Legal Aspects Of Business - Practice Test

[#541] How long do patents usually last for?

(A) 10 years

(B) 20 years

(C) 40 years

(D) 60 years

Correct Answer

(B) 20 years

[#542] Consider the following statements regarding Limited Liability Partnership (LLP). 1. It provides an alternative to the traditional partnership with unlimited personal liability on the one hand and the statue based company on the other. 2. Unlike company, it does not allow individual partners to be protected from the joint and several liabilities of partners in a partnership firm. Identify the correct statement.

(A) Only 1

(B) Only 2

(C) Both 1 and 2

(D) None of the above

Correct Answer

(A) Only 1

[#543] Which of the following is an optional book in case of a company:

(A) Share Application and Allotment Book

(B) Register of Members

(C) Register of Charges

(D) Minutes Book

Correct Answer

(A) Share Application and Allotment Book

[#544] Which of the following is Responsibility Centre in Cost Audit?

(A) Profit Centre

(B) Revenue Centre

(C) Investment Centre

(D) All of the above

Correct Answer

(D) All of the above

[#545] Which of the following does not fall under not 'misrepresentation' according to Indian Contract Act, 1872?

(A) Any breach of duty which, without an intent to deceive, gains an advantage to the person committing it

(B) The positive assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true

(C) Any act fitted to deceive the other party wilfully

(D) Causing, however innocently, a party to an agreement, to make a mistake as to the substance of the thing which is subject of the agreement

Correct Answer

(C) Any act fitted to deceive the other party wilfully

Legal Aspects Of Business - Study Mode

[#541] How long do patents usually last for?

Correct Answer

Correct Answer

[#543] Which of the following is an optional book in case of a company:

Correct Answer

[#544] Which of the following is Responsibility Centre in Cost Audit?

Correct Answer

[#545] Which of the following does not fall under not 'misrepresentation' according to Indian Contract Act, 1872?

Correct Answer