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. In case of a voidable contract, the aggrieved party has the right to: Rescind the contract Approve the contract Change the terms of the contract None of the above None 2. A contract with a minor is: Voidable Void Valid Enforceable at the minor's discretion None 3. A contract is considered illegal when: It involves the performance of an unlawful act It violates a public policy It involves criminal activities All of the above None 4. An agreement made without consideration is: Void Valid Voidable None of the above None 5. The performance of a contract can be excused if: It is rendered impossible by an act of God The contract is not written Both parties agree to waive the performance None of the above None 6. The sale of goods occurs when: Goods are transferred to the buyer for consideration Goods are exchanged for a promise to pay The seller agrees to sell goods but no transfer of ownership occurs None of the above None 7. Under the Sale of Goods Act, the transfer of property in goods from seller to buyer happens when: The goods are delivered The buyer pays the purchase price Both parties agree on the transfer None of the above None 8. In the event of non-payment of the price of goods sold, the seller has the right to: Sue for damages Retain possession of goods Resell the goods All of the above None 9. The right of the seller to demand payment in advance before transferring goods is called: Condition precedent Warranty Condition subsequent None of the above None 10. The Sale of Goods Act applies to: Only movable goods Immovable property Services All types of goods None 11. The person who draws a cheque is called the: Drawer Drawee Payee Endorser None 12. A promissory note is: A written promise to pay a specific sum of money A written order to pay a specific sum A written order to transfer property A form of endorsement None 13. A holder in due course is: The payee or endorsee of a negotiable instrument who has taken it in good faith The person who draws the instrument The person who guarantees payment of the instrument The person who signs the instrument for acknowledgment None 14. Which of the following is not a negotiable instrument? Bill of exchange Cheque Promissory note Land sale deed None 15. The time limit to present a negotiable instrument for payment after it is dishonored is: 3 months 6 months 1 year No limit None 16. A partnership deed is: Mandatory for all partnerships Optional in a partnership Required only for limited partnerships None of the above None 17. In case of a partnership firm’s dissolution, the assets are distributed: To the partners in the ratio of their capital contribution In equal shares among partners As per the agreement in the partnership deed In the order of the debts None 18. 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 19. A partnership can be terminated by: Mutual consent Court order Expiry of the term All of the above None 20. If one partner acts beyond the authority of the firm, the firm is: Bound by that act if it benefits the firm Not bound unless authorized Bound regardless of the act None of the above None 21. In an LLP, the partners have: Unlimited liability Limited liability No liability None of the above None 22. An LLP must have at least: 2 partners 3 partners 7 partners 10 partners None 23. The partners of an LLP are: Personally liable for the debts of the LLP Not personally liable for the debts Liable only in the case of fraud Liable to a fixed amount None 24. In case of LLP winding up, the liabilities of the LLP are settled: Only through sale of assets From the personal assets of the partners Through a liquidator None of the above None 25. An LLP is required to file annual returns with: The State Government The Registrar of Companies The Ministry of Finance None of the above None 26. A consumer complaint can be filed for: Defective goods Deficient services Unfair trade practices All of the above None 27. The Consumer Protection Act, 2019 provides a three-tier structure for redressal of complaints, starting from: District Commission State Commission National Commission All of the above None 28. The Consumer Protection Act applies to: Only private companies Government organizations Goods and services None of the above None 29. Under the Consumer Protection Act, compensation for harm caused can be claimed for: Personal injury Loss of property Psychological harm All of the above None 30. A consumer forum may pass orders for: Refund of price Removal of defects Payment of damages All of the above None 31. A company can raise capital by issuing: Equity shares Preference shares Debentures All of the above None 32. The minimum number of directors required for a private company is: 1 2 3 5 None 33. The Articles of Association of a company define: The rights of members The duties of the board of directors The internal rules for governance The amount of capital to be raised None 34. A company can buy back its own shares: Only with the approval of shareholders Only with the approval of the central government With the approval of the board of directors None of the above None 35. The audit committee of a company should consist of: Only independent directors At least two-thirds independent directors One-third independent directors All non-executive directors None 36. Under the Payment of Gratuity Act, the maximum limit for gratuity is: ₹5,00,000 ₹10,00,000 ₹20,00,000 ₹25,00,000 None 37. The Minimum Wages Act, 1948 provides for: Fixation of minimum wages for workers Employment contracts for workers The right to work in public sector undertaking Payment of bonus to workers None 38. The Industrial Disputes Act, 1947 governs: Settlements between employers and employees Retirement benefits for employees Pension funds for workers All of the above None 39. The Employees' Provident Fund is managed by: The government A private bank The Employees' Provident Fund Organisation (EPFO) The National Stock Exchange None 40. The Trade Marks Act, 1999 deals with: Protection of intellectual property Protection of trademarks Registration of patents None 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. 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!
