Untitled Quiz

Business Laws and Ethics (Paper - 5) - MCQ Bank

• Right to Property: A Constitutional Right

• India's Description in Constitution: A Union of states

• Source of Legal Authority in India: The Constitution of India

• Soul of the Constitution: The Preamble

• Preamble's Basis: Philosophy of India, Objectives Resolution drafted by Pandit Nehru

• "We" in Preamble: Refers to the People of India

• Justice in Constitution: Social, economic, and political justice

• Preamble Amendment Act: 42nd Constitutional Amendment

• Supreme Court Ruling on Preamble (Negative): Berubari Union case

• Supreme Court Ruling on Preamble (Affirmative): Kesavanada Bharati case

• Constitutional Authority Source: The People of India

• Constitution Adoption Date: 26th November 1949

• 42nd Amendment Additions: Socialist and Secular

• India's Fundamental Principles: Sovereign, Socialist, Secular, Democratic Republic

• First Country with Preamble: USA

• Preamble Inspirations: Russian Revolution

• Ideals of Liberty, Equality, Fraternity Inspirations: French Revolution

• 42nd Amendment: Added "Socialist" and "Secular" to the Preamble.

• Word Missing from Preamble: Sovereign, Socialist and Democratic

• India's Independence Status: Independent state, not a dependency of another nation

• Basic Aims and Objectives Location in Indian Constitution: Part -1

• Equality in Constitution: Lack of special privileges, adequate opportunities for all, no discrimination

• Dr. B. R. Ambedkar's Trinity of ideals: Liberty, Flexibility and Fraternity

• Acceptance of Proposal: By notice of acceptance, by performance of the condition of consideration, by acceptance of a reciprocal promise

• Competence to contract: Parties needs to be of sound mind and above a certain age

• Agreement and Essential Element of Contract: Offer , acceptance, lawful consideration, contractual capacity

• Effect of Wagering Agreements: Void

• Valid Contract: Agreement + legal obligation

• Offer Genesis Examples: Invitation to offer, Declaration of intention, Offers made in joke

• Valid Contract Components: Offer and acceptance, Lawful consideration, Capacity of parties

• Acceptance of Special Offer: Any person

• Acceptance Mode Deviation: Offerer decides to keep quiet, this forms a valid contract

• Acceptance Communication Completion: When the letter reaches the offerer

• Agreements Without Consideration: Void

• Promise to Compensate: Consideration in a contract, a past consideration

• Consent by Fraud: Voidable at the option of aggrieved party

• Parties to Agreement Under Mistake : Voidable

• Requisites of Fraud: False assertion, knowledge, intent to deceive or recklessly

• Value Considerations: Right, Interest, Profit, Forbearance or Benefit

• Agreement by a Minor: Void

• Minor's Contract for Necessaries: Valid

• Minor Entering into Agreement: Voidable at the minor's option

• Minor ratifying agreement: Valid if done after achieving majority

• Minor Agreement: Void

• Agreement Against Law/Morals: Void

• Negotiable Instruments Act: Defines and amends the law relating to bills of exchange, promissory notes, and other negotiable instruments

• "Banker" Designation: Anyone who acts as an employee of a post office savings bank

• Examples of Non-Promissory Note: I.O.U., "I promise to pay B or order 500"

• Preamble is 'not' a part of Constitution: Berubari Union case

• Preamble is an integral part of Constitution: Kesavanada Bharati case