Bilateral contract Unilateral contract None 2. A contract is said to be void when: It is made with a minor The object is illegal It is made under duress All of the above None 3. A contract made by a person who is legally insane is: Voidable Void Valid None of the above None 4. In case of a breach of contract, the remedy available to the aggrieved party is: Rescission Damages Specific performance All of the above None 5. A proposal made in jest is: Valid Void Voidable Can be enforced None 6. In a contract of sale, the buyer has the right to: Reject the goods on delivery Demand the delivery of goods in a specified quantity Accept or reject goods if the goods are defective All of the above None 7. Under the Sale of Goods Act, 1930, the risk in goods is transferred to the buyer: When the goods are delivered When the buyer agrees to pay for the goods When the title of the goods is transferred All of the above None 8. In a sale of goods contract, if the buyer does not pay the price, the seller can: Sue for damages Retain possession of the goods Resell the goods All of the above None 9. A condition of a contract is: A term which is central to the agreement A term that is secondary to the agreement A term that is not enforceable None of the above None 10. The Sale of Goods Act, 1930 does not apply to: Sale of moveable goods Sale of immovable property Sale of tangible goods Sale of services None 11. A negotiable instrument that is not payable to order or bearer is: A promissory note A cheque A bill of exchange A non-negotiable instrument None 12. A bill of exchange is drawn by the: Drawer Drawee Payee None of the above None 13. Which of the following is true regarding a dishonored cheque? The payee can sue for damage The drawer can be imprisoned It results in a civil liability only Both A and B None 14. The holder of a negotiable instrument has the right to: Transfer the instrument to another person Demand payment from the maker or drawee Endorse the instrument to another person All of the above None 15. A 'bounced cheque' can be penalized under which section of the Negotiable Instruments Act? Section 138 Section 139 Section 142 Section 145 None 16. If a partner acts beyond his authority, the partnership firm is: Bound by his actions Not bound unless it is ratified by other partners Bound by the decision of the majority Not liable for the action None 17. The partnership deed should specify: Name and address of the partners Profit-sharing ratio Rights and duties of partners All of the above None 18. A partnership firm can be dissolved by: Mutual agreement Expiry of the term Insolvency of a partner All of the above None 19. The capital of a partnership is contributed by: The partners equally The partners as agreed upon in the partnership deed The firm’s assets None of the above None 20. In a partnership, the liability of a partner is: Unlimited Limited to capital invested Limited to their share of profits None of the above None 21. A private limited company can have a maximum of how many members? 50 o 100 200 No limit None 22. A company must hold its Annual General Meeting (AGM) within: 6 months from the end of the financial year 3 months from the end of the financial year 12 months from incorporation 15 days from the end of the financial year None 23. A company can issue shares at a premium, provided: The company has sufficient reserves The company has earned a profit The shareholders approve it The Articles of Association allow it None 24. The Board of Directors of a company is responsible for: Managing the affairs of the company Reporting to the shareholders Fixing the dividends All of the abov None 25. A company can be wound up by: A resolution passed by the shareholders The court The central government Both A and B None 26. The District Consumer Forum can entertain complaints where the value of goods or services is: Up to ₹1 lakh Between ₹1 lakh and ₹20 lakh Between ₹20 lakh and ₹1 crore Any value None 27. The National Consumer Disputes Redressal Commission is: The highest authority in consumer dispute resolution For complaints over ₹1 crore Set up by the central government All of the above None 28. Under the Consumer Protection Act, 2019, who can file a complaint? A consumer A consumer association A government agency All of the above None 29. The Consumer Protection Act, 2019 provides for the establishment of Consumer courts Mediation centers District, State, and National Commissions All of the above None 30. A product is considered defective under the Consumer Protection Act, 2019 if: It does not conform to the standards set by law It fails to provide the expected performance It does not match the description given by the seller All of the above None 31. The Payment of Gratuity Act applies to establishments with: 10 or more employees 20 or more employee 50 or more employees 100 or more employees None 32. The minimum wage under the Minimum Wages Act is set by: The central government The state government The labour commissioner The employer None 33. The Employees' Provident Fund (EPF) is mandatory for employees earning up to: ₹5,000 ₹15,000 ₹25,000 ₹50,000 None 34. The maximum bonus under the Payment of Bonus Act is: 8.33% 12.5% 20% 30% None 35. The Industrial Disputes Act, 1947 primarily deals with: Rights of workers Resolution of disputes between employers and employees Establishment of labour courts All of the above None 36. The Right to Information Act, 2005 is applicable to: Government authorities Non-governmental organizations Private sector companies None of the above None 37. The Payment of Wages Act, 1936 applies to establishments where: Less than 100 workers are employed More than 100 workers are employed 10 or more workers are employed More than 20 workers are employed None 38. The Trade Unions Act, 1926 regulates the functioning of: Trade unions Employers’ organizations Both A and B None of the above None 39. Which of the following acts deals with child labor? Child Labor (Prohibition and Regulation) Act, 1986 Minimum Wages Act, 1948 Factories Act, 1948 None of the above None 40. The Securities and Exchange Board of India (SEBI) was established in: 1992 1991 1989 2000 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!
