Business Law -2

Business Law

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

True/False
Question Agreement is defined as a contract at its inception.
Correct Answer
True
Your Answer
True
True/False
Question A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question Dissolution by the order of the Court at the suit of a partner on certain grounds, which include
Correct Answer
Willful or persistent breach of agreement by a partner
Your Answer
Willful or persistent breach of agreement by a partner

Select The Blank
Question The agency can be ________ At any time by ________ agreement between the principal and his agent.
Correct Answer
terminated
Your Answer
individual
Correct Answer
mutual
Your Answer
mutual



Multiple Choice Multiple Answer
Question The requirement of valid Memorandum of Association are that it
Correct Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company
Your Answer
is to be signed by at least seven persons in case of public company , is to be signed by at least two persons in case of private company

Match The Following
Question
Correct Answer
Your Answer
An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firmpartner by estoppelpartner 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 partnerOstensible 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 PartnerNominal Partner
When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known asSub-PartnerSub-Partner
A partner whose existence in the firm is kept secret from the outside worldDormant PartnerDormant Partner


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


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

Match The Following
QuestionCorrect Answer
Your Answer
Sale
Exchange of goods for price
Exchange of goods for price
Barter Exchange
Exchange of goods for goods
Exchange of goods for goods
Sale of Goods Act, 1930
Movable goods
Movable goods
Caveat Emptor
Let the buyer beware
Let the buyer beware
Quiet possession
Implied Warranty
Implied Warranty

Multiple Choice Single Answer
Question
A consumer has right to be assured, wherever possible, access to services at
Correct Answer
competitive prices
Your Answer
competitive prices

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
The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability thereon by
Correct Answer
release , payment , non cancellation
Your Answer
non-acceptance , release , payment

Multiple Choice Single Answer
Question
The National Commission shall decide the complaint as far as possible within a period of
Correct Answer
three months from the date of notice received by the opposite party
Your Answer
three months from the date of notice received by the opposite party

Select The Blank
Question
When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________
Correct Answer
Endorsement
Your Answer
Endorsement
Correct Answer
holder
Your Answer
holder

Select The Blank
Question
Un-called capital is the part of ________ and ________ capital which has not been called up.
Correct Answer
issued
Your Answer
issued
Correct Answer
subscribed
Your Answer
subscribed

True/False
Question
Special Notice and Special Resolution mean one and the same.
Correct Answer
False
Your Answer
True

Select The Blank
Question
________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply of any goods or for the provision of any service adopts any ________ practice.
Correct Answer
unfair
Your Answer
unfair
Correct Answer
deceptive
Your Answer
deceptive

True/False
Question
Consumer is a person who procures service under a contract of personal service
Correct Answer
False
Your Answer
True

Multiple Choice Multiple Answer
Question
Property of the company is the property of
Correct Answer
Promoters before the existence of the company , the company itself after its incorporation
Your Answer
its share-holders , Board of Directors , Promoters before the existence of the company

True/False
Question
English Law does not recognize Formal Contract
Correct Answer
False
Your Answer
False

Select The Blank
Question
Reserved capital is the part of ________ capital which can only be called up at the time of & for the purpose of ________ the company
Correct Answer
uncalled
Your Answer
uncalled
Correct Answer
winding up
Your Answer
winding up

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

Select The Blank
Question
When the person to whom the proposal is made ________ his assent thereto, the proposal is said to be ________
Correct Answer
Signifies
Your Answer
Accepted
Correct Answer
Accepted
Your Answer
Declared

Multiple Choice Multiple Answer
Question
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 AssociationYour 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
________ is an invitation made to the ________
Correct Answer
Prospectus
Your Answer
Prospectus
Correct Answer
public
Your Answer
public

Multiple Choice Single Answer
Question
A factor is a type of
Correct Answer
Mercantile Agent
Your Answer
Mercantile Agent

True/False
Question
Agents acting jointly and severally are known as co-agents
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Enforcement of contingent contract depends on
Correct Answer
Happening or Non-happening of the event
Your Answer
Happening of the event

Multiple Choice Single Answer
Question
In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person who can claim the delivery of the goods as the property in goods has been already transferred as a
Correct Answer
official assignee or receiver
Your Answer
official assignee or receiver

Select The Blank
Question
When the ________ of contract becomes ________ , such contract need not be performed
Correct Answer
performance
Your Answer
cancellation
Correct Answer
impossible
Your Answer
possible


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

Business Law - 5

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


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

Select The Blank
Question
________ is the ________ method of voting with the rule "one share one vote "
Correct Answer
poll
Your Answer
poll
Correct Answer
capitalistic
Your Answer
individualised

