IBPS Specialist Law Officer (Scale -I) Questions and Answers

October 1, 2015

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Specialist Law Officer Scale I Questions

Here are today’s 10 questions daily for IBPS Specialist officers exam. Have a look at the questions, Check their solutions at the bottom and comment your queries below

Today’s IBPS Specialist : Law Officer (Scale -I)

1.Under Ombudsman Scheme the report of those awards which are not implemented by banks is required to be submitted to High Power Customer Service committee, on _________ basis.

(1) as and when time for award implementation is over

(2) on a fort night basis

(3) on a monthly basis

(4) quarterly

Answer: quarterly

2.Which of the following is not implied authority of a partner?

(1) Receiving payment of debt due to firm and issuing receipt

(2)Open a Bank account on behalf of firm in his own name

(3) Borrowing money on firm’s credit even by pledging firm’s Assets

(4) Rendering accounts to the creditors

Answer: Open a Bank account on behalf of firm in his own name

3. X has proposed that in his deposit account one of the following should be accepted as a nominee. Which one of these will not be accepted?

(1)  A minor with age of only 5 year
(2)  A senior citizen with age of 110 years
(3)  A person who has recently been declared insolvent
(4)  A trust of whose X is a trustee(2) NOR

Answer: A trust of whose X is a trustee(2) NOR

4. Which one of the following information is prohibited for disclosure under RTI Act, 2005?

(1)  Information in connection with commercial confidence trade secrets or intellectual property
(2)  Information received in confidence from foreign government
(3)  Cabinet papers including record of deliberations
(4)  All of the above

Answer: All of the above

5. Z gave a guarantee on behalf of X to the bank for a series of transactions. Such guarantee is called ______

(1)  Serial guarantee
(2)  Specified guarantee
(3)  Continuing guarantee
(4)  Any of the above

Answer: Continuing guarantee

6. A bill exchange covering supply of goods has been drawn by M/s Delhi Supplies co. on M/s Panipat Goods Traders and is accepted by Mr. Purshotam Lal an attorney of the buyers. Before its due date the power of attorney is cancelled and the buyer refuses to pay the bill on date treating it as non accepted:

(1) The bill is deemed to have been accepted and the buyers are liable on the bill

(2)  The bill is deemed to have been accepted but only the attorney holder is liable
(3)  The acceptance is deemed to have been cancelled with cancellation of the attorney
(4)  Any of the above

Answer : The bill is deemed to have been accepted and the buyers are liable on the bill

7. In which of the following documents the limitation period is 3 years?

(1)  Demand Promote from the date of DP note
(2)  Overdrafts from the date of advances
(3)  Term Loan from the date of default in payment of each installment
(4)  All of these

Answer : All of these

8. X has an NPA account. he deposits Rs.15000 with bank for retirement of a bill of exchange Bank wants to use the money for regularization of NPA accounts:

(1)  This can be done as per bank’s direction u/s 60 of Indian Contract Act
(2)  This can be done u/s 60 of Indian Contract Act
(3)  This cannot be done u/s 59 of Indian contract Act
(4)  This cannot be done u/s 61 of Indian Contract Act

Answer: This cannot be done u/s 59 of Indian contract Act

9. A Memorandum contains:

(1)  Name clause
(2)  Registered Office Clause
(3)  Objects Clause
(4)  All of these

Answer: All of these

10. HUF cannot be a partner in a partnership firm as per Supreme court Judgements. The judgements in based on the premise that _______

(1)  HUF is a legal person with Karta as its head but other co-partners are not liable
(2)  HUF is not a legal person and cannot enter into such agreement that makes it liable for the action of others
(3)  HUF is not competent to enter into any contract with outsiders and make it liable for the actions of others
(4)  HUF cannot enter into any contract with outsiders

Answer: HUF is not a legal person and cannot enter into such agreement that makes it liable for the action of others

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