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 a contract of sale of goods, when does ownership of goods pass from the seller to the buyer? On delivery When the buyer pays the price As per the terms agreed between the parties Immediately after the contract is signed None 2. Which of the following is required to form a valid contract? Free consent Lawful consideration A lawful object All of the above None 3. Which of the following is not an essential element of a contract? Offer Acceptance Consideration Payment in advance None 4. A partner who is not active in business operations but has invested capital is called: Active partner Sleeping partner Nominal partner Limited partner None 5. A minor can be a: Partner in a firm Beneficiary of a contract Executor of a will Guardian of another minor None 6. A "Shareholder" in a company is liable to the extent of: His investment in the company The company's total debt His personal assets All of the above None 7. Which of the following is true regarding "agency" in business law? An agent can act only in the name of the principal An agent has the authority to bind the principal in contract The principal is bound by the acts of the agent within the scope of agency All of the above None 8. The directors of a company are: Elected by the shareholders Appointed by the managing director Appointed by the government None of the above None 9. The term "Promissory Note" refers to: An unconditional promise to pay a sum of money A type of negotiable instrument A written contract to pay All of the above None 10. The term "Contract of Sale" under the Sale of Goods Act, 1930, involves: Transfer of ownership of goods Transfer of goods for consideration Transfer of possession All of the above None 11. Which of the following is true regarding "Incorporation" of a company? It is the process of registering a company with the Registrar of Companies It provides the company with legal status as a separate entity It involves the filing of Memorandum and Articles of Association All of the above None 12. In a "Contract of Guarantee," the liability of the surety is: Primary Secondary Equal to that of the principal debtor Unlimited None 13. Under the Companies Act, 2013, the minimum number of members required for a private company is: 1 2 3 7 None 14. The term "Winding Up" in the context of a company refers to: The process of distributing the company's assets The sale of assets to pay creditors The cessation of the company's business operations All of the above None 15. Under the Indian Contract Act, 1872, a contract made under duress or undue influence is: Void Voidable Valid Enforceable at the discretion of the injured party None 16. A contract of sale of goods is governed by which of the following? Sale of Goods Act, 1930 Indian Contract Act, 1872 Indian Partnership Act, 1932 None of the above None 17. The term "Promisor" refers to: The person who makes the offer The person who accepts the offer The person who promises to do something under the contract The person who receives the offer None 18. Which of the following is the feature of a limited liability partnership (LLP)? Partners' liability is limited to their contributions It is a separate legal entity It does not have a minimum capital requirement All of the above None 19. The term "Articles of Association" refers to: A document outlining the company's internal management rules A contract between the company and its members A public document available for inspection All of the above None 20. Which of the following is true about a "Contract of Sale"? The buyer can reject the goods if they do not match the description The seller has the right to sell defective goods Delivery of goods is not necessary A contract of sale does not require a written agreement None 21. A "Void Contract" is: A contract that is illegal A contract that is unenforceable by law A contract that cannot be ratified None of the above None 22. Which of the following is NOT an essential feature of a negotiable instrument? It must be in writing It must be transferable It must be payable on demand It must contain a condition precedent None 23. A partnership deed should be executed by: All the partners Majority of the partners The managing partner None of the above None 24. Which of the following is true about the "Insolvency and Bankruptcy Code, 2016"? It applies to both individuals and companies It provides a framework for resolution of insolvency It allows for liquidation in case of failure of resolution All of the above None 25. A "Cheque" is an example of: Bill of exchange Promissory note Both a and b None of the above None 26. Which of the following is a duty of an agent in a contract of agency? To act in the best interest of the principal To act within the scope of authority given by the principal To keep the principal informed of all relevant matters All of the above None 27. Which of the following is true regarding a company’s Memorandum of Association? It defines the internal rules of the company ) It must be signed by at least two members It defines the company's relationship with outsiders It is optional for public companies None 28. Which of the following best defines a "Joint Venture"? A partnership between two companies for a specific project A business that operates independently A merger between two companies A business owned by a single individual None 29. In a contract, a condition precedent is: An event that must occur before a contract becomes binding A warranty that ensures contract performance An event that happens after the contract is formed None of the above None 30. In the case of "Fraud," a contract is: Voidable at the option of the injured party Void Enforceable None of the above None 31. A company may issue shares at a premium under which of the following conditions? If authorized by its Articles of Association If permitted by its shareholders If authorized by the company law All of the above None 32. The process by which a company ceases its existence is called: Dissolution Winding up Liquidation All of the above None 33. Which of the following is true about a partnership? It is a separate legal entity from its partners The partners share both profits and liabilities It must be registered under law None of the above None 34. The legal status of a "Corporation" is: It is an artificial person It can own property It can enter into contracts All of the above None 35. The provision for "Preliminary Contracts" is given in: Indian Partnership Act, 1932 Indian Contract Act, 1872 Companies Act, 2013 Sale of Goods Act, 1930 None 36. The doctrine of "Caveat Emptor" refers to: Buyer beware Seller beware Duty to inform the buyer None of the above None 37. In case of breach of a contract, the innocent party is entitled to: Punitive damages Compensatory damages Both a and b None of the above None 38. Which of the following is true regarding "Liquidation" of a company? The company's assets are sold to pay creditors A liquidator is appointed to oversee the process The company is dissolved All of the above None 39. The term "Non-disclosure Agreement" (NDA) is used to: Protect confidential information Limit the scope of an agreement Regulate the sale of goods None of the above None 40. Under the Sale of Goods Act, if goods are delivered and accepted but not paid for, this is called: Sale Agreement to sell Conditional sale Hire purchase 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!
