Business law – SCDL pgdba 1st sem
Assignment old questions and answers
Multiple Choice Multiple Answer
Question
The very important stages in the connection of formation of a company are
Correct Answer
Promotion , Registration , Floatation
Your Answer
Promotion , Registration , Floatation
True/False
Question
Even if all the members of a company are citizens of India, the company does not become a citizen of India.
Correct Answer
True
Your Answer
True
Select The Blank
Question
The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.
Correct Answer
Four weeks
Your Answer
Three months
Multiple Choice Multiple Answer
Question
Goods means
Correct Answer
growing crops , stocks & shares
Your Answer
growing crops , stocks & shares
Multiple Choice Single Answer
Question
According to the Consumer Protection Act of 1986, goods means as defined under
Correct Answer
Sale of Goods Act, 1930
Your Answer
Sale of Goods Act, 1930
Select The Blank
Question
The registration fo partnership firm is ________.
Correct Answer
not compulsory
Your Answer
not compulsory
Multiple Choice Single Answer
Question
The unpaid seller has a
Correct Answer
right against the goods
Your Answer
right against the goods
True/False
Question
Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer
False
Your Answer
False
True/False
Question
The relation between a doctor and his patient is not fiduciary in nature.
Correct Answer
False
Your Answer
False
Select The Blank
Question
A club or a society is an ________ of persons
Correct Answer
association
Your Answer
association
Multiple Choice Multiple Answer
Question
In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the
Correct Answer
Official Assignee , Receiver
Your Answer
Official Assignee
Multiple Choice Single Answer
Question
A legal representative being holder of Negotiable Instrument can sue
Correct Answer
after the death of the holder
Your Answer
after the death of the holder
Multiple Choice Multiple Answer
Question
A sale can be in case of
Correct Answer
specific goods , existing goods
Your Answer
specific goods , existing goods
Multiple Choice Multiple Answer
Question
Goods includes
Correct Answer
trade marks , good will
Your Answer
trade marks , good will
Multiple Choice Multiple Answer
Question
Under section 144, mode of service of summons are
Correct Answer
by speed post , by courier services , by concerned police station
Your Answer
by speed post , by concerned police station
Multiple Choice Multiple Answer
Question
Goods means
Correct Answer
birds , gas
Your Answer
birds , gas
Multiple Choice Multiple Answer
Question
A company is a legal personality and as such it can
Correct Answer
Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Your Answer
Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Multiple Choice Single Answer
Question
An agency is based upon consent and hence, it is a
Correct Answer
consensual relations
Your Answer
consensual relations
Match The Following
Question
Correct Answer
Your Answer
Minor's Agreement
Void ab initio
Void ab initio
Threatning to commit
Coercion
Coercion
Consideration
Past, Present and Future
Past, Present and Future
Mistake
Fact and Law
Fact and Law
Multiple Choice Single Answer
Question
When an offer is made to world-at-large, the contract is
Correct Answer
made with the person who signs or performs the terms and conditions of the offer
Your Answer
made with the person who signs or performs the terms and conditions of the offer
Select The Blank
Question
When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.
Correct Answer
Carrier
Your Answer
Carrier
Multiple Choice Multiple Answer
Question
The acts or transactions made by the agent can be ratified if the acts or transaction are
Correct Answer
illegal , criminal , void ab initio
Your Answer
valid
Multiple Choice Multiple Answer
Question
Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract
Correct Answer
the goods must have been perished before the risk is passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller
Your Answer
loss must be generic , the goods must have been perished before the risk is passed to the buyer
Select The Blank
Question
A ________ is an artificial person and has a legal entity.
Correct Answer
Company
Your Answer
Company
Multiple Choice Multiple Answer
Question
In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the
Correct Answer
Official Assignee , Receiver
Your Answer
Seller , Official Assignee
Multiple Choice Multiple Answer
Question
Negotiable instrument recognised by law are
Correct Answer
Bill of exchange , Cheque , Promissory Note
Your Answer
Bill of exchange , Cheque , Promissory Note
True/False
Question
A company can become a partner or can enter into a partnership agreement.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company
Correct Answer
Limited by shares
Your Answer
Limited by shares
Multiple Choice Multiple Answer
Question
Liabilities of partners arises to third party
Correct Answer
for wrongful acts of a partners , for misappropriation by its partners , for acts of the firm
Your Answer
for wrongful acts of a partners , for acts of the firm
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
co-owners without the agreement to carry on the business , minors , insolvents
Multiple Choice Single Answer
Question
Consideration or object of an agreement is lawful unless it is
Correct Answer
forbidden by law
Your Answer
prohibited by law
Multiple Choice Multiple Answer
Question
A company is registered as an artificial person. It has no
Correct Answer
Body , Soul , Conscience
Your Answer
Body , Soul , Conscience
Select The Blank
Question
Agents are ________ to act within the scope of the authority given.
Correct Answer
authorised
Your Answer
authorised
Select The Blank
Question
The essential point about an agent's position is his ________ of making his principal answerable to third parties.
Correct Answer
authority
Your Answer
capacity
True/False
Question
Special agent and Particular agent mean one and the same thing.
Correct Answer
True
Your Answer
False
Select The Blank
Question
When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________.
Correct Answer
accepted
Your Answer
accepted
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in any court of Law against
Correct Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm
Your Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm
Multiple Choice Single Answer
Question
In order to convert a proposal into a promise the acceptance must be
Correct Answer
absolute and unqualified
Your Answer
communicated any time
Match The Following
Question
Correct Answer
Your Answer
Any person who for the consideration becomes the possessor of a promissory note
Holder in due course
Holder in due course
Negotiating Negotiable Instruments so as to bind all, except himself
A minor
Non-acceptance express authority endorsement in full
A partner accepting Negotiable Instrument
Implied authority
Implied authority
A person who can't accept or indorse a bill
An insolvent
An insolvent
True/False
Question
The provisions of sale of goods were previously included in the Indian Contract Act, 1872.
Correct Answer
True
Your Answer
True
True/False
Question
The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930.
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
A company is a legal personality and as such it can
Correct Answer
Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Your Answer
Own its property in its own name , Dispose of its property in its own name
Multiple Choice Single Answer
Question
Company based on ownership is
Correct Answer
Public company
Your Answer
Public company
Multiple Choice Single Answer
Question
The unpaid seller has a
Correct Answer
right against the buyer
Your Answer
right against the buyer
True/False
Question
The Central Government may, by license direct the association to be registered which is formed as a limited company for promoting commerce, art etc.
Correct Answer
True
Your Answer
True
Select The Blank
Question
The directors of a company have to file their consent with the ________ to act as director.
Correct Answer
registrar
Your Answer
registrar
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question Special resolution and confirmation by ________ is required for alteration of Memorandum.
Correct Answer Company Law Board
Your Answer Company Law Board
Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods
Your Answer Existing goods , Future goods , Contingent goods
Select The Blank
Question A ________ is an artificial person and has a legal entity.
Correct Answer Company
Your Answer Company
Select The Blank
Question A valid tender of performance should be ________.
Correct Answer Unconditional
Your Answer Unconditional
Multiple Choice Multiple Answer
Question Following are the elements which constitute a partnership firm :-
Correct Answer There must be a contract regarding a partnership , There must be an association of two or more persons
Your Answer There must be a contract regarding a partnership , The main object of carrying on the business must be the sharing of liabilities for individual profits , There must be an association of two or more persons
Match The Following
Question Correct Answer Your Answer
Presentation of Negotiable Instrument For payment For payment
When an endorser signs the instrument and adds a direction to pay the amount mentioned therein Endorsement in full Endorsement in full
Default in payment of amount of cheque Dishonour of cheque Dishonour of cheque
Notice of dishonour of cheque Mandatory provision Non mandatory provision
Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a person includes :-
Correct Answer Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer Registered firm only , Hindu undivided family , Co-operative society
Multiple Choice Multiple Answer
Question Following are the elements which constitute a partnership
Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer there must be a contract regarding a partnership , the main object of carry on the business must be sharing of liabilities , there must be an association of two or more persons
True/False
Question General agents are the persons who enjoy a general authority to do everything in the course of their agency.
Correct Answer True
Your Answer True
Select The Blank
Question The person who buys the goods for trading purposes is not a ________ under the Consumer Protection Act, 1986.
Correct Answer Consumer
Your Answer Consumer
Multiple Choice Multiple Answer
Question Following persons can perform the contracts :-
Correct Answer Promissor , Agent , Legal representative
Your Answer Promissor , Agent , Legal representative
Multiple Choice Single Answer
Question The Consumer Protection Act makes available certain new remedies leaving the :-
Correct Answer Substantive rights of the consumer intact
Your Answer Substantive rights of the consumer intact
Select The Blank
Question In a ________ contract, the future event is collateral to the contract.
Correct Answer Contingent
Your Answer Contingent
Multiple Choice Single Answer
Question A lady brought a photocopier for the whole and sole purpose of earning her livelihood and she never intended to use the same for large scale trading activity or commercial purpose. She is a :-
Correct Answer Consumer
Your Answer Vendor
Multiple Choice Multiple Answer
Question Which of the following are not a void agreement?
Correct Answer Agreement with consideration
Your Answer Agreement with consideration , Agreement of marriage , Agreements relating to legal proceedings
Multiple Choice Single Answer
Question Bill of Exchange must contain :-
Correct Answer Order to pay money only
Your Answer Order to pay money only
Multiple Choice Multiple Answer
Question Agent has duties towards principal in addition to :-
Correct Answer Conducting principal's business , Rendering accounts to principal , Communicating with the principal
Your Answer Conducting principal's business , Communicating with the principal , Setting up an advance adverse title to himself
Multiple Choice Single Answer
Question A partner can not transfer his share to any outsider without obtaining :-
Correct Answer Consent of other partners
Your Answer Consent of other partners
True/False
Question An agreement without consideration is void.
Correct Answer True
Your Answer True
True/False
Question No company shall be registered by a name which, in the opinion of the central government is undesirable.
Correct Answer True
Your Answer True
True/False
Question Under the Consumer Protection Act of 1986, goods include actionable claim and money.
Correct Answer False
Your Answer False
Select The Blank
Question Spurious goods means goods which are ________.
Correct Answer Fake
Your Answer Fake
Select The Blank
Question An agent is simply a blank ________ between his principal and the third party.
Correct Answer Connecting link
Your Answer Connecting link
True/False
Question Money order, Postal order, Share Certificates, Deposit receipts and such other documents are Negotiable Instruments.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Material attestation of Negotiable Instrument, unless carried out, common intention of the original parties becomes :-
Correct Answer Void
Your Answer Legal
Multiple Choice Single Answer
Question A body carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect is known as :-
Correct Answer Appropriate laboratory
Your Answer All India laboratory
Select The Blank
Question A partner has a right to settle the ________ of the firm out of the property of the firm.
Correct Answer Debts
Your Answer Share
Select The Blank
Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.
Correct Answer Carrier
Your Answer Carrier
Select The Blank
Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument.
Correct Answer Meaning
Your Answer Meaning
True/False
Question A sale is an executed contract whereas an agreement to sell is an executor contract.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The sale of goods is the most common of all :-
Correct Answer Commercial contracts
Your Answer Commercial contracts
Match The Following
Question Correct Answer Your Answer
Sale Exchange of goods for price Exchange of goods for price
Barter system Exchange of goods for goods Exchange of goods for goods
Caveat emptor Let the buyer beware Let the buyer beware
Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract
Your Answer Assent to support a claim , Consent of the offeror to the contract
Multiple Choice Single Answer
Question The maximum number of persons in case of partnership firm carrying on any business other than banking business must not exceed :-
Correct Answer Twenty
Your Answer Twenty
True/False
Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930.
Correct Answer False
Your Answer False
Select The Blank
Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion
Your Answer Coercion
Multiple Choice Multiple Answer
Question In India, some of Negotiable Instruments by usage or custom of trade are :-
Correct Answer Government promissory notes , Bankers drafts , Pay off orders
Your Answer Government promissory notes , Bills of exchange
True/False
Question Consideration is required in formal contracts.
