AIMA Solved Assignments for GM06
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Subject Code: GM06
Subject Name: Business Law & Corporate Governance
Component name: Assignment 1
Assignment Start Date: 01/05/2022
Assignment End Date: 31/05/2022
Question 1:- An offer may lapse by
a) Revocation
b) counter offer
c) Rejection of offer by offeree
d) All of these
Question 2:- Which of the following statement is true?
a) there can be a stranger to a contract
b) there can be stranger to a consideration
c) there can be stranger to a contract & consideration
d) None of the above
Question 3:- Ordinarily minor`s agreement is
a) void ab initio
b) voidable
c) valid
d) unlawful
Question 4:- The threat to commit suicide amounts to
a) coercion
b) undue influence
c) misrepresentation
d) fraud
Question 5:- On the valid performance of the contractual obligations by the parties, the contract;
a) is discharged
b) becomes enforceable
c) becomes void
d) None of the above
Question 6:- In case of anticipatory breach , the aggrieved party may treat the contract;
a) As discharged and bring an immediate action for damages
b) As operative and wait till the time for performance arrives
c) Exercise option either (a) or (b)
d) None of these
Question 7:- A contingent contract depend on the happening of the future uncertain event can be enforced when the event;
a) happens
b) becomes impossible
c) doesn`t happen
d) either of these
Question 8:- On the acceptance of an offer by a offeree
a) only the acceptor becomes bound by accepting the offer
b) only the offeror becomes bound as his terms are accepted
c) both the acceptor and offeree becomes bound by the contract
d) None of these
Question 9:- Which of the following persons are not competent to contract?
a) minors
b) persons of unsound mind
c) persons disqualified by law
d) All of these
Question 10:- When the consent of a party is obtained by coercion, undue influence, fraud, or misrepresentation , the contract i;
a) void
b) voidable
c) valid
d) illegal
Question 11:- Indemnity means
a) security from damage or loss
b) security for more profit
c) An act for protection
d) Both A and B
Question 12:- Section 124 of the contract Act define
a) contracts of minor
b) contracts of conditions
c) contracts of indemnity
d) None of the above
Question 13:- A contract by which one party promises to save the other from loss caused to him by the conduct of the promisor himself or by the conduct of any other person is called
a) surety contract
b) simple contract
c) contracts of indemnity
d) None of the above
Question 14:- The contract of insurance is infact contract of
a) urgency
b) indemnity
c) both A and B
d) None of the above
Question 15:- A guarantee which extends to a series of transactions is called
a) special guarantee
b) continuing guarantee
c) specific guarantee
d) None of the above
Question 16:- A in consideration that B will employ C in collecting the rent of B`s zamindari , promises B to be responsible , to the amount of 5000 rupees for the due collection and payment by C of those rents. This is a
a) restricted guarantee
b) continuing guarantee
c) limited guarantee
d) None of the above
Question 17:- Section 142 of the Contract Act 1872 deals with
a) guarantee obtained by free consent
b) guarantee obtained by fraud
c) guarantee obtained by misrepresentation
Question 18:- The sales of goods Act was enacted on
a) 15th February 1930
b) 15th March 1930
c) 15th April 1930
d) None of the above
Question 19:- The Sale of Goods Act was enforced on
a) 1st day of May 1930
b) 1st day of June 1930
c) 1st day of July 1930
d) None of the above
Question 20:- The Sale of Goods Act is based on
a) US Sale of Goods Act
b) English sale of goods Act
c) Indian sale of goods act
d) None of the above
Subject Code: GM06
Subject Name: BUSINESS LAW & CORPORATE GOVERNANCE
Component name: ASSIGNMENT 2
Question 1:- The bailment is the delivery of goods by one person to another for some purpose , upon a contract that they shall, when the purpose is accomplished , be returned or otherwise disposed of according to the directions of the person delivering them.
