Legal Aspects of Business Scanner 2019 June

1. Arrange the following in order of their manifestations
   (i) Offer
   (ii) Acceptance
   (iii) Breach of contract
   (iv) Contract
   Choose the correct option from the following :
   (a) (i), (ii), (iii) and (iv)
   (b) (i), (ii), (iv) and (iii)
   (c) (ii), (iii), (i) and (iv)
   (d) (i), (iv), (iii) and (ii)
2. Statement (I) : Agreement without consideration is always valid.
   Statement (II) : All contracts are agreements but all agreements are not contracts. In the context of the above two statements, which one of the following codes is correct?
   (a) Statement (I) and (II) both are correct
   (b) Both Statement (I) and (II) are incorrect
   (c) Statement (I) is incorrect Statement (II) is correct
   (d) Statement (I) is correct but Statement (II) is incorrect
3. ‘Doctrine of Caveat Emptor’ means
   (a) Buyer should make payment well in time
   (b) Buyer should be beware of all aspects of buying
   (c) Buyer will be responsible for the whole payment
   (d) Buyer will not be responsible at any cost
4. Which of the following does NOT fall in the ambit of the objectives of Competition Act, 2002 ?
   (a) Encourage Competition
   (b) Prevent abuse of dominant position
   (c) Prevent monopolistic rights arising out of intellectual property
   (d) Regulate mergers and acquisitions
5. Which of the following NOT come under the definition of ‘information’ as per the Right to Information Act (RTI Act), 2005 ?
   (a) Logbooks
   (b) Data material held in electronic from
   (c) File noting
   (d) Circular
6. Match List – I with List – II

   List – I	List – II
   (A) Cyber Crime	(i) Intellectual Property Right Act.
   (B) Doctrine of Caveat Emptor	(ii) Negotiable Instrument Act
   (C) Dishonour of Bill	(iii) Sale of Goods Act
   (D) Patent and Copyrights	(iv) The Information Technology Act

   Choose the correct option from those given below :
   (a) (A) – (iii), (B) – (iv), (C) – (i), (D) – (ii)
   (b) (A) – (iii), (B) – (ii), (C) – (iv), (D) – (i)
   (c) (A) – (iv), (B) – (iii), (C) – (ii), (D) – (i)
   (d) (A) – (ii), (B) – (iv), (C) – (iii), (D) – (i)

7. Which among the following is NOT included in negotiable instrument ?
   (a) Cheque
   (b) Demand Draft
   (c) Promissiory Note
   (d) Mutual Fund
8. Which of the following commodities is kept outside the purview of GST?
   (a) Tobacco products
   (b) Petroleum products
   (c) Edible oils
   (d) Insurance products

Answer Key