Mid Term Internal Online Examination Oct-nov 2017
Anekant Education Society's
Anekant Institute of Management Studies (AIMS) Baramati
MBA Semester I
Legal Aspects of Business (103)
Questions and Answers
- 1.
The case of Mohiri Bibi v. Dharmodas Ghose (1903) deals with
- A.
A minors agreements
- B.
Communication of offer
- C.
Communication of acceptance
- D.
A lunatic‘s agreement
Correct Answer
A. A minors agreementsExplanation
The case of Mohiri Bibi v. Dharmodas Ghose (1903) deals with minors' agreements. This means that the case specifically addresses the legal validity and enforceability of agreements made by individuals who are under the age of majority. The case likely involves a situation where a minor entered into a contract and the court had to determine whether the contract was binding or not. The decision in this case would have had implications for the rights and responsibilities of minors in contractual agreements.Rate this question:
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- 2.
Inadequacy of Consideration in a Contract
- A.
Will not Make it Void
- B.
Will make it void
- C.
Will make it illegal
- D.
Will make it wager
Correct Answer
A. Will not Make it VoidExplanation
The inadequacy of consideration in a contract refers to a situation where the value exchanged between the parties is not equal. However, this does not automatically make the contract void. In contract law, as long as there is some form of consideration, even if it is inadequate, the contract is generally considered valid and enforceable. The principle of freedom of contract allows parties to determine the terms of their agreement, including the amount of consideration exchanged. Therefore, the inadequacy of consideration alone does not render the contract void.Rate this question:
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- 3.
What ever a person can do personally , he can do through an agent exemption to this is
- A.
All of the below
- B.
Marriage
- C.
Doctor
- D.
Advocate
Correct Answer
A. All of the belowExplanation
The correct answer is "All of the below" because marriage, being a doctor, and being an advocate are all examples of actions that a person can do personally or through an agent. In the case of marriage, a person can personally get married or have a representative, such as a priest or a judge, perform the ceremony on their behalf. Similarly, a person can personally practice medicine or hire a doctor to provide medical services on their behalf. Lastly, a person can personally represent themselves in a legal matter or hire an advocate to act as their representative. Therefore, all of these options demonstrate that whatever a person can do personally, they can also do through an agent.Rate this question:
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- 4.
Condition as to Merchantable Quality is an example of
- A.
Implied condition
- B.
Express condition
- C.
Implied warranty
- D.
Express warranty
Correct Answer
A. Implied conditionExplanation
The condition as to merchantable quality is an example of an implied condition. Implied conditions are not explicitly stated in a contract but are automatically assumed to be included in the agreement. In the case of merchantable quality, it means that the goods being sold are of a reasonable standard and fit for their intended purpose. This condition is implied by law and does not need to be explicitly mentioned in the contract.Rate this question:
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- 5.
“It is not the seller’s duty to point out defects of his own goods.” This concept is also known as
- A.
Caveat Emptor
- B.
Caution Buyer
- C.
State of goods
- D.
Buyer duty
Correct Answer
A. Caveat EmptorExplanation
Caveat Emptor is a Latin term that means "let the buyer beware." It is a concept in law that places the responsibility on the buyer to thoroughly inspect and assess the quality and condition of a product before making a purchase. This means that the seller is not obligated to disclose any defects or issues with the goods they are selling. The buyer must exercise caution and take on the risk of any potential problems with the purchase.Rate this question:
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- 6.
Under section 2(6) of the Sale of Goods Act, 1930 ‘future goods’ means
- A.
Goods which are not yet in existence
- B.
Unascertained goods
- C.
Ascertained goods
- D.
Specific goods
Correct Answer
A. Goods which are not yet in existenceExplanation
According to section 2(6) of the Sale of Goods Act, 1930, 'future goods' refers to goods that are not yet in existence. This means that these goods do not currently exist but will be produced or acquired in the future. They are not currently identified or ascertained, and their specific details are unknown. Therefore, the correct answer is "goods which are not yet in existence".Rate this question:
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- 7.
