Legal Aspects Of Business - Study Mode

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[#116] According to Sale of Goods Act which two of the following are defined as 'goods'? 1. Moveable property 2. Growing crops 3. Actionable claims 4. Book debt Choose the correct answer from the following options:

(A) 1 and 4

(B) 2 and 3

(C) 1 and 2

(D) 2 and 4

Correct Answer

[#117] Under which section of IT Act, 2000, the following punishment is mentioned? '3 years of imprisonment and/or 5 lakh rupees penalty for first conviction and 5 years of imprisonment and/or 10 lakh rupees penalty for second conviction'

(A) Section 67

(B) Section 65

(C) Section 66

(D) Section 64

Correct Answer

(A) Section 67

[#118] In which of the following cases, a contract is discharged on the ground of frustration or subsequent impossibility?

(A) Outbreak of war

(B) Change of law or government policy

(C) Both A and B

(D) None of the above

Correct Answer

[#119] A season article marked "price Rs. 50" in Neha's shop, Sonal offers Neha Rs. 50 for the article. Neha refuses to sell saying the article is not for sale. Advice Sonal.

(A) Sonal cannot force Neha to sell the article at Rs. 50

(B) Sonal can force Neha to sell the article at Rs. 50

(C) Sonal can claim damages

(D) Sonal can sue Neha in the court

Correct Answer

(A) Sonal cannot force Neha to sell the article at Rs. 50

[#120] Which of the following statements is not true:

(A) The first auditors of a company must be appointed within one month after the registration of the company

(B) If no auditor is appointed at the Annual General Meeting of the company, the Central Government must be so informed within 15 days

(C) A corporate body cannot be appointed an auditor of the company

(D) The auditor is an agent of shareholders

(E) To write off goodwill out of retained income is neither a source nor an application of funds

(F) To declare dividend on equity share capital is an application of funds

(G) To issue bonus shares is not a source of funds

(H) Payment to creditors does not affect the amount on net working capital

Correct Answer

(B) If no auditor is appointed at the Annual General Meeting of the company, the Central Government must be so informed within 15 days
(F) To declare dividend on equity share capital is an application of funds