Business Law — Summer 2024

Multiple Choice Questions ( All Compulsory ) 1 Business law is a branch of A. Civil law B. Criminal Law C. Administrative law D. None 2 Essential elements of a valid contract include A. Identity of mind B. Consideration C. Free consent D. All of the above 3 Minor is a person who is below the age of in general A. 18 years B. 21 years C. Both D. None of the above 4 Quasi word is derived from A. Latin B. French C. Greek D. Urdu 5 The responsibility of the finder of the lost goods is similar to A. Bailor B. Bailee C. Promisor D. Promisee 6 If the buyer either expressly or through implications makes the seller to know his purpose of buying the goods and if the goods are found defective after purchases and use, then who has to bear the loss? A. Seller B. Buyer C. Both D None of the above 7 Possession of goods means A. Ownership of goods B. Having physical custody of goods C. Both D None of the above Page 1 of 8 In partnership firm the maximum number of members can’t exceed A. 10 B. C. 40 D 50 9 Abill of exchange is signed by A. Borrower B. Lender C. Maker D Seller 10 Which of the following is NOT a negotiable instrument? A. Bill of exchange B. Promissory note C. Crossed A/Cpayee D Bearer cheque cheque 11 Minimum no. of Directors in case of private company is _____________. A. 1 B. C. 3 D 12 Within how many days prospectus or statement in lieu of prospectus should file with ROC ____________. A. 30 B. C. 50 D 40 13 Maximum number of members in case of public limited company. A. 1000 B. 1000000 C. 100000000000 D Unlimited 14 Aprivate company commence business __________________. A. At any time B. After applying for registration C. After obtaining the D After obtaining the certificate of certificate of commencement of business incorporation