All India Management Association (AIMA) 2007 M.B.A Marketing Management Business Law - II - Question Paper

20. D The trading system of the National Stock Exchange is known as National Exchange for Automated Trading (NEAT). < TOP >
21. B The definition of insurer under part 2(a) of the Insurance Act does not include a Principal Agent, Chief Agent, Special Agent or an Insurance agent either appointed under any Act or recognized by the Act undertaking insurance business. < TOP >
22. D The legal regulations presumes every holder is a holder in due course, although the presumption is rebuttable. All other statements are actual under the Negotiable Instruments Act, 1881. Hence, ‘D’ is accurate ans. < TOP >
23. D E-mail contracts may be categorized as the non-instantaneous forms of communication. Hence, choice ‘D’ is accurate ans. < TOP >
24. D According to part 24-A of the Consumer Protection Act, 1986, the District Forum, State Commission or National Commission shall not admit a complaint unless it is filed within 2 years from the date on which reason of action has arisen. < TOP >
25. E Carbon dioxide and water vapour absorb infrared radiation coming to the earth and partly reflect it back to the earth’s surface, due to this, the earth’s surface gets heated up. This phenomenon is called green house effect. Due to global warming, the rate of evapouration of water from seas, rivers and ponds is increasing rapidly, leading to untimely rains, cyclones and hurricanes. All other statements are false. Hence, choice ‘E’ is accurate ans. < TOP >
26. E Arbitration agreement has been described in part seven of the Arbitration and Conciliation Act, 1996 as an agreement by the parties (two disputants) to submit to arbitration all or certain of the disputes which have arisen or which may arise in future ranging from them with regard to a described legal relationship, whether contractual or not. Thus an arbitration agreement may be:
• In the form of an arbitration clause in the contract, or
• In the form of a separate agreement.
Therefore, in the provided instance, the arbitration clause is valid as no separate agreement is needed ranging from the parties to submit their disputes to arbitration. Hence, choice ‘E’ is accurate ans. < TOP >
27. C Consumers do not include persons who found goods and services for commercial purposes. In the decide case of State Government of Maharashtra vs. Hindustan Computers Ltd., the purchase of photo-copying machine by State Government for complying with statutory provisions of photo-copying registered documents for public was held a purchase not for commercial purpose.

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