a) The above definition is correct
b) The above definition is incorrect
Question 2:- Essential elements of bailment include:
a) A bailment is usually created by agreement between the bailor and the bailee
b) A bailment involves delivery of goods by bailor to bailee
c) The delivery of goods from bailor to bailee must be for some purpose such as personal service
d) All of the above
Question 3:- Types of bailment are:
a) Gratuitous bailment
b) Non-gratuitous bailment
c) Bailment for the mutual benefit /exclusive benefit of bailor & Bailee
d) All of the above
Question 4:- Gratuitous bailment
a) it is contract of bailment where no consideration passes between the bailor and bailee
b) it is a contract of bailment where some consideration passes between the bailor and bailee
c) A contract of bailment which is executed only for the benefit of the bailor
d) A contract of bailment which is executed for the mutual benefit of the bailor and bailee
Question 5:- Non-gratuitous bailment:
a) It is a consideration of bailment where no consideration passes between the bailor and bailee
b) It is a contract of bailment where some consideration passes between the bailor and bailee
c) A contract of bailment which is executed only for the benefit of the bailor
d) A contract of bailment which is executed for the mutual benefit of the bailor and bailee
Question 6:- An agent is a person employed to do any (lawful) act for another or to represent another in dealing with a third person.
a) The above definition is correct
b) The above definition is incorrect
Question 7:- Types of agent include:
a) Commercial or mercantile agent
b) Auctioneer
c) Company directors / managers and partners in business partnership
d) All of the above
Question 8:- A sub-agent is the person employed by the original agent to act under his control in the business of agency. The general rule is that an agent is not entitled to delegate without the consent of his principal. Under what circumstances an agent may appoint a sub-agent and delegate work?
a) the principal has expressly permitted delegation of such power
b) the ordinary custom of trade a sub-agent may be employed
c) the nature of work is such that a sub-agent is necessary
d) All of the above
Question 9:- Where a sub-agent is properly appointed by an agent to delegate the work __________.
a) the principal is bound by the acts of the sub-agent as if the subagent was an agent originally appointed by the principal
b) The agent is responsible to the principal for the acts of the subagent
c) the subagent is responsible for his acts to the agent, but not to the principal, except in case of fraud or wilful wrong
d) All of the above
Question 10:- Which of the following is correct for Co-agent or substituted agent?
a) A co-agent works under the instructions of the principal
b) there is a contract between co-agent and the principal
c) Co-agent is not affected by the termination of the original agency
d) All of the above
Question 11:- _____means something legally transferable from one person to another for a consideration.
a) instrument
b) negotiable
c) negotiable instruments
d) All of the above
Question 12:- _____means written document by which some legal rights are created in favour of some person.
a) instrument
b) negotiable
c) negotiable instruments
d) All of the above
Question 13:- Negotiable instrument means a promissory note, bill of exchange or cheque, payable to ____.
a) bearer
b) order
c) either to bearer or order
d) neither bearer or order
Question 14:- A negotiable instrument is freely transferable by delivery if it is a/an _____instrument.
a) order
b) bearer
c) both a & b
d) None of the above
Question 15:- The transferee of a negotiable instrument is the one:
a) who transfer the instrument
b) on whose name it is transferred
c) who encashes it
d) None of the above
Question 16:- The chairperson of the board of directors and CEO should be leaders with_________.
a) vision and problem solving skills
b) the ability to motivate
c) business acumen
d) All of the above
Question 17:- The corporate governance structure of the company reflects the individual companies:
a) cultural and economic system
b) legal and business system
c) social and regulatory framework
d) All of the above
Question 18:- The first step in the auditing process should be to secure the commitment of_________.
a) employees
b) top executives with directors
c) stockholders
d) customers
Question 19:- The hand-of-government refers to the__________.
a) ability of the government to interfere in business negotiations
b) role of corporations to be profitable within law
c) effect of national politics on business decisions
d) impact of changing government regulations
Question 20:- The primary stakeholders are_______.
a) customers
b) suppliers
c) shareholders
d) creditors