LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer

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Unascertained goods Generic goods Generic goods Unpaid seller Right of lien on goods Right of lien on goods Future goods Agreement to sell Agreement to sell Identified goods Ascertained goods Ascertained goods Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Question Consideration or object of an agreement is lawful unless it is Correct Answer forbidden by law Your Answer denied by law 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 When the property in goods is transferred from the seller to the buyer at once, the contract is called Correct Answer A Sale Your Answer A Sale True/False Question Partners can decide their rights and liabilities in the partnership deed. Correct Answer True Your Answer True 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 The unpaid seller loses his lien on the goods sold when Correct Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods Your Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods 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 When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must redeliver the goods to the seller. Correct Answer Carrier Your Answer Buyer Multiple Choice Multiple Answer Question The modes of termination of agency are Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Your Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Actionable claims , Debentures Multiple Choice Single Answer Question The goods which are identified and agreed upon at the time of a contract of sale is made: Correct Answer Specific goods Your Answer Specific goods Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Multiple Choice Single Answer Question The parties of the contract should be major in age according to Correct Answer The law to which they are subject Your Answer The law to which they are subject 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True 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 Multiple Choice Multiple Answer Question The unpaid seller has following rights against the buyer personally Correct Answer suit for interest , repudiation of contract Your Answer suit for interest , repudiation of contract Multiple Choice Multiple Answer Question In the Conditional endorsement Correct Answer the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency Your Answer the liability of the endorser is limited , the liability of the endorser is negative Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Public Limited Company , Company limited by shares 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 act done in personal capacity , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm 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 statutory rights True/False Question Mental acceptance amounts to an acceptance. Correct Answer False Your Answer False

Multiple Choice Single Answer Question The holder of Negotiable Instrument has a right to Correct Answer sue for recovery Your Answer sue for recovery Multiple Choice Multiple Answer Question The unpaid seller has following rights against the goods Correct Answer stoppage in transit , withholding the delivery of goods Your Answer stoppage in transit , withholding the delivery of goods True/False Question Any user of the goods with the approval of the person who has purchased the goods for consideration is also a consumer. 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 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 Multiple Choice Multiple Answer Question The Exception to the rule of "buyer beware" are Correct Answer usage by trade , sale of goods by description , consent by fraud Your Answer usage by trade , sale of goods by description , consent by fraud 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 The property in the Negotiable Instrument passes from one person to another person by ________ delivery. Correct Answer Mere/ Simple

Your Answer

Mere/ Simple

Multiple Choice Single Answer Question When an agent has the authority to do all acts connected with the business or trade of his principal, he is known as Correct Answer a general agent Your Answer a general agent Select The Blank Question The act done by the agent with the permission and on behalf of the principal is ________ on the principal. Correct Answer binding Your Answer binding Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion Multiple Choice Multiple Answer Question According to Rule 3 of the Consumer protection rules the Central Council consists of the following members Correct Answer Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states Your Answer Minister in-charge of dept. of civil supplies , Minister in-charge consumer affairs in states Multiple Choice Single Answer Question If there is a breach of a condition, a buyer has the right to Correct Answer Repudiate the contract Your Answer Repudiate the contract Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bailee 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 Ratification can be only for a part of the act of the agent. Correct Answer False Your Answer True True/False Question In a contract of sale goods can be exchanged for goods. Correct Answer False Your Answer False

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 debts Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Floatation True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract BL2

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 Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner 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 The National Commission , State Council District Forum Match The Following Question Correct Answer Your Answer Agent appointed for a special task Special Agent Special Agent Agency created by conduct of the parties Implied Agency Implied Agency Agency created by words, spoken, or written Express authority Express authority Essentials of valid ratification Existence of principal Existence of principal Select The Blank Question Members of a club or a society are the ________ of each other. Correct Answer friends Your Answer agents Multiple Choice Single Answer Question In a sale if the seller becomes insolvent after a contract of sale & the buyer has paid the price, the buyer can claim the goods from the official Correct Answer Assignee Your Answer Assignee Multiple Choice Multiple Answer Question There are certain limitations to the principle of ratification which are Correct Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time Your Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time

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. , Minister in-charge of consumer affairs in the Central Govt. , Members representing such interests as may be prescribed by the State Govt. Select The Blank Question An offer, to be treated as a valid offer, should be ________. Correct Answer communicated Your Answer communicated Select The Blank Question Notice of dishonour of cheque must be ________ Correct Answer within a reasonable time Your Answer at any time Multiple Choice Single Answer Question A partnership at will can be dissolved by filing a suit for Correct Answer Dissolution Your Answer Dissolution Multiple Choice Multiple Answer Question Following are the circumstances under which an offer lapses Correct Answer offeree makes conditional offer , offeree fails to communicate the acceptance Your Answer offeree makes conditional offer , acceptor comes to know about the death of the proposer , offeree fails to communicate the acceptance True/False Question An agency cannot be terminated at all. In other words a contract of agency is perpetual. Correct Answer False Your Answer False 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 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 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 , Pay off Orders Multiple Choice Single Answer Question In an agreement to sell the seller is responsible for all the risk of loss as he is the Correct Answer Owner Your Answer Owner Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Partner Multiple Choice Single Answer Question Which of the following is not a void agreement Correct Answer agreement of marriage Your Answer agreement of marriage True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer True Multiple Choice 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 Multiple Answer Question The particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , at the expiry of the fixed term 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 Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively True/False Question District Forum enjoys Revisional jurisdiction. Correct Answer False Your Answer True

True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False True/False Question A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent. 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 the partner for settlement of firm's account , the partner for any claim of set-off 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 True/False Question Consideration can not be a past consideration. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means Your Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False 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 An agreement to sell takes place in the case of existing goods or specific goods.

Correct Answer False Your Answer False True/False Question Specific goods are those which are identified and agreed upon at the time of a contract of sale is made. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Multiple Choice Multiple Answer Question 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 Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question People purchasing the commodities for the purpose of trading is Correct Answer trader Your Answer trader Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law 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 wrongfully deals with the assets of the firm Multiple Choice Single Answer Question The relation of partnership arises from Correct Answer contract Your Answer contract True/False Question The law relating to sale of immovable goods is contained

in the Sale of Goods Act, 1930. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question 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 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 Single Answer Question When an offer is made to world-at-large, the contract is Correct Answer made with the person who signs or performs the terms and conditions of the offer Your Answer made with the person who signs or performs the terms and conditions of the offer LIST OF ATTEMPTED QUESTIONS AND ANSWERS BL3

Select The Blank Question All illegal agreements are ________ but all void agreements are not illegal. Correct Answer void Your Answer void 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 Multiple Choice Single Answer Question Under the Indian Contract Act a person of sound mind is the one capable of Correct Answer Understanding the agreement, he is involved in Your Answer Understanding the agreement, he is involved in True/False Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for commercial purposes from the purview of the consumer dispute redressal agencies 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

charging 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 , Provision for charging of fee in respect of complaints filed before the consumer redressal agencies Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 1993: 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 The term of Central Protection Council is Correct Answer Three years Your Answer Three years Multiple Choice Multiple Answer Question A minor admitted to the benefits of partnership is Correct Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account Your Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account 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 Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer an alien enemy with an Indian subject , an alien friend with an Indian subject True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming Your Answer shortcoming Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares.

Correct Answer public Your Answer public Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law Multiple Choice Single Answer Question To be deemed as an unpaid seller the seller must Correct Answer have sold the goods against cash and the price must be due Your Answer have sold the goods against cash and the price must be due True/False Question 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer undue influence on parties Multiple Choice Multiple Answer Question A Consumer has following rights: Correct Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods Your Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods 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 Special resolution and confirmation by ________is required for alteration of Memorandum. Correct Answer Company Law Board Your Answer Company Law Board Match The Following Question Correct Answer Your Answer Cannot enter into partnership Two partnership firms Two partnership firms Giving due notice Dissolves partnership at will Dissolves partnership at will Partnership Deed Domicile of partnership firm Domicile of partnership firm Not mandatory Registration of partnership Registration of partnership Partnership firm Can be sued in its own name Can be sued in its own name

True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True True/False Question A company is created by law and not by natural birth. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Advantage of crossing the Cheque Correct Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque True/False Question A trader is a middle man bringing the buyer and seller together and receiving any commission for services rendered by him. Correct Answer False Your Answer True True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False 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 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 , Firm is held liable for any acts of insolvent after the adjudication Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Select The Blank Question A proposal comes to an end by its ________. Correct Answer rejection Your Answer rejection

Multiple Choice Multiple Answer Question Classification of companies based on the jurisdiction of functioning Correct Answer A National Company , Multinational Company , Foreign Company Your Answer A National Company , Multinational Company , Foreign Company Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question Which of the following is not a void agreement ? Correct Answer agreements relating to legal proceedings Your Answer agreements relating to legal proceedings True/False Question The maximum number of persons in the case of a partnership firm carrying on banking business must not exceed twenty. Correct Answer False Your Answer False Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void Multiple Choice Multiple Answer Question The purpose of not Negotiable crossing Correct Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Your Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Multiple Choice Multiple Answer Question No company shall be registered by name which has a name which is identical with Correct Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration Your Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration True/False Question Copies of memorandum and articles shall not be given to members. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Following are the conditions needed to prove that an act of a partner is an act of a partnership firm Correct Answer an act be done in an ordinary course of business of a partnership firm , It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm Your Answer 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 Competent parties means parties should be Correct Answer major in age Your Answer in majority 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 True/False Question Special agent and Particular agent mean one and the same thing. Correct Answer True Your Answer True Multiple Choice Single Answer Question The essence of contract of sale is Correct Answer sale of goods Your Answer sale of goods 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 Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Your Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Question A Cheque is a Bill of Exchange. Correct Answer True Your Answer True KBL1

Select The Blank Question One man holds practically the ________ of the share capital of the one man company. Correct Answer whole Your Answer whole 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 Limited companies can be formed for promoting Correct Answer Commerce , Art , Religion Your Answer Commerce , Art , Religion Select The Blank Question There should be a ________ and real necessity for creating an agency. Correct Answer definite Your Answer definite 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 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 Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True Select The Blank Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar Your Answer registrar 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 For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the Correct Answer Bureau of Indian Standard Your Answer Bureau of Indian Standard Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Multiple Choice Single Answer Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a Correct Answer Company Your Answer Partnership Business Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Your Answer owner can take action 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 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 to earn profitto earn profit , to sharing profits equally , where any one of the partners is entitled to total profit earned 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 , the partner for settlement of firm's account 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 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 wrongfully deals with the assets 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 admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm Multiple Choice 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 , Holding company Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , enter into partnership on behalf of the firm 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 Select The Blank Question Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact. Correct Answer subject matter Your Answer validity True/False Question The writing of "Not Negotiable" is one and the same thing as that of special crossing. Correct Answer False Your 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 Your Answer the property in goods is transferred to the buyer Multiple Choice Single Answer Question If there is a breach of condition, a buyer has an option to claim Correct Answer Damages Your Answer Damages True/False Question The legal heir or representative of a dead consumer is given the right to become the complainant. Correct Answer True Your Answer True Select The Blank Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________" Correct Answer Lawful business is common with a view to private gain Your Answer Lawful business is common with a view to private gain True/False Question The subscriber of the memorandum of a company on its registration shall be entered in its register of members as member. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question The ingredients of the proposal are Correct Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Your Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Select The Blank Question Every promise and every set of promises, forming the consideration for each other, is an ________. Correct Answer agreement Your Answer agreement 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 Jointly own property with shareholders , Own its property in its own name , Enjoy its property in its own name True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. 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 A condition or warranty Multiple Choice Single Answer Question Negotiable Instrument can be drawn or accepted by duly authorised agent on behalf of Correct Answer principle Your Answer principle 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 Single Answer Question Existing may be further classified as Correct Answer Specific goods Your Answer Specific goods 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 insolvent 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 Agents are ________ to act within the scope of the authority given. Correct Answer authorised Your Answer authorised Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate

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 Multiple Answer Question A proposal Correct Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposer Your Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposee LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL2

True/False Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Your Answer False 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 Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner Your Answer quasi-partner , nominal partner Multiple Choice Single Answer Question Partnership at will is a partnership Correct Answer for an indefinite period Your Answer for a definite period True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory Your Answer executory Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion True/False Question A Promissory Note contains conditional undertaking to pay a certain sum of money. Correct Answer False Your Answer False Select The Blank

Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly Your Answer definitely Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer dishonour of cheque Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The formation , The objectives True/False Question The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False True/False Question No consideration is required in formal contracts. Correct Answer True Your Answer False Multiple Choice Single Answer Question Following is an implied condition Correct Answer Condition as to title Your Answer Condition as to contingency Multiple Choice Multiple Answer Question Public notice is required to be given Correct Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm Your Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm 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 Unlimited companies , Limited by guarantee , Limited by shares

Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Question In case of a public limited company, the maximum number is no limit, but the minimum is fixed at Correct Answer 7 Your Answer 7 Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Select The Blank Question One of the two kinds of presentment of an Instrument is by ________ Correct Answer Payment Your Answer Payment True/False Question The Act is passed merely to settle the disputes of commercial transactions. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The Memorandum , The articles , Share of profits Multiple Choice Single Answer Question Memorandum of a public company must be signed by Correct Answer Seven persons Your Answer Five persons Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate

Multiple Choice Multiple Answer Question The following types of companies are required to have their own articles Correct Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Your Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Multiple Choice Multiple Answer Question The Articles of Association are subsidiary to Correct Answer Companies Act , Memorandum of Association Your Answer Companies Act , Certificate of Registration , Memorandum of Association Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Warranty Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Select The Blank Question Unfair trade practice includes a representation made to public in a form that purpots to be a ________ of a product. Correct Answer warranty Your Answer shortcoming 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 The rights of the partners are Correct Answer right to retire , right to be indemnified , right not to be expelled Your Answer right to retire , right to be indemnified , right not to be expelled Multiple Choice Single Answer Question A Company after its registration, possesses Correct Answer Legal entity Your Answer Legal entity 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 A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary

Your Answer subsidiary 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 Required for registration The registrar of firms To rectify any mistake To rectify any mistake Select The Blank Question In ________ contract, all the parties perform their promise. Correct Answer an executed Your Answer an executed Multiple Choice Multiple Answer Question Following agreements are opposed to public policy Correct Answer agreement to commit crime , agreements interfering with an administration of justice Your Answer agreement to commit crime , agreement by way of maintenance and champerty , agreements interfering with an administration of justice True/False Question Memorandum is adopted to control internal operations of the company. Correct Answer False 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 Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Unlimited Company , Company limited by guarantee , Company limited by shares Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer Any third person

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 Single Answer Question In contract of sale the buyer becomes Correct Answer Absolute owner of the property Your Answer Symbolic owner of the property LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL3

Multiple Choice Multiple Answer Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Your Answer Undue influence , Fraud , Mistake Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Government Company Multiple Choice Single Answer Question A pardanashin woman means a woman who Correct Answer observes seclusion, because of curom Your Answer does not come into the public 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 goods 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 declared 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 The Supreme Court , The National Commission , Central Council Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer fact Select The Blank Question A minor, who is admitted to the benefits of partnership, must give a public notice within ________ months. Correct Answer six Your Answer six

Match The Following Question Correct Answer Your Answer Partner by holding-out Partner by estoppel Partner by estoppel Dissolution of partnership Completion of ventures Loss caused by fraud Right of a partner To retire To retire Partner is liable Loss caused by fraud Completion of ventures Sleeping Partner Dormant Partner Dormant Partner Multiple Choice Single Answer Question The parties to the bill of exchange must be Correct Answer certain Your Answer certain Match The Following Question Correct Answer Your Answer Any person who for the consideration becomes the possessor of a promissory note Holder in due course Holder in due course Negotiating Negotiable Instruments so as to bind all, except himself A minor A minor A partner accepting Negotiable Instrument Implied authority Implied authority A person who can't accept or indorse a bill An insolvent An insolvent Multiple Choice Multiple Answer Question Goods includes Correct Answer trade marks , good will Your Answer actionable claims , trade marks , money Multiple Choice Multiple Answer Question The District Protection Council shall consist of the following members Correct Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District Your Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District True/False Question The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods

from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer concealing a fact believing to be untrue , promise without intending to perform True/False Question Loss of profits is an example of liquidated damages. Correct Answer False Your Answer True 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 True Select The Blank Question ________ contracts are the result of the implied promises. Correct Answer Implied Your Answer Implied Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer general Multiple Choice Multiple Answer Question Goods means Correct Answer birds , gas Your Answer money , gas , old coins Select The Blank Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application. Correct Answer Four weeks Your Answer Three months Multiple Choice Multiple Answer Question Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract Correct Answer the goods must have been perished before the risk is

passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller Your Answer the goods must have been perished before the risk is passed to the buyer , the contract be the be of actual sale , the loss is not caused by the wrongful act or default of either buyer or seller Multiple Choice Multiple Answer Question A is a type of stipulation and has following characteristics Correct Answer It is of the subsidiary character , a breach of condition gives the suffered party the one & only one right to repudiate the contract Your Answer It is of fundamental in nature , It is of the subsidiary character , It goes direct to the root of the contract 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 True/False Question When a person is entrusted with another's property, he may be appointed as an agent by necessity. Correct Answer True Your Answer False Multiple Choice Single Answer Question A consumer has the right to be assured, wherever possible, access to services at Correct Answer Competitive prices Your Answer Competitive prices True/False Question Legal controls, restrictions on public companies are more and strict. Correct Answer True Your Answer True 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 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 Ninety days 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 A partnership firm does not enjoy the status of a Correct Answer Legal person Your Answer Legal person 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 A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer irrelevant 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 Multiple Choice Multiple Answer Question Public notice of a dissolution of firm is required to be given by Correct Answer publishing the same in the official gazette , publishing the same in the local news paper Your Answer publishing the same in the official gazette , publishing the same in the local news paper , making advertisement of the same on the hoardings Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question Private company can commence its business immediately after receiving the certificate of Correct Answer Incorporation Your Answer Incorporation True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares , money

Multiple Choice Multiple Answer Question Selection committee for the appointment of the District Forum consists of Correct Answer President of the State Commission , Secretary of the Law Dept. of the state Your Answer President of the State Commission , Secretary of the Law Dept. of the state , Secretary of the Home Dept. of the state True/False Question Bearer cheque is also known as Open cheque. Correct Answer True Your Answer True Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Multiple Choice Single Answer Question Partnership is nothing but Correct Answer a legal relationship between the partners Your Answer a legal relationship between the partners Select The Blank Question A,B,C, and D are partners, A retires and B dies, the partnership between them comes to ________ Correct Answer an end Your Answer reconstituted 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

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Single Answer Question In the right of lien, the possession is retained by Correct Answer Unpaid seller Your Answer Unpaid seller

Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer True/False Question Promotion , Registration , Floatation

Even if all the members of a company are citizens of India, the company does not become a citizen of India. Correct Answer True Your Answer True

Select The Blank Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application. Correct Answer Four weeks Your Answer Three months

Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares

Multiple Choice Single Answer Question According to the Consumer Protection Act of 1986, goods means as defined under Correct Answer Sale of Goods Act, 1930 Your Answer Sale of Goods Act, 1930

Select The Blank

Question

The registration fo partnership firm is ________.

