Legal Aspects Of Business — Part 1 MCQs with Explanations

The Chief Information Commissioner (CIC) is appointed under the Right to Information Act, 2005. As per the provisions of the RTI Act , the CIC shall hold office for a term of 5 years from the date on which he enters upon his office or until he attains the age of 65 years , whichever is earlier. This provision ensures that the tenure of the CIC is not indefinite and is subject to both a fixed term and an age limit. Therefore, Option C is the correct answer: 5 years or until the age of 65, whichever is earlier.

A private company must register its Articles of Association. Articles of Association is a vital document for a private company, detailing the regulations for a company's operations and defining its purpose. The Companies Act mandates that a private company is required to register its Articles of Association along with the Memorandum of Association at the time of incorporation. Failure to register the Articles of Association would mean that the company does not have a formal set of rules governing its internal management. Therefore, registering the Articles of Association is a legal necessity for a private company to be formally recognized and to operate lawfully.

3 years imprisonment or 2 lakh rupees penalty or both is the correct answer to “What is the penalty for publishing images of a person's private parts without consent, as per IT Act 2000”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Proposal is the correct answer to “When one person signifies to another his willingness to do or to abstain from doing anything with a view to obtaining the assent of that other person to such act or abstinence, he is said to make a”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Priority is the correct answer to “What aspect of a patented product is tested by PCT”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

A special resolution is the correct answer to “Articles of Association of a Company can be altered by passing”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Doctrine of internal management is the correct answer to “The term 'Turquand Rule' is related to”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

The original agent in the business of agency only is the correct answer to “A sub-agent is a person employed by and acting under the control of:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

All of the above is the correct answer to “Who is not required to hold statutory meeting”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

All of the above statements are true is the correct answer to “Which of the following statements is not true about the types of GST”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Board of Directors is the correct answer to “A company secretary under Companies Act, 1956 is appointed by:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Interstate supply and Imports is the correct answer to “Integrated GST is applicable on:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Only 1 and 3 is the correct answer to “Which of the following statement is/are correct about the Central Information Commission? 1. Post of Central Information Commission is derived from the RTI Act, 2005. 2. Chief Information Commission and other commissioners can hold office for the period of 3 years. 3. On the advice of Supreme Court, the President can remove the Chief Information Commission and other commissioners.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

1, 2, 3 and 4 is the correct answer to “Which of the following descriptions are correct? 1. Two competent parties - Sections 11 and 12 2. Valid acceptance - Sections 4 to 7 3. Lawful consideration - Sections 2(d) and 25 4. Free and voluntary consent - Sections 15 and 19A”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Board of Directors is the correct answer to “Where the provisions of the companies Act are violated the auditor must report the same to the:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Damages for liability incurred which is not absolute is the correct answer to “The indemnity holder is not entitled to:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

100% is the correct answer to “What percentage of income from compensation on disaster is exempted from tax liability”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Be reimbursed for such supplies from the property of such incapable person is the correct answer to “If a person who is incapable of entering into a contract is supplied with necessaries by another person, then the latter shall:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Both A and B is the correct answer to “A negotiable instrument may be dishonoured”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

a-1, b-2, c-3, d-4 is the correct answer to “Match List-I with List-II and select the correct answer: List-I List-II a. Unpaid seller 1. Section 45 b. Right of lien 2. Section 47 c. Right of stoppage in transit 3. Section 50 d. Right of resale 4. Section 54”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Novation of contract is the correct answer to “A owes Rs. 10,000 to B under a contract. It is agreed between A, B and C that B shall henceforth accept C as his debtor instead of A for the same amount. Old debt of A is discharged and a new debt from C to B is contracted. This is”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

1st July, 2017 is the correct answer to “In India, GST become effective from”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Petroleum products is the correct answer to “Which of the following commodities is kept outside the purview of GST”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Where the goods have been sold on credit but the term of credit has not expired is the correct answer to “In which of the following cases the unpaid seller cannot exercise the right of lien on goods in his possession”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

State & Union Govt. is the correct answer to “As per the 101 st Constitution Amendment Act, the power to levy GST rests on . . . . . . . .”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Discharge is the correct answer to “When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Contract of sale is the correct answer to “A contract where the seller transfers or agrees to transfer property in goods to buyer for a price is called.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

The promisor is not responsible for non-performance, nor does he thereby lose his rights under the contract is the correct answer to “Where a promisor has made an offer of performance to the promise and the offer has not been accepted:”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

State monopolies, government's business policies and functioning of regulatory authorities cannot be scrutinised under this law is the correct answer to “Which one of the following is not correct relating to competition policy and law”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Quasi is the correct answer to “Consideration should not be . . . . . . . . but is should be natural.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Memorandum of Association is the correct answer to “Every company has to file with registrar, a copy of”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

When the contract of the sale is not severable and the buyer has accepted the goods or part thereof, subject to an express or implied term in the contract is the correct answer to “When can a breach of condition be treated as a breach of warranty by the seller as per the provisions of Sale of Goods Act, 1930”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

All of the above is the correct answer to “The . . . . . . . . shall be treated as supply even if made without consideration.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Not called an unpaid seller is the correct answer to “When the goods are sold on credit and credit period is not expired, the seller of goods is”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

The Trademark Act, 1999 does not apply to services is the correct answer to “Indicate the true statement.”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Valid is the correct answer to “Mr. X writes, "I promise to pay 'Mr. Y , Rs. 5,000, 7 days after the death of Mr. Z." This is”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

A written agreement made by the directors is the correct answer to “Which of the following is not a method of creating a company”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

a-4, b-3, c-2, d-1 is the correct answer to “Match List-I with List-II and select the correct answer: List-I List-II a. Cyber Crime 1. Intellectual Property Right Act b. Doctrine of Caveat Emptor 2. Negotiable Instrument Act c. Dishonour of Bill 3. Sale of Goods Act d. Patent and Copyrights 4. The Information Technology Act”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

All of the above is the correct answer to “Which of the following statements are true in context of an associate company under Companie Act, 2013”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.

Both A and B is the correct answer to “Who can be a partner in a Limited Liability Partnership”. This question is standard in competitive examination syllabi for Legal Aspects Of Business.