Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate and Other 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 a valid acceptance? Conditional acceptance Acceptance communicated through silence Acceptance through a prescribed mode Acceptance revoked before communication None 2. When can a contract be said to have been discharged? Performance of obligations by both parties Breach of contract c) Impossibility of performance Impossibility of performance All of the above None 3. Which of the following is not a type of contract? Voidable contract Executed contract Illegal contract Quasi-criminal contract None 4. An agreement with uncertain terms is: Void Voidable Valid Illegal None 5. What is 'consideration' as per Section 2(d) of the Indian Contract Act, 1872? Only a promise to pay money Only past and present benefits Something done or promised in exchange for the promise The object of the contrac None 6. The maximum tenure of an auditor in a listed company is: 5 years 10 years 15 years No limit None 7. Who is responsible for maintaining the register of members in a company? The Board of Directors The Company Secretary The Registrar of Companies None of the above None 8. The provisions of Corporate Social Responsibility (CSR) apply to companies with a net profit of at least: ₹5 crore ₹10 crore ₹20 crore ₹50 crore None 9. Which of the following is not a mode of winding up of a company? Voluntary winding up Compulsory winding up by the Tribunal Winding up by creditors directly Winding up under supervision of the Tribunal None 10. Who among the following is not eligible to be appointed as a director in a company? A person convicted of an offense involving moral turpitude A person who is of sound mind A person who has obtained a Director Identification Number (DIN) A person who is a shareholder in the company None 11. Who is liable for payment of a dishonored cheque under Section 138? Drawer of the cheque Payee of the cheque Drawee of the cheque Holder of the cheque None 12. A post-dated cheque is valid when: It is issued It is presented before the date mentioned It is presented on or after the mentioned date It is presented only after the expiry of 3 months None 13. Which endorsement specifies that a cheque is payable to a particular person? Blank endorsement Special endorsement Restrictive endorsement Conditional endorsement None 14. The payment of a negotiable instrument is said to be 'in due course' when it is: Paid before its maturity Paid as per the tenor of the instrument to the rightful holder Paid under compulsion of law Paid after dishonor None 15. A negotiable instrument can be transferred by: Delivery only Endorsement only Endorsement and delivery None of the above None 16. An LLP is governed by which authority? Registrar of Partnerships Registrar of Companies National Company Law Tribunal (NCLT) LLP Tribunal None 17. What is the minimum contribution required to form an LLP? ₹1 lakh ₹2 lakh ₹5 lakh No minimum requirement None 18. Which of the following is true about LLP? It has perpetual succession Its partners have unlimited liability It cannot sue or be sued It is not a separate legal entity None 19. The liability of an LLP partner can become unlimited in case of: Fraudulent acts committed by the LLP Negligence of a partner Insolvency of the LLP Mutual agreement of partners None 20. Which of the following forms is filed for incorporation of an LLP? LLP Form 1 LLP Form 2 LLP Form 3 LLP Form 4 None 21. The Mischief Rule is also known as the: Rule of Purposive Construction Rule of Literal Construction Golden Rule Rule of Basic Structure None 22. A preamble of an Act is used to: Define the title of the Act Identify the objectives of the Act List the schedules of the Act Interpret the provisions strictly None 23. Which of the following is not a type of external aid for statutory interpretation? Parliamentary debates Previous judicial decisions The long title of the Act Committee reports None 24. Who can initiate the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016? Financial creditor Operational creditor Corporate debtor itself All of the above None 25. The minimum paid-up capital for a public company is: ₹1 lakh ₹5 lakh ₹10 lakh No minimum requirement None 26. What is the maximum penalty for not filing an Annual Return of a company? ₹5,000 ₹10,000 ₹50,000 ₹2,00,000 None 27. Under which section of the Companies Act, 2013, is the doctrine of ultra vires applicable? Section 2(20) Section 4 Section 13 Section 245 None 28. Who can apply for compounding of an offense under the Companies Act, 2013? Directors Shareholders Offending party All of the above None 29. What is the time limit to convene the first Board Meeting of a newly incorporated company? 7 days 15 days 30 days 60 days None 30. Which of the following is exempt from CSR compliance? A private company A company with a turnover less than ₹1,000 crore A government company All of the above None 31. A contract is discharged by novation when: One party transfers its rights under the contract A new contract replaces the existing one with mutual consent The original contract is altered without consent None of the above None 32. Which of the following is a contingent contract? A contracts to deliver goods only if he receives payment first A agrees to sell his car for ₹5 lakh A agrees to sell his house if B marries C Both (a) and (c) None 33. The communication of a proposal is complete when: It is sent by the proposer It comes to the knowledge of the person to whom it is made It is accepted by the other party None of the above None 34. A minor’s agreement under the Indian Contract Act, 1872 is: Voidable at the option of the minor Valid and enforceable Void ab initio Illegal None 35. When two parties exchange identical promises, it is called: A wagering agreement A reciprocal promise A contingent contract A quasi-contract None 36. The term "Key Managerial Personnel" (KMP) includes all except: Managing Director Whole-Time Director Independent Director Company Secretary None 37. Which resolution is required to alter the Articles of Association (AoA) of a company? Special resolution Ordinary resolution Unanimous resolution Board resolution None 38. The maximum number of directors a private company can have without special approval is: 10 15 25 20 None 39. In a public company, the quorum for a general meeting when the number of members is more than 500 is: 2 members 5 members 15 members 30 members None 40. Which of the following is not a financial statement as per the Companies Act, 2013? Balance Sheet Profit and Loss Account Cash Flow Statement Trial Balance 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!
