Which of the following documents is required to form a company?

• A) All of the given options
• B) Certificate of incorporation
• C) Memorandum of association
• D) Prospectus

As per section 9 of Partnership Act, 1932, all of the following are duties of partners, except:

• A) Duty of good faith and common advantage
• B) Duty to be just and faithful to each other
• C) Duty to carry on the business to the greatest personal advantage
• D) Duty to render true accounts and full information

A bill of exchange drawn on a specified banker and not expressed to payable otherwise than on demand is called:

• A) Bill of exchange
• B) Promissory note
• C) Cheque
• D) Draft

According to Trust Act, 1882, the person for whose benefit the confidence is accepted is called:

• A) Trustee of the trust
• B) Author of the trust
• C) Beneficiary of the trust
• D) Client of the trust

All of the following are the powers of trustee, EXCEPT:

• A) To give receipt
• B) To sell trust property
• C) To apply property for the benefit of the minor
• D) To use trust property for any purpose

The money consideration for a sale of goods is known as:

• A) Price
• B) Value
• C) Sale
• D) Mortgage

The Industrial Relations Ordinance came into force in:

• A) 2000
• B) 2002
• C) 1982
• D) 1997

Which of the following is a negotiable instrument?

• A) A promissory note
• B) All of the given options
• C) A bill of exchange
• D) A cheque payable to order

Which of the following condition is NOT true as per banker’s draft?

• A) It is a bill drawn either on demand or by one bank on another in favor of third party
• B) The relationship between the holder of a demand draft and the bank issuing it is termed as insurer and bearer
• C) It is a bill of exchange
• D) It is a negotiable instrument

Which of the following is not true about ‘transfer of property’?

• A) Price must be paid or promised to pay if transfer is through sale
• B) Can not be transferred without consideration
• C) In transfer as gift, the consideration is natural love & affection
• D) Transferor may not have title to the property being transferred

Which of the following is a quasi negotiable instrument?

• A) Bill of exchange
• B) Bearer Debenture
• C) Cheque
• D) A promissory note

Under which of the following conditions, a trust is NOT extinguished?

• A) When the trust, being not revocable, is expressly revoked
• B) When its purpose becomes unlawful
• C) When its purpose is completely fulfilled
• D) When the fulfillment of its purpose becomes impossible

“Hundi” is a type of which of the following?

• A) Draft
• B) Cheque
• C) Promissory note
• D) Bill of exchange

Which of the following is not included into "Goods" as per law of sale of goods?

• A) Electricity
• B) Growing crops
• C) Shares of a company
• D) Actionable claims

In the absence of any express provisions in Law of Negotiable Instruments, which law is applicable?

• A) Contract of guarantee
• B) Contract of sales
• C) Contract act
• D) Contract of agency

Which of the following is the date at which a promissory note or bill of exchange falls due.

• A) Grace period
• B) Payment date
• C) Maturity date
• D) Effective date

Sale of Goods Act, 1930 is applicable to:

• A) All types of property
• B) Both moveable and immoveable property
• C) Immoveable property only
• D) Movable property only

The voluntary transfer of possession of goods from one person to another is called:

• A) Lease
• B) Sale
• C) Mortgage
• D) Delivery

A policy in which the insured pays the premium for specified time and insurer undertakes that in case of loss, a fixed amount shall be paid to the insured without demanding any proof of loss is called:

• A) Endowment policy
• B) Valued policy
• C) Specific policy
• D) Comprehensive Policy

The transfer of an interest in specific immoveable property for the purpose of securing the payment of money advanced is called:

• A) Gift
• B) Exchange
• C) Lease
• D) Mortgage