BCom Second Year (Sem 3 & 4) Business Law – Daily Revision MCQ (English Medium)
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Under the Indian Contract Act, 1872, an agreement in which consent is obtained by coercion is:
Chapter 1: Indian Contract Act, 1872: Essentials of a Valid Contract
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Answer: B. voidable at the option of the party whose consent was so obtained
Section 19: when consent is caused by coercion, fraud, misrepresentation or undue influence, the contract is voidable at the option of the aggrieved party.Which section of the Indian Contract Act, 1872 defines 'consideration'?
Chapter 1: Indian Contract Act, 1872: Essentials of a Valid Contract
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Answer: C. Section 2(d)
Sec 2(d) defines consideration; 2(a) defines proposal, 2(b) acceptance and 2(h) contract.How many parties are there in a contract of indemnity?
Chapter 2: Special Contracts: Indemnity, Guarantee, Bailment and Agency
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Answer: A. Two
Indemnity (Sec 124) has two parties, the indemnifier and the indemnity holder; a guarantee has three (creditor, principal debtor, surety).Under the Sale of Goods Act, 1930, if the seller breaks a WARRANTY, the buyer can:
Chapter 3: Sale of Goods Act, 1930
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Answer: D. claim damages but not reject the goods
A warranty is collateral to the main purpose (Sec 12(3)); its breach gives only a claim for damages, while breach of a condition allows rejection.Under the Negotiable Instruments Act, 1881, dishonour of a cheque for insufficiency of funds is an offence under:
Chapter 4: Negotiable Instruments Act, 1881
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Answer: D. Section 138
Section 138 makes the drawer of a cheque dishonoured for insufficient funds liable to punishment; Sections 4, 5 and 6 define promissory note, bill and cheque.Under the Consumer Protection Act, 2019, which of the following is NOT a 'consumer'?
Chapter 5: Consumer Protection Act, 2019
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Answer: D. A trader who buys goods for resale
Sec 2(7) excludes a person who obtains goods for resale or any commercial purpose; online buyers for personal use are included.Under the Companies Act, 2013, a One Person Company (OPC) is a type of:
Chapter 6: Companies Act, 2013: Formation of a Company
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Answer: B. private company
Sec 2(62) defines an OPC as a company with only one person as member, and Sec 3(1)(c) forms it as a private company.'Perpetual succession' as a feature of a company means that:
Chapter 6: Companies Act, 2013: Formation of a Company
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Answer: A. its existence is not affected by the death, insolvency or change of its members
A company is a separate legal person, so members may come and go but the company continues until it is wound up by law.An act of a company that goes beyond the objects clause of its Memorandum of Association is:
Chapter 7: Memorandum and Articles of Association
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Answer: A. void and cannot be ratified even by all the shareholders
Doctrine of ultra vires (Ashbury Railway Carriage Co. v. Riche, 1875): such an act is void ab initio and no ratification can make it valid.Under Section 114 of the Companies Act, 2013, a special resolution is passed when the votes cast in favour are:
Chapter 8: Company Meetings and Management
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Answer: C. at least three times the votes cast against
Sec 114(2): for a special resolution, votes in favour must be not less than three times the votes against; an ordinary resolution needs only more votes for than against.
BCom Second Year (Sem 3 & 4): MCQ in other subjects
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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.