Omani Commercial Law: Trader Definition

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What is a key benefit of keeping commercial books for a trader?

Regulating personal expenses

Maintaining commercial secrecy

Avoiding bankruptcy

Proving transactions as evidence (correct)

Which of the following is NOT a compulsory commercial book according to Omani Commercial Law?

Cash flow record (correct)

General ledger

Book of bills

Day-book

How long is a trader typically required to keep the day-book according to Omani Commercial Law?

5 years

15 years

10 years (correct)

20 years

What is the purpose of the general ledger for a trader?

Detailing goods in possession, rights, and obligations Signup and view all the answers

Why are optional commercial books called 'optional'?

They are not required by law Signup and view all the answers

If a trader fails to keep the required compulsory commercial books, what could be a consequence according to Omani Commercial Law?

Punishment or fines Signup and view all the answers

Which of the following is NOT an effect of acquiring the trader character?

Keeping personal expenses separate from business expenses Signup and view all the answers

What is recorded in the book of bills according to the text?

'Bills, correspondences, documents related to commerce' Signup and view all the answers

When do the periods for keeping the compulsory commercial books start according to Omani Commercial Law?

'At the time of closing the book' Signup and view all the answers

What is considered a commercial activity according to the text?

Maritime and air navigation Signup and view all the answers

Which of the following is not listed as a subsidiary commercial activity in the text?

Agricultural investment Signup and view all the answers

What are activities that facilitate maritime and air navigation considered?

Subsidiary commercial activities Signup and view all the answers

What type of activities does Article 10 specifically mention as commercial activities?

Construction of ships or aircrafts Signup and view all the answers

In the context of the text, what makes an activity a commercial one?

Being linked to maritime or air navigation Signup and view all the answers

Which of the following is implied as a defining factor for commercial activities in the text?

Contracts pertaining wages of ship's master Signup and view all the answers

What is it called when an activity is associated with, or eases, the mentioned commercial activities?

Subsidiary commercial activity Signup and view all the answers

Which activity is NOT explicitly mentioned as a commercial process related to maritime or air transportation in the text?

"Construction of buildings" Signup and view all the answers

"The various types of sea and air insurance" fall under which category of activities according to the text?

"Subsidiary" commercial activities Signup and view all the answers