Correct Answer False
Your Answer True
True/False
Question An insolvent person can accept or endorse a bill.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a :-
Correct Answer Company
Your Answer Company
Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The partner for settlement of firm's account , The partner for any claim of set-off
Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a service includes :-
Correct Answer Financial service , Entertainment
Your Answer Financial service , Entertainment , Personal service
True/False
Question "Law" means a set of rules and regulations in the nature of dictatorship.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant
Your Answer The value of goods or services
Multiple Choice Single Answer
Question Section 138 deals with :-
Correct Answer Dishonour of cheque
Your Answer Dishonour of cheque
Multiple Choice Multiple Answer
Question Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Multiple Choice Single Answer
Question A partnership at will can be dissolved by filing a suit for :-
Correct Answer Dissolution
Your Answer Dissolution
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Labels: Business Law (Set - V)
Business Law - 13
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Multiple Answer
Question Following are the essentials of Coercion :-
Correct Answer Intention to induce someone to enter into an agreement , Threatening to detain property, unlawfully
Your Answer Intention to induce someone to enter into an agreement , Threatening to detain property, unlawfully
Multiple Choice Single Answer
Question Whatever a person can do himself, he can do the same through another person i.e.:-
Correct Answer His agent
Your Answer His agent
Multiple Choice Single Answer
Question In contract of sale the buyer becomes :-
Correct Answer Absolute owner of the property
Your Answer Part owner of the property
Multiple Choice Single Answer
Question The intention of the Negotiable Instrument Act is to govern :-
Correct Answer Legal relationship
Your Answer Legal relationship
True/False
Question An agency can be terminated after lapse of time or completion of the work.
Correct Answer True
Your Answer True
True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question In Mohri Bibi vs Dharmo Ghosh the ruling was laid down by :-
Correct Answer Privy Council
Your Answer Federal Court
Multiple Choice Multiple Answer
Question Following are the elements which constitute a partnership
Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons
True/False
Question An agent does not have the right to stop goods in transit.
Correct Answer False
Your Answer True
Multiple Choice Single Answer
Question Competent parties means parties should be :-
Correct Answer Major in age
Your Answer Working at the same place
Multiple Choice Multiple Answer
Question Amendments made in the Consumer Protection Act in 1993 are :-
Correct Answer To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.
Your Answer To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.
Multiple Choice Single Answer
Question When the partners select to adopt certain firm name which is identical with the firm name already in existence, then such name is :-
Correct Answer Legal
Your Answer Illegal
True/False
Question A sub-agent acts under the direct control of his principal.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question The liability of companies on the basis of liability are :-
Correct Answer Unlimited companies , Limited by guarantee , Limited by shares
Your Answer Limited by guarantee , Limited by shares
Multiple Choice Multiple Answer
Question Amendments made in the Consumer Protection Act in 2002 include :-
Correct Answer Provision for substitution of legal heir or representative as a party to the complainant in the event of the death of the opposite party. , Provision for recovery of amounts ordered to be paid by consumer redressal agencies as arrears of land revenue. , Provision for recharging of fee in respect of complaints filed before the consumer redressal agencies
Your Answer Provision for substitution of legal heir or representative as a party to the complainant in the event of the death of the opposite party. , Provision for recovery of amounts ordered to be paid by consumer redressal agencies as arrears of land revenue.
Multiple Choice Multiple Answer
Question Misrepresentation contains following ingredients :-
Correct Answer Positive assertion , Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing
Your Answer Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing
Multiple Choice Single Answer
Question Notice of the situations of the registered office of the company is required to be given to the registrar of the companies within :-
Correct Answer Thirty days
Your Answer Twenty days
Match The Following
Question Correct Answer Your Answer
Sale Exchange of goods for price Exchange of goods for price
Barter system Exchange of goods for goods Exchange of goods for goods
Caveat emptor Let the buyer beware Let the buyer beware
Select The Blank
Question An offer must create ________ relationship.
Correct Answer Legal
Your Answer Void
True/False
Question Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker, his agent, for collection.
Correct Answer True
Your Answer False
Select The Blank
Question For creating ________ relationship the parties to the contract must have a will to seek for the help of law court in the case of breach of a contract.
Correct Answer Legal
Your Answer Legal
Multiple Choice Multiple Answer
Question Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
True/False
Question Copies of memorandum and articles shall not be given to members.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant
Your Answer Amount of relief claimed by the complainant
Multiple Choice Multiple Answer
Question A company is a legal personality and as such it can :-
Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Your Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Select The Blank
Question An agent can be held responsible for damages arising from his misconduct in the business of agency or ________.
Correct Answer Negligence
Your Answer Promise
Select The Blank
Question An order of the court asking a person to do or to abstain from doing a particular act, which is the subject matter of the contract, is known as ________.
Correct Answer Injunction
Your Answer Quasification
Match The Following
Question Correct Answer Your Answer
Minor Partner Admitted for profits only Can be formed at Will
Dissolution of a Partnership Death or Insanity of the partners Death or Insanity of the partners
Firm Partners Agents of the firm
Partner Agents of the firm Admitted for profits only
Partnership Can be formed at Will Partners
True/False
Question The subscriber of the memorandum of a company on its registration shall be entered in the register of members as member.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question In case of private limited company, minimum number of members is two while the maximum is :-
Correct Answer 50
Your Answer 50
Multiple Choice Multiple Answer
Question In India, some of Negotiable Instruments by usage or custom of trade are :-
Correct Answer Government promissory notes , Bankers drafts , Pay off orders
Your Answer Government promissory notes , Bankers drafts , Pay off orders
Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods
Your Answer Existing goods , Future goods , Contingent goods
True/False
Question Registration of firm is a condition precedent for filing the suit for seeking the remedy which arises out of contractual obligations.
Correct Answer True
Your Answer False
Multiple Choice Single Answer
Question General offers open for the world at large can be accepted by any person :-
Correct Answer Who complies with the conditions of the offer
Your Answer Who reads the advertisement
Select The Blank
Question In ________ contract, all the parties perform their promise.
Correct Answer An executed
Your Answer An executed
True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct Answer True
Your Answer False
Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The wrongful use of the firm name
Multiple Choice Single Answer
Question In the Right of lien, the possession is retained by :-
Correct Answer Unpaid seller
Your Answer Unpaid seller
Select The Blank
Question The partners continue to be liable as such to ________ for any act done by them.
Correct Answer Third party
Your Answer Co-owner
True/False
Question A Promissory Note contains conditional undertaking to pay a certain sum of money.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Following are the agencies of a three tier system of consumer disputes redressal agencies :-
Correct Answer State commission , National commission , District Forum
Your Answer State commission , National commission , District Forum
Select The Blank
Question A firm is a name given to the partners ________.
Correct Answer Collectively
Your Answer Collectively
Multiple Choice Single Answer
Question Partnership created at will of the partners is:-
Correct Answer Partnership at will
Your Answer Partnership at will
Select The Blank
Question Ratification is one of the ways of ________ agency.
Correct Answer Creating
Your Answer Checking
Select The Blank
Question The essential point about an agent's position is his ________ of making his principal answerable to third parties.
Correct Answer Authority
Your Answer Authority
Select The Blank
Question Members of a club or a society are the ________ of each other.
Correct Answer Friends
Your Answer Friends
Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract
Your Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Agent has duties towards principal in addition to :-
Correct Answer Conducting principal's business , Rendering accounts to principal , Communicating with the principal
Your Answer Conducting principal's business , Rendering accounts to principal , Communicating with the principal
Multiple Choice Single Answer
Question Partnership at will can be dissolved by any partner by :-
Correct Answer Giving due notice to that effect to all other partners
Your Answer Giving due notice to that effect to all other partners
Multiple Choice Single Answer
Question The registrar issues the letter of approval to approve the :-
Correct Answer Name of the company
Your Answer Name of the company
Select The Blank
Question If any ________ is present while forming the agency then the relationship of agency becomes contractual.
Correct Answer Consideration
Your Answer Consideration
Select The Blank
Question Future consideration is also known as ________ consideration.
Correct Answer Executory
Your Answer Foresee
Multiple Choice Multiple Answer
Question The Articles of Association contains the :-
Correct Answer Rules , Regulations , Bye-laws
Your Answer Rules , Regulations
True/False
Question The term business includes every lawful trade, occupation and profession.
Correct Answer True
Your Answer True
True/False
Question "I promise to pay Mr. Luies or Order Rs.1,500/-" is a promissory note.
Correct Answer True
Your Answer False
Select The Blank
Question The contract of agency between the principal and his agent is ________.
Correct Answer Enforceable
Your Answer Voidable
Multiple Choice Multiple Answer
Question According to Rule 3 of the Consumer protection rules, the Central Council consists of the following members :-
Correct Answer Minister in-charge of the department of home , Minister in-charge of department of Commerce and Industry , Minister in-charge consumer affairs in states
Your Answer Minister in-charge of department of Commerce and Industry , Minister in-charge of department of civil supplies , Minister in-charge consumer affairs in states
Select The Blank
Question Holding out means ________ leading another person to believe in something.
Correct Answer Falsely
Your Answer Properly
Select The Blank
Question Karta of Joint-Hindu family is ________ of his family.
Correct Answer Representative
Your Answer Owner
Multiple Choice Single Answer
Question For the formation of the contract of sale of goods, there should be :-
Correct Answer Two parties
Your Answer Two parties
True/False
Question Under ratification, principal need not exist at the time of ratifying the act of the agent.
Correct Answer False
Your Answer False
Select The Blank
Question A valid tender of performance should be ________.
Correct Answer Unconditional
Your Answer Unconditional
Multiple Choice Single Answer
Question A partner of a trading or non trading firm signs a Negotiable Instrument, liability incurs in :-
Correct Answer The name of the firm
Your Answer The name of the firm
Multiple Choice Multiple Answer
Question The communication of acceptance of an offer should be made to the :-
Correct Answer Offeror , Persons authorized by the offeror
Your Answer Offeror , Offeree , Persons authorized by the offeror
Multiple Choice Multiple Answer
Question Jurisdictions of the National Commission are :-
Correct Answer Monetary , Appellate , Supervisory and Revisional
Your Answer Appellate , Supervisory and Revisional , Monetary
Multiple Choice Single Answer
Question The goods, which are owned and possessed by the seller at the time of sale, are known as :-
Correct Answer Existing goods/Specific goods
Your Answer Existing goods/Specific goods
Select The Blank
Question The object of the Consumer Protection Act of 1986 is to educate the people so that they can find out ________ for their grievances
Correct Answer Legal remedies
Your Answer Legal remedies
Select The Blank
Question An agreement of agency must make clear the ________ of a person to act on behalf of another person.
Correct Answer Intention
Your Answer Contract
Select The Blank
Question The presumptions laid by Sec.118 & 119 of Negotiable Instrument Act do not arise where negotiable instrument is obtained by ________.
Correct Answer Fraud/Deceit
Your Answer Lawful Considerations
Match The Following
Question Correct Answer Your Answer
A company having control over a subsidiary company Holding company Articles of Association
Constitution and objects of the company Memorandum Existing company
Govern the internal affairs of the company Articles of Association Memorandum
Document includes any notice, circulation, advertisement etc. Prospectus Prospectus
Select The Blank
Question Dissolution of partnership involves a change in ________ of partners.
