MB0051-Legal Aspects of Business-MQP

MODEL QUESTION PAPERSUBJECT CODE: SUBJECT MB0051 : Legal Aspects of Business SECTION A-1 mark questions 1. When a particular course of conduct is followed again and again, it becomes …………….. a. Statutes b. Judicial precedents c. Personal law d. A custom 2. a. b. c. d. 3. a. b. c. d. The doctrine of judicial precedent is also known as the doctrine of Stare decisis Obiter dicta Stare decisis & Obiter dicta Obiter dicta & Stare decisis Out of these four, which one is not the source of English law? Common law Business law Equity Statute law 4. Contracts may be classified in 4 parts according to their validity. Out of the following which 1 is not the part of contract classification? a. Valid b. Voidable c. Void d. Invalid 5. Here are some essentials or characteristics of contract. Out of these, which statement is incorrect? a. A contract is an agreement b. A contract is enforceable by law c. A contract comprises 1 party d. A contract can be done in writing as well as oral. 6. a. b. c. Every person is competent to contract if he is Major Lunatic Indulge in illegal act Right to sell comes under which section a. Sec. The pledgee can put the goods to an unauthorised use. Sec. the pledgor is entitled to receive from the pledgee any surplus that may remain with him after the debt is completely paid off. Loan 11. c.169 d. Agent b. a. 125 and 126 9. Both a & b 10. c. Commodatum b. b. d. Right to be indemnified c. Drunk 7. 124 and 125 Secs. d. Principal debtor Surety Creditor Buyer Under which section Contract of indemnity comes ? Secs. c. Sec. 12. In case of sale. Out of the following which statement is incorrect? a.170 13. Sec. The person who gives the guarantee is called …………………. 8. Deposit d." Which right of surety against debtor is this? a. Agency by Express Agreement . Which one of the following is not the type of bailment? a. 126 and 127 Secs. d. Hire c.167 c. Right of contribution d. b. a. The pledgor has a right to claim back the security pledged on repayment of the debt with interest and other charges b. The pledgee is bound to return the goods on payment of the debt. 124 and 126 Secs.d. An ……………… is a person employed to do any act for another or to represent anotherAgent in dealing with the third persons a. Right of subrogation b. "The surety has a right to recover from the principal debtor the amounts which he has rightfully paid under the contract of guarantee.168 b. 1972 c. Out of below mentioned eligibility criteria of an agent which one is not correct? a..18 to 25 . Partnership‟ and „firm‟ are synonymous c. can enter into a contract of partnership a. ……………. Age of majority b. Sound mind c. 1950 d. A ………………… is a mercantile agent engaged to buy and/or sell property. Should not have criminal record d. …………… lay down the rules which determine when property passes from the seller to the buyer. Lunatic 15. A partner is not entitled to claim remuneration 18. Point out the incorrect statement out of the following: a. Partnership is an association of one person b.c. 1956 b. Agent d. Principal 16. 19. The agreement must be to carry on some business c. Out of the following which statement is not correct? a. Secs. Agency by Estoppel d. a. Sub-agent 14. 1984 17. Partnership must be the result of an agreement between two or more persons d. Advisor c. A company. incorporated under the Companies Act. Broker b. There can be thirty partners in a firm b. a. A firm can enter into a partnership agreement with another firm d. Death or insanity of the principal or the agent not terminates the agency. Which of the following is not a requisite of a cheque? a. Payee to be uncertain 24. Right to demand replacement goods 22. but claim compensation b. Secs. Written instrument b. Unconditional order c. Payable on demand b. Accept the goods. Reject the goods. Right to specific performance d. The endorser d. A certain sum of money d. Which one of the following is not a party to a promissory note? a. Dating of cheques c. Accept the goods. what can the buyer do? a. Which of the following is not a remedy available to buyers? a. Payee to be certain d. even if not defective d. Only reject the goods if defective 21. If a buyer finds that goods have been incorrectly described. The payee c. Right to damages b. Secs 16 to 30 c. Which one of the following is not complaint? . Which requisite of a cheque has he missed here? a. Unconditional order 25. but sue for damages c. 15 to 35 d. Right to reject the goods c.b. The maker b. 