Correct Answer not compulsory Your Answer not compulsory

Multiple Choice Single Answer Question The unpaid seller has a Correct Answer right against the goods Your Answer True/False Question right against the goods

Unenforceable agreements and illegal agreements mean one and the same thing. Correct Answer False Your Answer False

True/False Question

The relation between a doctor and his patient is not fiduciary in nature. Correct Answer False Your Answer False

Select The Blank Question A club or a society is an ________ of persons Correct Answer association Your Answer association

Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee

Multiple Choice Single Answer Question A legal representative being holder of Negotiable Instrument can sue Correct Answer after the death of the holder

Your Answer

after the death of the holder

Multiple Choice Multiple Answer Question A sale can be in case of Correct Answer specific goods , existing goods Your Answer specific goods , existing goods

Multiple Choice Multiple Answer Question Goods includes Correct Answer trade marks , good will Your Answer trade marks , good will

Multiple Choice Multiple Answer Question Under section 144, mode of service of summons are Correct Answer by speed post , by courier services , by concerned police station Your Answer by speed post , by concerned police station

Multiple Choice Multiple Answer Question Goods means Correct Answer birds , gas Your Answer birds , gas

Multiple Choice Multiple Answer Question A company is a legal personality and as such it can Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name Your Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name Multiple Choice Single Answer Question An agency is based upon consent and hence, it is a Correct Answer consensual relations Your Answer consensual relations

Match The Following

Question Minor's Agreement Threatning to commit Consideration Mistake

Correct Answer Void ab initio Coercion

Your Answer Void ab initio Coercion

Past, Present and Future Past, Present and Future Fact and Law Fact and Law

Multiple Choice Single Answer Question When an offer is made to world-at-large, the contract is Correct Answer made with the person who signs or performs the terms and conditions of the offer Your Answer made with the person who signs or performs the terms and conditions of the offer Select The Blank Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller. Correct Answer Carrier Your Answer Carrier

Multiple Choice Multiple Answer Question The acts or transactions made by the agent can be ratified if the acts or transaction are Correct Answer illegal , criminal , void ab initio Your Answer valid

Multiple Choice Multiple Answer Question Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract Correct Answer the goods must have been perished before the risk is passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller Your Answer loss must be generic , the goods must have been perished before the risk is passed to the buyer Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company

Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Seller , Official Assignee

Multiple Choice Multiple Answer Question Negotiable instrument recognised by law are Correct Answer Bill of exchange , Cheque , Promissory Note Your Answer True/False Question Bill of exchange , Cheque , Promissory Note

A company can become a partner or can enter into a partnership agreement. Correct Answer False Your Answer False

Multiple Choice Single Answer Question A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company Correct Answer Limited by shares Your Answer Limited by shares

Multiple Choice Multiple Answer Question Liabilities of partners arises to third party Correct Answer for wrongful acts of a partners , for misappropriation by its partners , for acts of the firm Your Answer for wrongful acts of a partners , for acts of the firm Multiple Choice Multiple Answer Question Following persons can not be called partners Correct Answer minors , insolvents , co-owners without the agreement to carry on the business Your Answer co-owners without the agreement to carry on the business , minors , insolvents Multiple Choice Single Answer Question Consideration or object of an agreement is lawful unless it is

Correct Answer forbidden by law Your Answer prohibited by law

Multiple Choice Multiple Answer Question A company is registered as an artificial person. It has no Correct Answer Body , Soul , Conscience Your Answer Body , Soul , Conscience

Select The Blank Question Agents are ________ to act within the scope of the authority given. Correct Answer authorised Your Answer authorised

Select The Blank Question The essential point about an agent's position is his ________ of making his principal answerable to third parties. Correct Answer authority Your Answer True/False Question capacity

Special agent and Particular agent mean one and the same thing. Correct Answer True Your Answer False

Select The Blank Question When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________. Correct Answer accepted Your Answer accepted

Multiple Choice Multiple Answer Question An unregistered firm can bring an action in any court of Law against Correct Answer a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm Your Answer a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership

firm Multiple Choice Single Answer Question In order to convert a proposal into a promise the acceptance must be Correct Answer absolute and unqualified Your Answer communicated any time

Match The Following Question Any person who for the consideration becomes the possessor of a promissory note

Correct Answer Holder in due course

Your Answer Holder in due course

Negotiating Negotiable A minor Instruments so as to bind all, except himself A partner accepting Negotiable Instrument Implied authority

Non-acceptance express authority endorsement in full Implied authority An insolvent

A person who can't accept An insolvent or indorse a bill True/False Question

The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True

True/False Question

The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question A company is a legal personality and as such it can Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name Your Answer Own its property in its own name , Dispose of its property in its own name Multiple Choice Single Answer

Question

Company based on ownership is

Correct Answer Public company Your Answer Public company

Multiple Choice Single Answer Question The unpaid seller has a Correct Answer right against the buyer Your Answer True/False Question right against the buyer

The Central Government may, by license direct the association to be registered which is formed as a limited company for promoting commerce, art etc. Correct Answer True Your Answer True

Select The Blank Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar Your Answer registrar

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Unpaid Seller Future Goods Identified Goods Two parties Monetary consideration Right of lien on goods Agreement to sell Ascertained Goods Contract of Sale Price for the goods

Your Answer Right of lien on goods Contract of Sale Ascertained Goods Agreement to sell Price for the goods

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 the partner for settlement of firm's account Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm Multiple Choice 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 payment

Multiple Choice Multiple Answer Question A company limited by shares Correct Answer exists only in the contemplation of law , has a perpetual succession Your Answer has a perpetual succession Multiple Choice Multiple Answer Question Memorandum of association is related with Correct Answer controlling external operations of the company , areas of business activities beyond which a company cannot go Your Answer controlling external operations of the company , areas of business activities beyond which a company cannot go , rules to achieve & accomplish the objectives of the company Multiple Choice Multiple Answer Question In the Private limited company Correct Answer its article restricts invitation to the public to subscribe for shares , right to transfer the shares is restricted by its article Your Answer its article restricts invitation to the public to subscribe for shares Multiple Choice Multiple Answer Question Any person who by making deceptive statement induces another person to enter into any agreement for acquiring shares is punishable with Correct Answer imprisonment of term which may extend to five years , fine which may extend to Rs. 1,00,000/Your Answer imprisonment of term which may extend to two years , fine which may extend to Rs. 50,000/Multiple Choice Single Answer Question Which of the following is not a mode of revocation of proposal Correct Answer all of the above Your Answer by acceptor going bankrupt

Multiple Choice Single Answer Question An agreement to do an act impossible in itself is Correct Answer Void Your Answer Void

Multiple Choice Single Answer Question Section 11 and 12 of the Indian Contract Act, 1872 Correct Answer competency of the parties to contract. Your Answer competency of the parties to contract.

Multiple Choice Multiple Answer Question Following are the exception to the rule of "No consideration, no contract" Correct Answer contract of completed gifts , promises to pay time barred debts , contract of agency Your Answer contract of completed gifts , promises to pay time barred debts , promises for compensating involuntary services, Multiple Choice Multiple Answer Question Following are the essentials 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 Multiple Choice Multiple Answer Question Section 2. of Indian contract Act define proposals Correct Answer when one person communicates his desire to do or to abstain from doing 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 from doing anything with a view to obtain the assent of another to such act or abstain, he is said to make a proposal Your Answer when one person signifies to another his willingness to do or to abstain from doing

anything with a view to obtain the assent of another to such act or abstain, he is said to make a proposal Select The Blank Question ________ partner is not held responsible for the ________ of the firm , , , Correct Answer nominal Your Answer Your Answer nominal liabilities Correct Answer liabilities

Match The Following Question Correct Answer Novation Mistake Fraud Remission Supply of necessaries True/False Question sec.62 sec 20 to 22 sec 17 sec.63 sec.68

Your Answer sec.62 sec 20 to 22 sec 17 sec.63 sec.68

Agreement is defined as a contract at its inception. Correct Answer True Your Answer False

Multiple Choice Single Answer Question When any of the partners ceases to be a partner in the firm because of transfer of interest or share of a partner, such a partner is called an Correct Answer outgoing partner Your Answer sub-partner

True/False Question

A person who finds goods belonging to another is the owner of those goods. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question X employs Y to recover Rs. 25,000/- from Z and through Y’s misconduct, amount is not recovered then Y Correct Answer is entitled to no remuneration for his services , must make good loss to X Your Answer is entitled to no remuneration for his services True/False Question

Partnership is a specie (extension) of law of agency Correct Answer True Your Answer True

True/False Question

All the partners can carry on the business of the firm or one of the partner’s can act for all of them Correct Answer True Your Answer True

Multiple Choice Single Answer Question Bill of Exchange must contain Correct Answer unconditional order to pay Your Answer True/False Question unconditional order to pay

No consent is required to be obtained from other partners for retirement of a partner. Correct Answer False Your Answer False

Multiple Choice Single Answer Question Noting must contain Correct Answer notary charges incurred Your Answer notary charges incurred

Multiple Choice Single Answer Question When the place at which the goods must be delivered is specified in the contract of sale, the goods must be delivered at the place Correct Answer at anytime during the business hours Your Answer at anytime during the business hours

Multiple Choice Single Answer Question when an endorser increases his own liability under the instrument by express words, the endorsement is said to be Correct Answer Facultative Your Answer Facultative

Multiple Choice Single Answer Question Applicability of the Negotiable Instruments Act,1881 Correct Answer The Negotiable Instruments Act,1881 applies and extends to the whole of India Your Answer The Negotiable Instruments Act,1881 applies and extends to the whole of India True/False Question Your Answer A Cheque is a Bill of Exchange True

Correct Answer True

Multiple Choice Single Answer Question Consumer is a person obtaining goods for Correct Answer consumption

Your Answer

price

Multiple Choice Single Answer Question The members of District Forum shall not be less than Correct Answer thirty five years of age Your Answer True/False Question thirty five years of age

Services rendered by the post and telephone department are covered by the Consumer Protection Act,1986 Correct Answer True Your Answer True

True/False Question Your Answer True/False Question

A public company is one which is not private. True

Correct Answer True

In a Government company the Central or the State Government hold not less than 51% of the paid-up share capital. Correct Answer True Your Answer True

Select The Blank Question ________ is the document issued to ________ share capital by inviting the public to subscribe to its shares and debentures Correct Answer Prospectus Your Answer Your Answer Prospectus raise Correct Answer raise

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 Your Answer uncalled winding up Correct Answer winding up

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

Select The Blank Question There are certain relations, which ________ created by contracts but are upheld by law, which are known as ________ contracts Correct Answer arenot Your Answer Your Answer are Quasi Correct Answer Quasi

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 Your Answer doesnot public Correct Answer personal

Select The Blank Question Where a ________ party uses his position to obtain an unfair advantage over the other party it is known as ________ . Correct Answer dominant Your Answer Your Answer dominant willful Correct Answer Undue Influence

Multiple Choice Multiple Answer Question There is always a direct privity of contract between the principal and Correct Answer Substituted agent , Co-agents , General agent Your Answer General agent

Select The Blank Question Agent’s ________ refers to the ________ of the agent to bind his principal Correct Answer capacity Your Answer Your Answer authority capacity Correct Answer authority

Select The Blank Question 3 A Negotiable ________strument made in India and made payable in, shall be deemed to be ________ Instrument. Correct Answer in Your Answer Your Answer in inland Correct Answer inland

Select The Blank Question A ________ is required to be noted or protested for ________

Correct Answer Cheque Your Answer Your Answer True/False Question promissory note dishonour Correct Answer dishonour

Ratification of an act does not create a contract of agency Correct Answer False Your Answer True

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

Select The Blank Question ________ goods are the Goods to be identified and agreed upon of ________ contract of sale is made Correct Answer Specific Your Answer Your Answer at the time Specific Correct Answer at the time

Tips fo Business Law Consumer Protection Act and Negotiable Instruments Act. constitution of the district, state and national commission/forum respectively. Contract - Fraud - Mistake - Negotiatian Instruments - Cheque Sale of Goods () Contract of Agency Section No. Consumer Protection

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Business Law 15 Assignments BUSINESS LAW ASSIGNMENT QUESTIONS LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 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 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 Following are the element 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 , Page 1

Business Law 15 Assignments There must be an association of two or more persons Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Select The Blank Question Correct Answer Your Answer

A ________ partner is like an undisclosed principal. sleeping sleeping

Select The Blank Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________" Correct Answer Lawful business is common with a view to private gain Your Answer Legal business is common with a view to private gain True/False Question Indian subject. Correct Answer Your Answer Select The Blank Question ________ Correct Answer Your Answer Select The Blank Page 2

An alien friend can enter into partnership with an True True

Partnership firm can be dissolved by the order of court court

Business Law 15 Assignments Question A minor, who is admitted to the benefits of partnership, must give a public notice within ________ months. Correct Answer six Your Answer five Multiple Choice Multiple Answer Question Under section 144, mode of service of summons are Correct Answer by speed post , by courier services , by concerned police station Your Answer by speed post , by courier services , by concerned police station True/False Question "I promise to pay Mr.John Rs.500/- seven days after my marriage with Miss Lucy" is a promissory note. Correct Answer False Your Answer True Multiple Choice Single Answer Question Which of the following is the essential element of the contract ? Correct Answer free consent Your Answer coercion Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform Select The Blank Question Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact. Correct Answer subject matter Your Answer validity Page 3

Business Law 15 Assignments Multiple Choice Single Answer Question A factor has a general Correct Answer lien on the goods of his principal Your Answer control on the goods of his principal Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Debentures , Stocks & shares , Money Multiple Choice Single Answer Question Where the transfer of property in the goods is to take place at a future time it is called Correct Answer Agreement to sell Your Answer Agreement to sell Multiple Choice Single Answer Question Contingent goods are a type of Correct Answer Future goods Your Answer Ascertained goods Multiple Choice Single Answer Question A hire -purchase agrement is Correct Answer Contract Your Answer Contract Multiple Choice Single Answer Question Following is an implied condition Correct Answer Condition as to title Your Answer Condition as to good faith True/False Question A sale is an executed contract whereas an agreement to sell is an executory contract. Correct Answer True Page 4

Your Answer

Business Law 15 Assignments True

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 , Holding of the goods , Delivery of goods Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Single Answer Question Existing may be further classified as Correct Answer Specific goods Your Answer Specific goods Multiple Choice Single Answer Question The unpaid seller has a Correct Answer right against the goods Your Answer right against the goods Multiple Choice Single Answer Question Where the property in goods has not been transferred, the unpaid seller has the Correct Answer right of stop the goods in transit Your Answer right of stop the goods in transit True/False Question Correct Answer Your Answer

In a contract of sale goods can be exchanged for goods. False True Page 5

Business Law 15 Assignments Multiple Choice Multiple Answer Question Following are the types of jurisdiction, which have been conferred on the State Commission Correct Answer Appellate , Supervisory , Revisional Your Answer Appellate , Supervisory , Pecuniary 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 The Supreme Court , The National Commission Select The Blank Question Correct Answer Your Answer

Spurious goods means goods which are ________ fake fake

Match The Following Question Correct Answer Consumer Council

Your Answer Quasi-Judicial bodies

Quasi-Judicial bodies

Quasi-judicial bodies of consumer council Observe principles of natural justice Legal body Consumer Buys goods for any consideration consideration Buys goods for any

Consumer Protection Act, 1986 Protect the rights of the consumer Protect the rights of the consumer

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 Page 6

Business Law 15 Assignments Your Answer Companies limited by guarantee , Private companies limited by shares , Holding company Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The Memorandum , The articles , Every other agreement

Multiple Choice Multiple Answer Question The Prospectus is Correct Answer A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to shares Your Answer A Prospectus can be, any notice , Issued to invite the subscription to shares 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. Whether the company will Correct Answer Survive Your Answer Survive Multiple Choice Single Answer Question Where the liability of the shareholders of a company is limited to the extent of the unpaid amount on the shares held by them, the company is known as a company Correct Answer Limited by shares Your Answer Limited company True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False Page 7

Business Law 15 Assignments True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer False Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public 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 True/False Question The membership of the association of company shall cease on the dissolution of the firm. Correct Answer True Your Answer True True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False True/False Question more and strict. Correct Answer

Legal controls, restrictions on public companies are True Page 8

Your Answer

Business Law 15 Assignments False

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 Issued capital can be defined as the ________ of shares which are offered to the public for subscription. Correct Answer nominal value Your Answer excess value Match The Following Question Correct Answer

Your Answer

The memorandum of association of a company shall be in forms Table B, C, D and E in schedule 1 Table X and Y in schedule 1 Change of the place of company's registration office from one state to another Alteration of Memorandum Change of place of registered office outside a state Auditors Report Accounts of the company Accounts of the company

Confirmation by the Regional Director Change of place of registered office within a state Alteration of Memorandum

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 Your 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 Page 9

Business Law 15 Assignments 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Page 10

Business Law 15 Assignments object of carry on the business must be sharing of liabilities , there must be an association of two or more persons Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Page 11

Business Law 15 Assignments Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Page 12

Business Law 15 Assignments Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer False Page 13

Business Law 15 Assignments 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True Page 14

Business Law 15 Assignments 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Page 15

Business Law 15 Assignments 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 True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 Page 16

Business Law 15 Assignments 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your 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 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 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 Page 17

Business Law 15 Assignments Question Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Page 18

Business Law 15 Assignments 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 Page 19

Business Law 15 Assignments Your Answer insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond Page 20

Business Law 15 Assignments 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Page 21

Business Law 15 Assignments ________. Correct Answer Injuction Your Answer Injuction Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale Page 22

Business Law 15 Assignments 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Page 23

Business Law 15 Assignments Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company QUESTION OF BUSINESS LAW 53. Exceptions to the Wagering Agreement are a) b) c) d) Page 24

Business Law 15 Assignments Cross-word competitions Horse-race Lottery All of the above

54. In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to a) b) c) d) 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 enter into partnership on behalf of the firm 55. a) b) c) d) A Burmese Buddhist husband and wife carrying on business the members of Hindu Undivided Family carrying on Family business Hindu unmarried person persons from minority community Page 25 Following are the persons who cannot enter into partnership firm

Business Law 15 Assignments 33. Acceptance of a performance than what was actually ontracted for is known as

11. 1. Creation of an Agency 1. By an Agreement 2. Ratification of an act 2. Creates an Agency 3. Implied Agency 3. Conduct of the parties 4. Express Agency 4. Terminates an agency 5. Completion of work contract 5. By words, spoken or written

28. The State Commission is empowered to transfer any complaint from one District Forum to another within a state a) b) c) d) for the convenience of one of the party to the complaint if the state commission is over burden with the complaints if required for the ends of justice none of the above Page 26

Business Law 15 Assignments

Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Outside affairs of the company , Regulations of the company , Conduct of company's business Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Seller's agent , Seller , Official Assignee , Receiver Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer voidable Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Proposal Multiple Choice Multiple Answer Question Following are the element 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 Multiple Choice Multiple Answer Page 27

Business Law 15 Assignments Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer Select The Blank Question consideration. Correct Answer Your Answer The articles , Every other agreement , Share of profits

Future consideration is also known as ________ executory executory

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 Civil Court True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True Multiple Choice Single Answer Question When the time is not specified for the delivery of goods, the goods must be delivered. Correct Answer Reasonable time Your Answer Reasonable time 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 False Page 28

Business Law 15 Assignments Select The Blank Question Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner 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 must be qualified , acceptance must be communicated to the offeror Multiple Choice Single Answer Question Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/who is liable to account for it to Correct Answer Mr. Naveen Your Answer Mr. Manik himself Multiple Choice Multiple Answer Question A sale can be in case of Correct Answer Specific goods , Existing goods Your Answer Specific goods , Future goods , Existing goods Select The Blank Question ________ Correct Answer Your Answer

Whenever the term illegal contract is used, it involves inconsistency voidity Page 29

Business Law 15 Assignments True/False Question Correct Answer Your Answer Select The Blank Question memorandum. Correct Answer Your Answer True/False Question Correct Answer Your Answer True/False Question to sell. Correct Answer Your Answer Companies can be registered with undesirable names. False True

Articles are ________ to and controlled by the subordinate equivalent

The principal can ratify unauthorised act of an agent. False True

A contract of sale may either be a sale or an agreement True True

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 The Supreme Court , The National Commission , Central Council 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 , Free service , Personal service Page 30

Business Law 15 Assignments Match The Following Question Correct Answer Your Answer Deficiency in service Unfair Trade

Inadequacy in nature and manner of performance Fault, Imperfection or shortcoming Manipulation of Price Practice

Restrictive Trade Practice

Falsely represents that the services are of a particular quality Unfair Trade Practice unfair labour practice Defect in goods service Fault, Imperfection or shortcoming Deficiency in

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 purposely damages 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 Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming Your Answer shortcoming Multiple Choice Single Answer Question Where future Negotiability of Negotiable Instrument is restricted such endorsement is called Correct Answer restrictive endorsement Your Answer restrictive endorsement Select The Blank Page 31