Correct Answer Relationship
Your Answer Relationship
Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a person includes :-
Correct Answer Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer Hindu undivided family , Co-operative society
Multiple Choice Single Answer
Question The law relating to sale of movable goods is contained in the :-
Correct Answer The Sale of Goods Act, 1930
Your Answer The Sale of Goods Act, 1930
True/False
Question The Registrar shall register the altered memorandum and certify the registration under his hand within one month from the date of filing such documents.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Following are the essentials of valid acceptance :-
Correct Answer Acceptance must be qualified , Acceptance must be communicated to the offeror
Your Answer Acceptance can precede an offer , Acceptance can be communicated at any time
True/False
Question Minor do not have the right of access to and to inspect and copy any of the books of the firm.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Coercion means and includes :-
Correct Answer Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act , Act forbidden by any law
Multiple Choice Multiple Answer
Question An unregistered firm can bring an action in criminal court against :-
Correct Answer A partner who steals the property of the partnership firm , A partner who purposely damages the property of the partnership firm
Your Answer A partner who steals the property of the partnership firm , A partner who wrongful deals with the assets of the firm , A partner who uses the firm name for gaining personal profits
True/False
Question Express or implied authority is conferred on the agent by the principal.
Correct Answer True
Your Answer True
Match The Following
Question Correct Answer Your Answer
Complaint of Consumer Any allegation in writing Complaint of criminal
Trade in relation to any goods Who distributes goods Who distributes goods
Manufacturer Who makes any goods Who makes any goods
Consumer Dispute Dispute between consumer and manufacturer or trader Dispute between consumer and manufacturer or trader
Multiple Choice Single Answer
Question Sometimes contracts are entered into on behalf of the company before its incorporation, such pre-incorporation contracts are :-
Correct Answer Binding
Your Answer Entered
Multiple Choice Multiple Answer
Question Promissory note must be in :-
Correct Answer In writing , Definite , Unconditional
Your Answer In writing , Definite , Uncertain
Multiple Choice Single Answer
Question Which of the following is not a mode of revocation of proposal ?
Correct Answer By promoting the contract
Your Answer By acceptor going bankrupt
Multiple Choice Multiple Answer
Question The order of the Commission can be set aside by :-
Correct Answer The Supreme Court , The National Commission
Your Answer State Council District Forum , Central Council
Multiple Choice Single Answer
Question Merely by reasons of any defect in the constitution of the council, no proceedings of the central council shall be :-
Correct Answer Invalid
Your Answer Valid
Multiple Choice Single Answer
Question The holder of the Negotiable Instrument has a right to sue in his :-
Correct Answer Own name
Your Answer Own name
True/False
Question The Holder in due course has the right to sue on the Negotiable Instrument in his own name for recovering the amount.
Correct Answer True
Your Answer True
True/False
Question Railway or S.T. Receipts, Dividend, Warrants, Railway Bonds are not Negotiable Instrument.
Correct Answer False
Your Answer True
Multiple Choice Multiple Answer
Question Agreement is a contract voidable at the option of the party to an agreement to make a mistake as to :-
Correct Answer The agreement , The contract subject to a specific conditions , The subject matter of the thing
Your Answer The contract subject to a specific conditions , The subject matter of the thing , The substance of the thing which is subject matter of the agreement
Multiple Choice Single Answer
Question The capacity to contract with an agent is the part of the law of :-
Correct Answer Statute
Your Answer Statute
Select The Blank
Question A ________ partner is like an undisclosed principal.
Correct Answer Sleeping
Your Answer Dynamic
Multiple Choice Single Answer
Question A company which is not a private company is :-
Correct Answer Public company
Your Answer Limited by guarantee
True/False
Question The company law board may, at any time, by order, extend the time for the filing of documents.
Correct Answer True
Your Answer True
MindGrillat 3:35 AM 0 comments Links to this post
Labels: Business Law (Set - IV)
Friday, August 22, 2008
Business Law - 11
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
The relation between a doctor and his patient is not fiduciary in nature.
Correct Answer
False
Your Answer
True
Match The Following
Question
Correct Answer
Your Answer
Barter system
Exchange of goods for goods
Exchange of goods for goods
Sale of goods Act, 1930
Movable goods
Movable goods
Caveat emptor
Let the buyer beware
Let the buyer beware
Sale
Exchange of goods for price
Exchange of goods for price
Multiple Choice Single Answer
Question
Mr. Red and Mr. White register their company as a private company with a share capital of Rs. 7, 00,000/- divided into 70,000 shares of Rs.10/- each. Mr. White holds 69,999 shares while Mr. Red holds only 1 share. This is a :-
Correct Answer
One man company
Your Answer
One man company
Multiple Choice Single Answer
Question
If any member of the Central Council wants to resign from the Central Council, he may do so by a letter addressed to the :-
Correct Answer
Chairman
Your Answer
President
Multiple Choice Multiple Answer
Question
Coercion means and includes :-
Correct Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act , Act forbidden by any law
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
minors , insolvents , co-owners without the agreement to carry on the business
Multiple Choice Multiple Answer
Question
The principal must give compensation to his agent in respect of injury caused to an agent by the :-
Correct Answer
Principal's neglect , Principal's want to skill , Principal's want to knowledge
Your Answer
Principal's neglect , Principal's want to skill , Principal's want to knowledge
Multiple Choice Single Answer
Question
A cheque is dishonoured by :-
Correct Answer
Non payment only
Your Answer
Non security only
Multiple Choice Multiple Answer
Question
Documents to be presented for the registration of a company with the registrar are :-
Correct Answer
The memorandum of the company , Its articles , The agreement, if any
Your Answer
The memorandum of the company , Its articles , The agreement, if any
Select The Blank
Question
Past consideration is one which is wholly suffered by the ________ even before making of the agreement.
Correct Answer
Promisee
Your Answer
Promisor
True/False
Question
The social or the domestic contracts are excluded from the purview of the Indian Contract Act, 1872.
Correct Answer
True
Your Answer
False
Match The Following
Question
Correct Answer
Your Answer
Minor Partner
Admitted for profits only
Admitted for profits only
Dissolution of a Partnership
Death or Insanity of the partners
Death or Insanity of the partners
Firm
Partners
Partners
Partner
Agents of the firm
Agents of the firm
Partnership
Can be formed at Will
Can be formed at Will
True/False
Question
Persons who have entered into partnership with one another are called individually partners and they are collectively "a firm".
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
An unregistered firm can institute a suit against
Correct Answer
wrongful use of the trade mark , wrongful use of the firm name
Your Answer
wrongful use of the trade mark , wrongful use of the firm name
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Multiple Choice Multiple Answer
Question
There can not be any partnership where a business is carried on
Correct Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
Your Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
True/False
Question
An auctioneer has full authority to sell the goods of his principal by private contracts.
Correct Answer
False
Your Answer
True
Select The Blank
Question
Notice of dissolution of firm must be ________.
Correct Answer
Explicit
Your Answer
Implicit
Multiple Choice Multiple Answer
Question
Promissory note must be in :-
Correct Answer
In writing , Definite , Unconditional
Your Answer
In writing , Definite
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in any court of Law against
Correct Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm
Your Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm , a partner who uses the firm name for gaining personal profits
True/False
Question
Mental acceptance amounts to an acceptance.
Correct Answer
False
Your Answer
True
Multiple Choice Single Answer
Question
A cooler was purchased not for his own use, but it was installed at a bus-stand for the use of public free of charge. it was held that the purchaser was a consumer because :-
Correct Answer
There was no commercial purpose
Your Answer
There was no commercial purpose
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against the firm , withdraw a suit or proceeding filed on behalf of the firm
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
Acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
Acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm
Multiple Choice Multiple Answer
Question
Certain effects of the insolvency of a partner are as follows :-
Correct Answer
An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner
Your Answer
An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner , Firm is held liable for any acts of insolvent after the adjudication
Multiple Choice Multiple Answer
Question
Following are the agencies of a three tier system of consumer disputes redressal agencies :-
Correct Answer
State commission , National commission , District Forum
Your Answer
State commission , National commission , District Forum
Select The Blank
Question
In order to become a holder, a person must possess the instrument under some ________ title.
Correct Answer
Lawful
Your Answer
Lawful
True/False
Question
Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
A private company can be registered with a paid-up capital of Rs. :-
Correct Answer
One lakh
Your Answer
One lakh
Select The Blank
Question
The ________ of 1986 is basically passed to protect the interest of the consumer.
Correct Answer
Consumer Protection Act
Your Answer
Consumer Protection Act
Multiple Choice Single Answer
Question
In case of a public limited company, the maximum number has no limit, but the minimum is fixed at :-
Correct Answer
7
Your Answer
7
Multiple Choice Multiple Answer
Question
A sale can be in case of :-
Correct Answer
Specific goods , Existing goods
Your Answer
Future goods , Existing goods , Contingent
True/False
Question
An agreement should be certain and unambiguous.
Correct Answer
True
Your Answer
True
True/False
Question
A trader is a middleman bringing the buyer and seller together and receiving any commission for services rendered by him.
Correct Answer
False
Your Answer
True
Select The Blank
Question
The Articles of Association controls ________ operations of the company.
Correct Answer
Internal
Your Answer
Internal
Multiple Choice Multiple Answer
Question
A person is deemed to be dominated the will of another if :-
Correct Answer
A real or apparent authority over them , He stands in a fiduciary relation to other
Your Answer
Some authority is held over the other party , A real or apparent authority over them , He stands in a fiduciary relation to other
Select The Blank
Question
Issued capital can be defined as the ________ of shares which are offered to the public for subscription.
Correct Answer
Nominal value
Your Answer
Nominal value
Select The Blank
Question
There are certain relations, which are not created by contracts but are upheld by law, which are known as ________ contracts.
Correct Answer
Quasi
Your Answer
Contingent
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Select The Blank
Question
Every promise and every set of promises, forming the consideration for each other, is ________.
Correct Answer
An agreement
Your Answer
An agreement
Multiple Choice Single Answer
Question
In the Bill of Exchange, the person who is ordered to pay is called as :-
Correct Answer
Drawee
Your Answer
Drawee
Select The Blank
Question
The essential point about an agent's position is his ________ of making his principal answerable to third parties.
Correct Answer
Authority
Your Answer
Consent
Multiple Choice Single Answer
Question
In contract of sale the buyer becomes :-
Correct Answer
Absolute owner of the property
Your Answer
Absolute owner of the property
Select The Blank
Question
An agreement of agency must make clear the ________ of a person to act on behalf of another person.
Correct Answer
Intention
Your Answer
Contract
Multiple Choice Single Answer
Question
During the war, all the members of a private company were killed while they were in general meeting in a bomb attack. The questions is whether the company will :-
Correct Answer
Survive
Your Answer
Survive
Multiple Choice Single Answer
Question
Quasi Contract rests on the ground of :-
Correct Answer
Equity
Your Answer
Equity
True/False
Question
Memorandum of a company is a primary and supreme document of the company.
Correct Answer
True
Your Answer
True
MindGrillat 6:04 AM 0 comments Links to this post
Labels: Business Law (Set - IV)
Business Law - 10
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Multiple Answer
Question
There is always a direct privity of contract between the principal and the following
Correct Answer
substituted agent , co-agent , general agent
Your Answer
substituted agent , co-agent , general agent
True/False
Question
Sections 1 to 75 of the Indian Contract Act, 1872 provides for the special contracts.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
For the existence of a partnership there must be an association of
Correct Answer
Two or more persons
Your Answer
Two or more persons
True/False
Question
The company cannot exceed the powers conferred on it by its memorandum
Correct Answer
True
Your Answer
True
Match The Following
Question
Correct Answer
Your Answer
Minor Partner
Admitted for profits only
Admitted for profits only
Dissolution of a Partnership
Death or Insanity of the partners
Death or Insanity of the partners
Firm
Partners
Partners
Partner
Agents of the firm
Agents of the firm
Partnership
Can be formed at Will
Can be formed at Will
Multiple Choice Single Answer
Question
A company which has a control over a subsidiary company is a
Correct Answer
Holding company
Your Answer
Holding company
Multiple Choice Single Answer
Question
A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company
Correct Answer
Limited by shares
Your Answer
Limited by shares
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , the main object of carry on the business must be sharing of liabilities , there must be an association of two or more persons
Multiple Choice Single Answer
Question
According to the Consumer Protection Act of 1986, goods means as defined under
Correct Answer
Sale of Goods Act, 1930
Your Answer
Sale of Goods Act, 1930
Multiple Choice Multiple Answer
Question
Presumptions do not arise where an instrument is obtained by
Correct Answer
fraud , offence , illegal consideration
Your Answer
fraud , offence , illegal consideration
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
admit any liability in a suit or proceedings against the firm , withdraw a suit or proceeding filed on behalf of the firm
Multiple Choice Single Answer
Question
Acceptance should be made in
Correct Answer
The manner prescribed by the promisor and if not prescribed in any reasonable manner
Your Answer
The manner prescribed by the promisor and if not prescribed in any reasonable manner
Multiple Choice Multiple Answer
Question
Documents to be presented for the registration of a company with the registrar are
Correct Answer
The memorandum of the company , Its articles , The agreement, if any
Your Answer
The memorandum of the company , Its articles , The agreement, if any
Multiple Choice Single Answer
Question
Sale is a contract plus
Correct Answer
conveyance
Your Answer
commitment
True/False
Question
An agency can be terminated after lapse of time or completion of the work.
