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
51
In which year was the Competition Act officially enacted?
Answer:
None of these
The Competition Act was passed by the Indian Parliament in 2002 and received presidential assent in January 2003. However, it was not fully enforced until later years, with various sections coming into effect at different times. Since the question asks for the year of enforcement and the options provided do not include 2002 or the specific implementation years, 'None of these' is the technically correct choice.
52
In a contract for the sale of goods based on both sample and description, what condition must be met regarding the bulk of the goods?
Answer:
the bulk of goods shall correspond with the sample as well as description
According to the Sale of Goods Act, when a contract is made for the sale of goods by both sample and description, it is a statutory condition that the bulk of the goods must correspond with both the sample and the description. Failure to meet either requirement constitutes a breach of condition, allowing the buyer to reject the goods.
53
Which section of the Competition Act, 2002, specifically addresses anti-competitive agreements?
Answer:
Section 3
Section 3 of the Competition Act, 2002, prohibits anti-competitive agreements. It states that no enterprise or association of enterprises shall enter into any agreement in respect of production, supply, distribution, storage, acquisition, or control of goods or provision of services which causes or is likely to cause an appreciable adverse effect on competition within the market. Agreements that violate this section are declared void.
54
What is the primary objective of the Sale of Goods Act 1979?
Answer:
consumer’s protection
The Sale of Goods Act 1979 is a piece of legislation primarily enacted to regulate the sale of goods and protect the interests of consumers by establishing clear legal rights and obligations for both buyers and sellers in commercial transactions.
55
Under the Sale of Goods Act, 1930, when does an agreement to sell transition into a completed sale?
Answer:
When the time elapses or the conditions subject to which the property in the goods is to be transferred are fulfilled
An agreement to sell is an executory contract. It becomes a sale when the property in the goods is transferred from the seller to the buyer. This transfer occurs when the specified time period expires or when the conditions stipulated in the agreement are satisfied by the parties involved.
56
In an unconditional contract for the sale of specific goods in a deliverable state, when does the ownership (property) in the goods transfer to the buyer?
Answer:
When the contract is made irrespective of whether the time of payment of price or delivery of goods is postponed or not
According to the Sale of Goods Act, in an unconditional contract for the sale of specific goods in a deliverable state, the property in the goods passes to the buyer at the time the contract is made. This transfer of ownership occurs regardless of whether the payment of the price or the physical delivery of the goods is postponed to a later date.
57
According to Section 6 of the Sale of Goods Act, what constitutes the valid subject matter of a contract of sale?
Answer:
Existing goods, owned or possessed by the owner or future goods
Section 6 of the Sale of Goods Act clarifies that the subject matter of a contract of sale may be either existing goods, which are owned or possessed by the seller, or future goods, which are to be manufactured or acquired by the seller after the contract is made.
58
What is considered the primary requirement for an invention to be granted a patent?
Answer:
Novelty
To be patentable, an invention must meet three main criteria: novelty, non-obviousness (inventive step), and industrial applicability. Novelty is the most fundamental requirement, meaning the invention must be new and not part of the 'prior art' or previously disclosed to the public anywhere in the world before the filing date.
59
Which of the following acts specifically governs commercial business transactions?
Answer:
the sale of goods act 1979
The Sale of Goods Act 1979 is a fundamental piece of legislation that regulates the formation and performance of contracts for the sale of goods, ensuring that commercial transactions are conducted with clear legal standards regarding ownership and quality.
60
Which type of agreement stipulates that the ownership of goods remains with the seller until the full purchase price has been paid in installments?
Answer:
conditional sale agreement
A conditional sale agreement is a contract where the buyer takes possession of the goods, but the legal title or ownership remains with the seller until the final installment is paid. While hire purchase is similar, the term 'conditional sale' specifically highlights the condition of ownership transfer upon full payment, distinguishing it from standard credit sales where ownership transfers immediately.