All India Management Association (AIMA) 2007 M.B.A Marketing Management Business Law - II - Question Paper
Friday, 01 February 2013 11:30Web
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(b) The bank can take over the open land and proceed to recover its dues only with the prior approval of the RBI
(c) The bank has to apply to the Court before taking over the open land and proceeding to recover its dues
(d) As the bank was a secured creditor, it cannot invoke the provisions of the SARFAESI Act, 2002
(e) The bank can take over the open land and proceed to recover its dues only with the prior approval of the Debt Recovery Tribunal (DRT).
( 2 marks)
29. Ramesh, the owner of an oil tanker insured it against fire, while being garaged. In reply to a ques. in the proposal form enquiring about the address at which the tanker was to be usually garaged, Ramesh inadvertently gave the address of the godown whereas the oil tanker was always garaged in his delivery office. The policy contained a clause that answers to the queries in the proposal form were the basis of the contract. The premium on the policy was duly paid. The oil tanker caught fire while garaged at the delivery office address. Which of the subsequent statements is actual in respect of these circumstances under the Insurance Act?
(a) The insurer is liable to compensate the loss as the policy was validly taken
(b) The insurer is liable to compensate the loss as the premium on the policy was duly paid
(c) The insurer is liable to compensate the loss as the risk of fire was taken for the oil tanker
(d) The insurer is liable to compensate the loss as the wrong address was provided inadvertently
(e) The insurer is not liable as the giving of wrong address amounts to breach of 1 of the conditions on which the policy was issued.
( 2 marks)
30. Which of the subsequent instances is treated as a restrictive crossing under the Negotiable Instruments Act, 1881?
(a) The word ‘not negotiable’ is added to the general crossing
(b) The word ‘not negotiable’ is added to the special crossing
(c) The word ‘account payee’ is added to special crossing
(d) The name of the banker is added across the face of a cheque within transverse lines
(e) The name of the banker is added across the face of a cheque without the transverse lines.
( 2 marks)
31. Which of the subsequent statements is false in respect of a general insurance contract?
(a) All general insurance contracts are short-term contracts
(b) The expired contracts can be revived by renewal
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