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 the case of an "Agreement to Sell," the ownership of goods is transferred: Immediately On payment At a future date When goods are delivered None 2. 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 3. In a contract, a person who makes an offer is known as: Offeree Offeror Promisor Promisee None 4. The term "Consideration" is defined under: Section 1 Section 2(d) Section 3 Section 4 None 5. In a sale of goods contract, the seller is required to deliver goods that are: Free from defects Fit for the purpose specified In accordance with the contract's description All of the above None 6. An agreement made without consideration is: Void Valid Voidable None of the above None 7. Under the Indian Companies Act, 2013, a "Company Limited by Guarantee" means: Liability of members is limited to the guarantee amount Liability of members is unlimited The company cannot borrow funds None of the above None 8. Which of the following is a feature of a partnership? he firm is not a separate legal entity Partners share both profits and losses The liability of partners is unlimited All of the above None 9. Which of the following must be present for a valid contract? Offer and acceptance Legal capacity of parties Free consent All of the above None 10. Which of the following is NOT a type of partnership? General partnership Limited partnership Sleeping partnership Public partnership None 11. The concept of "Limited Liability" in a company means: Shareholders are personally liable for the company's debts Shareholders' liability is limited to the unpaid share capital The company can be wound up at any time None of the above None 12. What is a "Cheque"? A form of bill of exchange An instrument for borrowing money A payment made on behalf of the bank None of the above None 13. The Sale of Goods Act, 1930, applies to: Immovable property Movable property Both movable and immovable property None of the above None 14. Under the Indian Contract Act, a contract made by a minor is: Void Voidable Valid Enforceable with minor's consent None 15. A company must have at least how many directors according to the Companies Act, 2013? 1 2 3 7 None 16. Which of the following is a form of business ownership that offers limited liability and a separate legal entity? Sole proprietorship Partnership Limited Liability Partnership (LLP) Joint venture None 17. Which section of the Indian Contract Act, 1872 defines a contract? Section 1 Section 2 Section 5 Section 6 None 18. In the case of a "Contract of Sale," the buyer has the right to reject goods if: The goods are defective The goods are different from the contract description The goods are damaged All of the above None 19. The liability of a "Surety" under a contract of guarantee is Primary Secondary Joint None of the above None 20. A company that has a memorandum of association containing the objectives of the company is known as a: Private company Public company Limited company Registered company None 21. A limited liability partnership (LLP) has how many minimum partners? 1 2 3 4 None 22. Which of the following is a feature of a company? A company is a separate legal entity A company can sue or be sued A company can own property All of the above None 23. In case of default by the buyer in payment of the price, the seller can: Rescind the contract Sue for damages Retain the goods until payment is made All of the above None 24. A company must maintain a minimum level of: Capital Members Shareholders Directors None 25. In a contract of "Bailment," the bailee is bound to: Use the goods only for the purpose agreed upon Return the goods to the bailor Take reasonable care of the goods All of the above None 26. In a partnership firm, each partner has the right to: Manage the business Contribute capital Share profits and losses All of the above None 27. Under the Companies Act, 2013, the maximum number of directors allowed in a public company is: 7 15 20 25 None 28. The sale of goods contract requires the goods to be: Movable Immovable Durable Publicly traded None 29. In a limited company, shareholders are liable to the extent of: Capital invested Personal assets Public property None of the above None 30. Which of the following is the basic purpose of the "Memorandum of Association" of a company? To define the objectives of the company To limit the liability of members To define the capital structure To manage internal affairs None 31. Which of the following is true about a negotiable instrument? It must be payable to order or bearer It must be in writing It must contain an unconditional promise or order to pay All of the above None 32. A partnership is considered a separate legal entity: True False None 33. In the case of a "Contract of Guarantee," the surety is bound to pay: Only when the principal debtor defaults Immediately on demand After the expiry of a fixed time None of the above None 34. In a partnership, the distribution of profits and losses is determined by: Capital contributed Agreement between the partners Work done None of the above None 35. Under the Indian Companies Act, 2013, a public company requires a minimum of: 1 member 2 members 7 members 5 members None 36. Which of the following is true about an "Offeree" in contract law? The offeree is the person who makes the offer The offeree is the person who accepts the offer The offeree is bound to accept the offer None of the above None 37. Which of the following is NOT a negotiable instrument? Bill of exchange Cheque Promissory note Lease agreement None 38. In a sale of goods, the risk of loss of goods passes to the buyer when: Delivery is made Payment is made Goods are dispatched Goods are paid for None 39. A company can be formed with a minimum of how many members under the Companies Act, 2013? 1 2 3 7 None 40. A contract for the sale of goods should contain the following element: Price Delivery date Goods description 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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