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Business Law - Fundamentals

Introduction to business law covering company law basics, contracts, sale of goods, and intellectual property rights

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

An essential part of a contract is that

  1. there should be a vaild acceptance
  2. there should be a physical product to transact
  3. both parties should live in Sri Lanka
  4. the agreement entered should be certified by an attorney at law
Question 2 Multiple Choice (Single Answer)

A contract is a

  1. legally binding agreement
  2. mutual understanding between two parties
  3. verbal understanding between any party
  4. written agreement between two or more parties
Question 3 Multiple Choice (Single Answer)

Which of the following statements is wrong as to the duties of a buyer?

  1. To accept the delivery of goods when the seller is willing to make the delivery as per the contract
  2. To pay the price in exchange for possession of the goods
  3. To apply for the delivery of goods
  4. To demand delivery of the goods at any time
Question 4 Multiple Choice (Single Answer)

The objects clause of the memorandum of association can be altered by a/an

  1. ordinary resolution
  2. special resolution
  3. special resolution and confirmation by the registrar of companies
  4. special resolution and confirmation by the company law board
Question 5 Multiple Choice (Single Answer)

________ defines the scope of a company’s activities.

  1. Prospectus
  2. Statutory declaration
  3. Memorandum of Association
  4. Articles of Association
Question 6 Multiple Choice (Single Answer)

What is known as a charter of a company?

  1. Memorandum of Association
  2. Bye-laws
  3. Articles of Association
  4. Prospectus
Question 7 Multiple Choice (Single Answer)

_____________ contains a model form of Memorandum of Association of a company limited by shares.

  1. Table A
  2. Table B
  3. Table C
  4. Table D
Question 8 Multiple Choice (Single Answer)

A contract for sale of goods includes

  1. sale and an agreement to sell
  2. sale only
  3. agreement to sell only
  4. sales, leases and hire purchases
Question 9 Multiple Choice (Single Answer)

_________ companies must have their own articles.

  1. Government companies
  2. Unlimited companies
  3. Companies limited by shares
  4. Registered companies
Question 10 Multiple Choice (Single Answer)

The name of a company can be changed by

  1. an ordinary resolution
  2. a special resolution
  3. the approval of the union government
  4. a special resolution and with the approval of the central government
Question 11 Multiple Choice (Single Answer)

Which of the following companies must file a statement in lieu of prospectus?

  1. A private limited company
  2. A cooperative society
  3. A company that has issued a prospectus
  4. A public company that has not issued a prospectus
Question 12 Multiple Choice (Single Answer)

Patent rights are given for

  1. authors of books
  2. trade marks
  3. company means
  4. inventions
Question 13 Multiple Choice (Single Answer)

An important case as to legal entity of a company is

  1. Salomon Vs. Salomon Ltd.
  2. Balfour Vs. Balfour
  3. Merit Vs. Merit
  4. Hyde Vs. Wrench
Question 14 Multiple Choice (Single Answer)

As per the Intellectual Property Act, Number 52 of 2003, a trade mark means

  1. name used by a trader to identify goods and services marketed by him or her
  2. any visible sign serving to distinguish the goods of one enterprise from those of others
  3. a label or a symbol of mixture of any of those used by a marketer to inform the public about its brand name
  4. any mark that appears on the package where customers can identify the product
Question 15 Multiple Choice (Single Answer)

Which of the following are considered as no capacity to contract?

  1. Persons above 21 years of age
  2. Married women
  3. Persons of unsound mind
  4. Non-citizens of the country
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