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MGT611- Business & Labor Law
Question No: 1 ( Marks: 1 ) - Please choose one
A promise made without intention of performing it will result in:
- Innocent misrepresentation
- Wrongful misrepresentation
Question No: 2 ( Marks: 1 ) - Please choose one
A contract which ceases to be enforceable by law becomes _______ contract.
Question No: 3 ( Marks: 1 ) - Please choose one
When the performance of promise by one party depends on the prior performance of the
promise by the other party, the promises are:
- Mutual and independent
- Mutual and dependent
- Mutual and concurrent
- Dependent and concurrent
Question No: 4 ( Marks: 1 ) - Please choose one
When a lender tells the borrower afterwards not to return money, the contract is
Question No: 5 ( Marks: 1 ) - Please choose one
Definition of contract of indemnity as given in Contract Act includes:
- Implied promise to indemnify
- Express promise to indemnify
- Cases where loss arises by events depending on conduct of promisee
- Cases where loss arises from conduct of promisor
Question No: 6 ( Marks: 1 ) - Please choose one
The Primary Contract in a contract of guarantee is:
- A contract between creditor and surety
- A contract between creditor and principal debtor
- A contract between surety and principal debtor
- A contract between creditor, surety and principal debtor
Question No: 7 ( Marks: 1 ) - Please choose one
Section 126 of Contract Act provides that a contract of guarantee ___________.
- May be oral
- May be written
- May either be oral or written
- Must be written
Question No: 8 ( Marks: 1 ) - Please choose one
Mr. X takes a loan of Rs. 5000 from Mr. Y on Guarantee of Mr. Z. The contract between
Mr. X and Mr. Y is the _______.
- Contract of bailment
- Principal contract
- Secondary contract
- Contract of indemnity
Question No: 9 ( Marks: 1 ) - Please choose one
According to section 142 of Contract Act, a guarantee obtained by means of
misrepresentation made by the creditor, concerning a material part of the transaction is
- Secondary contract
Question No: 10 ( Marks: 1 ) - Please choose one
A pledge can also be called as __________.
Question No: 11 ( Marks: 1 ) - Please choose one
In which sections of Contract Act, 1872 the law relating to contract of agency is
- ss124 181
Question No: 12 ( Marks: 1 ) - Please choose one
An agent appointed to do all acts in connotation with a particular business identification
is called __________.
- Special agent
- General agent
- Universal agent
- Mercantile agent
Question No: 13 ( Marks: 1 ) - Please choose one
At the first annual general meeting of the company directors shall be elected in
accordance with section 178 for a term of:
- 1 year
- 2 years
- 3 years
- 5 years
Question No: 14 ( Marks: 1 ) - Please choose one
Which of the following is not true about dividends?
- Dividends shall be paid out of profits of the year or any other undistributed profits.
- The directors can not pay interim dividends to the members.
- The directors may set aside a reserve out of the profits before recommending any dividend.
- All dividends shall be declared and paid according to the amounts paid on the shares.
Question No: 15 ( Marks: 1 ) - Please choose one
Which of the following is put into business by partners while formulating a partnership?
- Labour and skill
- Any or all of given options
Question No: 16 ( Marks: 1 ) - Please choose one
The Partnership Act, 1932 repealed which of the following?
- Contract Act, 1872
- Section 239-266 of the Contract Act, 1872
- Section 72-144 of the Contract Act, 1872
- Law of trust
Question No: 17 ( Marks: 1 ) - Please choose one
Which of the following is true about a firm?
- A firm has no legal existence.
- A firm has a legal status if its own.
- A firm has legal existence separate from its partners.
- A firm has no legal existence separate from its partners.
Question No: 18 ( Marks: 1 ) - Please choose one
Preparation of required documents of the company is done during which phase?
- Inauguration phase
- Promotion phase
- Registration phase
- None of the given options
Question No: 19 ( Marks: 1 ) - Please choose one
Which of the following is a legal document on the basis of which the company conducts
its external affairs?
- Memorandum of association
- Article of association
- Share certificate
- Certificate of commencement of business
Question No: 20 ( Marks: 1 ) - Please choose one
Memorandum of association of a new public company is required to be subscribed by
how many persons?
- At least one person
- Three persons
- At least three persons
- Seven persons
Question No: 21 ( Marks: 1 ) - Please choose one
What should be last words in the name of the private limited company?
- (Private) Limited
- & company
- Any of the given options
Question No: 22 ( Marks: 1 ) - Please choose one
Which of the following is most probably a company limited by guarantee?
- A multinational company
- A commercial bank
- A stock exchange
- A local manufacturing concern
Question No: 23 ( Marks: 1 ) - Please choose one
In which of the following situation, a company can not be wound up by the Court?
- If the company is unable to pay its debts
- If the company does not commence its business within a year from its incorporation
- If the company suspends its business for a whole year
- If the number of members of a private company is reduced to five
Question No: 24 ( Marks: 1 ) - Please choose one
Within how many days from the date of the making of the winding up order, a certified
copy of the order shall be filed with the registrar?
