Business Law - 18

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   ________ TradePractice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for theprovision 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 FormalContract   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