Legal Aspects Of Business - Study Mode

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[#871] Which of the following is/are true about the Negotiable Instruments Act, the Promissory Note? 1. Definition of Promissory Note is given in section 8 of the Negotiable Instrument Act 2. Containing an unconditional undertaking 3. To pay a certain sum of money only to a specific person or the bearer 4. The seller is bound to accept the promissory note 5. A document was written and signed by the payer/maker

(A) 2, 3 and 5

(B) 2, 3 and 4

(C) 1, 2, 3 and 4

(D) All of the above

Correct Answer

(B) 2, 3 and 4

[#872] In India, which of the following are non-GST goods? 1. Petroleum crude 2. High-speed diesel 3. Motor spirit (commonly known as petrol) 4. Natural gas 5. Aviation turbine fuel 6. Alcoholic liquor for human consumption

(A) 1, 2, 4 and 5

(B) 2, 3 and 4

(C) 1, 3, 4 and 5

(D) All of the above

Correct Answer

(D) All of the above

[#873] If any part of a single consideration for one or more objects, or any one or any part of any one of several consideration of a single object is unlawful, then:

(A) only that object shall be held void but the agreement shall be valid

(B) the agreement shall be void

(C) the agreement shall be voidable at the option of either party to the agreement

(D) the agreement is still considered valid

Correct Answer

(B) the agreement shall be void

[#874] Which of the following acts was replaced with the introduction of the Competition Act 2002?

(A) FERA

(B) MRTP

(C) POTA

(D) None of these

Correct Answer

(B) MRTP

[#875] The persons who sign the Memorandum of Association of a company are called:

(A) Shareholders

(B) Directors

(C) Subscribers to Memorandum of Association

(D) Promoters

Correct Answer

(C) Subscribers to Memorandum of Association