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1. (i) Which of the following is not a characteristic of an 'agreement to sell'?

It allows the buyer to sue the seller for damages. The seller can only sue for damages if the buyer breaches the agreement. Sales can occur for existing and specific goods. It is classified as an executor contract.

2. The surety's obligation arises only when the principal debtor defaults in payment to which of the following?

Solicitor Creditor Visitor Collector

3. The mutual rights and responsibilities of partners in a firm can be established by which of the following?

Partner's will The court of law Contract between the partners The senior partner in the firm

4. Who is referred to as a 'holder in due course'?

A person who possesses a promissory note for consideration A person named in the instrument to whom the money is directed to be paid The individual who draws the instrument None of the above

5. Withdrawal from the Provident Fund may be permitted up to what percentage of the balance, subject to the approval of the P.F. Commissioner?

25% of the balance 50% of the balance 75% of the balance 100% of the balance

6. Provisions for cool drinking water during hot weather must be made when more than how many workers are employed?

150 workers 250 workers 350 workers 500 workers

7. Which of the following is not a recognized method of voting in a company meeting?

Voting by show of hands Voting through electronic means Postal ballot Voting by voice

8. How long must copies of annual returns and required certificates be preserved from the date of filing with the Registrar?

8 years 10 years 12 years 15 years

9. The tenure of a director appointed by small shareholders is limited to which of the following?

Until the next AGM 1 year 3 years 5 years

10. The Board of Directors of every listed public company is required to constitute which of the following?

A Finance Committee A Welfare Committee An Audit Committee An Enquiry Committee

11. Laws are defined as a set of codified norms enforced by which of the following?

The entity The executive The society The state

12. Business ethics emphasizes the avoidance of which of the following?

Self-interest Competition Monopoly Publicity

13. Which of the following statements about the liability of a minor in contracts is true?

A minor can enter into any contract and be held liable. A minor's contracts are voidable at the minor's discretion. A minor can ratify a contract upon reaching adulthood. A minor is fully liable for all contracts.

14. Under the Indian Partnership Act, 1932, which of the following is a right of a partner?

To receive a salary for managing the business To share profits equally To unilaterally dissolve the partnership To transfer his share without consent

15. Which of the following is a requirement for a valid contract under the Indian Contract Act, 1872?

The contract must be in writing. There must be a lawful object. The parties must be related. The contract must be notarized.

June 23 Law Paper