Business Law 15 Assignments 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 Specification Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Your Answer buyer can take action True/False Question Correct Answer Your Answer

Ratification can be only for a part of the act of the agent. False 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 Select The Blank Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly Your Answer honestly True/False Question The statement in lieu of prospectus is prepared only for advertising purpose. Correct Answer False Your Answer True True/False Question

Express or implied authority is conferred on the agent Page 32

Business Law 15 Assignments by the principal. Correct Answer Your Answer Select The Blank Question Correct Answer Your Answer True True

An agency is based upon the ________ consent consent

Multiple Choice Multiple Answer Question A company has continuity of life. Its life is not affected by Correct Answer Death , Lunacy , Insolvency Your Answer Death , Lunacy , Insolvency , Wound up 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 Quasi Multiple Choice Single Answer Question a contract of sale a condition may be reduced to warranty where Correct Answer There is a voluntary waiver of condition Your Answer There is a fulfillment of condition True/False Question companies. Correct Answer Your Answer

Directors are allowed to borrow from the public False True

Multiple Choice Multiple Answer Question In India, some of Negotiable Instruments by usage or custom of trade are Page 33

Correct Answer orders Your Answer exchange

Business Law 15 Assignments Government promissory notes , Bankers drafts , Pay off Government promissory notes , Bankers drafts , Bills of

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 Correct Answer Your Answer

A proposal comes to an end by its ________. rejection acceptance

Multiple Choice Single Answer Question A Company is registered as an Correct Answer Artificial person Your Answer Artificial person Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer In its corporate name Match The Following Question Correct Answer Unlawful Business Partnership Sub-partner outsiders

Your Answer Dissolution of

Dissolution of Partnership

Sharing of profits by outsiders Sharing of profits by Association of

Partnership Association of two or more persons two or more persons Page 34

Business Law 15 Assignments Partners have to be Competent Competent Nominal partner

Partner lending his name only Nominal partner

Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to Correct Answer Repudiate the contract , Recind the contract Your Answer Repudiate the contract , Modify the contract , Recind the contract , Rectify the contract

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 becomes void. Correct Answer Your Answer

If one of the parties to the contract dies the contract False 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 Page 35

Correct Answer Your Answer

Business Law 15 Assignments Shares, 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 ________ goods. Correct Answer Your Answer Correct Answer Your Answer

A sale can only be in the case of ________ Or future generic generic 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 Page 36

Business Law 15 Assignments True/False Question Correct Answer Your Answer No consideration is required in formal contracts True 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 Two parties

Your Answer Agreement to sell Price for the goods Contract of Sale

Contract of Sale

Monetary consideration Unpaid Seller Future Goods Identified Goods

Price for the goods

Right of lien on goods Agreement to sell Ascertained Goods

Right of lien on 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 Page 37

Your Answer Correct Answer Your Answer

Business Law 15 Assignments prove rendered 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 Page 38

Business Law 15 Assignments 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 Page 39

Business Law 15 Assignments 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 Page 40

Your Answer Correct Answer Your Answer

Business Law 15 Assignments performance impossible 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 Correct Answer Your Answer Select The Blank Question date. Correct Answer Your Answer Correct Answer Your Answer

Bill of Exchange need not be stamped property True False

A ________ is a Cheque drawn with a ________ Post-dated Post-dated future 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 Page 41

Business Law 15 Assignments True/False Question Correct Answer Your Answer

Company can be termed as a Body Corporate. True 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 Partner by holding-out Dissolution of partnership ventures Right of a partner Partner is liable Sleeping Partner

Your Answer Partner by estoppel Partner by estoppel Completion of ventures Completion of

To retire To retire Loss caused by fraudLoss caused by fraud 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 Page 42

Business Law 15 Assignments True/False Question with third parties Correct Answer Your Answer

An agent does not have the right to enter into contracts False 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 Correct Answer Your Answer

Stock is a synonym used for Shares. False 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 Correct Answer Your Answer

________ is an invitation made to the ________ Prospectus Prospectus Page 43

Correct Answer Your Answer

Business Law 15 Assignments public public

Multiple Choice Multiple Answer 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 becomes void. Correct Answer Your Answer

If one of the parties to the contract dies the contract False 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 Page 44

Business Law 15 Assignments Multiple Choice Single Answer Question The term of central protection council is Correct Answer three years Your Answer five years Select The Blank Question ________ goods. Correct Answer Your Answer Correct Answer Your Answer

A sale can only be in the case of ________ Or future generic generic 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 Correct Answer Your Answer

No consideration is required in formal contracts True 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 Page 45

Business Law 15 Assignments 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 Two parties

Your Answer Agreement to sell Price for the goods Contract of Sale

Contract of Sale

Monetary consideration Unpaid Seller Future Goods Identified Goods

Price for the goods

Right of lien on goods Agreement to sell Ascertained Goods

Right of lien on 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 Page 46

Business Law 15 Assignments 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 Page 47

Business Law 15 Assignments 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 Page 48

Business Law 15 Assignments 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 Page 49

Correct Answer Your Answer True/False Question Correct Answer Your Answer Select The Blank Question date. Correct Answer Your Answer Correct Answer Your Answer

Business Law 15 Assignments maintained maintained

Bill of Exchange need not be stamped property True False

A ________ is a Cheque drawn with a ________ Post-dated Post-dated future 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 Correct Answer Your Answer

Company can be termed as a Body Corporate. True True

Multiple Choice Single Answer Question The altered memorandum must be filed within Correct Answer three months of the company law boards order Page 50

Your Answer

Business Law 15 Assignments one month of the company law boards order

Match The Following Question Correct Answer Partner by holding-out Dissolution of partnership ventures Right of a partner Partner is liable Sleeping Partner

Your Answer Partner by estoppel Partner by estoppel Completion of ventures Completion of

To retire To retire Loss caused by fraudLoss caused by fraud 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 with third parties Correct Answer Your Answer

An agent does not have the right to enter into contracts False False

Multiple Choice Multiple Answer Question Negotiable Instruments recognized by usage are Page 51

Correct Answer Your Answer

Business Law 15 Assignments Hundies , S.T. Receipts for goods , Pay off Orders 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 Correct Answer Your Answer

Stock is a synonym used for Shares. False 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 Correct Answer Your Answer Correct Answer Your Answer

________ is an invitation made to the ________ Prospectus Prospectus public public

Multiple Choice Multiple Answer LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Page 52

Question Correct Answer Your Answer

Business Law 15 Assignments Agreement is defined as a contract at its inception. True 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 Page 53

Business Law 15 Assignments 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 Page 54

Business Law 15 Assignments 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 Page 55

Business Law 15 Assignments 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 Sale

Your Answer Exchange of goods for price Exchange of goods for Movable goods

Exchange of goods for price

Barter Exchange goods

Exchange of goods for goods Movable goods

Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Let the buyer bewareLet the buyer beware 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 Page 56

Business Law 15 Assignments 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 Page 57

Business Law 15 Assignments 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 same. Correct Answer Your Answer

Special Notice and Special Resolution mean one and the False True Page 58

Business Law 15 Assignments 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 Correct Answer Your Answer

English Law does not recognize Formal Contract False 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 Page 59

Business Law 15 Assignments True/False Question Correct Answer Your Answer The partners need not sign the partnership deed. False 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 Correct Answer

________ is an invitation made to the ________ Prospectus Page 60

Your Answer Correct Answer Your Answer

Business Law 15 Assignments Prospectus public public

Multiple Choice Single Answer Question A factor is a type of Correct Answer Mercantile Agent Your Answer Mercantile Agent True/False Question co-agents Correct Answer Your Answer

Agents acting jointly and severally are known as True 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 Page 61

Question Correct Answer Your Answer

Business Law 15 Assignments A Cheque can be bearer, Order or crossed True 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

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Firm Partner

Your Answer

Partners Can be formed at Will Agents of the firm Agents of the firm Partners Admitted for profits only

Partnership Minor Partner

Can be formed at Will Admitted for profits only

Dissolution of a Partnership Death or Insanity of the partners Death or Insanity of the partners

Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there Page 62

Business Law 15 Assignments 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 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 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 , to earn profitto earn profit , where any one of the partners is entitled to total profit earned 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 the partner for settlement of firm's account , the partner for any claim of set-off 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 wrongfully deals with the assets of the firm Multiple Choice Multiple Answer Page 63

Business Law 15 Assignments Question The Exception to the rule of "buyer beware" are Correct Answer quality of goods are not merchantable , presence of patent defect in goods Your Answer fitness for buyer's purpose , sale of goods by description , quality of goods are not merchantable , presence of patent defect in goods 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 Select The Blank Question entity. Correct Answer Your Answer

A ________ is an artificial person and has a legal Company Company

True/False Question A minor can be admitted as a partner with the consent of all other partners. Correct Answer True Your Answer False True/False Question A partnership is a form of business organisation in which three or more persons upto a maximum of thirty join together to undertake some form of business activity. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion Page 64

Business Law 15 Assignments Select The Blank Question A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer similar Multiple Choice Multiple Answer Question Promissory note must be in Correct Answer in writing , definite , unconditional Your Answer unconditional , uncertain Multiple Choice Single Answer Question A legal representative being holder of Negotiable Instrument can sue Correct Answer after the death of the holder Your Answer any time during life time of legal representation Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer dishonour of cheque True/False Question The liability of the drawer of a Bill of Exchange is primary and absolute. Correct Answer False Your Answer True Multiple Choice Single Answer Question Vindictive damages are also known as Correct Answer Exemplary damages Your Answer Exemplary damages Multiple Choice Single Answer Page 65

Question Correct Answer Your Answer

Business Law 15 Assignments Void agreement means an agreement not enforceable by law Violative of legal procedure

Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer depending on the circumstances of the case True/False Question The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True Select The Blank Question Correct Answer Your Answer

An offer must create ________ relationship Legal Legal

Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Austin 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 Quasi Multiple Choice Single Answer Question A special power authorises an agent to perform a Correct Answer single act transaction Your Answer single act transaction Page 66

Business Law 15 Assignments Multiple Choice Multiple Answer Question If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer may allow the benefits , can repudiate the transaction , may claim damages for loss True/False Question Correct Answer Your Answer

A servant appointed by his masters is an agent. False False

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 insolvent True/False Question Correct Answer Your Answer

In a contract of sale goods can be exchanged for goods. False False

Match The Following Question Correct Answer Sale of goods Act, 1930 Caveat emptor Sale

Your Answer Movable goods Movable goods

Let the buyer bewareLet the buyer beware Exchange of goods for price Exchange of goods for

Exchange of goods for price

Barter system goods

Exchange of goods for goods Page 67

Business Law 15 Assignments Multiple Choice Single Answer Question If the complainant fails to comply with any order passed by the District Forum then he is punishable with a fine which shall not be less than Correct Answer Rs.2,000/- but which can be extended upto Rs.10,000/Your Answer Rs.2,000/- but which can be extended upto Rs.10,000/Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Operations before registrations Multiple Choice Multiple Answer Question The Articles of Association contains the Correct Answer Rules , Regulations , Bye-laws Your Answer Rules , Regulations , Bye-laws Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by Correct Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court Your Answer An advocate of Supreme Court , A Pleader entitled to appear before a High Court , A Judge of a District Court Multiple Choice Single Answer Question The legal existence of the company commences from the date written on the certificate of incorporation and such date is conclusive even if Correct Answer Wrong Your Answer Affirmative Page 68

Business Law 15 Assignments True/False Question The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer True Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Multiple Answer Question 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 A Company after its registration, possesses Correct Answer Legal entity Your Answer Legal entity Page 69

Business Law 15 Assignments Multiple Choice Single Answer Question Company based on ownership is Correct Answer Public company Your Answer Statutory company True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True Select The Blank Question memorandum. Correct Answer Your Answer

Articles are ________ to and controlled by the subordinate subordinate

Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Select The Blank Question The minimum number of persons required to form a public company is ________ Correct Answer seven Your Answer seven 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 Your Answer To get the education of the availability of legal remedies , Seek redressal against unfair trade practices , To be informed Page 70

Business Law 15 Assignments about quality, quantity, potency, purity, standard and price of goods 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Page 71

Business Law 15 Assignments 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Page 72

Business Law 15 Assignments Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Page 73

Business Law 15 Assignments Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 Page 74

Business Law 15 Assignments True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Page 75

Business Law 15 Assignments Correct Answer bailee Your Answer bailee 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 True 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a Page 76

Business Law 15 Assignments particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Page 77

Business Law 15 Assignments Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your 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 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 Multiple Answer Question Following are the conditions needed to prove an act of a Page 78

Business Law 15 Assignments 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Page 79

Business Law 15 Assignments Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Page 80

Business Law 15 Assignments Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning True/False Page 81

Business Law 15 Assignments 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Page 82

Business Law 15 Assignments Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True Multiple Choice Multiple Answer Question In India, some of Negotiable Instruments by usage or custom of trade are Page 83

Business Law 15 Assignments Correct Answer Government promissory notes , Bankers drafts , Pay off orders Your Answer Government promissory notes , Bankers drafts , Pay off orders Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Page 84

Business Law 15 Assignments Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Page 85

Business Law 15 Assignments Your Answer appoint Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company Plain Text Attachment [ Download File | Save to my Yahoo! Briefcase ] 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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve Page 86

Business Law 15 Assignments 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Page 87

Business Law 15 Assignments Partner Agents of the firm Agents of the firm Partnership Can be formed at Will Can be formed at Will Multiple Choice Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Page 88

Business Law 15 Assignments Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond Multiple Choice Multiple Answer Question An unregistered firm can bring an action in any court of Page 89

Business Law 15 Assignments 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification Page 90

Business Law 15 Assignments 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to Page 91

Business Law 15 Assignments buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Page 92

Business Law 15 Assignments Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Page 93

Business Law 15 Assignments about quality, quantity, potency, purity, standard and price of goods Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False Multiple Choice Multiple Answer Page 94

Business Law 15 Assignments 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Page 95

Business Law 15 Assignments Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Page 96

Business Law 15 Assignments Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 Page 97

Business Law 15 Assignments business Your Answer A Burmese Buddhist husband and wife carrying on business True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Page 98

Business Law 15 Assignments Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Page 99

Business Law 15 Assignments Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True Page 100

Business Law 15 Assignments True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Single Answer Question Memorandum of a public company must be signed by Correct Answer Seven persons Your Answer Seven persons Match The Following Question Correct Answer

Your Answer Generic goods Right of lien on goods

Unascertained goodsGeneric goods Unpaid seller Future goods

Right of lien on goods Agreement to sell

Agreement to sell

Page 101

Identified goods

Business Law 15 Assignments Ascertained goods Ascertained goods

Match The Following Question Correct Answer Fact and Law

Your Answer The types of "Mistake"

The types of "Mistake"

An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract

Select The Blank Question each other. Correct Answer Your Answer

Members of a club or a society are the ________ of friends representatives

True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Following are the essential of Undue influence Correct Answer there must be some relationship between the parties , It is mainly of moral character Your Answer intention to induce someone to enter into an agreement , threatening to detain property, unlawfully Page 102

Business Law 15 Assignments Multiple Choice Multiple Answer Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Your Answer Compulsion , Undue influence , Fraud Select The Blank Question Correct Answer Your Answer

A proposal comes to an end by its ________. rejection acceptance

Multiple Choice Single Answer Question In an agreement to sell the seller is responsible for all the risk of loss as he is the Correct Answer Owner Your Answer Owner Multiple Choice Multiple Answer Question The modes of termination of agency are Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Your Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform Multiple Choice Multiple Answer Question There can not be any partnership where a business is carried on Correct Answer with a benevolent purpose , where any one of the partners is entitled to total profit earned Your Answer with a benevolent purpose , where any one of the partners is entitled to total profit earned Page 103

Business Law 15 Assignments True/False Question The company law board confirms the change of registered office of the company within a state Correct Answer False Your Answer True Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Internal affairs of the company , Conduct of company's business Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Multiple Answer Question An unregistered firm can bring an action in criminal court against Correct Answer A partner who steals the property of the partnership firm , A partner who purposely damages the property of the partnership firm Your Answer A partner who wrongful deals with the assets of the firm , A partner who uses the firm name for gaining personal profits True/False Question A sale is an executed contract whereas an agreement to sell is an executory contract. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the Page 104

Business Law 15 Assignments contrary, the implied authority of a partner does not empower him to Correct Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm Multiple Choice Single Answer Question Where the transfer of property in the goods is to take place at a future time it is called Correct Answer Agreement to sell Your Answer Agreement to sell Multiple Choice Single Answer Question A consumer has the right to be assured, wherever possible, access to services at Correct Answer Competitive prices Your Answer Competitive prices True/False Question An agreement to sell takes place in the case of existing goods or specific goods. Correct Answer False Your Answer False True/False Question Railway or S.T. Receipts, Dividend, Warrants, Railway Bonds are not Negotiable Instrument. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Page 105

Business Law 15 Assignments Select The Blank Question Holding out means ________ leading another person to believe in something. Correct Answer falsely Your Answer properly True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question Following persons can not be called partners Correct Answer minors , insolvents , co-owners without the agreement to carry on the business Your Answer minors , insolvents , co-owners without the agreement to carry on the business Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Page 106

Business Law 15 Assignments True/False Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Your Answer False True/False Question contract of sale. Correct Answer Your Answer

Section 10 of the Indian Contract Act, 1872 applies to True False

Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Public Limited Company , Company limited by guarantee Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Floatation Multiple Choice Multiple Answer Question Following are the conditions needed to prove an act of a partner is an act of a partnership firm Correct Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm Your Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm Select The Blank Question

The registration fo partnership firm is ________. Page 107

Correct Answer Your Answer

Business Law 15 Assignments not compulsory not compulsory

Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to Correct Answer Repudiate the contract , Recind the contract Your Answer Modify the contract Multiple Choice Single Answer Question A proposes by a letter sent by post to sell a house to B at certain price, B accepts A's proposal - The communication of the acceptance is complete as against B. Correct Answer when letter is received by A Your Answer when letter is received by A True/False Question members. Correct Answer Your Answer

Copies of memorandum and articles shall not be given to False True

Multiple Choice Single Answer Question Every company must have Correct Answer A Specific name Your Answer A Specific name Multiple Choice Multiple Answer Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means Your Answer To amend conditions expressly provided in other Acts , Amalgamate with any other company , Attain its main purpose by new or Page 108

Business Law 15 Assignments improved means Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer undue Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency Select The Blank Question Correct Answer Your Answer

Karta of Joint-Hindu family is ________ of his family. representative representative

Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Warranty Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons Multiple Choice Single Answer Question Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/who is liable to account for it to Page 109

Correct Answer Your Answer

Business Law 15 Assignments Mr. Naveen Mr. Manik himself

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary

LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Question Correct Answer Your Answer

Agreement is defined as a contract at its inception. True 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 Page 110

Business Law 15 Assignments 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 Page 111

Business Law 15 Assignments 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 Page 112

Business Law 15 Assignments 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 Page 113

Business Law 15 Assignments Match The Following Question Correct Answer Sale Your Answer Exchange of goods for price Exchange of goods for Movable goods

Exchange of goods for price

Barter Exchange goods

Exchange of goods for goods Movable goods

Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Let the buyer bewareLet the buyer beware 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 Page 114

Your Answer member

Business Law 15 Assignments death of a member , lunacy of a member , minority of a

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 Page 115

Business Law 15 Assignments 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 same. Correct Answer Your Answer

Special Notice and Special Resolution mean one and the False 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 Page 116

Business Law 15 Assignments 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 Correct Answer Your Answer

English Law does not recognize Formal Contract False 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 Correct Answer Your Answer

The partners need not sign the partnership deed. False 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 Page 117

Business Law 15 Assignments 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 Correct Answer Your Answer Correct Answer Your Answer

________ is an invitation made to the ________ Prospectus Prospectus public public

Multiple Choice Single Answer Question A factor is a type of Correct Answer Mercantile Agent Your Answer Mercantile Agent True/False Question co-agents Correct Answer Your Answer

