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 an essential requirement for a valid contract? Agreement Capacity to contract Lawful consideration All of the above None 2. Which of the following is a contract made without free consent? Contract under misrepresentation Contract under undue influence Contract under coercion All of the above None 3. In the case of a contract of sale, the property in the goods passes from the seller to the buyer under the Sale of Goods Act, 1930, when: Goods are delivered Goods are paid for Ownership is transferred None of the above None 4. Which of the following is true about a "Contract of Bailment"? A contract of mutual benefit The bailee receives the goods for a specified period All of the above None 5. The term 'Contract of Guarantee' refers to: A promise to pay a debt A promise to answer for the loss of goods A promise to perform a duty A promise to secure a debt or obligation None 6. Under the Indian Companies Act, 2013, a "company" must have a minimum of how many members to be incorporated? 1 2 3 7 None 7. The document that outlines a company’s internal rules and regulations is called: Articles of Association Memorandum of Association Shareholder Agreement Partnership Deed None 8. Under the Indian Partnership Act, 1932, a partnership deed can be: Written only Oral only Either written or oral Written and signed only None 9. Which of the following can act as a partner in a Limited Liability Partnership (LLP)? Natural persons only Only corporate entities Both natural persons and corporate entities None of the above None 10. Under the Sale of Goods Act, 1930, what is meant by ‘Goods’? Money and securities Stocks and shares Property capable of being sold Immovable property None 11. Which section of the Indian Contract Act deals with ‘contracts of sale’? Section 5 Section 6 Section 7 Section 8 None 12. Under the Negotiable Instruments Act, 1881, a promissory note must: Be signed by the maker Be payable on demand Be witnessed by a third party Be in writing None 13. Under which Act can a company be wound up? The Companies Act, 1956 The Companies Act, 2013 The Limited Liability Partnership Act, 2008 The Partnership Act, 1932 None 14. Which of the following is not a negotiable instrument? Bill of exchange Cheque Promissory note Mortgage deed None 15. Which of the following is required to form a company under the Companies Act, 2013? At least one director A minimum share capital of ₹5 lakh A minimum of two members All of the above None 16. Which of the following is the first step in the process of registration of a company? Signing the memorandum of association Appointment of the directors Filing the articles of association Obtaining the Digital Signature Certificate (DSC) None 17. A partnership firm can be registered under: The Indian Partnership Act, 1932 The Indian Companies Act, 2013 The Limited Liability Partnership Act, 2008 The Income Tax Act, 1961 None 18. In case of default in payment under a contract, the aggrieved party is entitled to: Compensation Punitive damages Specific performance All of the above None 19. Under the Indian Companies Act, 2013, the maximum number of members in a private company is: 50 100 200 500 None 20. In a partnership, the liability of the partners is: Limited Unlimited Joint only None of the above None 21. Under the Sale of Goods Act, who has the right to reject goods if they are not as per the contract? The buyer The seller The agent of the buyer The seller’s representative None 22. Which of the following statements is true about the companies in India? A company is a separate legal entity A company cannot sue or be sued A company is a partnership of shareholders A company does not require directors None 23. The period of limitation for the filing of a suit under a negotiable instrument is: 1 year 2 years 3 years 5 years None 24. The term 'Corporate Veil' refers to: The division between a company’s finances and its personal accounts The concept of personal liability of shareholders The legal separation between a company and its shareholders A measure of corporate governance None 25. The liability of members in a Limited Liability Partnership (LLP) is: Unlimited Limited to the extent of capital contribution Joint and several None of the above None 26. A contract which is enforceable by law is called: Void contract Voidable contract Valid contract Illegal contract None 27. Which of the following is true about a "Public Limited Company"? Shares cannot be sold to the public Shares can be sold to the public Cannot raise funds through stock exchange It has a minimum of 7 members None 28. The power of the directors of a company is regulated by: Articles of Association Memorandum of Association General Meeting Shareholder Agreement None 29. A bill of exchange is a: Promise to pay a sum of money Document that orders the payment of money Document that acknowledges receipt of money Receipt for a payment made None 30. The maximum number of partners allowed in a partnership firm under the Indian Partnership Act, 1932 is: 20 50 100 30 None 31. Under the Indian Companies Act, 2013, the role of an auditor is to: Prepare financial statements Verify financial statements Approve financial transactions Provide tax consultancy None 32. Which of the following cannot be an object of a company? Manufacturing goods Selling goods Undeclared activities Charitable activities None 33. A partnership deed must contain details of: Capital contribution Profit-sharing ratio Duties and liabilities of partners All of the above None 34. Under the Indian Companies Act, 2013, the number of directors in a private company should not exceed: 15 20 25 30 None 35. Which of the following is not a feature of a negotiable instrument? It is transferable It requires registration It can be used as a medium of exchange It represents a debt or promise to pay None 36. Which of the following is a principle of natural justice? Nemo judex in causa sua Audi alteram partem Both a and b None of the above None 37. Which of the following is a correct statement about a "Contract of Agency"? An agent can contract on behalf of the principal The principal is responsible for the agent’s acts The agent is bound by the principal’s instructions All of the above None 38. The process of winding up of a company can be initiated by: The shareholders The creditors The Tribunal Any of the above None 39. Under the Sale of Goods Act, 1930, the ‘contract of sale’ involves: Sale of goods by the owner Sale of goods by the seller Transfer of ownership and delivery None of the above None 40. A partner in a partnership is bound to compensate for loss suffered due to: His negligence His fraud His wrongful act 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. 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!