Multiple Choice Single Answer
Question
Agency can be created by
Correct Answer
Operation of law
Your Answer
Operation of law

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

True/False
Question
Consumer is a person who procures service under a contract of personal service
Correct Answer
False
Your Answer
True
Question
Consideration can not be a past consideration.
Correct Answer
False
Question
An agreement to sell takes place in the case of existing goods or specific goods.
Correct Answer
False


Question
As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods
Correct Answer
shortcoming
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
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
Question
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
Question
During the continuance of the firm, a transfer by a partner of his interest is the first restricts the transferee to
Correct Answer
inspect the books of the firm, require accounts, interfere in the conduct of a business of a firm
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


Question
In an appeal to the National Commission the appellant shall submit
Correct Answer
Six copies of memorandum
Question
the vacancies arising from designation of the members of the Central Council shall be filled from the same category by the
Correct Answer
Central Government
Question
Where the partners agree to carry on the business for a definite period of time, the partnership is said to be
Correct Answer
for a fixed period
Question
In contract of sale
Correct Answer
ownership in the property is passed from the seller to the buyer.
Multiple Choice Single Answer
Question
A public company doesn't have its own articles of association, it may adopt
Correct Answer
Table A as given in schedule-1

Question
The corporate veil under the Companies Act may be lifted in the following instances
Correct Answer
To investigate the real ownership of shares , To investigate the names and members of the company , To investigate whether the company is sham
Question
A partner is called as an outgoing partner by
Correct Answer
retirement , death , expulsion
Question
Services rendered by the Post and Telephone Department are covered by the Consumer Protection Act, 1986
Correct Answer
True
Question
A company can sue and also be sued by
Correct Answer
In its corporate name
Question
When the property in goods is transferred from the seller to the buyer at once, the contract is called
Correct Answer

A Sale

Match The Following
Question Correct Answer Your Answer

Relationship of Master and servant No authority to bind No authority to bind

Relationship between the principal and the agent Fiduciary Commission Agent

An agent who is appointed to sell goods on behalf of the principal An auctioneer Marketing Agent

Match The Following
Question Correct Answer Your Answer
Relationship of Master and servant No authority to bind No authority to bind
Relationship between the principal and the agent Fiduciary Commission Agent
An agent who is appointed to sell goods on behalf of the principal An auctioneer Marketing Agent
An agent appointed for selling or buying goods on behalf of his principal Commission Agent Dealer

An agent appointed for selling or buying goods on behalf of his principal Commission Agent Dealer

Multiple Choice Single Answer
Question “Every agreement and promise enforceable at law is a contract”, This statement was made by -
Correct Answer Sir Fredrick Pollock
Your Answer Sir Fredrick Pollock

Multiple Choice Multiple Answer
Question Following are the essentials of Coercion
Correct Answer intention to induce someone to enter into an agreement , threatening to detain property, unlawfully
Your Answer threatening to detain property, unlawfully , there must be some relationship between the parties , It is mainly of moral character

Match The Following
Question Correct Answer Your Answer
Appropriate Laboratory Recognised by Central Government Recognised by Central Government
Services Doesn’t include contract of personal service Stock and share
Spurious goods Goods claimed to be genuine Doesn’t include contract of personal service
Multiple Choice Multiple Answer
Question The exceptions to the Wagering Agreement are
Correct Answer Cross-word competitions , Horse-race
Your Answer Horse-race , Lottery , Match Fixing
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 Multiple Answer
Question Ratification can be valid, only
Correct Answer if the act to be ratified is legal , if done for the whole transaction , if communicated to the concerned party
Your Answer if done for the whole transaction
Multiple Choice Multiple Answer
Question A person is deemed to be in a position to dominate the will of another if the person whose mental capacity is affected by
Correct Answer temporary effect of age , permanent effect of age , bodily distress
Your Answer temporary effect of age , permanent effect of age , bodily distress

Multiple Choice Single Answer
Question The person to whom, Negotiable Instrument is transferred is entitled to
Correct Answer amount

Multiple Choice Single Answer
Question Presumption of Negotiable Instrument are enumerated in
Correct Answer section 118 and 119
Your Answer section 118 and 119
Multiple Choice Multiple Answer
Question The memorandum of a company shall be
Correct Answer Printed , Divided into paragraphs numbered consecutively , Signed by each subscriber
Your Answer Printed , Divided into paragraphs numbered consecutively , Signed by each subscriber

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