In India, GST become effective from
A. 1st April, 2017
B. 1st January, 2017
C. 1st July, 2017
D. 1st March, 2017
Select an option to see the answer and solution.
Which of the following commodities is kept outside the purview of GST?
A. Tobacco products
B. Petroleum products
C. Edible oils
D. Insurance products
Select an option to see the answer and solution.
Which of the following is not the objective of the Competition Act, 2002?
A. Prohibition of Restrictive Trade Practices
B. Prohibition of Dominant Position
C. Prohibition of Anti-competitive Agreements
D. Regulation of Combinations
Select an option to see the answer and solution.
In which of the following cases the unpaid seller cannot exercise the right of lien on goods in his possession?
A. Where goods have been sold without any stipulation regarding credit
B. Where the goods have been sold on credit but the term of the credit has expired
C. Where the buyer becomes insolvent
D. Where the goods have been sold on credit but the term of credit has not expired
Select an option to see the answer and solution.
As per the 101st Constitution Amendment Act, the power to levy GST rests on . . . . . . . .
A. State Govt.
B. Union Govt.
C. State & Union Govt.
D. Union Territory, State & Union Govt.
Select an option to see the answer and solution.
When all the rights under a negotiable instrument are extinguished and instrument cannot be further negotiated, it is called . . . . . . . . of instrument.
A. Release
B. Completion
C. Discharge
D. All of these
Select an option to see the answer and solution.
A contract where the seller transfers or agrees to transfer property in goods to buyer for a price is called.
A. Contract of sale
B. Contract of purchase
C. Contract of lease
D. None of the above
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Where a promisor has made an offer of performance to the promise and the offer has not been accepted:
A. The promisor is responsible for non-performance, but he does not lose his rights under the contract
B. The promisor is not responsible for non-performance, nor does he thereby lose his rights under the contract
C. The promisor is not responsible for non-performance, but he loses his rights under the contract
D. The promisor can enforce the performance of the promise
Select an option to see the answer and solution.
Which one of the following is not correct relating to competition policy and law?
A. Collusion and dominance have potential for unfair competition
B. The appeal against decisions of competition commission of India can be made to the competition Appellate Tribunal
C. State monopolies, government's business policies and functioning of regulatory authorities cannot be scrutinised under this law
D. Abuse of dominance rather than dominance should be the key for competition policy law
Select an option to see the answer and solution.
Consideration should not be . . . . . . . . but is should be natural.
A. Quasi
B. Complete
C. Party
D. Legal
Select an option to see the answer and solution.
Every company has to file with registrar, a copy of
A. Articles of Association
B. Prospectus
C. Memorandum of Association
D. None of the above
Select an option to see the answer and solution.
When can a breach of condition be treated as a breach of warranty by the seller as per the provisions of Sale of Goods Act, 1930?
A. When the buyer fulfils the condition stipulated to the contract of sale
B. When the contract of sale is severable and the buyer has accepted the entire goods
C. When the contract of the sale is not severable and the buyer has accepted the goods or part thereof, subject to an express or implied term in the contract
D. When the contract of the sale is severable and the buyer has accepted the entire goods or part thereof
Select an option to see the answer and solution.
The . . . . . . . . shall be treated as supply even if made without consideration.
A. Supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal
B. Supply of goods by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal
C. Permanent transfer or disposal of business assets where input tax credit has been awaited. On such asserts
D. All of the above
Select an option to see the answer and solution.
When the goods are sold on credit and credit period is not expired, the seller of goods is
A. Called unpaid seller
B. Is not the seller at all
C. Not called an unpaid seller
D. None of the above
Select an option to see the answer and solution.
Indicate the true statement.
A. Large industrial houses are outside the purview of the Competition Act, 2002
B. There is no provision for curbing frivolous complains under the CPA
C. The Trademark Act, 1999 does not apply to services
D. All of the above
Select an option to see the answer and solution.
Mr. X writes, "I promise to pay 'Mr. Y , Rs. 5,000, 7 days after the death of Mr. Z." This is
A. Invalid
B. Valid
C. Illegal
D. Void
Select an option to see the answer and solution.
Which of the following is not a method of creating a company?
A. A written agreement made by the directors
B. Registration under the Companies Act, 2006
C. Act of Parliament
D. Grant of Royal Charter
Select an option to see the answer and solution.
Match
List-I with
List-II and select the correct answer:
List-I
List-II
a. Cyber Crime
1. Intellectual Property Right Act
b. Doctrine of Caveat Emptor
2. Negotiable Instrument Act
c. Dishonour of Bill
3. Sale of Goods Act
d. Patent and Copyrights
4. The Information Technology Act
A. a-3, b-4, c-1, d-2
B. a-3, b-2, c-4, d-1
C. a-4, b-3, c-2, d-1
D. a-2, b-4, c-3, d-1
Select an option to see the answer and solution.
Which of the following statements are true in context of an associate company under Companie Act, 2013?
A. An associate company to another company means a company in which such other company has a significant influence
B. A holding company in relation to another company has been defined under section 2 (46) of the 2013 act as a company of which such other company is a subsidiary company
C. An associate company is a company in which a notable portion of shares is owned by a parent company
D. All of the above
Select an option to see the answer and solution.
Who can be a partner in a Limited Liability Partnership?
A. An individual
B. A body corporate
C. A HUF
D. Both A and B
Select an option to see the answer and solution.