A person who comes into possession of a negotiable instrument, which is payable, is called:

• A) Bearer
• B) Payee
• C) Negotiator
• D) Banker

The transfer of property in the possession of tenant, as per law of property, is called _________.

• A) Sales of movable property
• B) Agreement of sale
• C) Sales of immovable property
• D) Reversion

Which of the following can be categorized as Quasi Negotiable Instruments?

• A) Share Warrants
• B) Government Promissory Notes
• C) Bearer Debentures
• D) All of the above

According to industrial relations ordinance, a person or body of person, whether incorporated or not, who employs workmen in an establishment under a contract of employment is called:

• A) Association
• B) Employer
• C) Executive
• D) Arbitrator

The subject matter of the trust is called its:

• A) Trustee
• B) Property
• C) Purpose
• D) Beneficiary

Which of the following is not true about Lease?

• A) It is the transfer of ownership of the property
• B) The transfer of right must be for a stipulated period
• C) It is the right of enjoyment of property
• D) The consideration must be in the form of rent or premium

Which of the following is true about the essentials of valid acceptance of a bill of exchange?

• A) It must be signed by drawee or his agent
• B) All of the given options
• C) The acceptance must appear on the bill
• D) It must be in writing

Workers have following rights regarding trade union, EXCEPT:

• A) Right to form a trade union
• B) Right to join any trade union
• C) Right to leave any trade union at any time
• D) Right to be a member of more than one trade union at any one time

The closing of place of employment or suspension of work by an employer is called:

• A) Lockout
• B) Strike
• C) Industrial dispute
• D) Settlement

Which of the following is not a party in cheque?

• A) Payee
• B) Maker
• C) Drawee
• D) Drawer

Under Article 64-A a suit under Order XXXVII of the Code of Civil Procedure, is required to be filed within 3 years from the date when the debt becomes payable immediately where a promissory note makes it obligatory on the holder to sue on expiry of _________ after notice to pay was given.

• A) Three Days
• B) Two days
• C) Seven days
• D) Four days

A person carrying on the business of insurance is known as:

• A) Takaful
• B) Policy holder
• C) Insurer
• D) Insurance broker

All of the following are kinds of promissory notes, EXCEPT:

• A) A promise to pay a certain sum of money to the order of a certain person
• B) A promise to pay the bearer
• C) A promise to pay a certain sum of money to a person
• D) A promise to pay the issuer

The differences and industrial disputes can be settled through all of the following methods, EXCEPT:

• A) Conciliation
• B) Negotiations
• C) Association
• D) Arbitration

The transfer of ownership in exchange for a price paid or promised or part-paid and part-promised is called:

• A) Sale
• B) Agreement of Sale
• C) Contract for sale
• D) Lease

Essentials of a contract of sale include all of the following, EXCEPT:

• A) There must be some price as consideration
• B) There must be transfer of ownership
• C) There must be an agreement
• D) There must be more than two parties

Who is the regulatory authority to implement the Law of Insurance in Pakistan?

• A) The federal government
• B) Chamber of commerce and industry
• C) The insurance companies
• D) The securities and exchange commission of Pakistan

Which of the following is NOT the characteristic of Cheque?

• A) A cheque is entitled to days of grace
• B) The holder of a cheque, as between himself and the drawer, has no right to require acceptance
• C) a cheque is given for immediate payment
• D) A cheque is not intended for circulation

Which of the following is not considered to be a “Living Person” by the Transfer of Property Act, 1882?

• A) A sole proprietor
• B) A juristic person
• C) A listed company
• D) Any non-animate body

The provisions of the Trusts Act, 1882 shall not affect the rules of:

• A) Law of sales of goods
• B) Law of partnership
• C) Muhammadan Law
• D) Contract act