Professional Documents
Culture Documents
ANSWER
1. C 15. D 29. C
2. B 16. A 30. A
3. B 17. A 31. D
4. A 18. B 32. C
5. C 19. D 33. A
6. C 20. B 34. A
7. C 21. A 35. B
8. C 22. C 36. C
9. B 23. C 37. A
10. B 24. C 38. B
11. B 25. D 39. C
12. A 26. A 40. b
13. A 27. A 41.
14. C 28. A
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57. SET II
58. Business Law
Course code: U13MSY55
59.1._______ is an agreement between two or more parties enforceable in a court
of law. A. Partnership B. Contract C. Agent D. None.
60.2. _________ is a contract which is entered into, between parties via internet.
A. Modern contract B. Technical contract C. Advance contract D. E-Commerce.
61.3. An offer may be communicated by A. Orally B. By conduct only C. By a
written mode D. By all the above modes
62.4. Acceptance may be communicated by A. Any person B. A person who has
the authority to accept C. His agent D. all the above
63.5.An offer is said to be general when it is made A. To a definite person B. To
the public at large C. To a group of persons D. None of the above.
64.6.An offer can be communicated A. At any time B. Before it can be accepted
C. After acceptance D. None of the above
65.7. Newspaper advertisements are not ______. A. Offer B. Proposal C. Contract
D. None
66.8. An offer may come to an end by ______ A. Lapse B. revocation C. Both A&B
D. None
67.9. Ratification is tantamount to prior ______ A. Authority B. Agreement C.
Contract D. None
68.10. An agency coupled with interest is _________ A. Irrevocable B. Revocable
C. Acceptable D. None
69.11. A minor can be an agent but cannot be ______ A. A partner B. An agent C.
Promisee D. A principal
70.12. ________ is the agent of the original agent. A. General agent B. Universal
agent C. Special agent D. Sub agent.
71.13. _______ is an agent appointed by a seller to sell his goods by public
auction for a commission. A. auctioneer B. Subagent C. Special agent D.
General agent
72.4. Non mercantile agents include ______ A. Solicitors agents B. Special agents
C. Sub agent D. General agent.
73.15. When the agent or principal dies, the agency ________ A. Is terminated B.
Appoint another C. Continuing D. None
74.16. An agency may be terminated by ________ A. Act of the parties B.
Operation of law C. By mutual agreement D. All the above.
75.17. Partner must act with utmost good faith as the very basis of partnership is
_______ A. Mutual trust B. Confidence c. Both A&B D. None
76.18. A partner is not entitled to receive any _______ A. Remuneration B. Profit
C. Goodwill D. None
77.19. It is the duty of every partner to contribute to the _____ of the firm. A.
Business B. Losses C. Credit D. None
78.20. A partner cannot assign his rights & interest in the firm to _______ A. An
outsider B. Partner C. Third parties D. None
79.21. The authority of a partner may be _______ A. Express B. Implied C. Both
A&B D. Legal authority
80.22. Partners may be _________ A. Actual partner B. Nominal partner C. Partner
by estoppel or hilding out D. All the above
81.23. Reconstitution of a firm may be of _______ A. Introduction of a new
partner B. Retirement of a partner C. death of a partner D. All of these
82.24. A retired partner ____ give a public notice of his retirement to persons
who are ignorant of his being a partner in the firm. A. Need not B. Need to C.
Optional D. None
83.25. The sale of goods act, 1930 does not cover A. Existing goods B.
Immovable goods C. Future goods D. None
84.26. An agreement to sell is an ____ A. Executory contract B. Executed contract
C. Contingent contract D. None
85.27. Which of the following is not regarding as goods under the sale of goods
Act, A. Copyright B. Trademark C. Money
86.28. In the case of hire-purchase agreement, the positioning of the hire-
purchaser is that of the ___ A. Agent B. Principal C. Bailee D. Promisor
87.29. An _______ means a claim to any debt or any beneficial interest in a
movable property not in possession. A. Acutionable claim B. Agreement claim
C. Stipulation & Warranty D. None
88.30. The sale of goods Act applies to a contract of sale, and not to a contract
for ______ and ________. A. Work & Material B. Executed & Executory C.
Implied & Express D. None
89.31. Document of titled goods include _______ . A. Bill of lading B. Railway
Receipt C. Both A&B D. Balance of payment.
90.32. A ________ is a stipulation which is essential to the main purpose of the
contract. A. Agreement B. Claim C. Condition D. All
91. 33. The insurance companies collect a fixed amount from its
customers at a fixed interval of time. What it is called?
A. Installment B. Contribution C. Premium D. EMI
92. 34. Anmol Jeevan is a ..of the LIC. A. Basic Life Insurance Plan
B. Term Insurance Plan C. Childrens Plan D. Pension Plan
93. 35.In case of fire & accident insurance, Insurable interest must
exist.
94. A. At the time of loss only B. At inception of insurance only C. Both
at inception of insurance & at the time of loss D. No insurable interest is
required.
95. 36. Floater policy can be given under which situations. i. Where
sum insured exceeds 2 crores. ii.Where goods are placed at different
godowns at different locations. iii. Where goods are placed at different
godowns at different locations in the same compound. iv. Sum insured
cannot be ascertained at all locations.
96. A. A&B are correct B. A,B&C are correct C. A,B,C,D are correct D.
None is correct
97. 37. Which of the following perils can be add-on cover under the
fire policy at extra premium. A. Spontaneous combustion B. Flood C.
Impact damage D. Explosion
98. 38. Insurable interest must be present at the time of insurance
proposal and payment of claims in
A. Fire Insurance B. Marine Insurance C. Life Insurance D. Motor
Insurance
99. 39. When was the Insurance Regulatory and Development
Authority constituted?
a) 1938 b) 1971 c) 1993 d) 1999
100. 40. Which one of the following does not belong to the main
products of life insurance?
a) Endowment b) Personal accident insurance c) Term d) Whole life
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107. ANSWER
1. b 15. a 29. a
2. d 16. d 30. a
3. d 17. c 31. a
4. b 18. a 32. c
5. b 19. b 33. a
6. b 20. a 34. b
7. a 21. c 35. c
8. c 22. d 36. d
9. a 23. d 37. a
10. a 24. a 38. c
11. d 25. b 39. d
12. d 26. a 40. b
13. a 27. c
14. a 28. c
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