Question:

As per the RBI Act, which of the following negotiable Instruments can be payable tothe bearer on demand?

A.

Cheque

B.

Hundi

C.

Bank Draft

D.

Promissory Note

Answer» a. Cheque

Question:

A sort of tacit understanding/agreement among the intending bidders to stifle competition by not bidding against each other in an auction sale is called as

A.

Damping

B.

Knock-out agreement

C.

Puffers

D.

By-bidders

Answer» b. Knock-out agreement

Question:

A bill of exchange, that is drawn accepted or endorsed without consideration iscalled

A.

Accommodation bill

B.

Promissory note

C.

Trade bill

D.

Bearer instrument

Answer» a. Accommodation bill

Question:

The annual return of an OPC shall be signed by

A.

the company secretary

B.

the director

C.

the chief accountant

D.

the auditor

Answer» a. the company secretary

Question:

An anticipatory repudiation has the effect of:

A.

An automatic putting an end to the contract

B.

Putting an end to the contract only on acceptance of the repudiation by the other party

C.

Putting an end to the contract only on failure to perform when performance is due.

D.

No putting an end to the contract.

Answer» b. Putting an end to the contract only on acceptance of the repudiation by the other party

Question:

The ________ of the company shall contain the regulations for management of the company.

A.

Articles

B.

Memorandum

C.

Both

D.

None of the above

Answer» a. Articles

Question:

Employee’s State Insurance Act, 1948 is applicable to all

A.

factories including factories belonging to Government and seasonal factories.

B.

factories excluding seasonal factories.

C.

factories including factories belonging to Government and seasonal but excluding Silk factory.

D.

factories including factories belonging to Government but excluding seasonal factories.

Answer» d. factories including factories belonging to Government but excluding seasonal factories.

Question:

The society for Business Ethics was started in

A.

1950

B.

1960

C.

1970

D.

1980

Answer» d. 1980

Question:

The Latin Maxim “Nemo Dat Quod non Habet” means

A.

no man can pass a better title than he has

B.

let the Buyer beware

C.

no consideration – No contract

D.

ignorance of law is no excuse

Answer» a. no man can pass a better title than he has

Question:

Anu threaten to kidnap Binu’s daughter if she does not sell her house worth ` 90 Lakhto her for ` 20 Lakh. This Contract is void due to —

A.

inadequacy of Consideration

B.

absence of Free Consent

C.

incompetence of Parties

D.

None of the above

Answer» b. absence of Free Consent