LAW AND ETHICS 1

FLE 1:1
Q. 1 A Contract Consist Of
Mutual promises or agreement enforceable by law

Q. 2 The Law Of Contract Is Nothing But

A child of commercial dealing

Q. 3 The Indian Contract Law Is Based On

English law

Q. 4 An Agreement & Contract Are One And Samething

FALSE

Q. 5 Communication Of Acceptance Is Not Necessary

All the above

Q. 6 A Contract Means An Agreement

Which is enforceable by law

Q. 7 A Proposal Can Be Revoked

Before posting Of letter Of acceptance by the acceptor

Q. 8 Which Of The Following Contracts Are Not Recognized By Indian Contract Act, 1872?
All the above

Q. 9 Which Of The Following Statements Is False

Law Of contract the whole law Of obligations

Q. 10 Right In Rem Implies:

a right available against the whole world

Q. 11 Social Agreements Are Correct

Not enforceable in the courts

Q. 12 In An Executed Contract
both the parties have fulfilled their promises

Q. 13 An Agreement Created By Words Spoken Or Written Is Called

express agreement

Q. 14 Under The English Law Which Of The Following Are Recognized As Formal Contract
Both (a) and (b)

Q. 15 Obligation Between Parties That Form Contract

Are legal obligation which spring from agreements

Q. 16 When The Consent Of A Party To A Contract Has Been Obtained By Undue Influence, Fraud Or
Misrepresentation, The Contract Is
Voidable

Q. 17 A Contract Is A Contract
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from the time it is made

Q. 18 A Void Agreement
may or may not be illegal

Q. 19 A Void Contract
is valid in the beginning but becomes void later on

Q. 20 Law Of Contract
Deals with only such legal obligation which arise from agreement

Q. 21 Where The Unpaid Seller Has Parted With The Goods By Handing It Over To A Carrier For
Transmission, And The Goods Are In Transit, He Can Reclaim Possession There Of. This Right Is Called
—
Right Of Stoppage Of goods in transit

Q. 22 In Case Of Interest By Way Of Damages And Special Damages In A Suit By The Seller U/S61 ,The
Interest May Be Calculated From—
date on which the price was payable

Q. 23 In An Auction Sale Of Goods,The Seller Makes Use Of Pretended Bidding To Raise The Price, The
Sale Is—
voidable at the instance Of the buyer

Q. 24 If, After The Arrival Of Goods At Their Destination, Carrier Or Other Bailee Acknowledges To
Buyer Or His Agent That He Holds Goods On His Behalf, And Continues Possession Of The Gods, The
Transit Is At An End—
even if the buyer indicates further destination for the goods to the Carrier.

Q. 25 Generally, Where An Unpaid Seller Has Made Part Delivery Of The Goods, He—
May exercise his right of lien on the remainder

Q 26 If The Goods Are Rejected By The buyer And The Carrier Or Other Bailee Continues In Possession
Of Them, The Transit . Even If The Seller Has Refused To Receive Them Back.
Both (b) and (c)

Q. 27 Unpaid Seller's Right Of Stoppage In Transit Can Be Exercised Only When The Buyer Is Insolvent.
TRUE

Q 28 The Word "Perishable" In Respect Of Goods, U/S 54 Of The sale Of Goods Act, Means
Either A or B

Q. 29 An Unpaid Seller Can Re-Sell Only When He Is In Possession Of The Goods Either By
Either 1 or 2

Q 30 Sub-Sale By The Buyer With Seller's Consent Leads To Loss Of Right Of Stoppage In Transit.
TRUE

Q. 31 The Negotiable Instruments Act, 1881 came Into Force On

1st March, 1882
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Q. 32 'At Sight' and 'On Presentation' under Section 21 of The Negotiable Instrument Act, 1 881 ,Means
on demand

Q. 33 Ifan Instrument May Be Construed Either As A Promissory Note Or Bill Of Exchange, It Is

an ambiguous instrument

Q. 34 A bill of exchange contains A/An

unconditional order

Q. 35 The Term 'Negotiable Instrument' Is Defined In The Negotiable Instruments Act, 1881 Under
Section
13

Q. 36 Which Of The Following Is An Unethical Business Practice?

All Of the above

Q. 37 Top Managers Demonstrate Commitment To Ethical Business Practices With

the adoption of written codes of ethics.

Q. 38 In Setting Ethical Standards, Perhaps The Most Effective Step That A Company Can Take Is To
demonstrate top management support Of ethical standards.

Q. 39 Ethical And Unethical Behaviours Are Determined By

both the individual and the culture.

Q. 40 Corporate Codes Of Ethics are always compliance based.

create guidelines for employees to work by.

Q. 41 A Set Of Principles And Expectations That Are Considered Binding On Any Person Who Is Member
Of A Particular Group Is Known As
Code Of ethics
Q. 42 --------Is A Set Of Principles And Expectations That Are Considered Binding On Any Person Who
Is Member Of A Particular Group.
Code Of ethics

Q. 43 -------------Are Beliefs About What Is Right And Wrong Or Good Or Bad.

Ethics

Q. 44 Ethics Refers To A -------------That Guides An Individual While Dealing With Others.

code of conduct

Q. 45 Business Ethics Is A Code Of Conduct Which Businessmen Should Follow While Conducting Their
Normal activities

Q. 46 Business Ethics Is Based On Well Accepted

moral and social values

Q. 47 Ethics Is A Set Of -------------Of Human Conduct That Govern The Behavior Of Individuals Or
Organization.
principles or standards
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Q. 48 Compliance Is About Obeying And Adhering To

rules an authority

Q. 49 Business Ethics Is----------in Nature.

not absolute

Q. 50 It Is Difficult But Not Impossible To Conduct Strictly Honest Business' Is Famous Quote By:
Mahatma Gandhi