Correct Answer
True
Your Answer
True
Select The Blank
Question
A club or a society is an ________ of persons
Correct Answer
association
Your Answer
association
Match The Following
Question
Correct Answer
Your Answer
Minor's Agreement
Void ab initio
Void ab initio
Threatning to commit
Coercion
Coercion
Consideration
Past, Present and Future
Past, Present and Future
Mistake
Fact and Law
Fact and Law
Multiple Choice Multiple Answer
Question
If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal
Correct Answer
can repudiate the transaction , may affirm such transaction , may claim damages for loss
Your Answer
can repudiate the transaction , may affirm such transaction , may claim damages for loss
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
Acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
admit any liability in a suit or proceedings against the firm , enter into partnership on behalf of the firm
Multiple Choice Multiple Answer
Question
Following are the persons who cannot enter into partnership firm
Correct Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Your Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Multiple Choice Multiple Answer
Question
Amendments made in the Consumer Protection Act in 1993 are
Correct Answer
To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.
Your Answer
To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.
Multiple Choice Multiple Answer
Question
A person is considered the holder of Negotiable Instruments if
Correct Answer
his name appear on an instrument , he is in possession of bearer instrument , he is the endorses of a cheque
Your Answer
his name appear on an instrument , he is in possession of bearer instrument , he is the endorses of a cheque
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Multiple Choice Multiple Answer
Question
The three ingredients in the performance of a contract of sale by the seller are
Correct Answer
Transfer of property in goods , The passing of the risk , Delivery of goods
Your Answer
Transfer of property in goods , The passing of the risk , Delivery of goods
Multiple Choice Multiple Answer
Question
Instruments payable on demand are
Correct Answer
Cheque , Promissory Note , Bill of Exchange
Your Answer
Cheque , Promissory Note , Bill of Exchange
Select The Blank
Question
Ratification is one of the ways of ________ agency.
Correct Answer
creating
Your Answer
creating
True/False
Question
The membership of the association of company shall cease on the dissolution of the firm.
Correct Answer
True
Your Answer
True
Select The Blank
Question
Members of a club or a society are the ________ of each other.
Correct Answer
friends
Your Answer
partners
Multiple Choice Multiple Answer
Question
The State Council consists of the following members
Correct Answer
Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt.
Your Answer
Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt.
Multiple Choice Single Answer
Question
Sale is a contract plus
Correct Answer
executed contract
Your Answer
executory contract
Select The Blank
Question
An agent is simply blank a ________ between his principal and the third party.
Correct Answer
connecting link
Your Answer
connecting link
True/False
Question
Railway or S.T. Receipts, Dividend, Warrants, Railway Bonds are not Negotiable Instrument.
Correct Answer
False
Your Answer
False
True/False
Question
A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price
Correct Answer
True
Your Answer
True
Select The Blank
Question
The property in the Negotiable Instrument passes from one person to another person by ________ delivery.
Correct Answer
Mere/ Simple
Your Answer
Mere/ Simple
True/False
Question
The principal can ratify unauthorised act of an agent.
Correct Answer
False
Your Answer
True
Select The Blank
Question
An order of the court asking a person to do or to abstain from doing a particular act, which is the subject matter of the contract, is known as ________.
Correct Answer
Injuction
Your Answer
Injuction
Multiple Choice Single Answer
Question
A partner who invests capital & share profits but do not take active part in firm's business is
Correct Answer
a dormant or sleeping partner
Your Answer
a dormant or sleeping partner
Select The Blank
Question
Special resolution and confirmation by ________is required for alteration of Memorandum.
Correct Answer
Company Law Board
Your Answer
Company Law Board
Select The Blank
Question
The object of the Consumer Protection Act of 1986 is to educate the people so that they can find out ________ for their grievances
Correct Answer
legal remedies
Your Answer
legal remedies
Multiple Choice Multiple Answer
Question
Following are the characteristics of the partnership at will
Correct Answer
Partners are always free to break their relationship at their whim , It is for indefinite period
Your Answer
Partners are always free to break their relationship at their whim , It is for indefinite period
Multiple Choice Single Answer
Question
The intention of the Negotiable Instrument Act is to govern
Correct Answer
legal relationship
Your Answer
legal relationship
True/False
Question
If all the members of a company are married, the company would not be a married person.
Correct Answer
True
Your Answer
True
Select The Blank
Question
A firm is a name given to the partners ________
Correct Answer
collectively
Your Answer
collectively
True/False
Question
An agreement to sell takes place in the case of existing goods or specific goods.
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
Which authority of an agent can be inferred from the circumstances of the case ?
Correct Answer
implied
Your Answer
implied
Multiple Choice Multiple Answer
Question
Section 2. of Indian Contract Act defines proposal as
Correct Answer
when one person communicates his desire to do something for another to obtain the assent of another that is a proposal. , when one person signifies to another his willingness to do or to abstain with a view to obtain the consent of another that is a proposal.
Your Answer
when one person communicates his desire to do something for another to obtain the assent of another that is a proposal.
Multiple Choice Single Answer
Question
The object of carrying on a business must be
Correct Answer
Sharing of profits
Your Answer
Sharing of profits
%%%%%%%%%%%%%%5555
Multiple Choice Multiple Answer
Question
Promise may be fraud if it is made
Correct Answer
without intending to perform it , to deceive
Your Answer
to mislead other , to deceive , to misguide others
True/False
Question
If one of the parties to the contract dies the contract becomes void.
Correct Answer
False
Your Answer
True
Multiple Choice Single Answer
Question
Waiver
Correct Answer
vDeliberate abandonment of a rights by the parties to the contract
Your Answer
An inferior right accruing to one of the parties as contract merges into a superior right accruing to the same party under the same or other contract.
Multiple Choice Single Answer
Question
The ownership capital of the company is divided into a number of
Correct Answer
Shares,
Your Answer
Shares,
True/False
Question
A commission agent is generally appointed for selling and buying goods on behalf of his principal
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
The term of central protection council is
Correct Answer
three years
Your Answer
five years
Select The Blank
Question
A sale can only be in the case of ________ Or ________ goods.
Correct Answer
future
Your Answer
generic
Correct Answer
generic
Your Answer
ascertained
Multiple Choice Single Answer
Question
One of the characteristics of Company is that it is
Correct Answer
an artificial person
Your Answer
an artificial person
Multiple Choice Multiple Answer
Question
Following is true about the Articles of Association
Correct Answer
it is required to be signed by the subscribers of the memorandum of association , is to be registered along with the memorandum , a public company may have its own articles of association
Your Answer
it is required to be signed by the subscribers of the memorandum of association , is to be registered along with the memorandum , a public company may have its own articles of association
True/False
Question
No consideration is required in formal contracts
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
A person is deemed to be dominated the will of another if
Correct Answer
a real or apparent authority over them , he stands in a fiduciary relation to other
Your Answer
some authority is held over the other party , a real or apparent authority over them , he stands in a fiduciary relation to other
Select The Blank
Question
When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________
Correct Answer
Signifies
Your Answer
Signifies
Correct Answer
Accepted
Your Answer
Accepted
Match The Following
Question
Correct Answer
Your Answer
Two parties
Contract of Sale
Agreement to sell
Monetary consideration
Price for the goods
Price for the goods
Unpaid Seller
Right of lien on goods
Contract of Sale
Future Goods
Agreement to sell
Right of lien on goods
Identified Goods
Ascertained Goods
Ascertained Goods
Select The Blank
Question
Any person claiming himself as a consumer must ________ that the services must have been ________ to him
Correct Answer
prove
Your Answer
prove
Correct Answer
rendered
Your Answer
provided
True/False
Question
An unpaid seller has a right against the goods but does not have any personal right against the buyer.
Correct Answer
False
Your Answer
True
Multiple Choice Single Answer
Question
The rights & liabilities of an expelled partner
Correct Answer
are exactly same as that of a retiring partner
Your Answer
do not have any rights at all
Multiple Choice Single Answer
Question
If there is breach of a condition, the aggrieved party gets a right to.
Correct Answer
repudiate the contract
Your Answer
Discard the contract
Multiple Choice Single Answer
Question
Unless there is any agreement to the contrary, on the insolvency of any of the partners of the partnership firm, the firm
Correct Answer
is automatically dissolved
Your Answer
continues for a fixed period
Multiple Choice Single Answer
Question
Illusory consideration can also be called as
Correct Answer
deceptive
Your Answer
deceptive
Multiple Choice Single Answer
Question
In a private company shares can
Correct Answer
be but with restrictions transferred
Your Answer
not be transferred
Select The Blank
Question
An Order of the Court asking a person to do or to ________ from doing a particular act, which is the subject matter of the contract, is known as ________
Correct Answer
Quasi
Your Answer
refrain
Correct Answer
Injunction
Your Answer
Injunction
True/False
Question
The estate of a deceased partner or the legal representatives of a deceased partner cannot be held liable for any act of the firm.
Correct Answer
True
Your Answer
True
Select The Blank
Question
________ is the ________ number of members to be present at the meetings to conduct the business of the meeting as required by law
Correct Answer
quorum
Your Answer
quorum
Correct Answer
minimum
Your Answer
minimum
Select The Blank
Question
As per Sec. 2 (1) (O) of the Consumer Protection Act, Service ________ Include rendering of any service under a contract of ________ service.
Correct Answer
doesnot
Your Answer
does
Correct Answer
personal
Your Answer
public
Multiple Choice Multiple Answer
Question
Following are the essentials of valid acceptance
Correct Answer
acceptance must be qualified , acceptance must be communicated to the offeror
Your Answer
acceptance must be qualified , acceptance can be communicated at any time , acceptance must be communicated to the offeror
True/False
Question
In case the object of an agency becomes unlawful, the agency cannot be terminated
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Misrepresentation contains following ingredients
Correct Answer
positive assertion , breach of duty without intention to deceive , causing another party to make a mistake as to the substance of the thing
Your Answer
breach of duty with intention to deceive , breach of duty without intention to deceive , causing another party to make a mistake as to the substance of the thing
Multiple Choice Multiple Answer
Question
The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by
Correct Answer
release , payment , non cancellation
Your Answer
non-acceptance , release , payment
Multiple Choice Multiple Answer
Question
To turn an agreement into contract the consideration
Correct Answer
should be legal , should be lawful , should be law abiding
Your Answer
should be legal , should be lawful , should be law abiding
Select The Blank
Question
When the ________ of contract becomes ________ , such contract need not be performed
Correct Answer
performance
Your Answer
performance
Correct Answer
impossible
Your Answer
impossible
Select The Blank
Question
________ Is Any fault imperfection or shortcoming in quantity, quality, purity or standard to be ________ by or under any law for the time being in force under any contract express or implied is cla
Correct Answer
Defects
Your Answer
Defects
Correct Answer
maintained
Your Answer
maintained
True/False
Question
Bill of Exchange need not be stamped property
Correct Answer
True
Your Answer
False
Select The Blank
Question
A ________ is a Cheque drawn with a ________ date.
