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 contract becomes voidable when: It lacks consideration Consent is obtained by coercion It is unlawful It is impossible to perform None 2. Which of the following is not a valid contract? Agreement made with free consent Agreement without consideration Agreement made by a person competent to contract Agreement with a lawful object None 3. Communication of an offer is complete: When it is dispatched by the proposer When it comes to the knowledge of the offeree When the offeree accepts it None of the above None 4. Consideration must move at the desire of Promisor Promisee Any third party Court None 5. A minor’s agreement is: Valid Void Voidable Unenforceable None 6. The essence of a contract of sale of goods is: Transfer of ownership Transfer of possession Exchange of goods Delivery of goods None 7. When goods are sold by description and sample, the goods must: Correspond with the sample only Correspond with the description only Correspond with both description and sample Match with the price tag None 8. An unpaid seller has the right to: Stop the goods in transit Resell the goods Retain the goods All of the above None 9. The term “goods” under the Sale of Goods Act includes: Shares and stocks Money Immovable property Tangible movable property None 10. A warranty is: A condition essential to the contract A stipulation collateral to the main purpose of the contract A term without which the contract cannot operate An implied condition None 11. A negotiable instrument must be: Written and signed Payable to bearer Payable to order All of the above None 12. Dishonor of a negotiable instrument occurs when: It is lost It is not accepted or paid It is destroyed It is endorsed None 13. A promissory note must contain: A conditional promise to pay An unconditional promise to pay Both A and B None of the above None 14. The liability of the drawee of a bill arises when: The bill is accepted The bill is presented The bill is endorsed The bill is negotiated None 15. A cheque is a type of: Promissory note Bill of exchange Warranty Guarantee None 16. The liability of a partner in a partnership firm is: Limited Unlimited Zero Fixed None 17. In a partnership, the mutual agency of partners implies that: All partners are agents of the firm only All partners are principals of the firm only All partners are agents and principals of each other None of the above None 18. Registration of a partnership is: Compulsory Voluntary Mandatory Conditional None 19. The maximum number of partners in a partnership firm is: 10 20 50 No limit None 20. Partnership comes to an end: On retirement of a partner On admission of a new partner On death or insolvency of a partner All of the above None 21. LLP stands for: Limited Liability Partnership Long Life Partnership Legal Liability Partnership None of the above None 22. The liability of a partner in an LLP is: Unlimited Limited to the extent of contribution Equal to all partners Dependent on mutual agreement None 23. LLP is governed by: Indian Partnership Act, 1932 Companies Act, 2013 LLP Act, 2008 Negotiable Instruments Act, 1881 None 24. An LLP must have at least: 2 partners 3 partners 7 partners 10 partners None 25. In LLP, partners act as: Principals only Agents only Agents of the LLP Agents of the partners None 26. A private company can have a maximum of: 200 members 50 members 100 members Unlimited members None 27. A public company must have a minimum of: 2 members 3 members 7 members 10 members None 28. Articles of Association define: Rules for internal management of the company The relationship of the company with outsiders Both A and B None of the above None 29. The first auditor of a company is appointed by: Shareholders Board of directors Government Registrar None 30. The minimum paid-up capital for a private company is: ₹1,00,000 ₹2,00,000 ₹5,00,000 No minimum limit None 31. A company is said to be a: Natural person Legal person Public authority None of the above None 32. The liability of members in a company limited by guarantee is: Limited to unpaid share capital Limited to the amount guaranteed Unlimited Fixed by directors None 33. A prospectus is issued by: A private company A public company inviting subscriptions Any registered entity None of the above None 34. A company’s Memorandum of Association contains: Internal rules and regulations The company's objectives and scope Financial statements Employee policies None 35. The maximum tenure for an independent director in a company is: 5 years 10 years 15 years No limit None 36. In a contract of guarantee, the person who gives the guarantee is called: Principal debtor Surety Creditor Guarantor None 37. A contract of indemnity involves: Three parties Two parties Four parties No specific parties None 38. The liability of a surety in a contract of guarantee is: Secondary Primary Joint with the principal debtor Contingent on the creditor’s action None 39. The Consumer Protection Act, 2019 applies to: Goods only Services only Goods and services both Only defective goods None 40. Which of the following is a valid consumer grievance under the Consumer Protection Act? Unfair trade practices Defective goods Deficiency in service All of the above 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. 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