Legal Aspects of Business (MB0051) PART A 1. Law is a body of ___________________ . A) Rules B) Governance C) Ministry. D) RBI 2.

________ give complete freedom to banks to fix interest rates A) Central government B) State government C) RBI D) National Commission 3. Statues such as the Indian contract Act 1972 the sale of goods act 1930 are the sources of ______. A) Registrar of companies B) SEBI C) Indian business law D) Supreme court of India. 4. The Enron Development Corporation of USA started construction in Maharashtra ___________. A) April 1995 B) May 1965 C) June 1987 D) July 1991 5. The Maximum ignorantia juries non excusat means _______________ Ignorance Ignorance Ignorance Ignorance of of of of act is not a good execute pollution is not a good execute law is not a good execute government is not a good execute.

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7. According to _____proposal when accepted becomes a promise A) Sec 3(e) B) Sec 2(b) C) Sec 4(c) D) Sec 5(b) 8. __________means an offer made by words A) Written offer B) Oral offer C) Proposal D) Express offer 9. The Indian Contract Act 1872 is based mainly on _____ A) Indian Common Law B) English Common Law C) East India Company D) National law 10. Coercion is the committing or threatening to commit any act forbidden by the ___ A) High Court B) Supreme Court C) Circular from ministry D) Indian Penal Code 11. The person to whom the guarantee is given is called ____ A) Debtor B) Creditor C) Supplier D) Owner 12. The person who gives the guarantee is called ____ A) Debtor B) Guarantee C) Security D) Holder 13. According to ___ a guarantee which extends to a series of transaction is called a continuing guarantee. A) Sect 129 B) Sect 30 C) Sect 240 D) Sect 24

6. Sec 2 (E) defines an agreement as every __________ and every set of promise forming consideration for each other. A) Consent B) Permission C) Agreement D) Promise

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Legal Aspects of Business (MB0051) 14. Sect 135 provides a contract between ____ and ____ A) Creditor and supplier B) Creditor and principal debtor C) Creditor and government D) Debtor and bank 15. The contract of surety is _____ contract A) Void contract B) Valid contract C) Dependent contract D) Independent Contract 16. At one time or another, you enter in to a legal relationship called ___ A) Contract and agreement B) Contract and pledge C) Bailment and pledge D) Bailment and agreement 17. The essence of _______________ is delivery of goods by one person to another for some temporary purpose. A) Bailment B) Contract C) Agreement D) Consent 18. Which section has the provision to employee certain categories of baileys? A) Sect 173 B) Sect 178 C) Sect 171 D) Sect 175 19. Who can create a valid pledge under sect 30 of the sale of Good act? A) Seller B) Buyer C) Debtor D) Loan creditor 20. Commodatum is a component of _______________ A) Bailments B) Pledge C) Consideration D) Consent 21. Who is agent?

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A) A person to conduct a trade B) A person who carries transaction C) A person employed to represent another dealings with the third person D) All above 22. Which section and Act makes provisions as regards agency. A) The Indian partnership Act 1932 B) The Indian contract ACT 1872 C) Companies ACT 1956 D) Sale of goods ACT 23) Which agency is as effective as an express agency? A) Ostensible agency B) Trade agency C) Manufacturing agency D) Corporate agency 24. What kind of punishment will agent Act of he fails to keep proper accounts of the principal business. A) Agent to have a penalty B) Agent will have to behind dares C) Everything consistent with proved facts will presumed against him. D) Agent will not give his payment 25. ______ is agent who is employed to buy or fell goods or transects business. A) Retail agent B) Wholesale agent C) Commission agent D) Interest agent 26. Which Act and section put the limit of 10 partners in case of banking business and 20 in case of any another business. A) Partnership ACT 1932 (sec 20) B) Companies ACT 1956 ( sec 11) C) Companies ACT 1956 (sec 14) D) Partnership ACT 1932 (sec 18)