Agents acting jointly and severally are known as True True

Multiple Choice Single Answer Page 118

Question Correct Answer Your Answer

Business Law 15 Assignments Enforcement of contingent contract depends on Happening or Non-happening of the event 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 Correct Answer Your Answer

A Cheque can be bearer, Order or crossed True 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

Page 119

Business Law 15 Assignments LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Question Correct Answer Your Answer

Agreement is defined as a contract at its inception. True 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 Page 120

Your Answer

Business Law 15 Assignments 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 Page 121

Business Law 15 Assignments 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 Page 122

Business Law 15 Assignments 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 Sale

Your Answer Exchange of goods for price Exchange of goods for Movable goods

Exchange of goods for price

Barter Exchange goods

Exchange of goods for goods Movable goods

Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Let the buyer bewareLet the buyer beware Implied Warranty Implied Warranty

Multiple Choice Single Answer Question A consumer has right to be assured, wherever possible, access to services at Page 123

Correct Answer Your Answer

Business Law 15 Assignments competitive prices 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 Page 124

Business Law 15 Assignments 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 Page 125

Business Law 15 Assignments same. Correct Answer Your Answer False 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 Correct Answer Your Answer

English Law does not recognize Formal Contract False 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 Page 126

Correct Answer Your Answer True/False Question Correct Answer Your Answer

Business Law 15 Assignments winding up winding up

The partners need not sign the partnership deed. False 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 Page 127

Business Law 15 Assignments Select The Blank Question Correct Answer Your Answer Correct Answer Your Answer ________ is an invitation made to the ________ Prospectus Prospectus public public

Multiple Choice Single Answer Question A factor is a type of Correct Answer Mercantile Agent Your Answer Mercantile Agent True/False Question co-agents Correct Answer Your Answer

Agents acting jointly and severally are known as True 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 Page 128

Your Answer True/False Question Correct Answer Your Answer

Business Law 15 Assignments possible

A Cheque can be bearer, Order or crossed True 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 LIST OF ATTEMPTED QUESTIONS AND ANSWERS BL1 Match The Following Question Correct Answer Your Answer Unascertained goods Generic goods Generic goods Unpaid seller Right of lien on goods Right of lien on goods Future goods Agreement to sell Agreement to sell Identified goods Ascertained goods Ascertained goods Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Page 129

Business Law 15 Assignments Question Consideration or object of an agreement is lawful unless it is Correct Answer forbidden by law Your Answer denied by law 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 When the property in goods is transferred from the seller to the buyer at once, the contract is called Correct Answer A Sale Your Answer A Sale True/False Question Partners can decide their rights and liabilities in the partnership deed. Correct Answer True Your Answer True 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 The unpaid seller loses his lien on the goods sold when Correct Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods Your Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods Page 130

Business Law 15 Assignments 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 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 Buyer Multiple Choice Multiple Answer Question The modes of termination of agency are Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Your Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Actionable claims , Debentures Multiple Choice Single Answer Question The goods which are identified and agreed upon at the time of a contract of sale is made: Correct Answer Specific goods Your Answer Specific goods Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Multiple Choice Single Answer Page 131

Business Law 15 Assignments Question The parties of the contract should be major in age according to Correct Answer The law to which they are subject Your Answer The law to which they are subject 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True 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 Multiple Choice Multiple Answer Question The unpaid seller has following rights against the buyer personally Correct Answer suit for interest , repudiation of contract Your Answer suit for interest , repudiation of contract Multiple Choice Multiple Answer Question In the Conditional endorsement Correct Answer the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency Your Answer the liability of the endorser is limited , the liability of the endorser is negative Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Public Limited Company , Company limited by shares Page 132

Business Law 15 Assignments 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 act done in personal capacity , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm 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 statutory rights True/False Question Mental acceptance amounts to an acceptance. Correct Answer False Your Answer False Multiple Choice Single Answer Question The holder of Negotiable Instrument has a right to Correct Answer sue for recovery Your Answer sue for recovery Multiple Choice Multiple Answer Question The unpaid seller has following rights against the goods Correct Answer stoppage in transit , withholding the delivery of goods Your Answer stoppage in transit , withholding the delivery of goods True/False Question Any user of the goods with the approval of the person who has purchased the goods for consideration is also a consumer. Correct Answer True Your Answer True Match The Following Question Correct Answer Your Answer Minor Partner Admitted for profits only Admitted for profits only Page 133

Business Law 15 Assignments 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 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 Multiple Choice Multiple Answer Question The Exception to the rule of "buyer beware" are Correct Answer usage by trade , sale of goods by description , consent by fraud Your Answer usage by trade , sale of goods by description , consent by fraud 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 The property in the Negotiable Instrument passes from one person to another person by ________ delivery. Correct Answer Mere/ Simple Your Answer Mere/ Simple Multiple Choice Single Answer Question When an agent has the authority to do all acts connected with the business or trade of his principal, he is known as Correct Answer a general agent Your Answer a general agent Page 134

Business Law 15 Assignments Select The Blank Question The act done by the agent with the permission and on behalf of the principal is ________ on the principal. Correct Answer binding Your Answer binding Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion Multiple Choice Multiple Answer Question According to Rule 3 of the Consumer protection rules the Central Council consists of the following members Correct Answer Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states Your Answer Minister in-charge of dept. of civil supplies , Minister in-charge consumer affairs in states Multiple Choice Single Answer Question If there is a breach of a condition, a buyer has the right to Correct Answer Repudiate the contract Your Answer Repudiate the contract Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bailee 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 Ratification can be only for a part of the act of the agent. Correct Answer False Your Answer True Page 135

Business Law 15 Assignments True/False Question In a contract of sale goods can be exchanged for goods. Correct Answer False Your Answer False 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 debts Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Floatation True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True Page 136

Business Law 15 Assignments LIST OF ATTEMPTED QUESTIONS AND ANSWERS BL2 Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract 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 Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner 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 The National Commission , State Council District Forum Match The Following Question Correct Answer Your Answer Agent appointed for a special task Special Agent Special Agent Page 137

Business Law 15 Assignments Agency created by conduct of the parties Implied Agency Implied Agency Agency created by words, spoken, or written Express authority Express authority Essentials of valid ratification Existence of principal Existence of principal Select The Blank Question Members of a club or a society are the ________ of each other. Correct Answer friends Your Answer agents Multiple Choice Single Answer Question In a sale if the seller becomes insolvent after a contract of sale & the buyer has paid the price, the buyer can claim the goods from the official Correct Answer Assignee Your Answer Assignee Multiple Choice Multiple Answer Question There are certain limitations to the principle of ratification which are Correct Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time Your Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time 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. , Minister in-charge of consumer affairs in the Central Govt. , Members representing such interests as may be prescribed by the State Govt. Select The Blank Question An offer, to be treated as a valid offer, should be ________. Correct Answer communicated Your Answer communicated Page 138

Business Law 15 Assignments Select The Blank Question Notice of dishonour of cheque must be ________ Correct Answer within a reasonable time Your Answer at any time Multiple Choice Single Answer Question A partnership at will can be dissolved by filing a suit for Correct Answer Dissolution Your Answer Dissolution Multiple Choice Multiple Answer Question Following are the circumstances under which an offer lapses Correct Answer offeree makes conditional offer , offeree fails to communicate the acceptance Your Answer offeree makes conditional offer , acceptor comes to know about the death of the proposer , offeree fails to communicate the acceptance True/False Question An agency cannot be terminated at all. In other words a contract of agency is perpetual. Correct Answer False Your Answer False 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 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 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 , Pay off Orders Multiple Choice Single Answer Question In an agreement to sell the seller is responsible for all the risk of Page 139

Business Law 15 Assignments loss as he is the Correct Answer Owner Your Answer Owner Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Partner Multiple Choice Single Answer Question Which of the following is not a void agreement Correct Answer agreement of marriage Your Answer agreement of marriage True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer True Multiple Choice 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 Multiple Answer Question The particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , at the expiry of the fixed term 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 Page 140

Business Law 15 Assignments Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively True/False Question District Forum enjoys Revisional jurisdiction. Correct Answer False Your Answer True True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False True/False Question A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent. 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 the partner for settlement of firm's account , the partner for any claim of set-off 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 True/False Question Consideration can not be a past consideration. Correct Answer False Your Answer True Multiple Choice Multiple Answer Page 141

Business Law 15 Assignments Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means Your Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False 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 An agreement to sell takes place in the case of existing goods or specific goods. Correct Answer False Your Answer False True/False Question Specific goods are those which are identified and agreed upon at the time of a contract of sale is made. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Multiple Choice Multiple Answer Question There is always a direct privity of contract between the principal Page 142

Business Law 15 Assignments and the following Correct Answer substituted agent , co-agent , general agent Your Answer substituted agent Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question People purchasing the commodities for the purpose of trading is Correct Answer trader Your Answer trader Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law 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 wrongfully deals with the assets of the firm Multiple Choice Single Answer Question The relation of partnership arises from Correct Answer contract Your Answer contract True/False Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Following are the agencies of a three tier system of consumer Page 143

Business Law 15 Assignments disputes redressal agencies Correct Answer State commission , National commission , District Forum Your Answer State commission , National commission , District Forum 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 Single Answer Question When an offer is made to world-at-large, the contract is Correct Answer made with the person who signs or performs the terms and conditions of the offer Your Answer made with the person who signs or performs the terms and conditions of the offer LIST OF ATTEMPTED QUESTIONS AND ANSWERS BL3 Select The Blank Question All illegal agreements are ________ but all void agreements are not illegal. Correct Answer void Your Answer void 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 Multiple Choice Single Answer Question Under the Indian Contract Act a person of sound mind is the one capable of Correct Answer Understanding the agreement, he is involved in Your Answer Understanding the agreement, he is involved in True/False Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Page 144

Business Law 15 Assignments Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for commercial purposes from the purview of the consumer dispute redressal agencies 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 charging 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 , Provision for charging of fee in respect of complaints filed before the consumer redressal agencies Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 1993: 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 The term of Central Protection Council is Correct Answer Three years Your Answer Three years Multiple Choice Multiple Answer Question A minor admitted to the benefits of partnership is Correct Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account Your Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account Multiple Choice Multiple Answer Question According to the Consumer Protection Act, 1986, a service includes Page 145

Business Law 15 Assignments Correct Answer Financial service , Entertainment Your Answer Financial service , Entertainment Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer an alien enemy with an Indian subject , an alien friend with an Indian subject True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming Your Answer shortcoming Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law Multiple Choice Single Answer Question To be deemed as an unpaid seller the seller must Page 146

Business Law 15 Assignments Correct Answer have sold the goods against cash and the price must be due Your Answer have sold the goods against cash and the price must be due True/False Question 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer undue influence on parties Multiple Choice Multiple Answer Question A Consumer has following rights: Correct Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods Your Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods 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 Special resolution and confirmation by ________is required for alteration of Memorandum. Correct Answer Company Law Board Your Answer Company Law Board Match The Following Question Correct Answer Your Answer Cannot enter into partnership Two partnership firms Two partnership firms Giving due notice Dissolves partnership at will Dissolves partnership at will Partnership Deed Domicile of partnership firm Domicile of partnership firm Page 147

Business Law 15 Assignments Not mandatory Registration of partnership Registration of partnership Partnership firm Can be sued in its own name Can be sued in its own name True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True True/False Question A company is created by law and not by natural birth. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Advantage of crossing the Cheque Correct Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque True/False Question A trader is a middle man bringing the buyer and seller together and receiving any commission for services rendered by him. Correct Answer False Your Answer True True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False 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 Page 148

Business Law 15 Assignments 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 , Firm is held liable for any acts of insolvent after the adjudication Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Select The Blank Question A proposal comes to an end by its ________. Correct Answer rejection Your Answer rejection Multiple Choice Multiple Answer Question Classification of companies based on the jurisdiction of functioning Correct Answer A National Company , Multinational Company , Foreign Company Your Answer A National Company , Multinational Company , Foreign Company Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question Which of the following is not a void agreement ? Correct Answer agreements relating to legal proceedings Your Answer agreements relating to legal proceedings True/False Question The maximum number of persons in the case of a partnership firm carrying on banking business must not exceed twenty. Page 149

Business Law 15 Assignments Correct Answer False Your Answer False Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void Multiple Choice Multiple Answer Question The purpose of not Negotiable crossing Correct Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Your Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Multiple Choice Multiple Answer Question No company shall be registered by name which has a name which is identical with Correct Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration Your Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration True/False Question Copies of memorandum and articles shall not be given to members. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Following are the conditions needed to prove that an act of a partner is an act of a partnership firm Correct Answer an act be done in an ordinary course of business of a partnership firm , It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm Your Answer It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm Page 150

Business Law 15 Assignments Multiple Choice Single Answer Question Competent parties means parties should be Correct Answer major in age Your Answer in majority 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 True/False Question Special agent and Particular agent mean one and the same thing. Correct Answer True Your Answer True Multiple Choice Single Answer Question The essence of contract of sale is Correct Answer sale of goods Your Answer sale of goods 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 Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Your Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Page 151

Business Law 15 Assignments Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL1 True/False Question A Cheque is a Bill of Exchange. Correct Answer True Your Answer True Select The Blank Question One man holds practically the ________ of the share capital of the one man company. Correct Answer whole Your Answer whole 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 Limited companies can be formed for promoting Correct Answer Commerce , Art , Religion Your Answer Commerce , Art , Religion Select The Blank Question There should be a ________ and real necessity for creating an agency. Correct Answer definite Your Answer definite Page 152

Business Law 15 Assignments 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 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 Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True Page 153

Business Law 15 Assignments True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True Select The Blank Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar Your Answer registrar 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 For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the Correct Answer Bureau of Indian Standard Your Answer Bureau of Indian Standard Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Multiple Choice Single Answer Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a Correct Answer Company Your Answer Partnership Business Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Page 154

Business Law 15 Assignments Your Answer owner can take action 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 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 to earn profitto earn profit , to sharing profits equally , where any one of the partners is entitled to total profit earned 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 , the partner for settlement of firm's account 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 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 Page 155

Business Law 15 Assignments partner who wrongfully deals with the assets 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 admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm Multiple Choice 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 , Holding company Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , enter into partnership on behalf of the firm 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 Select The Blank Question Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact. Correct Answer subject matter Your Answer validity True/False Question The writing of "Not Negotiable" is one and the same thing as that Page 156

Business Law 15 Assignments of special crossing. Correct Answer False Your 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 Your Answer the property in goods is transferred to the buyer Multiple Choice Single Answer Question If there is a breach of condition, a buyer has an option to claim Correct Answer Damages Your Answer Damages True/False Question The legal heir or representative of a dead consumer is given the right to become the complainant. Correct Answer True Your Answer True Select The Blank Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________" Correct Answer Lawful business is common with a view to private gain Your Answer Lawful business is common with a view to private gain True/False Question The subscriber of the memorandum of a company on its registration shall be entered in its register of members as member. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question The ingredients of the proposal are Correct Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Your Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Select The Blank Page 157

Business Law 15 Assignments Question Every promise and every set of promises, forming the consideration for each other, is an ________. Correct Answer agreement Your Answer agreement 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 Jointly own property with shareholders , Own its property in its own name , Enjoy its property in its own name True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. 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 A condition or warranty Multiple Choice Single Answer Question Negotiable Instrument can be drawn or accepted by duly authorised agent on behalf of Correct Answer principle Your Answer principle 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 Single Answer Question Existing may be further classified as Correct Answer Specific goods Your Answer Specific goods Multiple Choice Single Answer Page 158

Business Law 15 Assignments Question Unpaid seller's right to stop the goods in transit arises only when the buyer becomes Correct Answer insolvent Your Answer insolvent 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 Agents are ________ to act within the scope of the authority given. Correct Answer authorised Your Answer authorised Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate 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 Multiple Answer Question A proposal Correct Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposer Your Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposee LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL2 True/False Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Page 159

Business Law 15 Assignments Your Answer False 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 Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner Your Answer quasi-partner , nominal partner Multiple Choice Single Answer Question Partnership at will is a partnership Correct Answer for an indefinite period Your Answer for a definite period True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory Your Answer executory Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion True/False Question A Promissory Note contains conditional undertaking to pay a certain sum of money. Correct Answer False Your Answer False Select The Blank Question The person acting as an agent on behalf of the principal should act Page 160

Business Law 15 Assignments ________. Correct Answer honestly Your Answer definitely Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer dishonour of cheque Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The formation , The objectives True/False Question The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False True/False Question No consideration is required in formal contracts. Correct Answer True Your Answer False Multiple Choice Single Answer Question Following is an implied condition Page 161

Business Law 15 Assignments Correct Answer Condition as to title Your Answer Condition as to contingency Multiple Choice Multiple Answer Question Public notice is required to be given Correct Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm Your Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm 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 Unlimited companies , Limited by guarantee , Limited by shares Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Question In case of a public limited company, the maximum number is no limit, but the minimum is fixed at Correct Answer 7 Your Answer 7 Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner Page 162

Business Law 15 Assignments Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Select The Blank Question One of the two kinds of presentment of an Instrument is by ________ Correct Answer Payment Your Answer Payment True/False Question The Act is passed merely to settle the disputes of commercial transactions. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The Memorandum , The articles , Share of profits Multiple Choice Single Answer Question Memorandum of a public company must be signed by Correct Answer Seven persons Your Answer Five persons Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate Multiple Choice Multiple Answer Question The following types of companies are required to have their own articles Correct Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Your Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Page 163

Business Law 15 Assignments Multiple Choice Multiple Answer Question The Articles of Association are subsidiary to Correct Answer Companies Act , Memorandum of Association Your Answer Companies Act , Certificate of Registration , Memorandum of Association Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Warranty Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Select The Blank Question Unfair trade practice includes a representation made to public in a form that purpots to be a ________ of a product. Correct Answer warranty Your Answer shortcoming 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 The rights of the partners are Correct Answer right to retire , right to be indemnified , right not to be expelled Your Answer right to retire , right to be indemnified , right not to be expelled Multiple Choice Single Answer Question A Company after its registration, possesses Correct Answer Legal entity Page 164

Business Law 15 Assignments Your Answer Legal entity 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 A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary 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 Required for registration The registrar of firms To rectify any mistake To rectify any mistake Select The Blank Question In ________ contract, all the parties perform their promise. Correct Answer an executed Your Answer an executed Multiple Choice Multiple Answer Question Following agreements are opposed to public policy Correct Answer agreement to commit crime , agreements interfering with an administration of justice Your Answer agreement to commit crime , agreement by way of maintenance and champerty , agreements interfering with an administration of justice True/False Page 165

Business Law 15 Assignments Question Memorandum is adopted to control internal operations of the company. Correct Answer False 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 Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Unlimited Company , Company limited by guarantee , Company limited by shares Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer Any third person 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 Single Answer Question In contract of sale the buyer becomes Correct Answer Absolute owner of the property Your Answer Symbolic owner of the property LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL3 Page 166

Business Law 15 Assignments Multiple Choice Multiple Answer Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Your Answer Undue influence , Fraud , Mistake Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Government Company Multiple Choice Single Answer Question A pardanashin woman means a woman who Correct Answer observes seclusion, because of curom Your Answer does not come into the public 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 goods 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 declared 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 The Supreme Court , The National Commission , Central Council Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer fact Select The Blank Question A minor, who is admitted to the benefits of partnership, must give a public notice within ________ months. Page 167

Business Law 15 Assignments Correct Answer six Your Answer six Match The Following Question Correct Answer Your Answer Partner by holding-out Partner by estoppel Partner by estoppel Dissolution of partnership Completion of ventures Loss caused by fraud Right of a partner To retire To retire Partner is liable Loss caused by fraud Completion of ventures Sleeping Partner Dormant Partner Dormant Partner Multiple Choice Single Answer Question The parties to the bill of exchange must be Correct Answer certain Your Answer certain Match The Following Question Correct Answer Your Answer Any person who for the consideration becomes the possessor of a promissory note Holder in due course Holder in due course Negotiating Negotiable Instruments so as to bind all, except himself A minor A minor A partner accepting Negotiable Instrument Implied authority Implied authority A person who can't accept or indorse a bill An insolvent An insolvent Multiple Choice Multiple Answer Question Goods includes Correct Answer trade marks , good will Your Answer actionable claims , trade marks , money Page 168