_________ an instrument in writing containing an unconditional undertaking signed by the maker to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.
- A.
Promissory Note
- B.
Bill of exchange
- C.
Cheque
- D.
None of the above
Correct Answer
A. Promissory NoteExplanation
A promissory note is a written instrument that includes an unconditional promise made by the maker to pay a specific sum of money to a certain person or to the bearer of the instrument. It is a legally binding document that outlines the terms and conditions of the loan or debt, including the repayment schedule and any applicable interest rates. Unlike a bill of exchange or a cheque, a promissory note does not involve the exchange of goods or services and is solely focused on the repayment of a monetary obligation. Therefore, the correct answer is Promissory Note.Rate this question:
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- 8.
The parties of a bill of exchange are
- A.
Drawee acceptor and payee
- B.
Banker drawee and payee
- C.
Banker acceptor and payee
- D.
Banker drawer and payee
Correct Answer
A. Drawee acceptor and payeeExplanation
The parties of a bill of exchange are the drawee, acceptor, and payee. The drawee is the party on whom the bill is drawn and who is ordered to pay the specified amount. The acceptor is the drawee who has accepted the bill and agreed to make the payment. The payee is the party to whom the payment is to be made.Rate this question:
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- 9.
When the cheque is crossed with Two parallel lines or with word ‘& Co.’ etc. this crossing is known as
- A.
General crossing
- B.
Special crossing
- C.
Restrictive crossing
- D.
None of the above
Correct Answer
A. General crossingExplanation
When a cheque is crossed with two parallel lines or with the words "& Co." or any other similar words, it is referred to as a general crossing. This crossing is done to ensure that the cheque can only be deposited into a bank account and cannot be encashed directly. It adds an extra layer of security to the cheque and helps prevent unauthorized use or fraud.Rate this question:
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- 10.
‘ A written document by which some legal rights are created in favour of some person’
- A.
Instrument
- B.
Endorsement
- C.
Promissory Note
- D.
Negotiation
Correct Answer
A. InstrumentExplanation
An instrument is a written document that creates legal rights in favor of a person. It can be a contract, deed, or any other written document that establishes legal obligations or entitlements. This term is commonly used in legal contexts to refer to any written document that serves as evidence of a right or obligation.Rate this question:
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- 11.
Section 12 of Companies Act 1956, deals with
- A.
Incorporation
- B.
Share capital
- C.
Number of Directors
- D.
Share Holders
Correct Answer
A. IncorporationExplanation
Section 12 of the Companies Act 1956 deals with the process of incorporation. Incorporation refers to the legal process of forming a company or a corporate entity. This section outlines the requirements and procedures for registering a company, including the necessary documents, fees, and other formalities. It provides guidelines on the minimum number of members required to form a company, the name and address of the company, and the articles of association. In summary, Section 12 of the Companies Act 1956 is specifically related to the process of incorporating a company.Rate this question:
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- 12.
The articles of association needs to be signed by
- A.
Subscribers of memorandum
- B.
All proposed directors
- C.
Registrar
- D.
None of the above
Correct Answer
A. Subscribers of memorandumExplanation
The correct answer is subscribers of memorandum. The articles of association are a legal document that outlines the rules and regulations for the internal management of a company. It is signed by the subscribers of the memorandum, who are the initial shareholders or members of the company. The subscribers of the memorandum are the ones who have agreed to form the company and have their names listed in the memorandum of association. Therefore, they are the ones who need to sign the articles of association.Rate this question:
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- 13.
A copy of the ________________ must accompany each from of application for shares offered to the public.
- A.
Prospectus
- B.
Memorandum of association
- C.
Articles of association
- D.
None of the above
Correct Answer
A. ProspectusExplanation
A copy of the prospectus must accompany each form of application for shares offered to the public. A prospectus is a legal document that provides detailed information about a company, its financial status, and the securities being offered to the public. It is required by law to be provided to potential investors to help them make informed decisions about whether to invest in the company. Therefore, it is necessary for a copy of the prospectus to be included with the application for shares.Rate this question:
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- 14.