'A' made a cheque in favour of 'B' filled it with all requisites but he forgot to enter the date in the cheque. Secs 17 to 34 20. The payer 23. access to a variety of goods and services at competitive prices. Right to be informed d. National Commission c. Right to be heard b. Goods which will be hazardous to life and safety when used are being offered for sale to the public 26.a. Computer Competition of India 30. Service . wherever possible. Right to choose c. CCI stands for a. Competition Commission of India c. Power to review its own orders c. then where should a consumer file the complaint? a. Power to award compensation b. If the value of goods or services and the compensation. …………… means right to be assured. All of the following are the power and functions of commission EXCEPT a. if any. Consumer Commission of India b. a. Competition Collaboration of India d. his legal heir or representative d. claimed exceeds Rs one crore. The goods bought by him or agreed to be bought by him suffer from no defect(s) in any respect. The services hired or availed of or agreed to be hired or availed of by him suffer from deficiency in any respect. Value of sales of goods or service includes in a. Supreme Court 28. Power to reject the orders 29. c. b. Inquiring into certain agreements d. In case of death of consumer. District Forum d. State Commission b. Product b. Right to safety 27. was implemented in our country on ……………………… a. Indian Personal Computer c. 14th March. 1984 d. IPC stands for a. it is ready for ………………….c. Pakistan Indian Organization b. Turnover d. the penalty of Rs. Promotion d. Person of Indian Origin d. 400 per day c. 2005 b. Person of Indonesian Origin 32. a. RTI Act.. Pakistan Indian Origin c.. When a company has been registered and has received its certificate of incorporation. 15th June. 200 per day 34. 12th August. Indian Penal Code 33. 300 per day b. 5 years . If the contravention continues. 20th April. a. Rs. International Penal Code d. International Personal Computer b. from the date on which he enters upon his office a. Registration c. 1989 36. The Presiding officer shall hold office for a term of ……………. Rs. Rs. …………… after the first day during the period in which the contravention continue shall be imposed. 500 per day d. 2002 c. Profit 31. Formation 35. Floatation b. In reference to this chapter PIO stands for a. Rs. 3 years d. 10 years 37. Artistic Work d. or offering for sale or hire any copy of the computer programme. The Patent Act came into force on ……………………. Any industrial undertaking carried on by a department of the Government b. which characteristic of law is false? a. Computer programme c. then this case of copyright will fall under which category? a. Any industrial undertaking carried on by a Government company as defined in Sec. If a person is selling or giving on hire. 39. Out of the following. A Painter d. 14th July. dramatic or musical work b. If the photograph is taken or a painting or portrait is drawn or an engraving or cinematograph film is made on payment at the instance of any person. 1970 b. Any industrial undertaking owned and governed by a set of people d. regardless of whether such copy has been sold or given on hire on earlier occasions. 15th August. Law is a body of rules . 1975 d. The employer SECTION B-2 Marks Questions 41. 1956. 21st September. Cinematograph Film 40. The person who made the payment c. 7 years c.b. 1950 c.617 of the Companies Act. Any industrial undertaking carried on by a corporation established by a Central or State Act which is owned or controlled by the Government c. 21st December. A Proprietor b. Which of the following is not an essential of Government undertaking? a. Literary. then who is the first owner of the copyright therein? a. 1970 38. a. a. The bankruptcy of the agent b. An agreement is an …………………. Contract of Indemnity c. offer + acceptance d. a. A finder of lost property: a. Particular partnership d. d. 45.b. Contract of Guarantee d. Indemnity b. Partnership at will b. Has the no liability to the owner if the property is damaged. b. Four basic ideas involved in law 42. means to make good the loss or to compensate the party who has suffered some loss. Law is imposed d. Is a constructive bailee who is bound to take reasonable care of the property under the circumstances? c. offer + enforceability b. May throw the goods away after three days. Which of the following circumstances will not cause the agency relationship to