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Legal Aspects of Business Practice Test
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Laws related to business transactions, contracts, certain corporate bodies and related matters.

Also: Business Law deals with the laws on the basis of which every deal between people and commercial firms are governed. The Law of Contract constitutes the most important branch of Mercantile or Commercial Law.

Legal Aspects of Business Practice Test
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25 Questions

1. A contract creates_____________.
2. Which the following strikes only at document and not transactions?
3. A(n) ________ agency occurs if the agent discloses his or her agency status but does not reveal the principal’s identity and the third party does not know the principal’s identity from another source.
4. If a new contract is substituted in place of an existing contract—
5. Under which section of IT Act, stealing any digital asset or information is written a cyber-crime.
6. Regarding the proposal for a company voluntary arrangement, which ONE of the following statements is NOT true?
7. consideration must move at the desire of—-
8. Consideration must be something which the promisor _____________.
9. Which of the following is not a method of terminating an agency relationship by acts of the parties?
10. What is the punishment in India for stealing computer documents, assets or any software source code from any organization, individual, or from any other means?
11. In which year India’sIT Act came into existence?
12. The common law doctrine of ________ is based on the legal theory of ________ liability.
13. A contracts to take in cargo for B at a foreign port. A’s Government afterwards declares war against the country in which the port is situated.
14. Which of the following can be accepted so as to form a binding contract?
15. Which of the following is not a type of peer-to-peer cyber-crime?
16. In a sale, if the goods are destroyed, the loss falls on________________
17. The most important document of a company is its__________.
18. A(n) ________ is a contract a principal and agent enter into that says the principal cannot employ another agent other than the one stated.
19. The unlawful detention of any property is ——
20. The Sale of Goods Act, was enforced on
21. Acceptance may be revoked by the acceptor
22. A specific offer can be accepted by _____________.
23. A contract by an idiot is—-
24. Agency by ________ occurs when (1) a person misrepresents himself or herself as another’s agent when in fact he or she is not and (2) the purported principal accepts the unauthorized act.
25. Concerning a company’s liability, which ONE of the following statements is true?

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