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. Which of the following is not an essential element of a valid contract? Offer and acceptance Consideration Free consent Goodwill None 2. In which of the following cases, an agreement is voidable? Agreement with a minor Agreement under duress Agreement made under illegal consideration Agreement made without consideration None 3. According to the Indian Contract Act, 1872, which of the following is a contract of indemnity? Bailment Guarantee Contract of insurance Contract for sale of goods None 4. The term 'Offer' is defined in Section ________ of the Indian Contract Act. Section 2(a) Section 2(b) Section 2(c) Section 3 None 5. The Sale of Goods Act, 1930 applies to: Sale of immovable property Sale of goods Contracts of employment Contracts of partnership None 6. Which of the following is true about the contract of sale? Only tangible goods can be sold It is a contract for the transfer of ownership of goods It is a contract for the hire of goods It is a contract to manufacture goods None 7. Which of the following contracts is governed by the Indian Partnership Act, 1932? Contract between two companies Agreement of partnership Agreement of joint venture All of the above None 8. The term "Limited Liability" is associated with which of the following? Joint Hindu Family Limited Liability Partnership (LLP) Partnership Sole Proprietorship None 9. A company is said to be a "separate legal entity" under which of the following acts? Indian Companies Act, 1956 Indian Companies Act, 2013 Indian Partnership Act, 1932 Limited Liability Partnership Act, 2008 None 10. Which section of the Indian Companies Act, 2013 defines the term "Company"? Section 2(20) Section 2(40) Section 2(10) Section 2(30) None 11. Which of the following is a feature of a public company? Minimum of 2 members No minimum capital requirement It can raise capital from the public Cannot offer shares to the public None 12. Under which of the following acts, can a company be wound up? The Indian Contract Act, 1872 The Indian Companies Act, 2013 The Sale of Goods Act, 1930 The Indian Partnership Act, 1932 None 13. Which of the following is correct about the "Negotiable Instruments Act, 1881"? It deals with contracts of sale It defines the term 'Negotiable Instruments' It deals with partnerships It governs insurance contracts None 14. What is the minimum number of members required for the formation of a Limited Liability Partnership (LLP)? 1 2 3 7 None 15. A negotiable instrument that is payable on demand is called: Bill of exchange Promissory note Cheque All of the above None 16. Which of the following is not a type of negotiable instrument? Bill of exchange Promissory note Letter of credit Contract of employment None 17. Which of the following provisions is related to the contract of guarantee? Section 124 of the Indian Contract Act, 1872 Section 126 of the Indian Contract Act, 1872 Section 128 of the Indian Contract Act, 1872 Section 130 of the Indian Contract Act, 1872 None 18. Which of the following is not a function of the Registrar of Companies (RoC)? Maintaining company records Registration of companies Issuing certificates of incorporation Approval of company mergers None 19. Which of the following is a key feature of a 'Private Limited Company'? Minimum of two members Maximum of fifty members No requirement for capital contribution No restriction on transfer of shares None 20. The term 'Bailment' is defined in which section of the Indian Contract Act? Section 148 Section 149 Section 150 Section 151 None 21. Which of the following statements is true regarding a partnership firm? It is a separate legal entity The maximum number of partners is 50 Profits are shared in equal ratio unless agreed otherwise d) Partners are not personally liable for firm’s debts Partners are not personally liable for firm’s debts None 22. In which type of company can the transfer of shares be restricted? Public company Private company Limited Liability Partnership Joint venture None 23. Which of the following is not an example of an invalid contract? Contract made by a minor Contract made under coercion Contract made for an illegal act Contract for the sale of goods None 24. A document that acts as a receipt for goods purchased on credit is known as: Bill of exchange Promissory note Invoice Letter of credit None 25. The term 'Contracts of Sale of Goods' applies only to goods that are: Tangible and movable Immovable Intangible None of the above None 26. Which of the following is an essential feature of a bill of exchange? It must be signed by the drawer It must be payable on demand It must be executed under seal It is always unconditional None 27. Which of the following is not a type of company as per the Companies Act, 2013? Private Company Public Company Limited Liability Partnership Sole Proprietorship None 28. Which of the following is an example of a contract that must be in writing? Contract of sale of goods Contract for the sale of immovable property Contract of employment Contract for the hire of goods None 29. The formation of a limited liability partnership requires a minimum of: 1 person 2 persons 3 persons 7 persons None 30. The document of incorporation of a company is known as: Articles of Association Memorandum of Association Certificate of Incorporation Deed of Partnership None 31. Who is responsible for appointing auditors in a company? Board of Directors Shareholders in AGM The Government Registrar of Companies None 32. Under the Indian Companies Act, 2013, what is the maximum number of members allowed in a private company? 100 200 50 150 None 33. Which of the following is the purpose of a 'memorandum of association'? To define the objectives and powers of the company To list the shareholders of the company To govern the internal workings of the company To provide the company's rules and regulations None 34. A company has the capacity to hold property and enter into contracts under which of the following principles? Separate legal entity Partnership Joint venture Sole proprietorship None 35. Under the Indian Partnership Act, 1932, a partnership is formed by: Oral agreement only Written agreement only Mutual consent Court order None 36. Which of the following is required for the incorporation of a company in India? Minimum of two directors A public office address A minimum of 100 shareholders All of the above None 37. A cheque can be dishonored due to: Insufficient funds Signature mismatch Stale cheque All of the above None 38. Which of the following agreements is governed by the Indian Contract Act? A contract of insurance A contract for the sale of immovable property contract of bailment A contract for the sale of goods None 39. Which of the following is true about a company under the Indian Companies Act, 2013? A company has perpetual succession A company cannot enter into contracts A company is a partnership of shareholders A company has no separate legal existence None 40. Which of the following is a type of contract that must be in writing? Contract for the sale of goods Contract for the sale of immovable property Contract for services Contract of bailment None 1 out of 4 Great job on taking the INCOC Test! 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