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Legal Aspects of Business (MB0051) 27. The law relating to partnership in India is contained in _______ A) The companies Act 1956 B) Sale of goods act C) The partnership Act 1932 D) The companies Act 2002 28. Which document is required to be stamped according to the provision of the stamp Act 1899 A) MOA B) AOA C) Partnership Deed D) Certificate of incorporation 29. The relations of ______ to one another as regard their rights and duties are governed by sec 9-17 of the ACT A) Director B) Partner C) Sole trader D) Co- partner 30. The liabilities of partners is ______ A) Limited B) Unlimited C) Obligatory D) Non-obligatory 31. Which section defines a contract of sale? A) Sec 4 B) Sec 5 C) Sec 6 D) Sec 7 32. Which of the following is not covered under sale of good ACT? A) Sale of investment B) Sale of immovable property C) Sale of service D) Sale of sorap 33. Goods means every kind of _______. A) Assets B) Liabilities C) Movable property D) Only trade goods.

MBAN2 - 3 34. Goods may be classified as ______. A) Existing, future and contiqent B) Existing, perishable and non perishable C) Existing, movable and immovable D) Perishable, movable and immovable 35 What is the meaning of price? A) Currency of the nation B) Reward for the product C) Purenasing power of the commodity D) Money consideration for the sale of good 36. Which act contains negotiable instruments A) Negotiable instruments ACT 1881 B) Negotiable instruments ACT 1895 C) Negotiable instruments ACT 1902 D) Negotiable instruments ACT 1985 37. Which documents may construed either as a promissory note or as a bills of exchange? A) Cheque B) Hundies C) Ambiguous instruments D) Post cards 38. Which section contains in Choate stamped instruments under negotiable instruments act? A) Sec 25 B) Sec 28 C) Sec 20 D) Sec 40 39. Who is endorser? A) The person who draws a bill. B) The person who sale the goods C) The person who endorses the note in favour of another person D) The person in whose favour the note is negotiated by endorsement 40. Which section recognizes promissory note and bills of exchange in negotiable instruments act? A) Sec 13 B) Sec 14 C) Sec 26 D) Sec 2

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Legal Aspects of Business (MB0051) PART B 41. Sec 40 authorities ______ to extend copy right protection to foreign works. A) Central Government B) Foreign exchange board C) State Government D) Parliament 42. In the case of government work ____ is the owner of the copyright in the absence of any agreement to the contrary. A) Prime minister B) Chief minister C) Government D) State-commission 47. What is the statue law? A) Oral law B) Registered law C) Written law D) Government law

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48. How the law is made and to whom? A) Mandatory to police. B) Obligatory to members of the society C) Carefully to general public. D) Registered under Supreme Court. 49. A voidable contract is one which may be repudiated at the will of _____ or more of the parties but not by _____. A) One others B) Two-members C) Five-officers D) Nine-ministers 50. The completion of communication of acceptance has two aspects . A) As similar to offer and against the acceptor B) As against the offer or and against the acceptor C) As against the law and against the acceptor D) As against the system and against the acceptor 51. A promise made without any intention of performing it is a _____. A) Crime B) Fraud C) Application D) Penalty 52. Which two sections provide the contract of indemnity? A) 123 and 126 B) 124 and 125 C) 129 and 130 D) 121 and 126. 53. A contract of indemnity may arise either by an express promise or ______. A) Application of law B) Operation of law C) Jurisdiction of law D) Permission of law
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43. The person executing the deed is known as _____. A) Surety B) Debtor C) Creditor D) Donor 44. The power of attorney is required to be enqrosted on _____. A) Judicial Stamp paper B) Non-judicial stamp paper C) Judicial Agreement D) Non-judicial Agreement 45. An ______ is the mode of negotiating a negotiable instruments. A) Enforcement B) Endorsements C) Bailment D) Pledge 46. What is the meaning of Equity? In legal aspect? A) Equity means the legal procedure in the law B) Equity means a body of legal doctrines and rule emanating from the administration of Justices. C) Equity means the legal procedure with the Application to Registrar of company D) Equity means a body of state government and rules emanating from the administration of Justice.