terminate? a. The bankruptcy of the principal c. The partnership which is formed to complete a particular venture or a particular undertaking and dissolve after its completion are called…………………. The death of the agent 46. Law is for the guidance or conduct of persons – both human and artificial c. offer + legal obligation c. Has expressly contracted to care for the goods. Limited partnership c. The death of the principal d. ……………. Out of the following what type of suit is not valid or seller cannot sue it? . offer only 43. Partnership 47. Continuing Guarantee 44.. a. . Approval of the proposal relating to merger or amalgamation 51. A Hindu Undivided Family b. Suit for price b. 1974 c. a. EXCEPT a. The person to whom the bill is negotiated by endorsement called ……………. Suit for paying partially 48. 1973 b. In which year FEMA replaces the FERA? a. Promote and sustain competition c. d. Receive any payment by order or on behalf of any person resident outside India in any name. means any of the following. A person who puts or causes to be put his own mark on any goods made or manufactured by any other manufacturer 50. The payee d. Suit for interest d. Suit for damages for non-acceptance c. The holder c. 1998 d. Out of the following. The expression „Manufacturer‟ for the purpose of this Act. Protect the interests of consumers d. 1999 52. Eliminate practices having adverse effect on competition b.. Which of the following is not a duty of commission? a. The endorser b. A person who makes or manufactures any goods c. which statement related to the powers of authorised person is not correct: a. A person who does not make or manufacture any good but assembles part thereof made. The endorsee 49.a. To deal in or transfer any foreign exchange or foreign security to any person b. Company and government b. A Certifying Authority may revoke a digital signature certificate issued by it: (Identify wrong statement) a. NRNR. Company and its owners c. 10 days d. Where any person having no contact with subscriber appeals the authority to do so. The subscriber holds the public key. 20 days b. 53. Both A and B 55. The information contained in the Digital Signature Certificate is accurate 56. An authorised person is allowed to credit the account of any person without any corresponding remittance from any place outside India. A Certifying Authority while issuing a Digital Signature Certificate shall certify that: (Identify the wrong statement) a. Article of association of a company has a contractual force between: a. Change of name of the company must be communicated to the Registrar of companies within how many days? a. Company and its members d. listed in the Digital Signature Certificate d. 15 days c. Upon the dissolution of the firm or winding up of the company where the subscriber is a firm or a company . NRSR and FCNR accounts d. Upon the death of the subscriber c. NRE. Where the subscriber or any other person authorised by him makes a request to that effect b. It has published the Digital Signature Certificate or otherwise made it available to such person relying on it and the subscriber has accepted it c. It has complied with the provisions of this Act and the rules and regulations made thereunder b. d. To open NRO.c. 30 days 54. Indian Property Rights 62. Here which IPR or rights are being discussed? a.57. Restoration of Lapsed Patent c. 15% d. no contract by Arzoo to pay for the cup of tea b. # b. then it will be defined under which of the following term? a. 5 % b. Ø d.104 to 117 c. © 60. a quasi-contract to pay for the cup of tea .104 to 118 d. Suppose a musical copyright in respect of songs. both b and c SECTION C-4marks Questions 61. tunes belongs to the author as his property. record music. Patents of Addition b.104 to 116 b.104 to 115 58. Arzoo went into a restaurant and took a cup of tea. a. ……………deals with the subject of suits concerning infringement of patents. Grant of compulsory Licence 59. a cassette). What does a copyright notice look like? a. If the Controller is granting the patent for the improvement or modification. Disposal of applications for restoration of lapsed patents d. Secs. or manufacture a particular thing or allow others to do so only at his best. How much of a journal or book do you think it is considered fair dealing to copy? a. Intellectual Promising Rights b. an express contract to pay for the cup of tea d. Secs. Secs. International Property Rights d. Intellectual Property Rights c. an implied contract