Test 203

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Subject: Business Laws and Ethics

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

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

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

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

The primary objective of ethics is to:

Make profit

Promote fairness

Avoid taxes

Gain market share Answer

None

When the consent to an agreement is caused by undue influence, the contract is:

Void

Voidable

Valid

Illegal

None

In a contract of indemnity, there are:

Two parties

Three parties

Four parties

No parties

None

The Indian Partnership Act was enacted in the year:

1932

1956

1960

1972

None

Which of the following is a form of ethical misconduct?

Transparency

Integrity

Bribery

Fair dealing

None

Under the Companies Act, 2013, the minimum number of members required to form a public company is:

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.

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.

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:

None

1 out of 4

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