Business Law 15 Assignments Multiple Choice Multiple Answer Question The District Protection Council shall consist of the following members Correct Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District Your Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District True/False Question The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer concealing a fact believing to be untrue , promise without intending to perform True/False Question Loss of profits is an example of liquidated damages. Correct Answer False Your Answer True 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 True Select The Blank Question ________ contracts are the result of the implied promises. Correct Answer Implied Page 169

Business Law 15 Assignments Your Answer Implied Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer general Multiple Choice Multiple Answer Question Goods means Correct Answer birds , gas Your Answer money , gas , old coins Select The Blank Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application. Correct Answer Four weeks Your Answer Three months Multiple Choice Multiple Answer Question Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract Correct Answer the goods must have been perished before the risk is passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller Your Answer the goods must have been perished before the risk is passed to the buyer , the contract be the be of actual sale , the loss is not caused by the wrongful act or default of either buyer or seller Multiple Choice Multiple Answer Question A is a type of stipulation and has following characteristics Correct Answer It is of the subsidiary character , a breach of condition gives the suffered party the one & only one right to repudiate the contract Your Answer It is of fundamental in nature , It is of the subsidiary Page 170

Business Law 15 Assignments character , It goes direct to the root of the contract 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 True/False Question When a person is entrusted with another's property, he may be appointed as an agent by necessity. Correct Answer True Your Answer False Multiple Choice Single Answer Question A consumer has the right to be assured, wherever possible, access to services at Correct Answer Competitive prices Your Answer Competitive prices True/False Question Legal controls, restrictions on public companies are more and strict. Correct Answer True Your Answer True 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 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 Ninety days True/False Question Company is treated as a legal person distinct from its members. Correct Answer True Your Answer True Page 171

Business Law 15 Assignments Multiple Choice Single Answer Question A partnership firm does not enjoy the status of a Correct Answer Legal person Your Answer Legal person 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 A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer irrelevant 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 Multiple Choice Multiple Answer Question Public notice of a dissolution of firm is required to be given by Correct Answer publishing the same in the official gazette , publishing the same in the local news paper Your Answer publishing the same in the official gazette , publishing the same in the local news paper , making advertisement of the same on the hoardings Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question Private company can commence its business immediately after receiving the certificate of Page 172

Business Law 15 Assignments Correct Answer Incorporation Your Answer Incorporation True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares , money Multiple Choice Multiple Answer Question Selection committee for the appointment of the District Forum consists of Correct Answer President of the State Commission , Secretary of the Law Dept. of the state Your Answer President of the State Commission , Secretary of the Law Dept. of the state , Secretary of the Home Dept. of the state True/False Question Bearer cheque is also known as Open cheque. Correct Answer True Your Answer True Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Multiple Choice Single Answer Question Partnership is nothing but Correct Answer a legal relationship between the partners Your Answer a legal relationship between the partners Select The Blank Question A, B,C, and D are partners, A retires and B dies, the partnership between them comes to ________ Correct Answer an end Page 173

Business Law 15 Assignments Your Answer reconstituted 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 LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer A company having control over a subsidiary company Holding company Holding company Constitution and objects of the company Memorandum Prospectus Govern the internal affairs of the company Articles of Association Articles of Association Document includes any notice, circulation, advertisement etc. Prospectus Memorandum Multiple Choice Multiple Answer Question Following are the general agents Correct Answer A manager of a branch office , Managing Director of a company , Commission agent Your Answer A manager of a branch office , Managing Director of a company , Share Broker , Commission agent 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 Multiple Choice Multiple Answer Question Limited companies can be formed for promoting Correct Answer Commerce , Art , Religion Page 174

Business Law 15 Assignments Your Answer Commerce , Art , Religion Select The Blank Question Acceptance of a lesser performance than what was actually contracted for is known as ________. Correct Answer remission Your Answer remission Match The Following Question Correct Answer Your Answer The aggregate value of the realization made from the sale Turnover Turnover Confirmation by the company law board Change of the registered office from one state to another Formal evidence A certificate of incorporation given by the registrar Conclusive evidence Conclusive evidence The period of three consecutive financial years Relevant period Relevant period Select The Blank Question Notice of dishonour of cheque must be ________ Correct Answer within a reasonable time Your Answer within a reasonable time True/False Question When a person leaves country for a long time, he may appoint his son, wife or friend as his universal agent. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Promissory note must be in Correct Answer in writing , definite , unconditional Your Answer in writing , definite , unconditional True/False Question Express or implied authority is conferred on the agent by the Page 175

Business Law 15 Assignments principal. Correct Answer True Your Answer True Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal 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 purposely damages the property of the partnership firm , A partner who steals the property of the partnership firm True/False Question The relation between a doctor and his patient is not fiduciary in nature. Correct Answer False Your Answer False Multiple Choice Single Answer Question For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the Correct Answer Bureau of Indian Standard Your Answer Bureau of Indian Standard 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 , the partner for settlement of firm's account Page 176

Business Law 15 Assignments Multiple Choice Multiple Answer Question As per the Consumer Protection Act, 1986, a consumer is a Correct Answer A person buying goods for a consideration , A person who is a beneficiary of services Your Answer A person buying goods for a consideration , A person who is a beneficiary of services 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 acceptable Multiple Choice Multiple Answer Question An unregistered firm can bring an action in any court of Law against Correct Answer a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm Your Answer a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm Multiple Choice Single Answer Question The promise to pay a time barred debt is Correct Answer not payable unless it was promised in writing and signed by the person charged with Your Answer enforceable without consideration and can be repaid Multiple Choice Single Answer Question A partner unknown to the world is a Correct Answer Dormant Your Answer Dormant 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 True/False Question An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False Page 177

Business Law 15 Assignments Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer promise to deceive other party , promise without intending to perform Select The Blank Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application. Correct Answer Four weeks Your Answer Four weeks Multiple Choice Multiple Answer Question The acts or transactions made by the agent can be ratified if the acts or transaction are Correct Answer criminal , void ab initio , illegal Your Answer valid Multiple Choice Single Answer Question When the property in goods is transferred from the seller to the buyer at once, the contract is called Correct Answer A Sale Your Answer A Sale Select The Blank Question When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________. Correct Answer accepted Your Answer accepted Multiple Choice Multiple Answer Question Following are the circumstances under which an offer lapses Correct Answer offeree makes conditional offer , offeree fails to communicate the acceptance Your Answer acceptor comes to know about the death of the proposer Multiple Choice Multiple Answer Question There are certain limitations to the principle of ratification which are Page 178

Business Law 15 Assignments Correct Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time Your Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time Multiple Choice Single Answer Question Negotiable Instrument means Correct Answer Promissory Note Your Answer Bank - Note True/False Question English Law does not recognize formal contract. Correct Answer False Your Answer False Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer undue Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Single Answer Question 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 members Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification True/False Page 179

Business Law 15 Assignments Question The principal can ratify unauthorised act of an agent. Correct Answer False Your Answer False True/False Question Directors are not allowed to borrow from the private company. Correct Answer False Your Answer True Multiple Choice Single Answer Question A Cheque is always payable on Correct Answer Demand Your Answer Order Select The Blank Question In ________ contract, all the parties perform their promise. Correct Answer an executed Your Answer an executed Multiple Choice Multiple Answer Question Negotiable instrument recognised by law are Correct Answer Bill of exchange , Cheque , Promissory Note Your Answer Bill of exchange , Cheque , Exchange Bills Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner Select The Blank Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller. Correct Answer Carrier Your Answer Carrier Multiple Choice Multiple Answer Question Goods may be classified as Correct Answer Existing goods , future goods , contingent goods Your Answer Existing goods , contingent goods , perishing goods Page 180

Business Law 15 Assignments 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 True/False Question Crossing of Cheques secures payment. Correct Answer True Your Answer True Select The Blank Question The contract of agency between the principal and his agent is ________ Correct Answer enforceable Your Answer enforceable

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LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer

BL1

Unascertained goods Generic goods Generic goods Unpaid seller Right of lien on goods Right of lien on goods Future goods Agreement to sell Agreement to sell Identified goods Ascertained goods Ascertained goods Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Question Consideration or object of an agreement is lawful unless it is Correct Answer forbidden by law Your Answer denied by law 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 When the property in goods is transferred from the seller to the buyer at once, the contract is called Correct Answer A Sale Your Answer A Sale True/False Question Partners can decide their rights and liabilities in the partnership deed. Correct Answer True Your Answer True 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 The unpaid seller loses his lien on the goods sold when Correct Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods Your Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods 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 When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must redeliver the goods to the seller. Correct Answer Carrier Your Answer Buyer Multiple Choice Multiple Answer Question The modes of termination of agency are Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Your Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Actionable claims , Debentures Multiple Choice Single Answer Question The goods which are identified and agreed upon at the time of a contract of sale is made: Correct Answer Specific goods Your Answer Specific goods Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Multiple Choice Single Answer Question The parties of the contract should be major in age according to Correct Answer The law to which they are subject Your Answer The law to which they are subject 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True 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 Multiple Choice Multiple Answer Question The unpaid seller has following rights against the buyer personally Correct Answer suit for interest , repudiation of contract Your Answer suit for interest , repudiation of contract Multiple Choice Multiple Answer Question In the Conditional endorsement Correct Answer the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency Your Answer the liability of the endorser is limited , the liability of the endorser is negative Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Public Limited Company , Company limited by shares 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 act done in personal capacity , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm 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 statutory rights True/False Question Mental acceptance amounts to an acceptance. Correct Answer False Your Answer False

Multiple Choice Single Answer Question The holder of Negotiable Instrument has a right to Correct Answer sue for recovery Your Answer sue for recovery Multiple Choice Multiple Answer Question The unpaid seller has following rights against the goods Correct Answer stoppage in transit , withholding the delivery of goods Your Answer stoppage in transit , withholding the delivery of goods True/False Question Any user of the goods with the approval of the person who has purchased the goods for consideration is also a consumer. 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 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 Multiple Choice Multiple Answer Question The Exception to the rule of "buyer beware" are Correct Answer usage by trade , sale of goods by description , consent by fraud Your Answer usage by trade , sale of goods by description , consent by fraud 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 The property in the Negotiable Instrument passes from one person to another person by ________ delivery. Correct Answer Mere/ Simple

Your Answer

Mere/ Simple

Multiple Choice Single Answer Question When an agent has the authority to do all acts connected with the business or trade of his principal, he is known as Correct Answer a general agent Your Answer a general agent Select The Blank Question The act done by the agent with the permission and on behalf of the principal is ________ on the principal. Correct Answer binding Your Answer binding Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion Multiple Choice Multiple Answer Question According to Rule 3 of the Consumer protection rules the Central Council consists of the following members Correct Answer Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states Your Answer Minister in-charge of dept. of civil supplies , Minister in-charge consumer affairs in states Multiple Choice Single Answer Question If there is a breach of a condition, a buyer has the right to Correct Answer Repudiate the contract Your Answer Repudiate the contract Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bailee 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 Ratification can be only for a part of the act of the agent. Correct Answer False Your Answer True True/False Question In a contract of sale goods can be exchanged for goods. Correct Answer False Your Answer False

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 debts Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Floatation True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract BL2

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 Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner 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 The National Commission , State Council District Forum Match The Following Question Correct Answer Your Answer Agent appointed for a special task Special Agent Special Agent Agency created by conduct of the parties Implied Agency Implied Agency Agency created by words, spoken, or written Express authority Express authority Essentials of valid ratification Existence of principal Existence of principal Select The Blank Question Members of a club or a society are the ________ of each other. Correct Answer friends Your Answer agents Multiple Choice Single Answer Question In a sale if the seller becomes insolvent after a contract of sale & the buyer has paid the price, the buyer can claim the goods from the official Correct Answer Assignee Your Answer Assignee Multiple Choice Multiple Answer Question There are certain limitations to the principle of ratification which are Correct Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time Your Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time

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. , Minister in-charge of consumer affairs in the Central Govt. , Members representing such interests as may be prescribed by the State Govt. Select The Blank Question An offer, to be treated as a valid offer, should be ________. Correct Answer communicated Your Answer communicated Select The Blank Question Notice of dishonour of cheque must be ________ Correct Answer within a reasonable time Your Answer at any time Multiple Choice Single Answer Question A partnership at will can be dissolved by filing a suit for Correct Answer Dissolution Your Answer Dissolution Multiple Choice Multiple Answer Question Following are the circumstances under which an offer lapses Correct Answer offeree makes conditional offer , offeree fails to communicate the acceptance Your Answer offeree makes conditional offer , acceptor comes to know about the death of the proposer , offeree fails to communicate the acceptance True/False Question An agency cannot be terminated at all. In other words a contract of agency is perpetual. Correct Answer False Your Answer False 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 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 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 , Pay off Orders Multiple Choice Single Answer Question In an agreement to sell the seller is responsible for all the risk of loss as he is the Correct Answer Owner Your Answer Owner Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Partner Multiple Choice Single Answer Question Which of the following is not a void agreement Correct Answer agreement of marriage Your Answer agreement of marriage True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer True Multiple Choice 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 Multiple Answer Question The particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , at the expiry of the fixed term 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 Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively True/False Question District Forum enjoys Revisional jurisdiction. Correct Answer False Your Answer True

True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False True/False Question A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent. 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 the partner for settlement of firm's account , the partner for any claim of set-off 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 True/False Question Consideration can not be a past consideration. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means Your Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False 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 An agreement to sell takes place in the case of existing goods or specific goods.

Correct Answer False Your Answer False True/False Question Specific goods are those which are identified and agreed upon at the time of a contract of sale is made. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Multiple Choice Multiple Answer Question 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 Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question People purchasing the commodities for the purpose of trading is Correct Answer trader Your Answer trader Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law 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 wrongfully deals with the assets of the firm Multiple Choice Single Answer Question The relation of partnership arises from Correct Answer contract Your Answer contract True/False Question The law relating to sale of immovable goods is contained

in the Sale of Goods Act, 1930. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question 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 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 Single Answer Question When an offer is made to world-at-large, the contract is Correct Answer made with the person who signs or performs the terms and conditions of the offer Your Answer made with the person who signs or performs the terms and conditions of the offer LIST OF ATTEMPTED QUESTIONS AND ANSWERS BL3

Select The Blank Question All illegal agreements are ________ but all void agreements are not illegal. Correct Answer void Your Answer void 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 Multiple Choice Single Answer Question Under the Indian Contract Act a person of sound mind is the one capable of Correct Answer Understanding the agreement, he is involved in Your Answer Understanding the agreement, he is involved in True/False Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for commercial purposes from the purview of the consumer dispute redressal agencies 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

charging 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 , Provision for charging of fee in respect of complaints filed before the consumer redressal agencies Multiple Choice Multiple Answer Question Amendments made in the Consumer Protection Act in 1993: 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 The term of Central Protection Council is Correct Answer Three years Your Answer Three years Multiple Choice Multiple Answer Question A minor admitted to the benefits of partnership is Correct Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account Your Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account 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 Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer an alien enemy with an Indian subject , an alien friend with an Indian subject True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming Your Answer shortcoming Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares.

Correct Answer public Your Answer public Multiple Choice Single Answer Question A Company is created by Correct Answer Law Your Answer Law Multiple Choice Single Answer Question To be deemed as an unpaid seller the seller must Correct Answer have sold the goods against cash and the price must be due Your Answer have sold the goods against cash and the price must be due True/False Question 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer undue influence on parties Multiple Choice Multiple Answer Question A Consumer has following rights: Correct Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods Your Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods 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 Special resolution and confirmation by ________is required for alteration of Memorandum. Correct Answer Company Law Board Your Answer Company Law Board Match The Following Question Correct Answer Your Answer Cannot enter into partnership Two partnership firms Two partnership firms Giving due notice Dissolves partnership at will Dissolves partnership at will Partnership Deed Domicile of partnership firm Domicile of partnership firm Not mandatory Registration of partnership Registration of partnership Partnership firm Can be sued in its own name Can be sued in its own name

True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True True/False Question A company is created by law and not by natural birth. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Advantage of crossing the Cheque Correct Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque True/False Question A trader is a middle man bringing the buyer and seller together and receiving any commission for services rendered by him. Correct Answer False Your Answer True True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer False 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 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 , Firm is held liable for any acts of insolvent after the adjudication Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Select The Blank Question A proposal comes to an end by its ________. Correct Answer rejection Your Answer rejection

Multiple Choice Multiple Answer Question Classification of companies based on the jurisdiction of functioning Correct Answer A National Company , Multinational Company , Foreign Company Your Answer A National Company , Multinational Company , Foreign Company Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question Which of the following is not a void agreement ? Correct Answer agreements relating to legal proceedings Your Answer agreements relating to legal proceedings True/False Question The maximum number of persons in the case of a partnership firm carrying on banking business must not exceed twenty. Correct Answer False Your Answer False Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void Multiple Choice Multiple Answer Question The purpose of not Negotiable crossing Correct Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Your Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque Multiple Choice Multiple Answer Question No company shall be registered by name which has a name which is identical with Correct Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration Your Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration True/False Question Copies of memorandum and articles shall not be given to members. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Following are the conditions needed to prove that an act of a partner is an act of a partnership firm Correct Answer an act be done in an ordinary course of business of a partnership firm , It must be related to the business of the firm , Act must have been done in the name and on behalf of the firm Your Answer 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 Competent parties means parties should be Correct Answer major in age Your Answer in majority 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 True/False Question Special agent and Particular agent mean one and the same thing. Correct Answer True Your Answer True Multiple Choice Single Answer Question The essence of contract of sale is Correct Answer sale of goods Your Answer sale of goods 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 Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Your Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Question A Cheque is a Bill of Exchange. Correct Answer True Your Answer True KBL1

Select The Blank Question One man holds practically the ________ of the share capital of the one man company. Correct Answer whole Your Answer whole 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 Limited companies can be formed for promoting Correct Answer Commerce , Art , Religion Your Answer Commerce , Art , Religion Select The Blank Question There should be a ________ and real necessity for creating an agency. Correct Answer definite Your Answer definite 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 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 Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Applicability An agreement enforceable by law Contract Contract 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 True/False Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True Your Answer True True/False Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True Your Answer True Select The Blank Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar Your Answer registrar 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 For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the Correct Answer Bureau of Indian Standard Your Answer Bureau of Indian Standard Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Multiple Choice Single Answer Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a Correct Answer Company Your Answer Partnership Business Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Your Answer owner can take action 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 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 to earn profitto earn profit , to sharing profits equally , where any one of the partners is entitled to total profit earned 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 , the partner for settlement of firm's account 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 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 wrongfully deals with the assets 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 admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm Multiple Choice 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 , Holding company Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , enter into partnership on behalf of the firm 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 Select The Blank Question Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact. Correct Answer subject matter Your Answer validity True/False Question The writing of "Not Negotiable" is one and the same thing as that of special crossing. Correct Answer False Your 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 Your Answer the property in goods is transferred to the buyer Multiple Choice Single Answer Question If there is a breach of condition, a buyer has an option to claim Correct Answer Damages Your Answer Damages True/False Question The legal heir or representative of a dead consumer is given the right to become the complainant. Correct Answer True Your Answer True Select The Blank Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________" Correct Answer Lawful business is common with a view to private gain Your Answer Lawful business is common with a view to private gain True/False Question The subscriber of the memorandum of a company on its registration shall be entered in its register of members as member. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question The ingredients of the proposal are Correct Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Your Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another Select The Blank Question Every promise and every set of promises, forming the consideration for each other, is an ________. Correct Answer agreement Your Answer agreement 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 Jointly own property with shareholders , Own its property in its own name , Enjoy its property in its own name True/False Question Existing goods are those goods, which are owned and possessed by the seller at the time of sale. 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 A condition or warranty Multiple Choice Single Answer Question Negotiable Instrument can be drawn or accepted by duly authorised agent on behalf of Correct Answer principle Your Answer principle 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 Single Answer Question Existing may be further classified as Correct Answer Specific goods Your Answer Specific goods 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 insolvent 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 Agents are ________ to act within the scope of the authority given. Correct Answer authorised Your Answer authorised Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate

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 Multiple Answer Question A proposal Correct Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposer Your Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposee LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL2

True/False Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Your Answer False 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 Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner Your Answer quasi-partner , nominal partner Multiple Choice Single Answer Question Partnership at will is a partnership Correct Answer for an indefinite period Your Answer for a definite period True/False Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory Your Answer executory Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion True/False Question A Promissory Note contains conditional undertaking to pay a certain sum of money. Correct Answer False Your Answer False Select The Blank

Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly Your Answer definitely Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer dishonour of cheque Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The formation , The objectives True/False Question The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False True/False Question No consideration is required in formal contracts. Correct Answer True Your Answer False Multiple Choice Single Answer Question Following is an implied condition Correct Answer Condition as to title Your Answer Condition as to contingency Multiple Choice Multiple Answer Question Public notice is required to be given Correct Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm Your Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm 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 Unlimited companies , Limited by guarantee , Limited by shares

Multiple Choice Single Answer Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer Your Answer Goods are accepted by the buyer Multiple Choice Single Answer Question In case of a public limited company, the maximum number is no limit, but the minimum is fixed at Correct Answer 7 Your Answer 7 Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Sharing of profits by outsiders Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Winfield Select The Blank Question One of the two kinds of presentment of an Instrument is by ________ Correct Answer Payment Your Answer Payment True/False Question The Act is passed merely to settle the disputes of commercial transactions. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The Memorandum , The articles , Share of profits Multiple Choice Single Answer Question Memorandum of a public company must be signed by Correct Answer Seven persons Your Answer Five persons Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate

Multiple Choice Multiple Answer Question The following types of companies are required to have their own articles Correct Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Your Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares Multiple Choice Multiple Answer Question The Articles of Association are subsidiary to Correct Answer Companies Act , Memorandum of Association Your Answer Companies Act , Certificate of Registration , Memorandum of Association Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Warranty Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Select The Blank Question Unfair trade practice includes a representation made to public in a form that purpots to be a ________ of a product. Correct Answer warranty Your Answer shortcoming 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 The rights of the partners are Correct Answer right to retire , right to be indemnified , right not to be expelled Your Answer right to retire , right to be indemnified , right not to be expelled Multiple Choice Single Answer Question A Company after its registration, possesses Correct Answer Legal entity Your Answer Legal entity 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 A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary

Your Answer subsidiary 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 Required for registration The registrar of firms To rectify any mistake To rectify any mistake Select The Blank Question In ________ contract, all the parties perform their promise. Correct Answer an executed Your Answer an executed Multiple Choice Multiple Answer Question Following agreements are opposed to public policy Correct Answer agreement to commit crime , agreements interfering with an administration of justice Your Answer agreement to commit crime , agreement by way of maintenance and champerty , agreements interfering with an administration of justice True/False Question Memorandum is adopted to control internal operations of the company. Correct Answer False 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 Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Unlimited Company , Company limited by guarantee , Company limited by shares Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer Any third person

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 Single Answer Question In contract of sale the buyer becomes Correct Answer Absolute owner of the property Your Answer Symbolic owner of the property LIST OF ATTEMPTED QUESTIONS AND ANSWERS KBL3

Multiple Choice Multiple Answer Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Your Answer Undue influence , Fraud , Mistake Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Government Company Multiple Choice Single Answer Question A pardanashin woman means a woman who Correct Answer observes seclusion, because of curom Your Answer does not come into the public 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 goods 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 declared 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 The Supreme Court , The National Commission , Central Council Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer fact Select The Blank Question A minor, who is admitted to the benefits of partnership, must give a public notice within ________ months. Correct Answer six Your Answer six

Match The Following Question Correct Answer Your Answer Partner by holding-out Partner by estoppel Partner by estoppel Dissolution of partnership Completion of ventures Loss caused by fraud Right of a partner To retire To retire Partner is liable Loss caused by fraud Completion of ventures Sleeping Partner Dormant Partner Dormant Partner Multiple Choice Single Answer Question The parties to the bill of exchange must be Correct Answer certain Your Answer certain Match The Following Question Correct Answer Your Answer Any person who for the consideration becomes the possessor of a promissory note Holder in due course Holder in due course Negotiating Negotiable Instruments so as to bind all, except himself A minor A minor A partner accepting Negotiable Instrument Implied authority Implied authority A person who can't accept or indorse a bill An insolvent An insolvent Multiple Choice Multiple Answer Question Goods includes Correct Answer trade marks , good will Your Answer actionable claims , trade marks , money Multiple Choice Multiple Answer Question The District Protection Council shall consist of the following members Correct Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District Your Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District True/False Question The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods

from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer concealing a fact believing to be untrue , promise without intending to perform True/False Question Loss of profits is an example of liquidated damages. Correct Answer False Your Answer True 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 True Select The Blank Question ________ contracts are the result of the implied promises. Correct Answer Implied Your Answer Implied Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer general Multiple Choice Multiple Answer Question Goods means Correct Answer birds , gas Your Answer money , gas , old coins Select The Blank Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application. Correct Answer Four weeks Your Answer Three months Multiple Choice Multiple Answer Question Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract Correct Answer the goods must have been perished before the risk is

passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller Your Answer the goods must have been perished before the risk is passed to the buyer , the contract be the be of actual sale , the loss is not caused by the wrongful act or default of either buyer or seller Multiple Choice Multiple Answer Question A is a type of stipulation and has following characteristics Correct Answer It is of the subsidiary character , a breach of condition gives the suffered party the one & only one right to repudiate the contract Your Answer It is of fundamental in nature , It is of the subsidiary character , It goes direct to the root of the contract 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 True/False Question When a person is entrusted with another's property, he may be appointed as an agent by necessity. Correct Answer True Your Answer False Multiple Choice Single Answer Question A consumer has the right to be assured, wherever possible, access to services at Correct Answer Competitive prices Your Answer Competitive prices True/False Question Legal controls, restrictions on public companies are more and strict. Correct Answer True Your Answer True 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 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 Ninety days 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 A partnership firm does not enjoy the status of a Correct Answer Legal person Your Answer Legal person 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 A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer irrelevant 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 Multiple Choice Multiple Answer Question Public notice of a dissolution of firm is required to be given by Correct Answer publishing the same in the official gazette , publishing the same in the local news paper Your Answer publishing the same in the official gazette , publishing the same in the local news paper , making advertisement of the same on the hoardings Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Single Answer Question Private company can commence its business immediately after receiving the certificate of Correct Answer Incorporation Your Answer Incorporation True/False Question Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares , money

Multiple Choice Multiple Answer Question Selection committee for the appointment of the District Forum consists of Correct Answer President of the State Commission , Secretary of the Law Dept. of the state Your Answer President of the State Commission , Secretary of the Law Dept. of the state , Secretary of the Home Dept. of the state True/False Question Bearer cheque is also known as Open cheque. Correct Answer True Your Answer True Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Multiple Choice Single Answer Question Partnership is nothing but Correct Answer a legal relationship between the partners Your Answer a legal relationship between the partners Select The Blank Question A,B,C, and D are partners, A retires and B dies, the partnership between them comes to ________ Correct Answer an end Your Answer reconstituted 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

LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 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 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 Following are the element 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 , There must be an association of two or more persons Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm Select The Blank Question A ________ partner is like an undisclosed principal. Correct Answer sleeping

Your Answer

sleeping

Select The Blank Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________" Correct Answer Lawful business is common with a view to private gain Your Answer True/False Question Legal business is common with a view to private gain

An alien friend can enter into partnership with an Indian subject.

Correct Answer True Your Answer True

Select The Blank Question Partnership firm can be dissolved by the order of ________ Correct Answer court Your Answer court

Select The Blank Question A minor, who is admitted to the benefits of partnership, must give a public notice within ________ months. Correct Answer six Your Answer five

Multiple Choice Multiple Answ er Question Under section 144, mode of service of summons are Correct Answer by speed post , by courier services , by concerned police station Your Answer True/False Question by speed post , by courier services , by concerned police station

"I promise to pay Mr.John Rs.500/- seven days after my marriage with Miss Lucy" is a promissory note. Correct Answer False Your Answer True

Multiple Choice Single Answer

Question

Which of the following is the essential element of the contract ?

Correct Answer free consent Your Answer coercion

Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform Your Answer promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform Select The Blank Question Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact. Correct Answer subject matter Your Answer validity

Multiple Choice Single Answer Question A factor has a general Correct Answer lien on the goods of his principal Your Answer control on the goods of his principal

Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Debentures , Stocks & shares , Money

Multiple Choice Single Answer Question Where the transfer of property in the goods is to take place at a future time it is called Correct Answer Agreement to sell Your Answer Agreement to sell

Multiple Choice Single Answer Question Contingent goods are a type of Correct Answer Future goods Your Answer Ascertained goods

Multiple Choice Single Answer Question A hire -purchase agrement is Correct Answer Contract Your Answer Contract

Multiple Choice Single Answer Question Following is an implied condition Correct Answer Condition as to title Your Answer True/False Question Condition as to good faith

A sale is an executed contract whereas an agreement to sell is an executory contract. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question 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 , Holding of the goods , Delivery of goods Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt

Multiple Choice Single Answer Question Existing may be further classified as Correct Answer Specific goods Your Answer Specific goods

Multiple Choice Single Answer Question The unpaid seller has a

Correct Answer right against the goods Your Answer right against the goods

Multiple Choice Single Answer Question Where the property in goods has not been transferred, the unpaid seller has the Correct Answer right of stop the goods in transit Your Answer True/False Question right of stop the goods in transit

In a contract of sale goods can be exchanged for goods.

Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Following are the types of jurisdiction, which have been conferred on the State Commission Correct Answer Appellate , Supervisory , Revisional Your Answer Appellate , Supervisory , Pecuniary

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 The Supreme Court , The National Commission

Select The Blank Question Spurious goods means goods which are ________ Correct Answer fake Your Answer fake

Match The Following Question Consumer Council Quasi-judicial bodies of consumer council

Correct Answer Quasi-Judicial bodies Observe principles of natural justice

Your Answer Quasi-Judicial bodies Legal body

Consumer

Buys goods for any consideration

Buys goods for any consideration Protect the rights of the consumer

Consumer Protection Act, Protect the rights of the 1986 consumer

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 , Holding company Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The Memorandum , The articles , Every other agreement

Multiple Choice Multiple Answer Question The Prospectus is Correct Answer A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to shares Your Answer A Prospectus can be, any notice , Issued to invite the subscription to shares 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. Whether the company will Correct Answer Survive Your Answer Survive

Multiple Choice Single Answer Question Where the liability of the shareholders of a company is limited to the extent of the unpaid amount on the shares held by them, the company is known as a company Correct Answer Limited by shares Your Answer True/False Question Limited company

Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False

Your Answer True/False Question

False

Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer False

Select The Blank Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares. Correct Answer public Your Answer public

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 True/False Question constitutional rights

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

True/False Question

Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer False

True/False Question

Legal controls, restrictions on public companies are more and strict. Correct Answer True Your Answer False

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 Issued capital can be defined as the ________ of shares which are offered to the public for subscription. Correct Answer nominal value Your Answer excess value

Match The Following Question

Correct Answer

Your Answer Table X and Y in schedule 1

The memorandum of Table B, C, D and E in association of a company schedule 1 shall be in forms Change of the place of company's registration office from one state to another Auditors Report Confirmation by the Regional Director

Alteration of Memorandum Change of place of registered office outside a state Accounts of the company Accounts of the company Change of place of registered office within a state Alteration of Memorandum

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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Select The Blank Question A valid tender of performance should be ________

Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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

True

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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer

Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False 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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners

Your Answer

all the partners

Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company

Your Answer

Limited company

Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company.

Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company

QUESTION OF BUSINESS LAW
53. Exceptions to the Wagering Agreement are

a) b) c) d)

Cross-word competitions Horse-race Lottery All of the above

54.

In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to

a) b) c) d)
55.

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 enter into partnership on behalf of the firm

Following are the persons who cannot enter into partnership firm

a) b) c) d)
33.

A Burmese Buddhist husband and wife carrying on business the members of Hindu Undivided Family carrying on Family business Hindu unmarried person persons from minority community

Acceptance of a known as

performance than what was actually ontracted for is

11.

1. Creation of an Agency 2. Ratification of an act 3. Implied Agency 4. Express Agency 5. Completion of work contract

1. By an Agreement 2. Creates an Agency 3. Conduct of the parties 4. Terminates an agency 5. By words, spoken or written

28.

The State Commission is empowered to transfer any complaint from one District Forum to another within a state

a) b) c) d)

for the convenience of one of the party to the complaint if the state commission is over burden with the complaints if required for the ends of justice none of the above

Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Outside affairs of the company , Regulations of the company , Conduct of company's business Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Seller's agent , Seller , Official Assignee , Receiver

Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer voidable

Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Proposal

Multiple Choice Multiple Answer Question Following are the element 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 Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The articles , Every other agreement , Share of profits

Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory

Your Answer

executory

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 True/False Question Civil Court

Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True

Multiple Choice Single Answer Question When the time is not specified for the delivery of goods, the goods must be delivered. Correct Answer Reasonable time Your Answer True/False Question Reasonable time

If all the members of a company are married, the company would not be a married person. Correct Answer True Your Answer False

Select The Blank Question Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve

Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner

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 must be qualified , acceptance must be communicated to the offeror Multiple Choice Single Answer Question Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/- who is liable to account for it to Correct Answer Mr. Naveen Your Answer Mr. Manik himself

Multiple Choice Multiple Answer Question A sale can be in case of Correct Answer Specific goods , Existing goods Your Answer Specific goods , Future goods , Existing goods

Select The Blank Question Whenever the term illegal contract is used, it involves ________ Correct Answer inconsistency Your Answer True/False Question voidity

Companies can be registered with undesirable names.

Correct Answer False Your Answer True

Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer True/False Question equivalent

The principal can ratify unauthorised act of an agent.

Correct Answer False Your Answer True

True/False Question

A contract of sale may either be a sale or an agreement to sell.

Correct Answer True Your Answer True

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 The Supreme Court , The National Commission , Central Council

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 , Free service , Personal service

Match The Following Question Inadequacy in nature and manner of performance Manipulation of Price Falsely represents that the services are of a particular quality Defect in goods

Correct Answer Deficiency in service Restrictive Trade Practice Unfair Trade Practice

Your Answer Fault, Imperfection or shortcoming Unfair Trade Practice unfair labour practice

Fault, Imperfection or shortcoming

Deficiency in service

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 purposely damages 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 Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming

Your Answer

shortcoming

Multiple Choice Single Answer Question Where future Negotiability of Negotiable Instrument is restricted such endorsement is called Correct Answer restrictive endorsement Your Answer restrictive endorsement

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 Specification

Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Your Answer True/False Question buyer can take action

Ratification can be only for a part of the act of the agent.

Correct Answer False Your Answer True/False Question True

No company shall be registered by a name which, in the opinion of the central government is undesirable. Correct Answer True Your Answer True

Select The Blank Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly Your Answer True/False honestly

Question

The statement in lieu of prospectus is prepared only for advertising purpose. Correct Answer False Your Answer True/False Question True

Express or implied authority is conferred on the agent by the principal.

Correct Answer True Your Answer True

Select The Blank Question An agency is based upon the ________ Correct Answer consent Your Answer consent

Multiple Choice Multiple Answer Question A company has continuity of life. Its life is not affected by Correct Answer Death , Lunacy , Insolvency Your Answer Death , Lunacy , Insolvency , Wound up

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 Quasi

Multiple Choice Single Answer Question a contract of sale a condition may be reduced to warranty where Correct Answer There is a voluntary waiver of condition Your Answer True/False Question There is a fulfillment of condition

Directors are allowed to borrow from the public companies.

Correct Answer False Your Answer True

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 , Bills of exchange

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 A proposal comes to an end by its ________. Correct Answer rejection Your Answer acceptance

Multiple Choice Single Answer Question A Company is registered as an Correct Answer Artificial person Your Answer Artificial person

Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer In its corporate name

Match The Following Question Unlawful Business Sub-partner Partnership Partners have to be Partner lending his name only

Correct Answer Dissolution of Partnership Sharing of profits by outsiders Association of two or more persons Competent Nominal partner

Your Answer Dissolution of Partnership Sharing of profits by outsiders Association of two or more persons Competent Nominal partner

Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to Correct Answer Repudiate the contract , Recind the contract Your Answer Repudiate the contract , Modify the contract , Recind the contract , Rectify the contract

Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Outside affairs of the company , Regulations of the company , Conduct of company's business Multiple Choice Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Seller's agent , Seller , Official Assignee , Receiver

Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer voidable

Multiple Choice Single Answer Question A breach of a condition may be treated as breach of Correct Answer Warranty Your Answer Proposal

Multiple Choice Multiple Answer Question Following are the element 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 Multiple Choice Multiple Answer Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement Your Answer The articles , Every other agreement , Share of profits

Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory

Your Answer

executory

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 True/False Question Civil Court

Existing goods are those goods, which are owned and possessed by the seller at the time of sale. Correct Answer True Your Answer True

Multiple Choice Single Answer Question When the time is not specified for the delivery of goods, the goods must be delivered. Correct Answer Reasonable time Your Answer True/False Question Reasonable time

If all the members of a company are married, the company would not be a married person. Correct Answer True Your Answer False

Select The Blank Question Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve

Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a Correct Answer symbolic manner Your Answer symbolic manner

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 must be qualified , acceptance must be communicated to the offeror Multiple Choice Single Answer Question Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/- who is liable to account for it to Correct Answer Mr. Naveen Your Answer Mr. Manik himself

Multiple Choice Multiple Answer Question A sale can be in case of Correct Answer Specific goods , Existing goods Your Answer Specific goods , Future goods , Existing goods

Select The Blank Question Whenever the term illegal contract is used, it involves ________ Correct Answer inconsistency Your Answer True/False Question voidity

Companies can be registered with undesirable names.

Correct Answer False Your Answer True

Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer True/False Question equivalent

The principal can ratify unauthorised act of an agent.

Correct Answer False Your Answer True

True/False Question

A contract of sale may either be a sale or an agreement to sell.

Correct Answer True Your Answer True

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 The Supreme Court , The National Commission , Central Council

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 , Free service , Personal service

Match The Following Question Inadequacy in nature and manner of performance Manipulation of Price Falsely represents that the services are of a particular quality Defect in goods

Correct Answer Deficiency in service Restrictive Trade Practice Unfair Trade Practice

Your Answer Fault, Imperfection or shortcoming Unfair Trade Practice unfair labour practice

Fault, Imperfection or shortcoming

Deficiency in service

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 purposely damages 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 Select The Blank Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods Correct Answer shortcoming

Your Answer

shortcoming

Multiple Choice Single Answer Question Where future Negotiability of Negotiable Instrument is restricted such endorsement is called Correct Answer restrictive endorsement Your Answer restrictive endorsement

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 Specification

Multiple Choice Single Answer Question In case of damages to the goods by a third party, only Correct Answer owner can take action Your Answer True/False Question buyer can take action

Ratification can be only for a part of the act of the agent.

Correct Answer False Your Answer True/False Question True

No company shall be registered by a name which, in the opinion of the central government is undesirable. Correct Answer True Your Answer True

Select The Blank Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly Your Answer True/False honestly

Question

The statement in lieu of prospectus is prepared only for advertising purpose. Correct Answer False Your Answer True/False Question True

Express or implied authority is conferred on the agent by the principal.

Correct Answer True Your Answer True

Select The Blank Question An agency is based upon the ________ Correct Answer consent Your Answer consent

Multiple Choice Multiple Answer Question A company has continuity of life. Its life is not affected by Correct Answer Death , Lunacy , Insolvency Your Answer Death , Lunacy , Insolvency , Wound up

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 Quasi

Multiple Choice Single Answer Question a contract of sale a condition may be reduced to warranty where Correct Answer There is a voluntary waiver of condition Your Answer True/False Question There is a fulfillment of condition

Directors are allowed to borrow from the public companies.