Correct Answer
Post-dated
Your Answer
Post-dated
Correct Answer
future
Your Answer
future
Multiple Choice Multiple Answer
Question
One of the characteristics of Company is that it is
Correct Answer
an artificial person
Your Answer
national person , an artificial person , international person
Multiple Choice Single Answer
Question
Where a contract of sale is subject to any condition to be fulfilled by the seller, the buyer may
Correct Answer
Waive the condition
Your Answer
add new the condition
True/False
Question
Company can be termed as a Body Corporate.
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
The altered memorandum must be filed within
Correct Answer
three months of the company law boards order
Your Answer
one month of the company law boards order
Match The Following
Question
Correct Answer
Your Answer
Partner by holding-out
Partner by estoppel
Partner by estoppel
Dissolution of partnership
Completion of ventures
Completion of ventures
Right of a partner
To retire
To retire
Partner is liable
Loss caused by fraud
Loss caused by fraud
Sleeping Partner
Dormant Partner
Dormant Partner
Multiple Choice Single Answer
Question
an example of implied agency is
Correct Answer
Agency by Holding-out
Your Answer
Agency by Holding-out
Multiple Choice Multiple Answer
Question
Consent means
Correct Answer
assent of another , assent to support a claim , consent of the offeror to the contract
Your Answer
assent to support a claim , consent from the elements which vitiates it , consent of the offeror to the contract
True/False
Question
An agent does not have the right to enter into contracts with third parties
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
Negotiable Instruments recognized by usage are
Correct Answer
Hundies , S.T. Receipts for goods , Pay off Orders
Your Answer
Hundies , S.T. Receipts for goods , Postal Orders
Select The Blank
Question
Where a ________ promise is made to pay either cash or money’s worth for an uncertain event, it is known as ________ contract
Correct Answer
conditional
Your Answer
Wagering
Correct Answer
Wagering
Your Answer
Contingent
True/False
Question
Stock is a synonym used for Shares.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
A company is a legal person with a perpetual succession
Correct Answer
it never dies , it can be put an end to only by process of law
Your Answer
it never dies , it can be put an end to only by process of law
Select The Blank
Question
________ is an invitation made to the ________
Correct Answer
Prospectus
Your Answer
Prospectus
Correct Answer
public
Your Answer
public
Multiple Choice Multiple Answer
MindGrillat 6:40 AM 0 comments Links to this post
Labels: Business Law (Set - III)
Business Law - 8
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
Agreement is defined as a contract at its inception.
Correct Answer
True
Your Answer
True
Select The Blank
Question
________ is the ________ method of voting with the rule "one share one vote "
Correct Answer
poll
Your Answer
poll
Correct Answer
capitalistic
Your Answer
individualised
Multiple Choice Single Answer
Question
Agency can be created by
Correct Answer
Operation of law
Your Answer
Operation of law
Multiple Choice Single Answer
Question
Where the property in goods sold has been passed, the unpaid seller has the
Correct Answer
right to stop goods in transit
Your Answer
right to stop goods in transit
True/False
Question
A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Dissolution by the order of the Court at the suit of a partner on certain grounds, which include
Correct Answer
Willful or persistent breach of agreement by a partner
Your Answer
Willful or persistent breach of agreement by a partner
Select The Blank
Question
The agency can be ________ At any time by ________ agreement between the principal and his agent.
Correct Answer
terminated
Your Answer
individual
Correct Answer
mutual
Your Answer
mutual
Multiple Choice Multiple Answer
Question
The requirement of valid Memorandum of Association are that it
Correct Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Your Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Match The Following
Question
Correct Answer
Your Answer
An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm
partner by estoppel
partner by estoppel
A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business
Ostensible partner
Ostensible partner
A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm
Nominal Partner
Nominal Partner
When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as
Sub-Partner
Sub-Partner
A partner whose existence in the firm is kept secret from the outside world
Dormant Partner
Dormant Partner
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Multiple Choice Multiple Answer
Question
A consumer is
Correct Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Your Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Select The Blank
Question
A meeting is ________ of a number of persons for ________ a lawful business having certain purpose or purposes
Correct Answer
an assembly
Your Answer
an assembly
Correct Answer
transacting
Your Answer
transacting
Multiple Choice Multiple Answer
Question
Following are the conditions to be fulfilled before a seller can be deemed to be an unpaid seller
Correct Answer
he must have an immediate right of action for the price , he must have sold goods against cash and the price must be due
Your Answer
he must have an immediate right of action for the price , he must have refused payment when tendered , he must have sold goods against cash and the price must be due
Multiple Choice Multiple Answer
Question
Following are the examples of statutory companies
Correct Answer
Reserve Bank Of India , Unit Trust Of India
Your Answer
Reserve Bank Of India , Unit Trust Of India
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
minors , co-owners without the agreement to carry on the business
Match The Following
Question
Correct Answer
Your Answer
Sale
Exchange of goods for price
Exchange of goods for price
Barter Exchange
Exchange of goods for goods
Exchange of goods for goods
Sale of Goods Act, 1930
Movable goods
Movable goods
Caveat Emptor
Let the buyer beware
Let the buyer beware
Quiet possession
Implied Warranty
Implied Warranty
Multiple Choice Single Answer
Question
A consumer has right to be assured, wherever possible, access to services at
Correct Answer
competitive prices
Your Answer
competitive prices
Multiple Choice Multiple Answer
Question
Following are the characteristics of partnership at will
Correct Answer
partners are always free to break their relationship at their whim , it is for indefinite period
Your Answer
partners are always free to break their relationship at their whim , it is for indefinite period
True/False
Question
A commission agent is generally appointed for selling and buying goods on behalf of his principal
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Transmission of shares takes place due to
Correct Answer
death of a member , insolvency of a member , lunacy of a member
Your Answer
death of a member , lunacy of a member , minority of a member
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm
Multiple Choice Multiple Answer
Question
Following are the persons who cannot enter into partnership firm
Correct Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Your Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Multiple Choice Multiple Answer
Question
The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by
Correct Answer
release , payment , non cancellation
Your Answer
non-acceptance , release , payment
Multiple Choice Single Answer
Question
The National Commission shall decide the complaint as far as possible within a period of
Correct Answer
three months from the date of notice received by the opposite party
Your Answer
three months from the date of notice received by the opposite party
Select The Blank
Question
When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________
Correct Answer
Endorsement
Your Answer
Endorsement
Correct Answer
holder
Your Answer
holder
Select The Blank
Question
Un-called capital is the part of ________ and ________ capital which has not been called up.
Correct Answer
issued
Your Answer
issued
Correct Answer
subscribed
Your Answer
subscribed
True/False
Question
Special Notice and Special Resolution mean one and the same.
Correct Answer
False
Your Answer
True
Select The Blank
Question
________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.
Correct Answer
unfair
Your Answer
unfair
Correct Answer
deceptive
Your Answer
deceptive
True/False
Question
Consumer is a person who procures service under a contract of personal service
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Property of the company is the property of
Correct Answer
Promoters before the existence of the company , the company itself after its incorporation
Your Answer
its share-holders , Board of Directors , Promoters before the existence of the company
True/False
Question
English Law does not recognize Formal Contract
Correct Answer
False
Your Answer
False
Select The Blank
Question
Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company
Correct Answer
uncalled
Your Answer
uncalled
Correct Answer
winding up
Your Answer
winding up
True/False
Question
The partners need not sign the partnership deed.
Correct Answer
False
Your Answer
False
Select The Blank
Question
When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________
Correct Answer
Signifies
Your Answer
Accepted
Correct Answer
Accepted
Your Answer
Declared
Multiple Choice Multiple Answer
Question
Goods includes
Correct Answer
trade marks , good will
Your Answer
actionable claims , money
Multiple Choice Multiple Answer
Question
Characteristics Articles of Association are
Correct Answer
it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Your Answer
contains objectives for which the company is established , it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Select The Blank
Question
________ implies committing or threatening to commit any act ________ by the Indian Penal Code.
Correct Answer
Coercion
Your Answer
Coercion
Correct Answer
forbidden
Your Answer
forbidden
Select The Blank
Question
________ is an invitation made to the ________
Correct Answer
Prospectus
Your Answer
Prospectus
Correct Answer
public
Your Answer
public
Multiple Choice Single Answer
Question
A factor is a type of
Correct Answer
Mercantile Agent
Your Answer
Mercantile Agent
True/False
Question
Agents acting jointly and severally are known as co-agents
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Enforcement of contingent contract depends on
Correct Answer
Happening or Non-happening of the event
Your Answer
Happening of the event
Multiple Choice Single Answer
Question
In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a
Correct Answer
official assignee or receiver
Your Answer
official assignee or receiver
Select The Blank
Question
When the ________ of contract becomes ________ , such contract need not be performed
Correct Answer
performance
Your Answer
cancellation
Correct Answer
impossible
Your Answer
possible
True/False
Question
A Cheque can be bearer, Order or crossed
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Following is an implied condition.
Correct Answer
Condition as to sale by sample
Your Answer
Condition as to sale by sample
Multiple Choice Single Answer
Question
Dissolution by voluntary act of the partners, which includes
Correct Answer
dissolution by agreement
Your Answer
dissolution by agreement
MindGrillat 6:39 AM 0 comments Links to this post
Labels: Business Law (Set - III)
Business Law - 7
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Single Answer
Question
Memorandum of a public company must be signed by
Correct Answer
Seven persons
Your Answer
Seven persons
Match The Following
Question
Correct Answer
Your Answer
Unascertained goods
Generic goods
Generic goods
Unpaid seller
Right of lien on goods
Right of lien on goods
Future goods
Agreement to sell
Agreement to sell
Identified goods
Ascertained goods
Ascertained goods
Match The Following
Question
Correct Answer
Your Answer
Fact and Law
The types of "Mistake"
The types of "Mistake"
An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract
Injuction Order
Injuction Order
The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir
Applicability
Sector 63
An agreement enforceable by law
Contract
Contract
Select The Blank
Question
Members of a club or a society are the ________ of each other.
Correct Answer
friends
Your Answer
representatives
True/False
Question
There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Following are the essential of Undue influence
Correct Answer
there must be some relationship between the parties , It is mainly of moral character
Your Answer
intention to induce someone to enter into an agreement , threatening to detain property, unlawfully
Multiple Choice Multiple Answer
Question
Consent is free when it is not caused by
Correct Answer
Undue influence , Fraud , Mistake
Your Answer
Compulsion , Undue influence , Fraud
Select The Blank
Question
A proposal comes to an end by its ________.
Correct Answer
rejection
Your Answer
acceptance
Multiple Choice Single Answer
Question
In an agreement to sell the seller is responsible for all the risk of loss as he is the
Correct Answer
Owner
Your Answer
Owner
Multiple Choice Multiple Answer
Question
The modes of termination of agency are
Correct Answer
By completion of the agency business , By death of principal , By expiry of period or time
Your Answer
By completion of the agency business , By death of principal , By expiry of period or time
Multiple Choice Multiple Answer
Question
Fraud means and includes following act -
Correct Answer
promise to deceive other party , promise without intending to perform
Your Answer
promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform
Multiple Choice Multiple Answer
Question
There can not be any partnership where a business is carried on
Correct Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
Your Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
True/False
Question
The company law board confirms the change of registered office of the company within a state
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Articles of Association contains
Correct Answer
Regulations of the company , Internal affairs of the company , Conduct of company's business
Your Answer
Internal affairs of the company , Conduct of company's business
Select The Blank
Question
Unpaid seller's right to stop the goods in transit arises only when the buyer is ________
Correct Answer
Bankrupt
Your Answer
Bankrupt
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in criminal court against
Correct Answer
A partner who steals the property of the partnership firm , A partner who purposely damages the property of the partnership firm
Your Answer
A partner who wrongful deals with the assets of the firm , A partner who uses the firm name for gaining personal profits
True/False
Question
A sale is an executed contract whereas an agreement to sell is an executory contract.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Multiple Choice Single Answer
Question
Where the transfer of property in the goods is to take place at a future time it is called
Correct Answer
Agreement to sell
Your Answer
Agreement to sell
Multiple Choice Single Answer
Question
A consumer has the right to be assured, wherever possible, access to services at
Correct Answer
Competitive prices
Your Answer
Competitive prices
True/False
Question
An agreement to sell takes place in the case of existing goods or specific goods.
