Legal Aspects Of Business - Study Mode

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[#1011] A company may be wound up by the Tribunal by passing

(A) special resolution

(B) extra-ordinary resolution

(C) ordinary resolution

(D) no resolution

Correct Answer

(A) special resolution

[#1012] If the holder of a bill of exchange allows the drawee more than following hours, exclusive of public holidays, to consider whether he will accept the same, all previous parties not consenting to such allowance are thereby discharged from liability to such holder.

(A) 24

(B) 12

(C) 36

(D) 48

Correct Answer

(D) 48

[#1013] Which section of the Competition Act, 2002 details combinations?

(A) Section 2

(B) Section 3

(C) Section 4

(D) Section 5

Correct Answer

(D) Section 5

[#1014] Which of the following sections of Indian Contracts Act, 1872 requires 'enforceability by law'?

(A) Section 2(i)

(B) Section 2(k)

(C) Section 2(h)

(D) Section 2(m)

Correct Answer

(C) Section 2(h)

[#1015] Consider the following statements. Assertion (A): Under GST, the ability to tax goods and services and raise revenue shifted from origin states (where the good or service is produced) to destination states (where it is consumed). Reason (R): The new system posed a risk of revenue uncertainty for some states. Parliament went for constitutional amendment bills to make a law to provide for compensation to states for five years to avoid any revenue loss due to GST.

(A) Both (A) and (R) are true and R is the correct explanation of (A)

(B) Both (A) and (R) are true but (R) is not the right explanation of (A)

(C) (A) is true but (R) is not true

(D) (A) is false, but (R) is true

Correct Answer

(A) Both (A) and (R) are true and R is the correct explanation of (A)