Test 203 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business Laws and EthicsTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Under the Sale of Goods Act, 1930, the property in goods is said to be transferred when: Goods are delivered Price is paid Goods are identified and appropriated Invoice is issued None 2. Under the Indian Contract Act, 1872, a person is said to be of sound mind for making a contract if: He can understand it at the time of making it He is not intoxicated He is not a minor He has no criminal record None 3. Which of the following agreements is expressly declared void? Agreement in restraint of trade Agreement to sell immovable property Agreement to sell shares Agreement to hire services None 4. The primary objective of ethics is to: Make profit Promote fairness Avoid taxes Gain market share Answer None 5. When the consent to an agreement is caused by undue influence, the contract is: Void Voidable Valid Illegal None 6. In a contract of indemnity, there are: Two parties Three parties Four parties No parties None 7. The Indian Partnership Act was enacted in the year: 1932 1956 1960 1972 None 8. Which of the following is a form of ethical misconduct? Transparency Integrity Bribery Fair dealing None 9. Under the Companies Act, 2013, the minimum number of members required to form a public company is: 2 3 5 7 None 10. The principle of "Uberrimae Fidei" is applicable in: Contract of indemnity Contract of guarantee Contract of insurance Contract of bailment None 11. Under the Indian Contract Act, 1872, a proposal when accepted becomes a: Promise Contract Agreement Quasi-contract None 12. Which of the following is not a fundamental principle of business ethics? Accountability Transparency Fairness Secrecy None 13. Under the Negotiable Instruments Act, 1881, a cheque is valid for ____ months from the date of issue. 3 6 9 12 None 14. A person who is not a party to the contract but has an interest in its performance is called: Promisor Promisee Third-party beneficiary None of the above None 15. The term "free consent" is defined in Section ____ of the Indian Contract Act, 1872. 13 14 15 16 None 16. Which one of the following is not a remedy for breach of contract? Suit for damages Suit for specific performance Suit for injunction Suit for compensation beyond contract terms None 17. A partnership firm is formed by a: Written contract Oral contract Conduct of parties All of the above None 18. Which of the following is not a type of agent under the Indian Contract Act, 1872? Sub-agent Substituted agent General agent Alien agent None 19. Which of the following is an example of ethical behavior in business? Exploiting employees Transparency in financial reporting Misleading consumers Price-fixing None 20. A void contract is one which: Is enforceable by law Ceases to be enforceable by law Is illegal Is a contract with a minor None 21. Which of the following is considered a coercive practice under the Indian Contract Act? Physical force Free consent Lawful influence Honest persuasion None 22. The doctrine of "Indoor Management" is related to: The principle of ultra vires The principle of constructive notice The validity of internal proceedings The doctrine of consideration None 23. Business ethics is influenced by: Cultural norms Individual beliefs Legal regulations All of the above None 24. A contract entered into under a mutual mistake of fact is: Valid Voidable Void Illegal None 25. The term "agent" is defined under Section ____ of the Indian Contract Act, 1872. 182 183 184 185 None 26. In a partnership firm, profits and losses are shared: Equally According to the capital ratio As per agreement Only by active partners None 27. Which of the following is an essential feature of a contract of bailment? Transfer of ownership Transfer of possession Gratuitous consideration Absence of agreement None 28. Under the Indian Contract Act, a wagering agreement is: Valid Voidable Void Enforceable with conditions None 29. Business ethics helps in: Short-term profitability Long-term sustainability Avoiding legal requirements Increasing tax liability None 30. A quasi-contract is: A contract created by express agreement An implied contract A contract enforceable by equity A contract with no consideration None 31. A minor can be a: Partner in a firm Beneficiary of a contract Executor of a will Guardian of another minor None 32. The Indian Companies Act, 2013 replaced which previous Act? Companies Act, 1956 Companies Act, 1965 Companies Act, 1947 Companies Act, 1932 None 33. Which of the following is a consequence of unethical behavior? Increased employee morale Loss of reputation Customer loyalty Legal immunity None 34. Which of the following is an exception to the rule of privity of contract? Third-party beneficiary Non-performance Absence of consideration Mutual mistake None 35. Which of the following is not a kind of misrepresentation? Fraudulent Negligent Innocent Coercive None 36. An agreement made without consideration is: Valid Void Voidable Contingent None 37. "Caveat Venditor" means: Let the buyer beware Let the seller beware Let the producer beware Let the consumer beware None 38. Business ethics requires adherence to: Company policies only Legal regulations only Both legal and moral standards Profit maximization None 39. Which of the following constitutes undue influence? Using threat of prosecution Persuading without any threat Dominating a person due to a fiduciary relationship Negotiating freely None 40. Under the Indian Partnership Act, the maximum number of partners in a banking firm is: 10 15 20 50 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 !! Time's upTime is Up!