Correct Answer
False
Your Answer
False
True/False
Question
Railway or S.T. Receipts, Dividend, Warrants, Railway Bonds are not Negotiable Instrument.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
Acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
Acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Select The Blank
Question
Holding out means ________ leading another person to believe in something.
Correct Answer
falsely
Your Answer
properly
True/False
Question
Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
minors , insolvents , co-owners without the agreement to carry on the business
Multiple Choice Multiple Answer
Question
The memorandum of every company shall state
Correct Answer
The name of the company , The registered office , The main objects
Your Answer
The name of the company , The registered office , The main objects
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm
Your Answer
Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm
True/False
Question
Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer
False
Your Answer
False
True/False
Question
Section 10 of the Indian Contract Act, 1872 applies to contract of sale.
Correct Answer
True
Your Answer
False
Multiple Choice Multiple Answer
Question
The companies having Articles are
Correct Answer
Unlimited Company , Company limited by guarantee , Company limited by shares
Your Answer
Public Limited Company , Company limited by guarantee
Multiple Choice Multiple Answer
Question
The very important stages in the connection of formation of a company are
Correct Answer
Promotion , Registration , Floatation
Your Answer
Promotion , Registration , Floatation
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Select The Blank
Question
The registration fo partnership firm is ________.
Correct Answer
not compulsory
Your Answer
not compulsory
Multiple Choice Multiple Answer
Question
There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to
Correct Answer
Repudiate the contract , Recind the contract
Your Answer
Modify the contract
Multiple Choice Single Answer
Question
A proposes by a letter sent by post to sell a house to B at certain price, B accepts A's proposal - The communication of the acceptance is complete as against B.
Correct Answer
when letter is received by A
Your Answer
when letter is received by A
True/False
Question
Copies of memorandum and articles shall not be given to members.
Correct Answer
False
Your Answer
True
Multiple Choice Single Answer
Question
Every company must have
Correct Answer
A Specific name
Your Answer
A Specific name
Multiple Choice Multiple Answer
Question
A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it
Correct Answer
Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means
Your Answer
To amend conditions expressly provided in other Acts , Amalgamate with any other company , Attain its main purpose by new or improved means
Select The Blank
Question
Under ________ influence the dominant party may hold a real authority over the other party.
Correct Answer
undue
Your Answer
undue
Multiple Choice Single Answer
Question
The capacity to contract with an agent is the part of the law of
Correct Answer
statute
Your Answer
agency
Select The Blank
Question
Karta of Joint-Hindu family is ________ of his family.
Correct Answer
representative
Your Answer
representative
Multiple Choice Single Answer
Question
A breach of a condition may be treated as breach of
Correct Answer
Warranty
Your Answer
Warranty
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Multiple Choice Single Answer
Question
Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/- who is liable to account for it to
Correct Answer
Mr. Naveen
Your Answer
Mr. Manik himself
Select The Blank
Question
The ________ of 1986 is basically passed to protect the interest of the consumer.
Correct Answer
Consumer Protection Act
Your Answer
Consumer Protection Act
Select The Blank
Question
A company is a ________ company if the holding company controls the majority composition of its board of directors.
Correct Answer
subsidiary
Your Answer
subsidiary
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Multiple Choice Single Answer
Question In the Bill of Exchange, the person to whom the bill is made payable is called as
Correct Answer payee
Your Answer payee
True/False
Question A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price
Correct Answer True
Your Answer True
Select The Blank
Question The person acting as an agent on behalf of the principal should act ________.
Correct Answer honestly
Your Answer honestly
True/False
Question An intention to create legal relations is one of the most important criterions to establish a contract.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question "Every agreement and promise enforceable at law is a contract", This statement was made by -
Correct Answer Sir Fredrick Pollock
Your Answer Sir Fredrick Pollock
Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a person includes
Correct Answer Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer Registered firm only , Hindu undivided family , Co-operative society
Multiple Choice Multiple Answer
Question Coercion means and includes
Correct Answer any act forbidden by the Indian Penal Code , any threatening to commit illegal act
Your Answer any act forbidden by the Indian Penal Code , any threatening to commit illegal act , act forbidden by any law
Multiple Choice Multiple Answer
Question Following are the essentials of Coercion
Correct Answer intention to induce someone to enter into an agreement , threatening to detain property, unlawfully
Your Answer threatening to detain property, unlawfully , there must be some relationship between the parties , It is mainly of moral character
Match The Following
Question Correct Answer Your Answer
Relationship of Master and servant No authority to bind No authority to bind
Relationship between the principal and the agent Fiduciary Commission Agent
An agent who is appointed to sell goods on behalf of the principal An auctioneer Marketing Agent
An agent appointed for selling or buying goods on behalf of his principal Commission Agent Dealer
Select The Blank
Question A ________ is an artificial person and has a legal entity.
Correct Answer Company
Your Answer Company
Multiple Choice Multiple Answer
Question The Articles of Association contains the
Correct Answer Rules , Regulations , Bye-laws
Your Answer Rules , Regulations , Bye-laws
Multiple Choice Single Answer
Question One of the essentials of a Bill of Exchange is that it
Correct Answer must be in writing
Your Answer must be in writing
True/False
Question The term business includes every lawful trade, occupation and profession.
Correct Answer True
Your Answer True
Match The Following
Question Correct Answer Your Answer
Appropriate Laboratory Recognised by Central Government Recognised by Central Government
Services Doesn't include contract of personal service Stock and share
Spurious goods Goods claimed to be genuine Doesn't include contract of personal service
Select The Blank
Question An agent is simply blank a ________ between his principal and the third party.
Correct Answer connecting link
Your Answer authoritative link
Multiple Choice Multiple Answer
Question Following persons can not be called partners
Correct Answer minors , insolvents , co-owners without the agreement to carry on the business
Your Answer minors , insolvents , co-owners without the agreement to carry on the business
Multiple Choice Single Answer
Question To be deemed as an unpaid seller the seller must
Correct Answer have sold the goods against cash and the price must be due
Your Answer have sold the goods against cash and the price must be due
True/False
Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872.
Correct Answer True
Your Answer False
Multiple Choice Single Answer
Question Partnership at will can be dissolved by any partner by
Correct Answer Giving due notice to that effect to all other partners
Your Answer Giving due notice to that effect to all other partners
True/False
Question "Law" means a set of rules and regulations in the nature of dictatorship.
Correct Answer False
Your Answer False
True/False
Question Legal controls, restrictions on public companies are more and strict.
Correct Answer True
Your Answer True
True/False
Question An agency can be terminated after lapse of time or completion of the work.
Correct Answer True
Your Answer True
Select The Blank
Question Agents are ________ to act within the scope of the authority given.
Correct Answer authorised
Your Answer authorised
Multiple Choice Multiple Answer
Question The exceptions to the Wagering Agreement are
Correct Answer Cross-word competitions , Horse-race
Your Answer Horse-race , Lottery , Match Fixing
Multiple Choice Multiple Answer
Question The particular partnership automatically comes to an end
Correct Answer on the completion of the venture , at the expiry of the fixed term
Your Answer on the completion of the venture , by giving express notice. , at the expiry of the fixed term
Multiple Choice Single Answer
Question When an agent is appointed to perform a particular work or transaction only, he is known as
Correct Answer special agent
Your Answer special agent
Select The Blank
Question An offer, to be treated as a valid offer, should be ________.
Correct Answer communicated
Your Answer communicated
Multiple Choice Multiple Answer
Question Ratification can be valid, only
Correct Answer if the act to be ratified is legal , if done for the whole transaction , if communicated to the concerned party
Your Answer if done for the whole transaction
Select The Blank
Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.
Correct Answer Four weeks
Your Answer Four weeks
Select The Blank
Question The directors of a company have to file their consent with the ________ to act as director.
Correct Answer registrar
Your Answer chairman
Select The Blank
Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods
Correct Answer shortcoming
Your Answer shortcoming
Multiple Choice Single Answer
Question Partnership is nothing but
Correct Answer a legal relationship between the partners
Your Answer a legal relationship between the partners
Multiple Choice Multiple Answer
Question The memorandum of every company shall state
Correct Answer The name of the company , The registered office , The main objects
Your Answer The name of the company , The registered office , The main objects
Multiple Choice Multiple Answer
Question A person is deemed to be in a position to dominate the will of another if the person whose mental capacity is affected by
Correct Answer temporary effect of age , permanent effect of age , bodily distress
Your Answer temporary effect of age , permanent effect of age , bodily distress
Multiple Choice Single Answer
Question In case of private limited company, minimum number of members is two while the maximum is
Correct Answer 50
Your Answer 50
Multiple Choice Multiple Answer
Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , enter into partnership on behalf of the firm
Multiple Choice Multiple Answer
Question Following are the persons who cannot enter into partnership firm
Correct Answer A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Your Answer A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
True/False
Question A company is created by law and not by natural birth.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The person to whom, Negotiable Instrument is transferred is entitled to
Correct Answer amount
Your Answer property
Multiple Choice Multiple Answer
Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm
Multiple Choice Single Answer
Question Presumption of Negotiable Instrument are enumerated in
Correct Answer section 118 and 119
Your Answer section 118 and 119
Multiple Choice Multiple Answer
Question The memorandum of a company shall be
Correct Answer Printed , Divided into paragraphs numbered consecutively , Signed by each subscriber
Your Answer Printed , Divided into paragraphs numbered consecutively , Signed by each subscriber
True/False
Question Registration is compulsory for all the companies.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Following are the elements which constitute a partnership
Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons
Multiple Choice Single Answer
Question The relationship of principal and agent is established amongst partners which is governed by
Correct Answer law of agency
Your Answer law of agency
Multiple Choice Multiple Answer
Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm
Your Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm
MindGrillat 12:58 AM 0 comments Links to this post
Labels: Business Law (Set - VI)
Business Law - 16
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Select The Blank
Question A company is a ________ company if the holding company controls the majority composition of its board of directors.
Correct Answer subsidiary
Your Answer subsidiary
Multiple Choice Multiple Answer
Question According to Rule 3 of the Consumer protection rules the Central Council consists of the following members
Correct Answer Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states
Your Answer Minister in-charge of dept. of civil supplies , Minister in-charge consumer affairs in states
True/False
Question Mental acceptance amounts to an acceptance.
Correct Answer False
Your Answer False
True/False
Question The company cannot exceed the powers conferred on it by its memorandum
Correct Answer True
Your Answer True
Select The Blank
Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________
Correct Answer Bankrupt
Your Answer Bankrupt
Multiple Choice Single Answer
Question Actual delivery of goods is also known as
Correct Answer physical delivery of goods
Your Answer physical delivery of goods
Multiple Choice Single Answer
Question A certificate of incorporation is issued by
Correct Answer A Registrar
Your Answer A Registrar
Match The Following
Question Correct Answer Your Answer
Minor Partner Admitted for profits only Partners
Dissolution of a Partnership Death or Insanity of the partners Death or Insanity of the partners
Firm Partners Agents of the firm
Partner Agents of the firm Admitted for profits only
Partnership Can be formed at Will Can be formed at Will
Multiple Choice Single Answer
Question Whatever a person can do himself, he can do the same through another person i.e.,
Correct Answer his agent
Your Answer his agent
Select The Blank
Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.
Correct Answer Carrier
Your Answer Agent
True/False
Question A Bill of Exchange can be crossed.