Correct Answer False Your Answer True

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 , Bills of exchange

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 A proposal comes to an end by its ________. Correct Answer rejection Your Answer acceptance

Multiple Choice Single Answer Question A Company is registered as an Correct Answer Artificial person Your Answer Artificial person

Multiple Choice Single Answer Question A company can sue and also be sued by Correct Answer In its corporate name Your Answer In its corporate name

Match The Following Question Unlawful Business Sub-partner Partnership Partners have to be Partner lending his name only

Correct Answer Dissolution of Partnership Sharing of profits by outsiders Association of two or more persons Competent Nominal partner

Your Answer Dissolution of Partnership Sharing of profits by outsiders Association of two or more persons Competent Nominal partner

Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to Correct Answer Repudiate the contract , Recind the contract Your Answer Repudiate the contract , Modify the contract , Recind the contract , Rectify the contract

Multiple Choice Multiple Answer Question Promise may be fraud if it is made Correct Answer without intending to perform it , to deceive Your Answer True/False Question to mislead other , to deceive , to misguide others

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 True/False Question Shares,

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 Two parties Monetary consideration Unpaid Seller Future Goods Identified Goods

Correct Answer Contract of Sale Price for the goods Right of lien on goods Agreement to sell Ascertained Goods

Your Answer Agreement to sell Price for the goods Contract of Sale Right of lien on 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 True/False Question provided

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 True/False Question Injunction

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 True/False Question maintained

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 True/False Question add new the condition

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 Partner by holding-out Dissolution of partnership Right of a partner Partner is liable Sleeping Partner

Correct Answer Partner by estoppel Completion of ventures To retire Loss caused by fraud Dormant Partner

Your Answer Partner by estoppel Completion of ventures To retire Loss caused by fraud 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 True/False Question Contingent

Stock is a synonym used for Shares.

Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question A company is a legal person with a perpetual succession Correct Answer it never dies , it can be put an end to only by process of law Your Answer it never dies , it can be put an end to only by process of law

Select The Blank Question ________ is an invitation made to the ________ Correct Answer Prospectus Your Answer Prospectus

Correct Answer public

Your Answer

public

Multiple Choice Multiple Answer

Multiple Choice Multiple Answer Question Promise may be fraud if it is made Correct Answer without intending to perform it , to deceive Your Answer True/False Question to mislead other , to deceive , to misguide others

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 True/False Question Shares,

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 Two parties Monetary consideration Unpaid Seller Future Goods Identified Goods

Correct Answer Contract of Sale Price for the goods Right of lien on goods Agreement to sell Ascertained Goods

Your Answer Agreement to sell Price for the goods Contract of Sale Right of lien on 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 True/False Question provided

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 True/False Question Injunction

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 True/False Question maintained

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 True/False Question add new the condition

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 Partner by holding-out Dissolution of partnership Right of a partner Partner is liable Sleeping Partner

Correct Answer Partner by estoppel Completion of ventures To retire Loss caused by fraud Dormant Partner

Your Answer Partner by estoppel Completion of ventures To retire Loss caused by fraud 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 True/False Question Contingent

Stock is a synonym used for Shares.

Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question A company is a legal person with a perpetual succession Correct Answer it never dies , it can be put an end to only by process of law Your Answer it never dies , it can be put an end to only by process of law

Select The Blank Question ________ is an invitation made to the ________ Correct Answer Prospectus Your Answer Prospectus

Correct Answer public

Your Answer

public

Multiple Choice Multiple Answer

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Multiple Choice 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 particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , at the expiry of the fixed term

Multiple Choice Multiple Answer Question Following are the characteristics of partnership at will Correct Answer partners are always free to break their relationship at their whim , it is for indefinite period Your Answer partners are always free to break their relationship at their whim , it is for indefinite period Multiple Choice Multiple Answer Question Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner Your Answer ostensible partner , nominal partner

Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer Corporation , an alien enemy with an Indian subject , company

Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Multiple Choice Multiple Answer Question A public company has following characteristics Correct Answer It has minimum of three directors , Its directors cannot borrow from the private companies Your Answer It has minimum of three directors , Its directors can borrow from the private companies Multiple Choice Multiple Answer Question Following are the characteristics of a company Correct Answer it has no body , it has its own independent existence Your Answer it has no body , it has its own independent existence

Multiple Choice Single Answer Question An agreement to do an act impossible in itself is Correct Answer Void Your Answer Void

Multiple Choice Multiple Answer Question Following are the important elements of a wagering agreement Correct Answer there must be promise to pay either cash or money's worth , there should be no control of any party of the event. Your Answer there must be promise to pay either cash or money's worth , there should be no control of any party of the event. Multiple Choice Multiple Answer Question Following are mere invitation to offer Correct Answer Newspaper advertisement , Prospectus of a company , Quotations

Your Answer

Newspaper advertisement , Prospectus of a company , Quotations

Multiple Choice Multiple Answer Question Following are the essentials of valid acceptance Correct Answer it may be expressed and implied , it must make clear an intention on the part of the promisee to fulfill the terms of the promise given Your Answer it may be expressed and implied , it must make clear an intention on the part of the promisee to fulfill the terms of the promise given Select The Blank Question The doctrine of ________ Is a part of the principle of ________ Correct Answer holding-out Your Answer estoppel

Correct Answer estoppel Your Answer holding-out

Match The Following Question Free Consent Consideration Mistake Minor’s Agreement Agreement

Correct Answer Coercion

Your Answer Coercion

Past, Present and Future Past, Present and Future Fact and Law Void ab initio Offer + Acceptance Fact and Law Void ab initio Offer + Acceptance

True/False Question

Invitation to offer is an offer.

Correct Answer False Your Answer True/False Question False

If mistake is unilateral the contract cannot be enforced.

Correct Answer False

Your Answer True/False Question

True

Even if the subject matter of the contract is destroyed, the contract has to be performed. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question Agency can be created by Correct Answer Operation of law , Necessity , Ratification Your Answer True/False Question Operation of law , Necessity , Ratification

An alien friend can enter into partnership with an Indian subject

Correct Answer True Your Answer True/False Question True

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 False

Multiple Choice Single Answer Question A Negotiable Instrument is Correct Answer always subject to certain presumptions Your Answer always subject to certain presumptions

Multiple Choice Single Answer Question Promissory Note must be signed by the Correct Answer maker Your Answer maker

Multiple Choice Single Answer Question The right of lien can be exercised by the unpaid seller for

Correct Answer getting the price Your Answer getting the price

Multiple Choice Single Answer Question Noting must contain Correct Answer notary charges incurred Your Answer True/False Question notary charges incurred

In a sale the buyer immediately becomes an owner.

Correct Answer True Your Answer True/False Question True

”I promise to pay D or Order Rs. 1,500/-“ is a promissory Note

Correct Answer True Your Answer True/False Question True

An unpaid seller cannot file a suit against the buyer for repudiating the contract. Correct Answer False Your Answer False

Multiple Choice Single Answer Question agreement to sell Correct Answer A contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price Your Answer A contract where the transfer of the property in the goods is to take place at a future time or subject to condition thereafter to be fulfilled. Multiple Choice Single Answer Question The state Govt. on receiving the application for appropriate laboratory from the applicant, shall forward the two copies of the same to Correct Answer Bureau of Indian Standards Your Answer Indian Standard Organization

True/False Question

A private limited company’s shares are easily transferable.

Correct Answer False Your Answer True/False Question False

Existing company means any company registered under any of the previous companies acts. 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

Multiple Choice Single Answer Question In case of a private limited company, minimum number of members is Correct Answer two Your Answer two

Select The Blank Question A valid tender of ________ should be ________ . Correct Answer performance Your Answer performance

Correct Answer Unconditional Your Answer Unconditional

Select The Blank Question In a ________ Contract, the future event is ________ to the contract.

Correct Answer Contingent Your Answer Contingent

Correct Answer Collateral Your Answer Collateral

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

Correct Answer Legal Your Answer Legal

Multiple Choice Single Answer Question Stock Correct Answer The aggregate of fully paid-up shares, consolidated and divided for convenient holding into different parts Your Answer The aggregate of fully paid-up shares, consolidated and divided for convenient holding into different parts Select The Blank Question Under ________ the ________ party may hold a Undue Influence authority over the other party. Correct Answer Undue Influence Your Answer Undue Influence

Correct Answer dominant Your Answer dominant

Select The Blank Question The ________ assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true amounts to ________ Correct Answer positive Your Answer positive

Correct Answer Misrepresentation Your Answer Mistake

Select The Blank Question Agent’s ________ refers to the ________ of the agent to bind his principal Correct Answer capacity Your Answer authority

Correct Answer authority Your Answer capacity

Select The Blank Question ________ dispute is a Dispute where the person against whom a complaint has been made & he denies or disputes the ________ contained in such complaint. Correct Answer Consumer Your Answer allegations

Correct Answer allegations Your Answer explainations

Select The Blank Question 3 A Negotiable ________strument made in India and made payable in, shall be deemed to be ________ Instrument. Correct Answer in Your Answer in

Correct Answer inland Your Answer inland

Match The Following Question An agent facilitating the distribution of goods at international level An agent helping the importers of goods An agent helping the exporters of goods

Correct Answer Indenting agents

Your Answer Indenting agents

Clearing agents Forwarding agents

Clearing agents Forwarding agents Del Credere agents

An agent occupying the Del Credere agents position of a guarantor as well as that of an agent Mercantile Agent Broker

Broker

Select The Blank Question ________ Delivery is the delivery of goods in the goods are ________ handed over to the buyer by either the seller or his authorised agent. Correct Answer Actual Your Answer Actual

Correct Answer physically Your Answer physically

Multiple Choice Single Answer Question Meaning of the term, Executory consideration is Correct Answer A consideration which consists of exchange of promise and each promise is a consideration for the other Your Answer A consideration which moves simultaneously with the promise

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 True/False Question right to stop goods in transit

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 partner by estoppel

An Outsider or a stranger partner by estoppel who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm A person who becomes a Ostensible partner partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business A person who only lends Nominal Partner 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 When partners agree to share the profits of the partnership firm with any Sub-Partner

Ostensible partner

Nominal Partner

Sub-Partner

outsider, such An outsider is known as 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 Sale Barter Exchange Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Correct Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware Implied Warranty

Your Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware 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 True/False Question subscribed

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 True/False Question deceptive

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 True/False Question winding up

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 True/False Question Mercantile Agent

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 True/False Question possible

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

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Firm Partner Partnership Minor Partner Dissolution of a Partnership

Correct Answer Partners Agents of the firm Can be formed at Will Admitted for profits only

Your Answer Can be formed at Will Agents of the firm Partners Admitted for profits only

Death or Insanity of the partners Death or Insanity of the partners

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 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 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 , to earn profitto earn profit , where any one of the partners is entitled to total profit earned 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 the partner for settlement of firm's account , the partner for any claim of set-off

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 wrongfully deals with the assets of the firm Multiple Choice Multiple Answer Question The Exception to the rule of "buyer beware" are Correct Answer quality of goods are not merchantable , presence of patent defect in goods Your Answer fitness for buyer's purpose , sale of goods by description , quality of goods are not merchantable , presence of patent defect in goods

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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer True/False Question Company

A minor can be admitted as a partner with the consent of all other partners.

Correct Answer True Your Answer True/False Question False

A partnership is a form of business organisation in which three or more persons upto a maximum of thirty join together to undertake some form of business activity. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion

Your Answer

retirement , death , expulsion

Select The Blank Question A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer similar

Multiple Choice Multiple Answer Question Promissory note must be in Correct Answer in writing , definite , unconditional Your Answer unconditional , uncertain

Multiple Choice Single Answer Question A legal representative being holder of Negotiable Instrument can sue Correct Answer after the death of the holder Your Answer any time during life time of legal representation

Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer True/False Question dishonour of cheque

The liability of the drawer of a Bill of Exchange is primary and absolute.

Correct Answer False Your Answer True

Multiple Choice Single Answer Question Vindictive damages are also known as Correct Answer Exemplary damages Your Answer Exemplary damages

Multiple Choice Single Answer Question Void agreement means an agreement

Correct Answer not enforceable by law Your Answer Violative of legal procedure

Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer True/False Question depending on the circumstances of the case

The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True

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

Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Austin

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 Quasi

Multiple Choice Single Answer Question A special power authorises an agent to perform a Correct Answer single act transaction Your Answer single act transaction

Multiple Choice Multiple Answer

Question

If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer may allow the benefits , can repudiate the transaction , may claim damages for loss True/False Question

A servant appointed by his masters is an agent.

Correct Answer False Your Answer False

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 True/False Question insolvent

In a contract of sale goods can be exchanged for goods.

Correct Answer False Your Answer False

Match The Following Question Sale of goods Act, 1930 Caveat emptor Sale Barter system

Correct Answer Movable goods Let the buyer beware Exchange of goods for price Exchange of goods for goods

Your Answer Movable goods Let the buyer beware Exchange of goods for price Exchange of goods for goods

Multiple Choice Single Answer Question If the complainant fails to comply with any order passed by the District Forum then he is punishable with a fine which shall not be less than Correct Answer Rs.2,000/- but which can be extended upto Rs.10,000/Your Answer Rs.2,000/- but which can be extended upto Rs.10,000/-

Multiple Choice Multiple Answer

Question

The very important stages in the connection of formation of a company are

Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Operations before registrations

Multiple Choice Multiple Answer Question The Articles of Association contains the Correct Answer Rules , Regulations , Bye-laws Your Answer Rules , Regulations , Bye-laws

Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by Correct Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court Your Answer An advocate of Supreme Court , A Pleader entitled to appear before a High Court , A Judge of a District Court Multiple Choice Single Answer Question The legal existence of the company commences from the date written on the certificate of incorporation and such date is conclusive even if Correct Answer Wrong Your Answer True/False Question Affirmative

The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False

True/False Question

Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer True

Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal

Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary

Multiple Choice Multiple Answer Question 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 A Company after its registration, possesses Correct Answer Legal entity Your Answer Legal entity

Multiple Choice Single Answer Question Company based on ownership is Correct Answer Public company Your Answer True/False Question Statutory company

Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True

Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate

Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal

Your Answer

internal

Select The Blank Question The minimum number of persons required to form a public company is ________ Correct Answer seven Your Answer seven

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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False

Your Answer

False

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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False

Your Answer

False

Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity

Your Answer

An artificial legal person , A separate legal entity

Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 orders

Government promissory notes , Bankers drafts , Pay off

Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents.

Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False

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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False

Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity

Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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

Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 orders

Government promissory notes , Bankers drafts , Pay off

Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True

Your Answer

False

Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company

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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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False

Your Answer

False

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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False

Your Answer

False

Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity

Your Answer

An artificial legal person , A separate legal entity

Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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 Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 orders

Government promissory notes , Bankers drafts , Pay off

Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents.

Correct Answer True Your Answer False Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your 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 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 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 Partnership business carried on continuous losses, the court may order to ________ the firm. Correct Answer dissolve Your Answer dissolve 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 An insolvent person can accept or endorse a bill. Correct Answer False Your Answer False

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 Select The Blank Question A valid tender of performance should be ________ Correct Answer unconditional Your Answer unconditional Multiple Choice Single Answer Question The feature of the Contingent Contracts is that they Correct Answer depend upon the circumstances, which makes them valid or void Your Answer depend upon the circumstances, which makes them valid or void 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 Multiple Answer Question Agent has duties towards principal including 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 True/False Question Companies can be registered with undesirable names. Correct Answer False Your Answer False

Multiple Choice Single Answer Question A contract with a pardanashin woman can be presumed to have been induced by Correct Answer undue influence Your Answer undue influence Multiple Choice Single Answer Question After the period of time is lapsed, the right to bring an action is barred under the Correct Answer Limitation Act Your Answer Indian Contract Act Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency 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 insolvents , co-onwers with the agreement to carry on the business , co-owners without the agreement to carry on the business Select The Blank Question A firm is a name given to the partners ________ Correct Answer collectively Your Answer collectively Multiple Choice Single Answer Question The partnership deed is required to drafted very carefully and to be signed by Correct Answer all the partners Your Answer all the partners Multiple Choice Single Answer Question A cheque is dishonoured by Correct Answer non payment only Your Answer non payment only Multiple Choice Multiple Answer Question A company is Correct Answer A company is , An artificial legal person , A separate legal entity Your Answer An artificial legal person , A separate legal entity

Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer meaning 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 Multiple Choice Single Answer Question "An agreement creating and defining the obligations between the parties is a contract", This was stated by Correct Answer Sir John Salmond Your Answer Sir John Salmond 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 wrongfully deals with the assets 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 True/False Question An intention to create legal relations is one of the most important criterions to establish a contract. Correct Answer True Your Answer 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

Multiple Choice Single Answer Question Misrepresentation means and includes Correct Answer positive assertion of that which is not true Your Answer positive assertion of that which is not true Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum established by Correct Answer the State Govt. in each District of the State by Notification Your Answer the State Govt. in each District of the State by Notification 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 Multiple Answer Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver Multiple Choice Single Answer Question A finder of goods is subject to the responsibility as a Correct Answer bailee Your Answer bailee 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 True 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 orders

Government promissory notes , Bankers drafts , Pay off

Select The Blank Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________ Correct Answer Limited company Your Answer Limited company Multiple Choice Single Answer Question A sale which is a public sale where various buyers try to buy the goods by outbidding each other is known as Correct Answer Auction sale Your Answer Auction sale 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 False Match The Following Question Correct Answer Your Answer Fact and Law The types of "Mistake" The types of "Mistake" An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract Injuction Order Injuction Order The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability Sector 63 An agreement enforceable by law Contract Contract

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act True/False Question When agents delegate their authority to another for a particular period for a particular task, they appoint substituted agents. Correct Answer True

Your Answer

False

Multiple Choice Multiple Answer Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives Your Answer The constitution , The objectives , The preamble Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True True/False Question The company cannot exceed the powers conferred on it by its memorandum Correct Answer True Your Answer True 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 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 Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Single Answer Question Memorandum of a public company must be signed by Correct Answer Seven persons Your Answer Seven persons

Match The Following Question Unascertained goods Unpaid seller Future goods Identified goods

Correct Answer Generic goods Right of lien on goods Agreement to sell Ascertained goods

Your Answer Generic goods Right of lien on goods Agreement to sell Ascertained goods

Match The Following Question Fact and Law

Correct Answer The types of "Mistake"

Your Answer The types of "Mistake" Injuction Order

An order of the court Injuction Order asking a person to do or abstain from doing a particular act, which is the subject matter of the contract The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir An agreement enforceable by law Applicability

Sector 63

Contract

Contract

Select The Blank Question Members of a club or a society are the ________ of each other. Correct Answer friends Your Answer representatives

True/False Question

There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Following are the essential of Undue influence Correct Answer there must be some relationship between the parties , It is mainly of moral character Your Answer intention to induce someone to enter into an agreement , threatening to detain property, unlawfully Multiple Choice Multiple Answer Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Your Answer Compulsion , Undue influence , Fraud

Select The Blank Question A proposal comes to an end by its ________. Correct Answer rejection Your Answer acceptance

Multiple Choice Single Answer Question In an agreement to sell the seller is responsible for all the risk of loss as he is the Correct Answer Owner Your Answer Owner

Multiple Choice Multiple Answer Question The modes of termination of agency are Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Your Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer Question Fraud means and includes following act Correct Answer promise to deceive other party , promise without intending to perform

Your Answer

promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform

Multiple Choice Multiple Answer Question There can not be any partnership where a business is carried on Correct Answer with a benevolent purpose , where any one of the partners is entitled to total profit earned Your Answer with a benevolent purpose , where any one of the partners is entitled to total profit earned True/False Question

The company law board confirms the change of registered office of the company within a state Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Articles of Association contains Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business Your Answer Internal affairs of the company , Conduct of company's business Select The Blank Question Unpaid seller's right to stop the goods in transit arises only when the buyer is ________ Correct Answer Bankrupt Your Answer Bankrupt

