Legal Aspects of Finance - 32

True/False
Question	Three parties can not enter into an agreement.
Correct Answer	FALSE
Select The Blank
Question	Karta of Joint-Hindu family is ________ of his family.
Correct Answer	Representative
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
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
Select The Blank
Question	Dissolution of partnership involves a change in ________ of partners.
Correct Answer	Relationship
True/False
Question	If a bearer cheque is lost or stolen, the owner of such a cheque is put to the loss.
Correct Answer	TRUE
Select The Blank
Question	All illegal agreements are ________ but all Void agreements are not illegal.
Correct Answer	Void
Multiple Choice Multiple Answer
Question	A Consumer has the following rights :-
Correct Answer	To get the education of the availability of legal remedies , Seek redressal against unfair trade practices , To be informed about quality, quantity, potency, purity, standard and price of goods
Multiple Choice Single Answer
Question	Where the partners agree to carry on the business for a definite period of time, the partnership is said to be :-
Correct Answer	For a fixed period
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 will , It is for indefinite period , No provision for determination or termination of the partnership
Multiple Choice Single Answer
Question	For the formation of the contract of sale of goods, there should be :-
Correct Answer	Two parties
Select The Blank
Question	The contract of agency between the principal and his agent is ________.
Correct Answer	Enforceable
Select The Blank
Question	Unfair trade practice includes a representation made to public in a form that purports to be a ________ of a product.
Correct Answer	Warranty
True/False
Question	An agent does not have the right to stop goods in transit.
Correct Answer	FALSE
Multiple Choice Multiple Answer
Question	An unpaid seller has a :-
Correct Answer	Right against the goods
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
Select The Blank
Question	A person under any legal or natural ________ can not appoint an agent.
Correct Answer	Disability
Multiple Choice Single Answer
Question	Following is an implied condition :-
Correct Answer	Condition as to title
Multiple Choice Multiple Answer
Question	A sale can be in case of :-
Correct Answer	Specific goods , Existing goods
Select The Blank
Question	Substitution of a new contract in the place of the old one means ________.
Correct Answer	Novation
True/False
Question	The social or the domestic contracts are excluded from the purview of the Indian Contract Act, 1872.
Correct Answer	TRUE
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
Multiple Choice Single Answer
Question	The seller can file a suit against the buyer for the price of goods only after :-
Correct Answer	The property in goods is transferred to the buyer
Multiple Choice Single Answer
Question	A partnership firm does not enjoy the status of a :-
Correct Answer	Legal person
True/False
Question	The liability of the drawer of a Bill of Exchange is primary and absolute.
Correct Answer	FALSE
True/False
Question	Partnership is a species (extension) of law of agency.
Correct Answer	TRUE
Select The Blank
Question	Unpaid seller's Right to stop the goods in transit arises only when the buyer is ________
Correct Answer	Bankrupt
Select The Blank
Question	An agent can be held responsible for damages arising from his misconduct in the business of agency or ________.
Correct Answer	Promise
Select The Blank
Question	A ________ partner is like an undisclosed principal.
Correct Answer	Sleeping
Multiple Choice Single Answer
Question	Consensus ad idem means :-
Correct Answer	Meeting of minds