BCom Second Year (Sem 3 & 4) Business Law – Daily Revision MCQ (English Medium)
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Under Section 2(h) of the Indian Contract Act, 1872, a contract is:
Chapter 1: Indian Contract Act, 1872: Essentials of a Valid Contract
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Answer: C. an agreement enforceable by law
Section 2(h) defines a contract as an agreement enforceable by law; agreements not enforceable by law are not contracts.An agreement with a minor is:
Chapter 1: Indian Contract Act, 1872: Essentials of a Valid Contract
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Answer: A. void ab initio (void from the beginning)
A minor is not competent to contract (Sec 11), so the agreement is void from the start (Mohori Bibee v. Dharmodas Ghose).In a contract of guarantee, the person who gives the guarantee is called the:
Chapter 2: Special Contracts: Indemnity, Guarantee, Bailment and Agency
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Answer: B. surety
A guarantee has three parties: the surety gives the guarantee, the principal debtor owes the debt and the creditor receives it.In a contract of bailment, the person to whom the goods are delivered is called the:
Chapter 2: Special Contracts: Indemnity, Guarantee, Bailment and Agency
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Answer: D. bailee
The bailor delivers the goods and the bailee receives them for a purpose, returning them afterwards (Sec 148).Under the Sale of Goods Act, 1930, the rule 'caveat emptor' means:
Chapter 3: Sale of Goods Act, 1930
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Answer: B. let the buyer beware
Caveat emptor (Sec 16) puts the duty on the buyer to examine the goods; the seller is not bound to reveal every defect, subject to exceptions.Under the Negotiable Instruments Act, 1881, which instrument is always drawn on a specified banker?
Chapter 4: Negotiable Instruments Act, 1881
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Answer: A. Cheque
Section 6 defines a cheque as a bill of exchange drawn on a specified banker and payable on demand.Which authority was set up under the Consumer Protection Act, 2019 to regulate matters affecting consumer rights, unfair trade practices and misleading advertisements?
Chapter 5: Consumer Protection Act, 2019
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Answer: D. Central Consumer Protection Authority
The 2019 Act created the Central Consumer Protection Authority (CCPA) to protect and enforce consumer rights.Under the Companies Act, 2013, the minimum number of members needed to form a public company is:
Chapter 6: Companies Act, 2013: Formation of a Company
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Answer: C. 7
Section 3 requires at least 7 persons for a public company, 2 for a private company and 1 for a One Person Company.The doctrine of indoor management, which protects outsiders dealing with a company, comes from which case?
Chapter 7: Memorandum and Articles of Association
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Answer: A. Royal British Bank v. Turquand
Royal British Bank v. Turquand held that outsiders may assume the company's internal formalities have been followed.Under the Companies Act, 2013, the maximum gap allowed between two Annual General Meetings is:
Chapter 8: Company Meetings and Management
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Answer: B. 15 months
Section 96 says not more than 15 months may pass between one AGM and the next.
BCom Second Year (Sem 3 & 4): MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the common syllabus of Maharashtra universities (NEP). Your own university's syllabus may differ a little.