Test 204 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 Indian Contract Act, 1872, an agreement not enforceable by law is called a: Contract Void agreement Valid agreement Quasi-contract None 2. Ethics refers to: Rules provided by an external source An individual's own principles Religious beliefs Cultural norms None 3. The term "coercion" is defined in Section ____ of the Indian Contract Act, 1872. 14 15 16 17 None 4. Under the Indian Partnership Act, 1932, a partnership must have at least: 1 partner 2 partners 5 partners 7 partners None 5. The breach of a condition in a contract gives the aggrieved party the right to: Claim damages only Repudiate the contract Demand specific performance None of the above None 6. Which one of the following is not an example of unethical behavior? Bribery Honesty Insider trading Misrepresentation None 7. Caveat Emptor" means: Let the seller beware Let the buyer beware Let the producer beware Let the consumer beware None 8. A contract of guarantee involves: Two parties Three parties Four parties Only one party None 9. The liability of a partner in a partnership firm is: Limited Unlimited Zero Fixed None 10. Which of the following is a characteristic of business ethics? It is absolute It is situational It is only profit-oriented It is universally applicable None 11. Ethics in business is important because: It improves profitability It enhances business reputation It promotes fairness All of the above None 12. A contract caused by mistake of fact is: Voidable Void Valid Illegal None 13. The age of majority under the Indian Majority Act, 1875 is: 16 years 18 years 21 years 25 years None 14. Which of the following is not a type of consideration? Past Present Future Conditional None 15. The Indian Contract Act came into force in: 1857 1872 1900 1956 None 16. The Sale of Goods Act, 1930, applies to: Immovable property Movable property Both movable and immovable property None of the above None 17. Which of the following is not a right of an unpaid seller? Right of lien Right of stoppage in transit Right to sue for price Right to enter buyer's premises None 18. In case of a minor's agreement, the contract is: Valid Voidable Void ab initio Enforceable with permission None 19. The term "consideration" is defined under Section ____ of the Indian Contract Act, 1872. 2(a) 2(d) 2(g) 2(h) None 20. Under the Indian Contract Act, 1872, a proposal when accepted becomes a: Promise Contract Agreement Quasi-contract None 21. Which of the following is a form of ethical misconduct? Transparency Integrity Bribery Fair dealing None 22. Which of the following is an essential element of a valid contract? Lawful object Uncertainty Absence of free consent Illegality None 23. The principle of "Uberrimae Fidei" is applicable in: Contract of indemnity Contract of guarantee Contract of insurance Contract of bailment None 24. Under the Companies Act, 2013, the minimum number of members required to form a public company is: 2 3 5 7 None 25. 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 26. 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 27. The primary objective of ethics is to: Make profit Promote fairness Avoid taxes Gain market share Answer None 28. Under the Negotiable Instruments Act, 1881, a cheque is valid for ____ months from the date of issue. 3 6 9 12 None 29. An agreement to do an act impossible in itself is: Void Valid Voidable Contingent None 30. Which of the following is not a fundamental principle of business ethics? Accountability Transparency Fairness Secrecy None 31. Which of the following is an example of unethical advertising? Comparative advertising Misleading claims Informative advertising Persuasive advertising Answer: None 32. Which of the following is a valid consideration? Past voluntary service Past unlawful act Past coercion Past love and affection None 33. The Indian Contract Act, 1872, does not cover: Contract of guarantee Contract of insurance Contract of bailment Contract of agency None 34. 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 35. 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 36. The term "free consent" is defined in Section ____ of the Indian Contract Act, 1872. 13 14 15 16 None 37. In a contract of indemnity, there are: Two parties Three parties Four parties No parties None 38. When the consent to an agreement is caused by undue influence, the contract is: Void Voidable Valid Illegal None 39. The Indian Partnership Act was enacted in the year: 1932 1956 1960 1972 None 40. The minimum number of directors in a public company is: 2 3 4 5 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!
