Legal Aspects of Business Scanner 2020 October Shift II

1. Meaning of unpaid seller is
   (a) The person who has not paid the price
   (b) The person who has sold the goods and received the price
   (c) The person who has sold the goods and not yet received the price
   (d) The person who has not sold the goods
2. Intellectual property rights (IPRs) protect the use of information and ideas that are of
   (a)  Social value
   (b) Moral value
   (c) Commercial value
   (d) Ethical value
3. Match the item of List I with the item of List II and choose the correct code of combination:

   List 1	List 2
   (A) Indian contract Act	(i) 2002
   (B) Right to information Act	(ii) 1872
   (C) Information technology Act	(iii) 2005
   (D) Competition Act	(iv) 2001

   (a) A-i, B-ii, C-iii, D-iv
   (b) A-ii, B-iv, C-i, D-iii
   (c) A-iii, B-iv, C-ii, D-i
   (d) A-ii, B-iii, C-iv, D-i

4. What is the correct sequence of distribution of amount realized under section 154 of CGST rules?
   Appropriated against the administrative cost of the recovery process.
   b. Appropriated against any other amount due from defaulter under the Act or IGST Act.2017
   c. Appropriated against the amount due to be recovered from defaulter.
   d. Balance amount if any shall be refunded to the defaulter
   (a) A,B,C,D
   (b) A,C,B,D
   (c) C,A,B,D
   (d) C,B,A,D
5. Statement I: Contracts whose objects or consideration are unlawful are avoid.
   Statement II: Contracts in restraint of legal proceedings are void.
   Code:
   (a) Both statements are correct
   (b) Both statements are incorrect
   (c) Statement I is correct but II is not incorrect
   (d) Statement I is incorrect but II is correct

Answer Key