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