Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Fundamentals of Business Laws and Business CommunicationsTotal 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 a valid consideration under the Indian Contract Act? Past consideration Present consideration Future consideration Illegal consideration None 2. Who among the following is not competent to contract? A person of sound mind A minor A person of legal age A solvent individual None 3. Which act governs the regulation of companies in India? The Companies Act, 1956 The Companies Act, 2013 The Partnership Act, 1932 The Contract Act, 1872 None 4. The period of limitation for a dishonored cheque is: 6 months 12 months 3 years 2 years None 5. Under the Indian Contract Act, a contract is voidable if: It is made by free consent Consent is obtained by coercion Both parties perform their obligations The contract is legally enforceable None 6. Which of the following is not a type of contract? Express contract Implied contract Executory contract Negative contract None 7. In a contract of agency, the person who acts on behalf of another is called the: Principal Bailor Agent Surety None 8. Which of the following is an essential of a valid offer? It must be vague It must be made to a specific person only It must be communicated to the offeree It must be in writing None 9. Which type of property is not included in the Sale of Goods Act, 1930? Movable property Immovable property Goods Future goods None 10. Which of these is an implied warranty under the Sale of Goods Act, 1930? Quiet possession Fitness for purpose Merchantable quality Condition as to title None 11. Encoding in communication refers to: Interpreting the message Converting the message into symbols Providing feedback Blocking noise None 12. Which of the following is not a form of oral communication? Group discussions Face-to-face meetings Written memos Public speaking None 13. What does redundancy in communication mean? Repetition of the same idea Use of technical terms Use of concise language Use of feedback None 14. Grapevine communication is typically: Official and structured Unofficial and informal Direct and formal Horizontal and formal None 15. Effective communication requires: A clear and concise message Sophisticated language Expensive tools A lengthy explanation None 16. An agenda is used for: Informal communication Listing meeting topics Summarizing minutes Personal communication None 17. Chronemics relates to the: Use of touch Role of time in communication Arrangement of space Study of body language None 18. Which of the following is an upward communication example? Manager giving instructions to employees Employee reporting to the manager Peer discussions Customer complaints None 19. The main purpose of a business report is to: Entertain the reader Provide information and recommendations Advertise products Write letters None 20. Feedback in communication is: Not required Essential for effective communication Optional in formal communication None of the above None 21. When two or more persons agree to do an unlawful act, it is called a: Quasi-contract Partnership Conspiracy Void contract None 22. A promissory note must: Be payable on demand Include interest Be in writing Be notarized None 23. Which type of goods are yet to be manufactured or acquired by the seller? Existing goods Contingent goods Future goods Specific goods None 24. Under the Indian Contract Act, “free consent” means: Consent given under pressure Consent influenced by misrepresentation Consent not caused by coercion, undue influence, or fraud Consent influenced by mistake None 25. What is the term for the cancellation of a contract by mutual agreement? Rescission Novation Performance Breach None 26. Which of the following is not an essential of a bailment? Delivery of goods Transfer of ownership Purpose of delivery Return of goods None 27. The liability of partners in a general partnership is:The liability of partners in a general partnership is: Limited to their share Limited to their capital Unlimited Exempted from liabilities None 28. Under the Companies Act, the liability of members in a company is: Unlimited Limited to the unpaid value of shares held Double their share value Dependent on profits None 29. The doctrine of “privity of contract” states that: Only parties to the contract can enforce it Third parties can enforce contracts All contracts must be in writing None of the above None 30. Which of the following remedies is available for breach of contract? Specific performance Damages Rescission of contract All of the above None 31. A partnership is governed by which Act in India? Indian Partnership Act, 1932 Companies Act, 2013 Sale of Goods Act, 1930 Indian Contract Act, 1872 None 32. Who can be a partner in a partnership firm? Any individual Any individual and company Minors as full partners HUF as a full partner None 33. In case of breach of contract, which type of damages aim to compensate for the actual loss? Nominal damages Compensatory damages Punitive damages Liquidated damages None 34. An unpaid seller has which right on the goods? Right of possession Right to lien Right of resale All of the above None 35. When does a partnership firm dissolve? When a partner retires When all partners agree to dissolve When one partner leaves without consent None of the above None 36. What is the objective of the Consumer Protection Act, 2019? To promote business To safeguard consumer interests To protect seller rights To regulate companies None 37. Who appoints an arbitrator in case of a dispute? The court The plaintiff The defendant Any third party None 38. What does the doctrine of "caveat venditor" imply? Let the buyer beware Let the seller beware Protection for sellers only None of the above None 39. Which of the following is not a fiduciary relationship? Trustee and beneficiary Agent and principal Buyer and seller Lawyer and client None 40. Which of these does not constitute a breach of contract? Non-performance of contractual obligations Delayed performance due to mutual consent Unlawful termination of the contract Failure to perform as per the terms None 1 out of 4 Great job on taking the INCOC Test! 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