Multiple Choice Multiple Answer Question An unregistered firm can bring an action in criminal court against Correct Answer A partner who steals the property of the partnership firm , A partner who purposely damages the property of the partnership firm Your Answer A partner who wrongful deals with the assets of the firm , A partner who uses the firm name for gaining personal profits True/False Question

A sale is an executed contract whereas an agreement to sell is an executory contract. Correct Answer True Your Answer True

Multiple Choice Multiple Answer

Question

In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm Multiple Choice Single Answer Question Where the transfer of property in the goods is to take place at a future time it is called Correct Answer Agreement to sell Your Answer Agreement to sell

Multiple Choice Single Answer Question A consumer has the right to be assured, wherever possible, access to services at Correct Answer Competitive prices Your Answer True/False Question Competitive prices

An agreement to sell takes place in the case of existing goods or specific goods. Correct Answer False Your Answer False

True/False Question

Railway or S.T. Receipts, Dividend, Warrants, Railway Bonds are not Negotiable Instrument. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Select The Blank Question Holding out means ________ leading another person to believe in something. Correct Answer falsely

Your Answer True/False Question

properly

Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Following persons can not be called partners Correct Answer minors , insolvents , co-owners without the agreement to carry on the business Your Answer minors , insolvents , co-owners without the agreement to carry on the business Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Multiple Choice Multiple Answer Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to Correct Answer Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm Your Answer Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm True/False Question

Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Your Answer False

True/False Question

Section 10 of the Indian Contract Act, 1872 applies to contract of sale. Correct Answer True Your Answer False

Multiple Choice Multiple Answer Question The companies having Articles are Correct Answer Unlimited Company , Company limited by guarantee , Company limited by shares Your Answer Public Limited Company , Company limited by guarantee Multiple Choice Multiple Answer Question The very important stages in the connection of formation of a company are Correct Answer Promotion , Registration , Floatation Your Answer Promotion , Registration , Floatation

Multiple Choice Multiple Answer Question Following are the conditions needed to prove an act of a partner is an act of a partnership firm Correct Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm Your Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm Select The Blank Question The registration fo partnership firm is ________. Correct Answer not compulsory Your Answer not compulsory

Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to Correct Answer Repudiate the contract , Recind the contract Your Answer Modify the contract

Multiple Choice Single Answer Question A proposes by a letter sent by post to sell a house to B at certain price, B accepts A's proposal - The communication of the acceptance is complete as against B. Correct Answer when letter is received by A Your Answer True/False when letter is received by A

Question

Copies of memorandum and articles shall not be given to members. Correct Answer False Your Answer True

Multiple Choice Single Answer Question Every company must have Correct Answer A Specific name Your Answer A Specific name

Multiple Choice Multiple Answer Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means Your Answer To amend conditions expressly provided in other Acts , Amalgamate with any other company , Attain its main purpose by new or improved means Select The Blank Question Under ________ influence the dominant party may hold a real authority over the other party. Correct Answer undue Your Answer undue

Multiple Choice Single Answer Question The capacity to contract with an agent is the part of the law of Correct Answer statute Your Answer agency

Select The Blank Question Karta of Joint-Hindu family is ________ of his family. Correct Answer representative Your Answer representative

Multiple Choice Single Answer Question A breach of a condition may be treated as breach of

Correct Answer Warranty Your Answer Warranty

Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership Correct Answer there must be a contract regarding a partnership , there must be an association of two or more persons Your Answer there must be a contract regarding a partnership , there must be an association of two or more persons Multiple Choice Single Answer Question Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/- who is liable to account for it to Correct Answer Mr. Naveen Your Answer Mr. Manik himself

Select The Blank Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act Your Answer Consumer Protection Act

Select The Blank Question A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary

LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 True/False Question right to stop goods in transit

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 partner by estoppel

An Outsider or a stranger partner by estoppel who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm A person who becomes a Ostensible partner partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business A person who only lends Nominal Partner 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 When partners agree to share the profits of the partnership firm with any Sub-Partner

Ostensible partner

Nominal Partner

Sub-Partner

outsider, such An outsider is known as A partner whose existence Dormant Partner in the firm is kept secret from the outside world 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 Sale Barter Exchange Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Correct Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware Implied Warranty

Your Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware 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 True/False Question subscribed

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 True/False Question deceptive

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 True/False Question winding up

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 True/False Question Mercantile Agent

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 True/False Question possible

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

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 True/False Question right to stop goods in transit

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 partner by estoppel

An Outsider or a stranger partner by estoppel who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm A person who becomes a Ostensible partner partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business A person who only lends Nominal Partner 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 When partners agree to share the profits of the partnership firm with any Sub-Partner

Ostensible partner

Nominal Partner

Sub-Partner

outsider, such An outsider is known as A partner whose existence Dormant Partner in the firm is kept secret from the outside world 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 Sale Barter Exchange Sale of Goods Act, 1930 Caveat Emptor Quiet possession

Correct Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware Implied Warranty

Your Answer Exchange of goods for price Exchange of goods for goods Movable goods Let the buyer beware 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 True/False Question subscribed

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 True/False Question deceptive

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 True/False Question winding up

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 True/False Question Mercantile Agent

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 True/False Question possible

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

BL7 LIST OF ATTEMPTED QUESTIONS AND ANSWERS True/False Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question Classification of companies based on the jurisdiction of functioning Correct Answer A National Company , Multinational Company , Foreign Company Your Answer Multinational Company , Foreign Company , A National Company True/False Question Memorandum is adopted to control internal operations of the company. Correct Answer False Your Answer False Multiple Choice Single Answer Question When a partner is declared insolvent, his share in the firm vests in the Correct Answer official assignee Your Answer official assignee 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 Your 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 Select The Blank Question A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer similar Page 1

BL7 Multiple Choice Single Answer Question In contract of sale Correct Answer ownership in the property is passed from the seller to the buyer. Your Answer ownership in the property is passed from the seller to the buyer. True/False Question An alien friend can enter into partnership with an Indian subject. Correct Answer True Your Answer True True/False Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False Your Answer False True/False Question An agreement to sell takes place in the case of existing goods or specific goods. Correct Answer False Your Answer False 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 A company is a ________ company if the holding company controls the majority composition of its board of directors. Correct Answer subsidiary Your Answer subsidiary Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by Correct Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court Page 2

BL7 Your Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court 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 Can be formed at Will Partner Agents of the firm Agents of the firm Partnership Can be formed at Will Partners True/False Question An agency cannot be terminated at all. In other words a contract of agency is perpetual. Correct Answer False Your Answer False 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 insolvents , co-owners without the agreement to carry on the business , minors 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 Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a Page 3

BL7 Correct Answer symbolic manner Your Answer symbolic manner Multiple Choice Multiple Answer Question Negotiable Instruments recognised by usage or custom of trade Correct Answer Bank notes , share warrants , share certificates Your Answer share warrants , share certificates , cheques 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 If the principal proves that any material fact has been dishonestly concealed from him, by his agent then he gets following rights Correct Answer he can repudiate the contract , he may claim damages for loss, if any, caused to him , he may affirm the transaction and claim benefits accrued from it Your Answer he can repudiate the contract , he may claim damages for loss, if any, caused to him , he may affirm the transaction and claim benefits accrued from it Multiple Choice Multiple Answer Question Following are the element 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 Select The Blank Question Shelf prospectus is a prospectus issued by any ________ institutions for one or more issues of the securities. Correct Answer financial Your Answer financial 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 Page 4

BL7 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 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 True/False Question When a person is entrusted with another's property, he may be appointed as an agent by necessity. 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 friends 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 District Protection Council shall consist of the following members Correct Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District Your Answer Members representing such interests as may be prescribed by the State Govt. , The Collector of District Multiple Choice Single Answer Question Particular partnership business is carried for Correct Answer particular adventure Page 5

BL7 Your Answer particular adventure 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 the subsidiary character , A breach of it gives the suffered party the one & only one right to repudiate the contract Multiple Choice Single Answer Question Actual delivery of goods is also known as Correct Answer physical delivery of goods Your Answer physical delivery of goods Select The Blank Question A person under any legal or natural ________ can not appoint an agent. Correct Answer disability Your Answer capacity Multiple Choice Multiple Answer Question Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Your Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company Multiple Choice 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 Sometimes contracts are entered into on behalf of the company before its incorporation such pre-incorporation contracts are Correct Answer Binding Your Answer Binding Page 6

BL7 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 In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the Correct Answer Official Assignee , Receiver Your Answer Official Assignee , Receiver 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 Select The Blank Question Partnership is based on ________ Correct Answer faith Your Answer faith 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 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 Unlimited companies , Limited by guarantee , Limited by shares Select The Blank Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar Your Answer registrar Page 7

BL7 Select The Blank Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code. Correct Answer Coercion Your Answer Coercion Match The Following Question Correct Answer Your Answer Unlawful Business Dissolution of Partnership Dissolution of Partnership Sub-partner Sharing of profits by outsiders Nominal partner Partnership Association of two or more persons Association of two or more persons Partners have to be Competent Competent Partner lending his name only Nominal partner Nominal partner True/False Question A company can become a partner or can enter into a partnership agreement. Correct Answer False Your Answer False True/False Question "Law" means a set of rules and regulations in the nature of dictatorship. Correct Answer False Your Answer False

Page 8

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Select The Blank Question The ________ assertion, in a manner not warranted by the information of the person making it, of that which is not true, though he believes it to be true amounts to ________ Correct Answer positive Your Answer positive Correct Answer Misrepresentation Your Answer Misrepresentation Match The Following Question Existence of an Agency Appointment of agents Principal appointing multiple agents Ratification to be done within Ratification not possible

Correct Answer Operation of Law Persons of age of majority and of sound mind Co-agents Reasonable Time

Your Answer Operation of Law Persons of age of majority and of sound mind Co-agents Reasonable Time

When act is illegal or void When act is illegal or void

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 Multiple Choice Single Answer Question If there is a breach of a condition, a buyer has an option to Correct Answer claim damages instead of repudiating the contract Your Answer claim damages instead of repudiating the contract Multiple Choice Single Answer Question Dissolution of partnership firm on happening of certain contingencies, which includes Correct Answer Death of partners Your Answer Death of partners

Multiple Choice Multiple Answer Question Selection committee for the appointment of the district forum consists of Correct Answer President of the state commission , secretary of the law dept. of the state Your Answer President of the state commission , secretary of the law dept. of the state Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm True/False Question Correct Answer Your Answer

Partnership has to be perpetual and cannot be at will of the partners False False

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 True/False Question Correct Answer Your Answer

Any person on payment of prescribed fees can inspect the Register of Firms. True True

Multiple Choice Multiple Answer Question The particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , by giving express notice. , at the expiry of the fixed term

Multiple Choice Single Answer Question When an agent is authorised to carry out a particular work or transaction only, he is known as Correct Answer Special Agent Your Answer Special Agent Multiple Choice Multiple Answer Question Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner Your Answer quasi-partner , nominal partner Multiple Choice 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 Select The Blank Question ________ goods are the Goods to be identified and agreed upon of ________ contract of sale is made Correct Answer Specific Your Answer Specific Correct Answer at the time Your Answer at the time 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 Multiple Answer Question An implied agency generally spring from Correct Answer the conduct , situation , relationship of the parties concerned. Your Answer the conduct , situation , relationship of the parties concerned. True/False Question Correct Answer

Dissolution of a firm cannot be made on the grounds of the firm carrying on fraudulent business. False

Your Answer

False

Select The Blank Question When the ________ does not want to incur any expenses on his account upon the instrument, the endorsement is said to be ________. Correct Answer endorser Your Answer endorser Correct Answer Sans Frais Your Answer Sans Frais True/False Question Correct Answer Your Answer

Actual delivery of the goods can also be termed as physical delivery. True True

Multiple Choice Single Answer Question An agreement can become a contract if it is Correct Answer enforceable by law Your Answer enforceable by law 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 True/False Question Correct Answer Your Answer

Free Negotiability is an important characteristics of Negotiable Instrument True True

Multiple Choice Multiple Answer Question A public company is

Correct Answer

Your Answer

a company having a minimum paid up capital of five lakh rupees or such higher paid up capital as may be prescribed , is a private company which a subsidiary of a company which is not a private company a company having a minimum paid up capital of five lakh rupees or such higher paid up capital as may be prescribed , is a private company which a subsidiary of a company which is not a private company

Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer Corporation , an alien enemy with an Indian subject , company Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares Select The Blank Question ________ is a ________ which is collateral to the main purpose of the contract of sale. Correct Answer Warranty Your Answer Condition Correct Answer Stipulation Your Answer Stipulation True/False Question Correct Answer Your Answer

When a person is entrusted with another’s property, he may be appointed as an agent by necessity. True True

Multiple Choice Multiple Answer Question Stock Correct Answer it may be of different denominations , has a nominal face value Your Answer is always of equal denominations , it may be of different denominations Multiple Choice Single Answer

Question Correct Answer Your Answer

Time is said to be the essence of the contract, when a party to a contract promises to do a certain thing all of the above all of the above

Multiple Choice Multiple Answer Question The partner who is illegally expelled Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Single Answer Question Protest must contain the signature of the Correct Answer notary public Your Answer notary public Multiple Choice Multiple Answer Question Goods includes Correct Answer trade marks , good will Your Answer trade marks , good will True/False Question Correct Answer Your Answer True/False Question Correct Answer Your Answer

As soon as the work is accomplished the contract of agency of the special agent is terminated True True

An unpaid seller has the right of lien on the goods when the goods are in his possession. True True

Multiple Choice Single Answer Question Constructive delivery is also called as Delivery by Correct Answer attornment Your Answer attornment True/False

Question Correct Answer Your Answer

Sections 1 to 75 of the Indian Contract Act, 1872 provides for the special contracts. False True

Multiple Choice Single Answer Question Between his principal and the third party, An agent is only a Correct Answer Connecting link Your Answer Connecting link Match The Following Question damages are inadequate Assignment of contract Liability of payment for non-gratuitous act Setting aside of a contract Monetary Compensation

Correct Answer Specific performance Novation Quasi Contract Rescission Damages.

Your Answer Specific performance Novation Quasi Contract Rescission Damages.

Select The Blank Question Principal ________ Held liable for the contracts entered into through his agent and also ________ Arising from the acts done by his agents Correct Answer is Your Answer is Correct Answer obligations Your Answer obligations Multiple Choice Multiple Answer Question The object of the contract Correct Answer should be legal one , should be lawful Your Answer should be lawful 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 Select The Blank

Question Correct Answer Your Answer Correct Answer Your Answer

Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company uncalled uncalled winding up winding up

Multiple Choice Multiple Answer Question Reserved capital is that capital which is Correct Answer called up at the time of winding up of a company , called up for the purpose of the winding of a company Your Answer called up at the time of winding up of a company , called up for the purpose of the winding of a company True/False Question Correct Answer Your Answer

The Negotiable Instruments Act,1881 allows the unlawful crossing of cheque False False

Multiple Choice Multiple Answer Question Advantage of crossing the Cheque Correct Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , Withholding the payment of cheque to unauthorized person 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 x

LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 , Hindu unmarried person Multiple Choice Multiple Answer Question The particular partnership automatically comes to an end Correct Answer on the completion of the venture , at the expiry of the fixed term Your Answer on the completion of the venture , at the expiry of the fixed term , by resignation of almost all the partners

Multiple Choice Multiple Answer Question Following are the characteristics of partnership at will Correct Answer partners are always free to break their relationship at their whim , it is for indefinite period Your Answer partners are always free to break their relationship at their whim , it is for indefinite period Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer Corporation , an alien enemy with an Indian subject , company

Multiple Choice Multiple Answer Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm

Multiple Choice Multiple Answer Question Public notice of a dissolution of firm is required to be given by Correct Answer publishing the same in the official gazette , publishing the same in the local news paper Your Answer publishing the same in the official gazette , publishing the same in the local news paper Multiple Choice Multiple Answer Question Goods means Correct Answer growing crops , stocks & shares Your Answer growing crops , stocks & shares

Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer True/False Question Company

Partners can decide their rights and liabilities in the partnership deed. Correct Answer True Your Answer True

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 Select The Blank Question Members of a club or a society are the ________ of each other. Correct Answer friends Your Answer friends

Match The Following Question A stranger represents

Correct Answer Partner by holding out

Your Answer Partner by holding out

himself to be a partner Not personally liable for any act of firm Outgoing partner ceases to be a partner Minor Minor

By transfer of interest of a Misconduct of a partner partner Partner by estoppel

Dissolution of partnership Misconduct of a partner firm by the order of the court Multiple Choice Multiple Answer Question In the Conditional endorsement

Correct Answer the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency Your Answer the liability of the endorser is limited , it is not different from a restrictive instrument , Endorser's liability can be made dependent upon contingency Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument. Correct Answer meaning Your Answer explaination

Multiple Choice Single Answer Question Negotiable Instrument means Correct Answer Promissory Note Your Answer Promissory Note

Multiple Choice Single Answer Question In the Bill of Exchange, the person to whom the bill is made payable is called as Correct Answer payee Your Answer True/False Question payee

Presumptions do not apply where an instrument is obtained by fraud, offence or illegal consideration. Correct Answer True Your Answer False

True/False Question

"I promise to pay Mr.John Rs.500/- seven days after my marriage with Miss Lucy" is a promissory note. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question A proposal Correct Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposer Your Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposee Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer executory Your Answer executory

Multiple Choice Single Answer Question The person who is authorised to appoint / employ an agent is Correct Answer a person of soundmind Your Answer a person of soundmind

Select The Blank Question An agreement of agency must make clear ________ of a person to act on behalf of another person. Correct Answer intention Your Answer intention

Select The Blank Question The act done by the agent with the permission and on behalf of the principal is ________ on the principal. Correct Answer binding Your Answer binding

Select The Blank

Question

Ratification is one of the ways of ________ agency.

Correct Answer creating Your Answer creating

Multiple Choice Multiple Answer Question Goods Means Correct Answer Debentures , Stocks & shares Your Answer Actionable claims , Debentures , Stocks & shares

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 Single Answer Question When the property in goods is transferred from the seller to the buyer at once, the contract is called Correct Answer A Sale Your Answer A Sale

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 insolvent

Multiple Choice Single Answer Question Under a contract of sale, the property in goods is Correct Answer Immediately transferred from the seller to the buyer Your Answer Immediately transferred from the seller to the buyer

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

True/False Question

Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True

Select The Blank Question Spurious goods means goods which are ________ Correct Answer fake Your Answer fake

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. Whether is a Correct Answer consumer Your Answer consumer

Match The Following Question Trade in relation to any goods Manufacturer Consumer Dispute

Correct Answer Who distributes goods Who makes any goods Dispute between consumer and manufacturer or trader Any allegation in writing

Your Answer Who distributes goods Who makes any goods Dispute between consumer and manufacturer or trader Any allegation in writing

Complaint of Consumer

Multiple Choice Multiple Answer Question A company has continuity of life. Its life is not affected by Correct Answer Death , Lunacy , Insolvency Your Answer Death , Lunacy , Insolvency

Multiple Choice Multiple Answer Question A company is a legal personality and as such it can

Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name Your Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name Multiple Choice Single Answer Question The legal existence of the company commences from the date written on the certificate of incorporation and such date is conclusive even if Correct Answer Wrong Your Answer True/False Question Affirmative

The company law board confirms the change of registered office of the company within a state Correct Answer False Your Answer False

True/False Question

Memorandum is adopted to control internal operations of the company. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question The memorandum of every company shall state Correct Answer The name of the company , The registered office , The main objects Your Answer The name of the company , The registered office , The main objects Multiple Choice Single Answer Question Company based on ownership is Correct Answer Public company Your Answer True/False Question Company limited by shares

The change of name shall affect all the rights and obligations of the company. Correct Answer False Your Answer False

True/False Question

Copies of memorandum and articles shall not be given to members. Correct Answer False Your Answer False

True/False Question

Memorandum of a company is a primary and supreme document of the company. Correct Answer True Your Answer True

Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal

Select The Blank Question Shelf prospectus is a prospectus issued by any ________ institutions for one or more issues of the securities. Correct Answer financial Your Answer commercial

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