11. If an instrument may be construed either as a promissory note or bill of exchange, it is
A. A valid instrument
B. An ambiguous instrument
C. A returnable instrument
D. None of the above.
✅ The correct answer is option B.
Business Laws
12. The term ‘negotiation’ in section 14 of the Negotiable Instruments Act, 1881 refers to
A. The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof
B. The payment by a bank on a negotiable instrument after due verification of the instrument
C. The bargaining between the parties to a negotiable instrument
D. All of the above.
✅ The correct answer is option A.
13. Cheque is a
A. Promissory note
B. Bill of exchange
C. Both (a) and (b) above
D. None of the above.
✅ The correct answer is option B.
14. A bill of exchange contains a/an
A. Unconditional undertaking
B. Unconditional order
C. Conditional undertaking
D. Conditional order.
✅ The correct answer is option B.
15. The undertaking contained in a promissory note, to pay a certain sum of money is
A. Conditional
B. Unconditional
C. May be conditional or unconditional depending upon the circumstances
D. None of the above.
✅ The correct answer is option B.
16. A stipulation in contract of sale with reference to goods which are the subject there of may be
A. A condition
B. A warranty
C. Both (a) and (b)
D. None of above
✅ The correct answer is option C.
17. The liability of members if company is limited by shares
A. Unpaid value of shares
B. Guarantee amount
C. Unlimited liability
D. None of the above
✅ The correct answer is option A.
18. Total managerial remuneration cannot exceed ____% of net profit
A. 11
B. 12
C. 13
D. 14
✅ The correct answer is option A.
19. According section 5(2) subject to provision of any law for the time being in force a contract of sale may be
A. Made in writing
B. By words of mouth
C. Partly in writing or partly in words of mouth
D. All above ways
✅ The correct answer is option A.
20. Quorum should be present at the
A. Commencement of meeting
B. Middle of the meeting
C. End of the meeting
D. Any time during meeting.
✅ The correct answer is option D.