Test 204

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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 Indian Contract Act, 1872, an agreement not enforceable by law is called a:

Contract

Void agreement

Valid agreement

Quasi-contract

None

Ethics refers to:

Rules provided by an external source

An individual's own principles

Religious beliefs

Cultural norms

None

The term "coercion" is defined in Section ____ of the Indian Contract Act, 1872.

None

Under the Indian Partnership Act, 1932, a partnership must have at least:

1 partner

2 partners

5 partners

7 partners

None

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

Which one of the following is not an example of unethical behavior?

Bribery

Honesty

Insider trading

Misrepresentation

None

Caveat Emptor" means:

Let the seller beware

Let the buyer beware

Let the producer beware

Let the consumer beware

None

A contract of guarantee involves:

Two parties

Three parties

Four parties

Only one party

None

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:

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.

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.

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:

None

1 out of 4

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