Saturday, October 20, 2018

BUSINESS LAWS MULTIPLE CHOICE QUESTION FOR UPCOMING EXAM


BUSINESS LAWS MULTIPLE CHOICE QUESTION FOR UPCOMING EXAM
COVERING 8 MULTIPLE CHOICE QUESTIONS
(CORRECT ANSWERS ARE GIVEN IN RED LETTERS)
1.       Amount of a crossed cheque is not/ is paid at the counter.
2.       Only Bearer cheque can be encashed on the counter.                            True
3.       The Industrial Disputes Act was passed in 1947/1948.                                              Ans: 1947
4.       Public utility services do not include / include railway service.
5.       Agreement with a person of unsound mind is void.                 True
6.       A sale is an Executory contract.                          False, Executed Contract
7.       The Bill of Exchange has three parties.                           Three, Drawer, Drawee and Payee
8.       A Promissory note has two parties.                 Maker and Payee           
9.       Offer and acceptance make contract/ agreement.
10.   To execute a contract of sale, price is not essential / essential element.                         False
11.   Implied warranties are not written/ written in a contract of sale.
12.   Days of grace is counted/ not counted in cheque.
13.   Negotiable instruments payable on demand do not have days of grace.                        True
14.   Bill of Exchange and promissory note are same/ not same.
15.   The Consumer Protection Act was passed in 1985/ 1986.
16.   (h) FEMA came into force from June 1, 1999/2000.
17.   Indian contract act was passed in 1872.                          True
18.   A contract dependent on happening or non-happening of a future uncertain event is called contingent contract. True
19.   Offer and acceptance make agreement.                       True
20.   Quasi-contracts are created by circumstances.                           True
21.   Sale of goods Act was passed in 1930.                             True
22.   Implied warranties are written/ not written in a contract of sale.       Ans: Not written in a contract of sale
23.   Expressed warranties are written in a contract of sale.                           True
24.   An unpaid seller obtains right against goods only.                                     True
25.   An unpaid seller obtains the right against buyer.                                       True
26.   In promissory note there are two parties.                    True
27.   In bills of exchange there are three parties.                 True
28.   Days of grace is allowed in cheque.                  False
29.   Consumer protection Act recognizes six rights of consumers.                              True (Sec. 6)
30.   FEMA came into force from June 1, 2000.                     True
31.   A contract is discharged by commercial impossibility.                               Yes
32.   A quasi-contract is a contract created by low not by the parties.                         Yes
33.   Condition is a stipulation unessential to the main purpose of a contract.                        False, Essential
34.   To execute a contract of sale, seller and buyer must be there.                                            True
35.   To execute a contract of sale, price is an essential element.                 True
36.   A cheque is not payable on demand.                              False
37.   A promissory note is payable on demand or after a definite period of time.                 True
38.   A promissory note is always in writing.                           True
39.   Definition of consumer does not include a person who obtains goods for resale or for any commercial purpose.  True
40.   A promissory note may not be in writing.                      False
41.   The Consumers’ Protection Act was passed in 1986.                                True
42.   Offer may be implied.                            True
43.   Acceptance may be conditional.                        False, it is unconditional
44.   An agreement to sell is an executory contract not executed contract.                             True
45.   Agreement with a minor is void.                       Void
46.   Consideration from stranger to contract is valid.                        False    
47.   Money cannot be a subject matter of sale under the Sale of Goods Act 1930.                                              True
48.   Breach of warrantees by one party entitles the other party to repudiate the contract.                            False
49.   Share warrants are Negotiable Instruments but share certificate is not a negotiable instrument.        True
50.   A government hospital is considered as an industry under the Industrial Disputes Act, 1947.                True
51.   The definition of industry was amended in the year 1981.                     False
52.   A probationer is a workman under industrial dispute act.                      True
53.   Maximum age limit of a member of a district forum is 65 years.                          True
Consumer Protection Act
1. What is the purpose of enacting the consumer protection Act 1986? Ans: To protect and promote the interest of consumer.
2. Which consumer right gives the business firm freedom to set up their own consumer service and grievance cell? Ans: Right to be heard.
3. Mohit filed a case against ‘Domestic Cooling ltd.’ in the ‘District Forum’, but was not satisfied with the orders of the District Forum. Where can he appeal further against the decisions of District Forum and in how many days? Ans: Mohit can further appeal against the decision of District Forum in the ‘State Commission’ within 30 days.
4. Mohit filed a case against ‘Volvo Ltd.’ in the ‘State Commission’. But he was not satisfied with the orders of the ‘State Commission’. Name the authority to which he can appeal against the decisions of ‘State Commission’. Ans: Amrit can further appeal in ‘National Commission’.
5. Ankit filed a case against ‘Mahindra Ltd.’ in the ‘National Commission’. But he was not satisfied with the orders of the ‘National Commission’. Name the authority to which he can appeal against the decisions of ‘National Commission’. Ans: He can appeal in Supreme Court within 30 days.
6. Which claim can be approach before the Supreme Court under Consumer Protection Act? Ans: An order passed by the national commission in a matter of its original claims exceeding Rs. 1 Crore can appear before the Supreme Court.
7. Ram wants to buy ghee. How can he check the quality of product? Ans: Through ‘AGMARK’ symbol. “AGMARK” symbol is used for food products.
8. Ram wants to buy an iron. As an aware customer, how can he be sure about the quality of iron? Ans: Through “ISI” mark. “ISI” mark is used for electronic items.
9. Can a consumer file complaint in consumer court without having cash memo?  Ans: No, without cash memo he cannot file a complaint. Cash memo is the proof of the transaction.
10. List any three consumer organizations in India. Ans: (i) Consumer Guidance Society of India (Mumbai), (ii) Common Cause (New Delhi), (iii) Citizen Action Group (Mumbai)
12. In what type of activities is Consumer Coordinating Council involved? Ans: It is the main body of the Consumer Organizations of India. It conducts several programmes on consumer education for activists, etc. It has published training manuals on Consumer Protection Act
13. Name two consumer rights defined by UNO. Ans: (i) Right to Basic Need. (ii) Right to Healthy Environment.
14. Rajiv, a vegetarian was traveling in Rajdhani Express was served food and later he found out that it had a non vegetarian content. His sentiments were hurt Will Rajiv be able to claim compensation, which right of the consumer is violated Ans: Yes, Rajiv will be able to claim the compensation as the railways have violated the Right to Information.
15. Mr. A suffers a loss of Rs.20, 00,000 due to bad quality of goods. Name the commission to which Mr. A approach for claim? Ans: District Commission
16. Mr. A suffers a loss of Rs.1, 00, 00,000 due to bad quality of goods. Name the commission to which Mr. A approach for claim? Ans: State Commission
17. Mr. A suffers a loss of Rs.1, 10, 00,000 due to bad quality of goods. Name the commission to which Mr. A approach for claim? Ans: National Commission

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