Business Law - 15

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Select The Blank
Question Acceptance of a lesser performance than what was actually contracted for is known as ________.
Correct Answer remission
Your Answer novation


True/False
Question Unenforceable agreements and illegal agreements mean one and the same thing.
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 ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion
Your Answer Coercion


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


True/False
Question Companies can be registered with undesirable names.
Correct Answer False
Your Answer False




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


Multiple Choice Multiple Answer
Question A condition is a type of stipulation and has following characteristics
Correct Answer It is of the subsidiary character , A breach of it gives the suffered party the one & only one right to repudiate the contract
Your Answer It is of fundamental in nature , It directly goes to the root of the contract , A breach of it gives the suffered party the one & only one right to repudiate the contract


Multiple Choice Single Answer
Question The communication of a proposal is complete when it
Correct Answer comes to the knowledge of the person to whom it is made
Your Answer comes to the knowledge of the person to whom it is made


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


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


True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct Answer True
Your Answer True






Multiple Choice Single Answer
Question A stipulation in a contract of sale with reference to goods which are subject there of may be
Correct Answer A condition or warranty
Your Answer An agency agreement


True/False
Question A servant appointed by his masters is an agent.
Correct Answer False
Your Answer False


Multiple Choice Multiple Answer
Question The object of the contract should be
Correct Answer legal one , lawful
Your Answer any business , legal one , lawful


Multiple Choice Single Answer
Question An agency is based upon consent and hence, it is a
Correct Answer consensual relations
Your Answer consensual relations


Select The Blank
Question The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature.
Correct Answer contractual
Your Answer contractual


Multiple Choice Single Answer
Question Unpaid seller's right to stop the goods in transit arises only when the buyer becomes
Correct Answer insolvent
Your Answer fraudulent
Multiple Choice Single Answer
Question Right to withhold the delivery of goods is similar to and co-extensive with the right of
Correct Answer stoppage of goods in transit
Your Answer stoppage of goods in transit
Select The Blank
Question The company does not possess ________ still it is a person in the eyes of law.
Correct Answer fundamental rights
Your Answer constitutional rights


Multiple Choice Single Answer
Question The essence of contract of sale is
Correct Answer sale of goods
Your Answer sale of goods


Match The Following
Question Correct Answer Your Answer

Penalty for false particulars Imprisonment for three months Imprisonment for three months

Partnership deed Name, Place, Date Name, Place, Date

A statement in prescribed form and accompanied by fees Required for registration To rectify any mistake

The registrar of firms To rectify any mistake Required for registration



Multiple Choice Single Answer
Question The National Commission has the power to entertain appeals against the orders of any
Correct Answer State Commission
Your Answer Consumer Tribunal


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding
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 partner for settlement of firm's account , The partner for any claim of set-off


Select The Blank
Question An offer must create ________ relationship
Correct Answer Legal
Your Answer Legal


True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True
Your Answer True


Multiple Choice Multiple Answer
Question A cheque can be
Correct Answer Bearer , Order , Crossed
Your Answer Bearer , Crossed


Multiple Choice Single Answer
Question In an auction sale, if someone gives highest bid and the auctioneer accepts his offer by striking the hammer it is
Correct Answer an implied acceptance
Your Answer an implied acceptance


Match The Following
Question Correct Answer Your Answer

Complaint of Consumer Any allegation in writing Any allegation in writing

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 Constructive delivery is also called as Delivery by
Correct Answer Attornment
Your Answer Attornment


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 , It is mainly of moral character


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 , general agent


Select The Blank
Question One man holds practically the ________ of the share capital of the one man company.
Correct Answer whole
Your Answer whole


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 Multiple Answer
Question An agent may retain, out of any sums received on account of the principal in the business of the agency
Correct Answer remuneration as may be payable , expenses properly incurred , all sums due to himself
Your Answer remuneration as may be payable , expenses properly incurred , all sums due to himself


Multiple Choice Single Answer
Question Quasi Contract is created by
Correct Answer law
Your Answer law


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 False





True/False
Question Registration is compulsory for all the companies.
Correct Answer True
Your Answer True


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 Companies limited by guarantee , Private companies limited by shares


True/False
Question The membership of the association of company shall cease on the dissolution of the firm.
Correct Answer True
Your Answer True


Multiple Choice Single Answer
Question A contract in which a consent is caused by undue influence, is
Correct Answer voidable at the option of the consenting party
Your Answer voidable at the option of the consenting party


Multiple Choice Single Answer
Question Every company by law must have
Correct Answer Common seal
Your Answer Common documents


Select The Blank
Question Any person who is of age of majority according to the law to which he is a subject, may ________ an agent.
Correct Answer appoint
Your Answer appoint
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


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 A misrepresentation may be committed by causing a mistake ________
Correct Answer innocently
Your Answer innocently


True/False
Question No consideration is required in formal contracts.
Correct Answer True
Your Answer False

Business Law - 14

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

Sale of goods Act, 1930 Movable goods Movable 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

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

Sale of goods Act, 1930 Movable goods Immovable 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

Business Law - 12

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

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

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 anymaterial 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 businessis
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

Business Law - 9

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

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