Question No: 25 ( Marks: 1 ) - Please choose one
A committee of the Securities and Exchange Policy Board constituted under section 15 is
termed as _______ in SECP Act, 1997.
- Clearing house
Question No: 26 ( Marks: 1 ) - Please choose one
The Securities and Exchange Commission when exercising its powers under SECP Act,
1997, shall have regard to which of the following?
- The quality and capability of the management of the company
- The general public interest
- The interest of potential public investors in the company
- All of the given options
Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following is not a party in cheque?
Question No: 28 ( Marks: 1 ) - Please choose one
If the endorser signs his name only, the endorsement is said to be:
Question No: 29 ( Marks: 1 ) - Please choose one
Within how many days from the receipt of the application to register a trade union, the
registerar shall issue a registration certificate?
- 7 days
- 10 days
- 15 days
- 30 days
Question No: 30 ( Marks: 1 ) - Please choose one
According to Industrial Relations Ordinance, which establishment shall set up a Joint
- Private limited company
- That has no shop steward
- Listed in stock exchange
- Having more than fifty employees
Question No: 31 ( Marks: 1 ) - Please choose one
What shall be the extent of workers' participation in Joint Works Council?
Question No: 32 ( Marks: 1 ) - Please choose one
Which shares are issued to the promoters or the underwriters of the company?
- Deferred shares
- Cumulative preference shares
- Ordinary shares
- Equity shares
Question No: 33 ( Marks: 1 ) - Please choose one
The Securities and Exchange Commission monitors the general financial condition of a
Non Banking Finance Company and may order ________.
- To present annual report
- To appoint internal auditor
- To cease the business
- For special audit
Question No: 34 ( Marks: 1 ) - Please choose one
All of the following included in the procedure of examining any person by the Securities
and Exchange Commission, EXCEPT:
- Any person concerned with the case may be called by written notice
- Such person shall be examined orally
- Such person shall be examined in written
- Any statement made by such person shall be prepared in writing
Question No: 35 ( Marks: 1 ) - Please choose one
Who defines the roles and responsibilities of the Chairman and Chief Executive of a
- Majority shareholders
- Executive directors
- The Board of Directors
- Securities and Exchange Commission
Question No: 36 ( Marks: 1 ) - Please choose one
Which of the following may not be included in the Directors Reports of listed
- The fact along with reasons that the company is considered to be a going concern
- Significant deviations from last year in operating results of the company
- Key operating and financial data of last six years in summarized form
- The reason that the company has not declared dividend
Question No: 37 ( Marks: 1 ) - Please choose one
An agent may draw an instrument on behalf of the principal subject to following
- That the agent has been authorized by the principal to that effect
- That the principal is not a competent person to enter into a contract
- That the agent acts in the name of the principal
- That the agent has not exceeded his authority
Question No: 38 ( Marks: 1 ) - Please choose one
According to Halsbury, which of the following is a relation that subsists between persons
carrying on a business in common with a view of profit?
- A proprietorship
- A partnership
- An enterprise
- A company
Question No: 39 ( Marks: 1 ) - Please choose one
As per Industrial Relations Ordinance, 2002, the determination by a Labour Court,
Arbitrator or an Appellate Court of competent jurisdiction of any industrial dispute or any
matter relating thereto is called:
Question No: 40 ( Marks: 1 ) - Please choose one
An award of the Labour Court, in case of strike and lockout, shall not be for a period:
- Less than one year
- More than one year
- Less than two years
- More than two years
Question No: 41 ( Marks: 1 ) - Please choose one
Labour courts are established by whom?
- Provincial Government
- Federal Government
- High Court
- Supreme Court
Question No: 42 ( Marks: 1 ) - Please choose one
Which of the following is not a bench of National Industrial Relations Commission?
- Single bench
- Division bench
- Half bench
- Full bench
Question No: 43 ( Marks: 3 )
Describe the essentials of an endorsement.
Question No: 44 ( Marks: 3 )
Who is qualified to be a presiding officer of a labour court? How a presiding officer is
Question No: 45 ( Marks: 3 )
When the winding up of a company is considered to be commenced? Discuss the effects
of voluntary winding up on the status of company.
Question No: 46 ( Marks: 5 )
How can a Non Banking Finance Company be incorporated? Discuss with reference to
section 282 of Companies Ordinance, 1984.
Question No: 47 ( Marks: 5 )
Describe the conditions to create a trust which should be fulfilled by the author of trust as
contained in section 6 of the Trusts Act, 1882.
Question No: 48 ( Marks: 10 )
There are certain conditions that a public company must fulfill to commence the business
or to exercise any borrowing powers. Discuss these conditions.
Question No: 49 ( Marks: 10 )
What are the powers of investigating officer of the Securities and Exchange Commission
under section 30 of SECP Act, 1997?
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