Intellectual Property Rights (IPR) protect the use of information and ideas that are of
- A.
Commercial value
- B.
Ethical value
- C.
Moral value
- D.
Social value
Correct Answer
A. Commercial valueExplanation
Intellectual Property Rights (IPR) are designed to protect creations of the mind that have commercial value. This includes inventions, trademarks, copyrights, and trade secrets. By granting exclusive rights to the creators or owners of these intellectual properties, IPR encourages innovation and creativity by providing an incentive for individuals and businesses to invest in research and development. It also allows creators to profit from their creations, which in turn drives economic growth. Therefore, IPR primarily focuses on safeguarding information and ideas that have commercial value rather than ethical, moral, or social value.Rate this question:
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- 15.
Symbol of Maharaja of Air India is
- A.
Trademark
- B.
Copyright
- C.
Patent
- D.
Design
Correct Answer
A. TrademarkExplanation
The symbol of Maharaja of Air India is a trademark. A trademark is a distinctive symbol, word, phrase, or design that identifies and distinguishes the source of a product or service from others. In this case, the symbol of Maharaja of Air India serves as a unique identifier for the airline, representing its brand and distinguishing it from other airlines.Rate this question:
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- 16.
Design does not include
- A.
Mode or principle of construction
- B.
Composition of lines or colours
- C.
Features of shape
- D.
None of the above
Correct Answer
A. Mode or principle of constructionExplanation
Design refers to the process of creating or arranging elements in a visually appealing and functional way. It involves considering factors such as composition, color, shape, and other visual elements. However, the mode or principle of construction is not a part of design. This refers to the specific method or technique used to build or construct something, which is not directly related to the visual aesthetics of the design itself. Therefore, the correct answer is that design does not include the mode or principle of construction.Rate this question:
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- 17.
In India, the literary work is protected until
- A.
60 years after the death of author
- B.
40 years after the death of author
- C.
25 years after the death of author
- D.
Lifetime of author
Correct Answer
A. 60 years after the death of authorExplanation
In India, the literary work is protected until 60 years after the death of the author. This means that the copyright for the work remains in effect for 60 years after the author's death, during which time no one else can reproduce or distribute the work without permission. This provides a sufficient period of protection for the author's intellectual property rights and allows their heirs or estate to benefit from the work.Rate this question:
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- 18.
What is COPRA?
- A.
Consumer Protection Act
- B.
Consumer Operating Protection Regulation Authority
- C.
Consumer Protection Authority
- D.
All of the Above
Correct Answer
A. Consumer Protection ActExplanation
COPRA stands for Consumer Protection Act. This act is a legislation that aims to protect the rights and interests of consumers in India. It provides a legal framework for addressing consumer grievances and ensures fair trade practices. The act covers various aspects such as product quality, pricing, misleading advertisements, and unfair trade practices. It establishes consumer courts and authorities to handle consumer complaints and enforce consumer rights. Overall, COPRA plays a crucial role in safeguarding consumer rights and promoting consumer welfare in the country.Rate this question:
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- 19.
What arose out of dissatisfaction of the consumers as many unfair practices were being indulged in by the sellers?
- A.
Consumer Movement
- B.
Consumer Awareness
- C.
Consumer Rights
- D.
Consumer Duties
Correct Answer
A. Consumer MovementExplanation
The correct answer is Consumer Movement. This is because the Consumer Movement emerged as a response to the dissatisfaction of consumers regarding the unfair practices being carried out by sellers. It aimed to protect the rights and interests of consumers and ensure fair trade practices.Rate this question:
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- 20.
Which among following Act is not ammended in Information Technology Act 2000 ?
- A.
BSNL IT Policy
- B.
The Bankers Books Evidence Act, 1891
- C.
RBI Act 1934.
- D.
The Indian Evidence Act, 1872
Correct Answer
A. BSNL IT Policy -
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