Commerce MCQs
Topic Notes: Commerce
MCQs and preparation resources for competitive exams, covering important concepts, past papers, and detailed explanations.
Plato
- Biography: Ancient Greek philosopher (427–347 BCE), student of Socrates and teacher of Aristotle, founder of the Academy in Athens.
- Important Ideas:
- Theory of Forms
- Philosopher-King
- Ideal State
131
What specific rights are typically granted to an owner under copyright law?
Answer:
All of the above
Copyright provides a bundle of exclusive rights to the creator of an original work. These include the right to reproduce the work, prepare derivative works, distribute copies, perform the work publicly, display the work publicly, and broadcast it. These rights ensure that the creator can control and benefit from the commercial exploitation of their intellectual creation.
132
In the context of a vehicle sale, how are defects related to the engine typically classified?
Answer:
technical defects
Engine defects are often categorized as technical defects because they relate to the mechanical performance and engineering specifications of the vehicle. While they may also be latent if hidden, 'technical' is the specific classification used in this context to describe functional failures within the machine's operation.
133
In which of the following scenarios is an unpaid seller legally prohibited from exercising their right of lien over goods in their possession?
Answer:
Where the goods have been sold on credit but the term of credit has not expired
Under the Sale of Goods Act, an unpaid seller loses the right of lien when the goods are sold on credit and the term of credit has not yet expired. The right of lien is generally available only when the price is due and payable immediately or the credit period has lapsed.
134
Which of the following is NOT an objective of the Competition Act, 2002?
Answer:
Prevent monopolistic rights arising out intellectual property
The Competition Act, 2002, is designed to promote market competition and protect consumer interests. While it regulates anti-competitive practices, it explicitly provides exemptions for intellectual property rights (IPR) to encourage innovation. Therefore, preventing monopolistic rights arising from IPR is not an objective; rather, the Act balances competition law with the protection of intellectual property rights.
135
According to the Sale of Goods Act, which of the following items are classified as 'goods'?
Answer:
1 and 2
The Sale of Goods Act defines 'goods' as every kind of movable property, including growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale. Actionable claims and money are specifically excluded from this definition.
136
Which of the following statements accurately describe the primary policy objectives of a patent system?
Answer:
All of the above
The patent system is designed to balance the interests of inventors and the public. It encourages innovation by granting temporary exclusive rights in exchange for public disclosure of technical details. This disclosure fosters further technological advancement while ensuring inventors have a window to commercialize their work, ultimately benefiting society through progress.
137
Under the Competition Act, 2002, what term describes an agreement where a purchaser is required to buy additional goods as a condition for purchasing the primary goods?
Answer:
Tie-in-arrangement
A tie-in arrangement occurs when a seller conditions the sale of one product (the tying product) on the buyer's agreement to purchase a separate product (the tied product). This practice is regulated under competition laws to prevent anti-competitive behavior that restricts consumer choice and limits market competition by leveraging market power from one product to another.
138
According to the Competition Act, 2002, what is the maximum number of members that can be appointed by the Central Government to the Competition Commission of India (CCI)?
Answer:
6
The Competition Act, 2002, stipulates the composition of the Competition Commission of India. It allows the Central Government to appoint a maximum of six members in addition to the Chairperson. This structure is intended to provide a balanced and expert-led body capable of effectively regulating market competition and preventing anti-competitive practices across various industries.
139
Who is legally authorized to file a patent application for an invention?
Answer:
All of the above
Patent laws generally allow the true and first inventor to file for a patent. Additionally, if the inventor has transferred their rights, the assignee may file. In the event of the inventor's death or incapacity, their legal representative is also permitted to file the application to protect the intellectual property rights.
140
Under the Sale of Goods Act, which of the following items are classified as 'goods'?
Answer:
1 and 2
According to the Sale of Goods Act, 'goods' are defined as every kind of movable property other than actionable claims and money. This definition explicitly includes stock, shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale. Actionable claims and book debts are excluded from the definition of goods.