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Legal Aspects of Business (MB0051) 54. The law relating to the contracts of guarantee is given in the Indian contract act _________. A) 1965 B) 1872 C) 1892 D) 1990 55. All are the kind of bailment except ______. A) Commodatum B) Hire C) Deposit D) Loan 56. To return the __________ without____________ is the provision of sec 160 of contracts bailment and pledge. A) Goods and pledge B) Goods bailed and demand C) Goods bailed and supply D) Service bailed and demand.

MBAN2 - 3 57. One of the following is not a duty of bailes. A) To take care of goods bailed B) To maintain the quality of goods C) Not to make unauthorized use of goods D) To return the goods bailed without demand. 58. ______ and ____ of the principal or the agent terminates the agency. A) Death and insanity B) Death and insolvency C) Fraud and insanity D) Fraud and crime. 59. Who is sub-agent ? A) A person acting under the control of the original agent B) A person employed by an original agent. C) All of two. D) None of two.

60. Which agency is created when spoken or written words an authority is given to an agent? A) Agency by estoppel B) Agency by express agreement C) Agency by debtor D) Agency by creditor. PART C 61. A ______ is a person who for consideration became the possessor of a promissory note, bill of exchange or cheque. A) Drawer in a due course B) Holder in a due course C) Debtor in due course D) Creditor in due course 62. Which amended of consumer protection act permitted representative complaints? A) Consumer protection act 1991 B) Consumer protection act 1992 C) Consumer protection act 1993 D) Consumer protection act 2003 63. AGMARK stands for. A) Agriculture process and Grading and Marketing act B) Agriculture products and Grading and Marketing act C) Agriculture products and Graduate and Marketing act D) None 64. Transfer of cases comes under which section? A) Sec 22 B B) Sec 22 C C) Sec 22 D D) Sec 22 A

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Legal Aspects of Business (MB0051) 65. What are the duties of commission? 1. Eliminate practices having adverse effect on competition. 2. Promote and sustain competition. 3. To file returns in government. 4. Protect the interest of consumers. 5. Ensure freedom of trade carried on by other participants in market in India. A) 1, 2, 3, and 5 B) 1, 3, 4, and 5 C) 1, 2, 4 and 5 D) 2, 3, 4 and 5 66. If the contravention continues the penalty of Rs_____ after the first day during the period in which the contravention continue shall be imposed. A) Rs 300 per day B) Rs 400 per day C) Rs 500 per day D) Rs 200 per day 67. IPC stands for. A) International Personal Computer B) Indian Personal Computer C) International Penal Code. D) Indian Penal Code 68. SEBI STANDS FOR. A) Stock Exchange Board of India B) State Exchange Board of India. C) Stock Exchange Bank of India D) None 69. This is the classes of shares. Choose correct option. A) Preference, Equity, Deferred B) Preference, Dividend and debentures C) Preference ,Stock, Public deposit D) Equity, Prefernce, Stock.

MBAN2 - 3 70. Match the following and choose the correct words. Following are the provision of cyber regulation appellate tribunal. 1. 2. 3. 4. Establishment of cyber appellate tribunal Composition of cyber appellate tribunal Term office. Resignation and removal. a)sec 48 b)sec 51 c)sec 49 d)sec 54

A) 1-a, 2-c, 3-b, 4-d B) 1-c, 2-b, 3-a, 4-d C) 1-c, 2-b, 3-d, 4-a D) 1-b, 2-a, 4-d, 3-c 71. Right to legal representation comes under. A) Sec 59 B) Sec 60 C) Sec 61 D) Sec 65 72. What is the meaning of decryption? A) Decryption is the reverse process of converting encoded data to its un-encoded form paintoet. B) Decryption is the reverse process of converting encoded data to its electronic device. C) Decryption is the reverse process of converting original in-encoded form to its encoded data. D) None of them.

73. Rights of patents of lapted patents which have been restored under ____. A) Sec 62 B) Sec 65 C) Sec 66 D) Sec 51 74. Define the following term as used in the copy right act, 1957. A) Artistic work B) Cinematograph film C) Copy right. D) Dramatic. 75. ______ deals with the subject of suits concerning infringement of patents. A) Sec 104 to sec 116 B) Sec 104 to sec 117 C) Sec 108 to sec 117 D) Sec 104 to sec 115

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