that she will pay for the cup of tea c. the subject matter of proprietary interest is not the product (such as a book. but the exclusive right of the author or singer or inventor to publish a book. ¢ c. In this case there is a. Secs. 20% c. In this case of IPR. By agreement b. By the insolvency of all the partners but one c. b. The note is not negotiable because the interest rate is tied to the prime rate. Right of indemnification b. B and C discussed together and decided to dissolve their firm and end the partnership.63. Who is surety here? a. Revati issued National Bank a promissory note for $120. Z d. Why X has to return the cooler or what type of termination of bailment is implied here? a. Right of retainer d. . The note does not state a fixed amount of money. Which of the following right of seller is not correct here? a. Expiry of the stipulated period c. The four-corner rule requires that instruments contain every piece of information needed to determine the rights on the instrument. X guarantees the repayment of a loan of Rs. . The note stated a variable interest rate tied to the prime rate. What type of dissolution of firm is implied here? a. On the expiry of 6 months X must return the cooler. The variable interest rate tied to the prime rate will not affect the negotiability of the note. Right to remuneration 66. Suit for price 68. Bailee‟s inconsistent act with conditions of bailment d. Right of resale d. In this case X as an agent is entitled to imply which right? a. By mutual consent d. Right of stoppage in transit c. X c. c. 10.000 to Y by Z (a banker). X purchased goods on behalf of Y by paying from his own pocket for the time being. Accomplishment of the specified purpose b. X is about to deliver goods to Y his principal and came to know that Y became insolvent. A. By business becoming illegal 67. Lien on goods b. Y 64. Which statement is correct concerning the negotiability of the note? a. A gratuitous bailment may be terminated at any time 65.000. A room cooler is hired by X from Y for a period of 6 months. A b. Right of stoppage in transit c. Later Y is planning to gift something from that money to A. Poonam is an unpaid seller enjoying some rights. The note is not negotiable because of the variable interest. ... This meeting of rohan industries must be held in each calendar year and not more than fifteen months shall elapse between two meetings. he expression “computer source code” means the listing of programs.. Poonam being a consumer acquiring the knowledge and skill to be an informed consumer.. imposes unfair or discriminatory condition in purchase or sale of goods or service and restricts production of goods or scientific development relating to goods or services... Suppose if knowingly or intentionally Raman conceals. Not to engage in unauthorized transactions 72.. then this term will be called . a. General Meeting 73. Right to choose c. I year 74... Anti-competitive Agreements d. computer commands... Merger or Amalgamation c... Right to seek redressal d.. runs the business of jute handicrafts. To ensure compliance of FERA provisions c. 2 years b. If an enterprise directly or indirectly. Annual general meeting (AGM) c.... This company is: a.d. Statutory Authority 71. Extra-ordinary Meeting (EGM) b. Right to safety b. To comply with RBI directions d...... he shall be punishable with imprisonment up to . a. To ensure compliance of FEMA provisions b. What type of meeting is this? a. Government undertaking b. Raindrop company is undertaking carried on by a department of the Government. The maximum gap between their two such meetings may be extended by three months by taking permission of the Registrar. both (a) and (b) 69.... Which one of the following is not a duty of an authorised person or which statement is wrong? a.. Statutory meeting d. Private undertaking . It will come under which right of consumer? a. who may so allow for any special reason. Abuse of Dominant Position b... destroys or alters this computer source code. design and layout and program analysis or computer resource in any form.... Right to consumer education 70.. 5 years d.. 3 years c.. c. ABC Inc. to create a new logo for ABC. Sam works at home and receives no benefits from ABC. Public and Private company d. Joint ownership company 75. Both Sam and ABC Inc. Sam is a graphic artist who has been hired by ABC Inc.c. as joint owners d. Rick . The owner of the copyright is likely: a.. The project will last one week. Sam b.