Correct Answer False
Your Answer True
Multiple Choice Single Answer
Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a
Correct Answer Company
Your Answer Partnership Business
True/False
Question In case the object of an agency becomes unlawful, the agency can not be terminated.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question The partner who is illegally expelled
Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits
Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits
Match The Following
Question Correct Answer Your Answer
Unlawful Business Dissolution of Partnership Dissolution of Partnership
Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders
Partnership Association of two or more persons Association of two or more persons
Partners have to be Competent Competent
Partner lending his name only Nominal partner Nominal partner
Select The Blank
Question The object of the Consumer Protection Act of 1986 is to educate the people so that they can find out ________ for their grievances
Correct Answer legal remedies
Your Answer legal remedies
True/False
Question Memorandum of a company is a primary and supreme document of the company.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Negotiable Instruments recognised by usage or custom of trade
Correct Answer Bank notes , share warrants , share certificates
Your Answer share warrants , share certificates , cheques
Multiple Choice Multiple Answer
Question Public notice is required to be given
Correct Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm
Your Answer on the dissolution of a firm which is registered , on retirement of a dormant partner , on the retirement of any of the partner of a registered firm
True/False
Question An insolvent person can accept or endorse a bill.
Correct Answer False
Your Answer False
True/False
Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking.
Correct Answer False
Your Answer True
Multiple Choice Multiple Answer
Question The very important stages in the connection of formation of a company are
Correct Answer Promotion , Registration , Floatation
Your Answer Promotion , Registration , Floatation
Select The Blank
Question Under ________ influence the dominant party may hold a real authority over the other party.
Correct Answer undue
Your Answer undue
Multiple Choice Multiple Answer
Question Goods means
Correct Answer growing crops , stocks & shares
Your Answer actionable claims , growing crops , stocks & shares
Multiple Choice Multiple Answer
Question Public notice of a dissolution of firm is required to be given by
Correct Answer publishing the same in the official gazette , publishing the same in the local news paper
Your Answer publishing the same in the official gazette , publishing the same in the local news paper
Multiple Choice Multiple Answer
Question Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by
Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company
Your Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company
Multiple Choice Multiple Answer
Question Following are the characteristics of the partnership at will
Correct Answer Partners are always free to break their relationship at their whim , It is for indefinite period
Your Answer Partners are always free to break their relationship at their whim , It is for indefinite period
Multiple Choice Single Answer
Question General offers open for the world at large can be accepted by any person
Correct Answer who complies with the conditions of the offer
Your Answer in the world
Multiple Choice Multiple Answer
Question Limited companies can be formed for promoting
Correct Answer Commerce , Art , Religion
Your Answer Commerce
Multiple Choice Multiple Answer
Question The following types of companies are required to have their own articles
Correct Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares
Your Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares
Select The Blank
Question A person under any legal or natural ________ can not appoint an agent.
Correct Answer disability
Your Answer disability
True/False
Question All contracts are agreements and all agreements are contracts.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Following are the conditions needed to prove that an act of a partner is an act of a partnership firm
Correct Answer an act be done in an ordinary course of business of a partnership firm , It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm
Your Answer Act done in personal capacity , It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm
Multiple Choice Single Answer
Question Actual delivery of goods is also known as
Correct Answer physical delivery of goods
Your Answer physical delivery of goods
Select The Blank
Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.
Correct Answer Four weeks
Your Answer Four weeks
Multiple Choice Single Answer
Question When the time is not specified for the delivery of goods, the goods must be delivered.
Correct Answer Reasonable time
Your Answer Reasonable time
Select The Blank
Question Holding out means ________ leading another person to believe in something.
Correct Answer falsely
Your Answer forcefully
Multiple Choice Multiple Answer
Question Partners by Estoppel or holding out are also called as
Correct Answer quasi-partner , nominal partner
Your Answer quasi-partner , nominal partner
Multiple Choice Multiple Answer
Question Following are the characteristics of partnership at will
Correct Answer partners are always free to break their relationship at their whim , it is for indefinite period
Your Answer partners are always free to break their relationship at their whim , it is for indefinite period
Multiple Choice Multiple Answer
Question The memorandum of Association is the most important document, it acts out
Correct Answer The constitution , The formation , The objectives
Your Answer The constitution , The objectives
True/False
Question Alteration of memorandum or articles etc. to be noted in every copy.
Correct Answer True
Your Answer True
Select The Blank
Question A club or a society is an ________ of persons
Correct Answer association
Your Answer association
Select The Blank
Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________
Correct Answer Bankrupt
Your Answer Bankrupt
True/False
Question An auctioneer has full authority to sell the goods of his principal by private contracts.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question Which of the following is the essential element of the contract ?
Correct Answer free consent
Your Answer free consent
Select The Blank
Question Special resolution and confirmation by ________is required for alteration of Memorandum.
Correct Answer Company Law Board
Your Answer Company Law Board
Multiple Choice Multiple Answer
Question The very important stages in the connection of formation of a company are
Correct Answer Promotion , Registration , Floatation
Your Answer Promotion , Registration , Floatation
%%%%%%%%%%%55
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
Agreement is defined as a contract at its inception.
Correct Answer
True
Your Answer
True
Select The Blank
Question
________ is the ________ method of voting with the rule "one share one vote "
Correct Answer
poll
Your Answer
poll
Correct Answer
capitalistic
Your Answer
individualised
Multiple Choice Single Answer
Question
Agency can be created by
Correct Answer
Operation of law
Your Answer
Operation of law
Multiple Choice Single Answer
Question
Where the property in goods sold has been passed, the unpaid seller has the
Correct Answer
right to stop goods in transit
Your Answer
right to stop goods in transit
True/False
Question
A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Dissolution by the order of the Court at the suit of a partner on certain grounds, which include
Correct Answer
Willful or persistent breach of agreement by a partner
Your Answer
Willful or persistent breach of agreement by a partner
Select The Blank
Question
The agency can be ________ At any time by ________ agreement between the principal and his agent.
Correct Answer
terminated
Your Answer
individual
Correct Answer
mutual
Your Answer
mutual
Multiple Choice Multiple Answer
Question
The requirement of valid Memorandum of Association are that it
Correct Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Your Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Match The Following
Question
Correct Answer
Your Answer
An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm
partner by estoppel
partner by estoppel
A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business
Ostensible partner
Ostensible partner
A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm
Nominal Partner
Nominal Partner
When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as
Sub-Partner
Sub-Partner
A partner whose existence in the firm is kept secret from the outside world
Dormant Partner
Dormant Partner
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Multiple Choice Multiple Answer
Question
A consumer is
Correct Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Your Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Select The Blank
Question
A meeting is ________ of a number of persons for ________ a lawful business having certain purpose or purposes
Correct Answer
an assembly
Your Answer
an assembly
Correct Answer
transacting
Your Answer
transacting
Multiple Choice Multiple Answer
Question
Following are the conditions to be fulfilled before a seller can be deemed to be an unpaid seller
Correct Answer
he must have an immediate right of action for the price , he must have sold goods against cash and the price must be due
Your Answer
he must have an immediate right of action for the price , he must have refused payment when tendered , he must have sold goods against cash and the price must be due
Multiple Choice Multiple Answer
Question
Following are the examples of statutory companies
Correct Answer
Reserve Bank Of India , Unit Trust Of India
Your Answer
Reserve Bank Of India , Unit Trust Of India
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
minors , co-owners without the agreement to carry on the business
Match The Following
Question
Correct Answer
Your Answer
Sale
Exchange of goods for price
Exchange of goods for price
Barter Exchange
Exchange of goods for goods
Exchange of goods for goods
Sale of Goods Act, 1930
Movable goods
Movable goods
Caveat Emptor
Let the buyer beware
Let the buyer beware
Quiet possession
Implied Warranty
Implied Warranty
Multiple Choice Single Answer
Question
A consumer has right to be assured, wherever possible, access to services at
Correct Answer
competitive prices
Your Answer
competitive prices
Multiple Choice Multiple Answer
Question
Following are the characteristics of partnership at will
Correct Answer
partners are always free to break their relationship at their whim , it is for indefinite period
Your Answer
partners are always free to break their relationship at their whim , it is for indefinite period
True/False
Question
A commission agent is generally appointed for selling and buying goods on behalf of his principal
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Transmission of shares takes place due to
Correct Answer
death of a member , insolvency of a member , lunacy of a member
Your Answer
death of a member , lunacy of a member , minority of a member
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm
Multiple Choice Multiple Answer
Question
Following are the persons who cannot enter into partnership firm
Correct Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Your Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Multiple Choice Multiple Answer
Question
The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by
Correct Answer
release , payment , non cancellation
Your Answer
non-acceptance , release , payment
Multiple Choice Single Answer
Question
The National Commission shall decide the complaint as far as possible within a period of
Correct Answer
three months from the date of notice received by the opposite party
Your Answer
three months from the date of notice received by the opposite party
Select The Blank
Question
When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________
Correct Answer
Endorsement
Your Answer
Endorsement
Correct Answer
holder
Your Answer
holder
Select The Blank
Question
Un-called capital is the part of ________ and ________ capital which has not been called up.
Correct Answer
issued
Your Answer
issued
Correct Answer
subscribed
Your Answer
subscribed
True/False
Question
Special Notice and Special Resolution mean one and the same.
Correct Answer
False
Your Answer
True
Select The Blank
Question
________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.
Correct Answer
unfair
Your Answer
unfair
Correct Answer
deceptive
Your Answer
deceptive
True/False
Question
Consumer is a person who procures service under a contract of personal service
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Property of the company is the property of
Correct Answer
Promoters before the existence of the company , the company itself after its incorporation
Your Answer
its share-holders , Board of Directors , Promoters before the existence of the company
True/False
Question
English Law does not recognize Formal Contract
Correct Answer
False
Your Answer
False
Select The Blank
Question
Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company
Correct Answer
uncalled
Your Answer
uncalled
Correct Answer
winding up
Your Answer
winding up
True/False
Question
The partners need not sign the partnership deed.
Correct Answer
False
Your Answer
False
Select The Blank
Question
When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________
Correct Answer
Signifies
Your Answer
Accepted
Correct Answer
Accepted
Your Answer
Declared
Multiple Choice Multiple Answer
Question
Goods includes
Correct Answer
trade marks , good will
Your Answer
actionable claims , money
Multiple Choice Multiple Answer
Question
Characteristics Articles of Association are
Correct Answer
it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Your Answer
contains objectives for which the company is established , it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Select The Blank
Question
________ implies committing or threatening to commit any act ________ by the Indian Penal Code.
Correct Answer
Coercion
Your Answer
Coercion
Correct Answer
forbidden
Your Answer
forbidden
Select The Blank
Question
________ is an invitation made to the ________
Correct Answer
Prospectus
Your Answer
Prospectus
Correct Answer
public
Your Answer
public
Multiple Choice Single Answer
Question
A factor is a type of
Correct Answer
Mercantile Agent
Your Answer
Mercantile Agent
True/False
Question
Agents acting jointly and severally are known as co-agents
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Enforcement of contingent contract depends on
Correct Answer
Happening or Non-happening of the event
Your Answer
Happening of the event
Multiple Choice Single Answer
Question
In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a
Correct Answer
official assignee or receiver
Your Answer
official assignee or receiver
Select The Blank
Question
When the ________ of contract becomes ________ , such contract need not be performed
Correct Answer
performance
Your Answer
cancellation
Correct Answer
impossible
Your Answer
possible
True/False
Question
A Cheque can be bearer, Order or crossed
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Following is an implied condition.
Correct Answer
Condition as to sale by sample
Your Answer
Condition as to sale by sample
Multiple Choice Single Answer
Question
Dissolution by voluntary act of the partners, which includes
Correct Answer
dissolution by agreement
Your Answer
dissolution by agreement
MindGrillat 6:37 AM 0 comments Links to this post
Labels: Business Law (Set - II)
Business Law - 5
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
Agreement is defined as a contract at its inception.
Correct Answer
True
Your Answer
True
Select The Blank
Question
________ is the ________ method of voting with the rule "one share one vote "
Correct Answer
poll
Your Answer
poll
Correct Answer
capitalistic
Your Answer
individualised
Multiple Choice Single Answer
Question
Agency can be created by
Correct Answer
Operation of law
Your Answer
Operation of law
Multiple Choice Single Answer
Question
Where the property in goods sold has been passed, the unpaid seller has the
Correct Answer
right to stop goods in transit
Your Answer
right to stop goods in transit
True/False
Question
A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Dissolution by the order of the Court at the suit of a partner on certain grounds, which include
Correct Answer
Willful or persistent breach of agreement by a partner
Your Answer
Willful or persistent breach of agreement by a partner
Select The Blank
Question
The agency can be ________ At any time by ________ agreement between the principal and his agent.
Correct Answer
terminated
Your Answer
individual
Correct Answer
mutual
Your Answer
mutual
Multiple Choice Multiple Answer
Question
The requirement of valid Memorandum of Association are that it
Correct Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Your Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Match The Following
Question
Correct Answer
Your Answer
An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm
partner by estoppel
partner by estoppel
A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business
Ostensible partner
Ostensible partner
A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm
Nominal Partner
Nominal Partner
When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as
Sub-Partner
Sub-Partner
A partner whose existence in the firm is kept secret from the outside world
Dormant Partner
Dormant Partner
Multiple Choice Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Your Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Multiple Choice Multiple Answer
Question
A consumer is
Correct Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Your Answer
Nominee under a policy of life insurance , A Railway passenger , An employee who is member of Employees Provident Fund Scheme
Multiple Choice Multiple Answer
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Your Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Select The Blank
Question
A meeting is ________ of a number of persons for ________ a lawful business having certain purpose or purposes
Correct Answer
an assembly
Your Answer
an assembly
Correct Answer
transacting
Your Answer
transacting
Multiple Choice Multiple Answer
Question
Following are the conditions to be fulfilled before a seller can be deemed to be an unpaid seller
Correct Answer
he must have an immediate right of action for the price , he must have sold goods against cash and the price must be due
Your Answer
he must have an immediate right of action for the price , he must have refused payment when tendered , he must have sold goods against cash and the price must be due
Multiple Choice Multiple Answer
Question
Following are the examples of statutory companies
Correct Answer
Reserve Bank Of India , Unit Trust Of India
Your Answer
Reserve Bank Of India , Unit Trust Of India
Multiple Choice Multiple Answer
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Your Answer
minors , co-owners without the agreement to carry on the business
Match The Following
Question
Correct Answer
Your Answer
Sale
Exchange of goods for price
Exchange of goods for price
Barter Exchange
Exchange of goods for goods
Exchange of goods for goods
Sale of Goods Act, 1930
Movable goods
Movable goods
Caveat Emptor
Let the buyer beware
Let the buyer beware
Quiet possession
Implied Warranty
Implied Warranty
Multiple Choice Single Answer
Question
A consumer has right to be assured, wherever possible, access to services at
Correct Answer
competitive prices
Your Answer
competitive prices
Multiple Choice Multiple Answer
Question
Following are the characteristics of partnership at will
Correct Answer
partners are always free to break their relationship at their whim , it is for indefinite period
Your Answer
partners are always free to break their relationship at their whim , it is for indefinite period
True/False
Question
A commission agent is generally appointed for selling and buying goods on behalf of his principal
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Transmission of shares takes place due to
Correct Answer
death of a member , insolvency of a member , lunacy of a member
Your Answer
death of a member , lunacy of a member , minority of a member
Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Your Answer
acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm
Multiple Choice Multiple Answer
Question
Following are the persons who cannot enter into partnership firm
Correct Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Your Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Multiple Choice Multiple Answer
Question
The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by
Correct Answer
release , payment , non cancellation
Your Answer
non-acceptance , release , payment
Multiple Choice Single Answer
Question
The National Commission shall decide the complaint as far as possible within a period of
Correct Answer
three months from the date of notice received by the opposite party
Your Answer
three months from the date of notice received by the opposite party
Select The Blank
Question
When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________
Correct Answer
Endorsement
Your Answer
Endorsement
Correct Answer
holder
Your Answer
holder
Select The Blank
Question
Un-called capital is the part of ________ and ________ capital which has not been called up.
Correct Answer
issued
Your Answer
issued
Correct Answer
subscribed
Your Answer
subscribed
True/False
Question
Special Notice and Special Resolution mean one and the same.
Correct Answer
False
Your Answer
True
Select The Blank
Question
________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.
Correct Answer
unfair
Your Answer
unfair
Correct Answer
deceptive
Your Answer
deceptive
True/False
Question
Consumer is a person who procures service under a contract of personal service
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Property of the company is the property of
Correct Answer
Promoters before the existence of the company , the company itself after its incorporation
Your Answer
its share-holders , Board of Directors , Promoters before the existence of the company
True/False
Question
English Law does not recognize Formal Contract
Correct Answer
False
Your Answer
False
Select The Blank
Question
Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company
Correct Answer
uncalled
Your Answer
uncalled
Correct Answer
winding up
Your Answer
winding up
True/False
Question
The partners need not sign the partnership deed.
Correct Answer
False
Your Answer
False
Select The Blank
Question
When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________
Correct Answer
Signifies
Your Answer
Accepted
Correct Answer
Accepted
Your Answer
Declared
Multiple Choice Multiple Answer
Question
Goods includes
Correct Answer
trade marks , good will
Your Answer
actionable claims , money
Multiple Choice Multiple Answer
Question
Characteristics Articles of Association are
Correct Answer
it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Your Answer
contains objectives for which the company is established , it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association
Select The Blank
Question
________ implies committing or threatening to commit any act ________ by the Indian Penal Code.
Correct Answer
Coercion
Your Answer
Coercion
Correct Answer
forbidden
Your Answer
forbidden
Select The Blank
Question
________ is an invitation made to the ________
Correct Answer
Prospectus
Your Answer
Prospectus
Correct Answer
public
Your Answer
public
Multiple Choice Single Answer
Question
A factor is a type of
Correct Answer
Mercantile Agent
Your Answer
Mercantile Agent
True/False
Question
Agents acting jointly and severally are known as co-agents
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Enforcement of contingent contract depends on
Correct Answer
Happening or Non-happening of the event
Your Answer
Happening of the event
Multiple Choice Single Answer
Question
In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a
Correct Answer
official assignee or receiver
Your Answer
official assignee or receiver
Select The Blank
Question
When the ________ of contract becomes ________ , such contract need not be performed
Correct Answer
performance
Your Answer
cancellation
Correct Answer
impossible
Your Answer
possible
True/False
Question
A Cheque can be bearer, Order or crossed
Correct Answer
True
Your Answer
True
Multiple Choice Single Answer
Question
Following is an implied condition.
Correct Answer
Condition as to sale by sample
Your Answer
Condition as to sale by sample
Multiple Choice Single Answer
Question
Dissolution by voluntary act of the partners, which includes
Correct Answer
dissolution by agreement
Your Answer
dissolution by agreement
MindGrillat 6:35 AM 0 comments Links to this post
Labels: Business Law (Set - II)
Monday, June 23, 2008
Business Law - 4
Interview Questions http://mindgrillQ.blogspot.com
Question
Consideration can not be a past consideration.
Correct Answer
False
Question
The following types of companies are required to have their own articles
Correct Answer
Unlimited companies , Companies limited by guarantee , Private companies limited by shares
Question
When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________.
Correct Answer
accepted
Question
An agreement to sell takes place in the case of existing goods or specific goods.
Correct Answer
False
Question
Specific goods are those which are identified and agreed upon at the time of a contract of sale is made.
Correct Answer
True
Question
As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods
Correct Answer
shortcoming
Question
The membership of the association of company shall cease on the dissolution of the firm.
Correct Answer
True
Question
There can not be any partnership where a business is carried on
Correct Answer
With a benevolent purpose , Where any one of the patterns is entitled to total profit earned.
Question
Selection committee for the appointment of the District Forum consists of
Correct Answer
President of the State Commission , Secretary of the Law Dept. of the state
Question
There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.
Correct Answer
True
Question
The directors of a company have to file their consent with the ________ to act as director.
Correct Answer
registrar
Question
Unpaid seller's right to stop the goods in transit arises only when the buyer is ________
Correct Answer
Bankrupt
Question
A ________ is an artificial person and has a legal entity.
Correct Answer
Company
Question
The companies having Articles are
Correct Answer
Unlimited Company , Company limited by guarantee , Company limited by shares
Question
Issued capital can be defined as the ________ of shares which are offered to the public for subscription.
Correct Answer
nominal value
Question
Partnership is based on ________
Correct Answer
faith
Question
The ingredients of the proposal are
Correct Answer
communication by one to another , to do or to abstain from doing something , the object should be to take assent of another
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer
such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm
Question
An agent was instructed by his principal to insure the goods, but he neglected to insure the goods. As a result, the principal had to suffer the loss. Who is responsible for the loss ?
Correct Answer
agent
Question
A Consumer has the following rights
Correct Answer
To get the education of the availability of legal remedies , Seek redressal against unfair trade practices , To be informed about quality, quantity, potency, purity, standard and price of goods
Question
Following persons can not be called partners
Correct Answer
minors , insolvents , co-owners without the agreement to carry on the business
Question
There can not be any partnership where a business is carried on
Correct Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
Question
In the right of lien, the possession is retained by
Correct Answer
Unpaid seller
Question
The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature.
Correct Answer
contractual
Question
An unregistered firm can institute a suit against
Correct Answer
wrongful use of the trade mark , wrongful use of the firm name
Question
Following are the persons who cannot enter into partnership firm
Correct Answer
A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business
Question
During the continuance of the firm, a transfer by a partner of his interest is the first restricts the transferee to
Correct Answer
inspect the books of the firm , require accounts , interfere in the conduct of a business of a firm
Question
There are certain limitations to the principle of ratification which are
Correct Answer
where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time
Question
In an appeal to the National Commission the appellant shall submit
Correct Answer
Six copies of memorandum
Question
the vacancies arising from designation of the members of the Central Council shall be filled from the same category by the
Correct Answer
Central Government
Question
Where the partners agree to carry on the business for a definite period of time, the partnership is said to be
Correct Answer
for a fixed period
Question
In contract of sale the buyer becomes
Correct Answer
Absolute owner of the property
Question
In contract of sale
Correct Answer
ownership in the property is passed from the seller to the buyer.
Question
A Promissory Note contains conditional undertaking to pay a certain sum of money.
Correct Answer
False
Multiple Choice Single Answer
Question
A public company doesn't have its own articles of association, it may adopt
Correct Answer
Table A as given in schedule-1
Question
Following are the elements which constitute a partnership
Correct Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Question
Correct Answer
Your Answer
Minor Partner
Admitted for profits only
Admitted for profits only
Dissolution of a Partnership
Death or Insanity of the partners
Death or Insanity of the partners
Firm
Partners
Partners
Partner
Agents of the firm
Agents of the firm
Partnership
Can be formed at Will
Can be formed at Will
Question
The corporate veil under the Companies Act may be lifted in the following instances
Correct Answer
To investigate the real ownership of shares , To investigate the names and members of the company , To investigate whether the company is sham
Question
A club or a society is an ________ of persons
Correct Answer
association
Question
A partner is called as an outgoing partner by
Correct Answer
retirement , death , expulsion
Question
Correct Answer
Your Answer
Any person who for the consideration becomes the possessor of a promissory note
Holder in due course
Holder in due course
Negotiating Negotiable Instruments so as to bind all, except himself
A minor
A minor
A partner accepting Negotiable Instrument
Implied authority
Implied authority
A person who can't accept or indorse a bill
An insolvent
An insolvent
Question
Services rendered by the Post and Telephone Department are covered by the Consumer Protection Act, 1986
Correct Answer
True
Question
The meaning of the term “Caveat Emptor” is
Correct Answer
let the buyer beware
Question
A company can sue and also be sued by
Correct Answer
In its corporate name
Question
When the property in goods is transferred from the seller to the buyer at once, the contract is called
Correct Answer
A Sale
Question
If any ________ is present while forming the agency then the relationship of agency becomes contractual.
Correct Answer
consideration
Question
"I promise to pay Mr.John Rs.500/- seven days after my marriage with Miss Lucy" is a promissory note.
Correct Answer
False
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