LIST OF ATTEMPTED QUESTIONS AND ANSWERS
Business Law
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 , FloatationYour Answer
Promotion , Registration , Floatation
True/False
Question
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 weeksYour 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 aCorrect Answer
right against the goodsYour Answer
right against the goods
True/False
Question
Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer
FalseYour 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 theCorrect 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 willYour 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 meansCorrect 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 nameYour 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 aCorrect Answer
consensual relations
Your Answer
consensual relations
Match The Following
Question
Correct Answer
Your Answer
Minor's Agreement
Void ab initio
Void ab initio
Threatning to commit
CoercionCoercion
Consideration
Past, Present and Future
Past, Present and Future
Mistake
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 impossibility 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 recognized by law areCorrect Answer
Bill of exchange , Cheque , Promissory Note
Your Answer
Bill of exchange , Cheque , Promissory Note
True/False
Question
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 firmYour 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 noCorrect 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
authorized
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
capacity
True/False
Question
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 firmYour 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 beCorrect Answer
absolute and unqualified
Your Answer
communicated any time
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
Non-acceptance express authority endorsement in full
A partner accepting Negotiable Instrument
Implied authority
Implied authority
A person who can't accept or indorse a billAn insolvent
An insolvent
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 canCorrect Answer
Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own nameYour 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 aCorrect Answer
right against the buyer
Your Answer
right against the buyer
True/False
Question
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
Match The Following
Question
Correct Answer
Your Answer
Penalty for false particularsImprisonment 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
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
True/False
Question
A banker is a mercantile agent.
Correct Answer
FalseYour 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 personsYour Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
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
warranty
True/False
Question
All contracts are agreements and all agreements are contracts.
Correct Answer
False
Your Answer
False
True/False
Question
In case of Bill of Exchange, the notice of dishonour is essential.Correct Answer
True
Your Answer
True
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 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
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
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
an end
Multiple Choice Multiple Answer
Question
In special agency,
Correct Answer
agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited authority
Your Answer
agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited authority
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 misappropriation by its partners , for acts of the firm
Multiple Choice Single Answer
Question
Goods identified at the time contract of sale are known asCorrect Answer
Ascertained goods
Your Answer
Ascertained goods
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
FirmPartners
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
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
An agreement of agency must make clear ________ of a person to act on behalf of another person.Correct Answer
intention
Your Answer
intention
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
A ________ partner is like an undisclosed principal.
Correct Answer
sleeping
Your Answer
sleeping
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
A minor admitted to the benefits of partnership isCorrect Answer
not personally liable for any act of firm , not entitled to sue partners for account , entitled for the profits of agreed upon
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 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 asCorrect Answer
a general agent
Your Answer
a general agent
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
True/False
Question
Money order, Postal order, Share Certificates, Deposit receipts and such other documents are Negotiable Instruments.
Correct Answer
False
Your Answer
False
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 earnedYour Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
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
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
True/False
Question
An agreement enforceable by law is a contract.
Correct Answer
True
Your Answer
True
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
Karta of Joint-Hindu family is ________ of his family.Correct Answer
representative
Your Answer
representative
Multiple Choice Single Answer
Question
The meaning of the term “Caveat Emptor” is
Correct Answer
let the buyer beware
Your Answer
let the buyer beware
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
State Commission
Multiple Choice Multiple Answer
Question
Amendments made in the Consumer Protection Act in 2002 include
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 recharging 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 recharging of fee in respect of complaints filed before the consumer redressal agencies
True/False
Question
No consideration is required in formal contracts.
Correct Answer
True
Your Answer
True
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 sharesYour Answer
Unlimited companies , Companies limited by guarantee , Private companies limited by shares
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 sharesYour Answer
A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to shares
Select The Blank
Question
Agents are ________ to act within the scope of the authority given.
Correct Answer
authorised
Your Answer
authorised
Multiple Choice Multiple Answer
Question
Classification of companies based on the jurisdiction of functioning
Correct Answer
A National Company , Multinational Company , Foreign CompanyYour Answer
A National Company , Multinational Company , Foreign Company
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 Single Answer
Question
Under a contract of sale goods have to be exchanged for
Correct Answer
Money
Your Answer
Money
Multiple Choice Single Answer
Question
An agent was instructed by his principal to insure the goods, but he neglected to insure the goods. As a result, the principal had to suffer the loss. Who is responsible for the loss ?
Correct Answer
agent
Your Answer
principal
True/False
Question
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
Multiple Choice Single Answer
Question
One man company is generally a
Correct Answer
private company
Your Answer
private company
Multiple Choice Single Answer
Question
Mr. Dang and Mr. Thomas work together. Mr. Dang receives all the profits earned and pays Mr. Thomas certain amount for his work as wages. whether Mr. Dang and Mr. Thomas are
Correct Answer
Master and Servant
Your Answer
Master and Servant
Multiple Choice Single Answer
Question
An agreement can become a contract if it is
Correct Answer
enforceable by law
Your Answer
enforceable by law
Select The Blank
Question
A proposal comes to an end by its ________.
Correct Answer
rejection
Your Answer
rejection
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 , Revisional
Select The Blank
Question
Partnership is based on ________.Correct Answer
Faith
Your Answer
Faith
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 Multiple Answer
Question
Complaint under the Consumer Protection Act, 1986 relates to :-Correct Answer
Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices
Your Answer
Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices
Multiple Choice Single Answer
Question
The monetary jurisdiction is based upon the :-
Correct Answer
Amount of relief claimed by the complainant
Your Answer
The value of goods or services
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
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 Multiple Answer
Question
According to the Consumer Protection Act, 1986, a person includes :-Correct Answer
Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer
Hindu undivided family , Co-operative society , Individual as well as juristic person
Multiple Choice Single Answer
Question
Company based on ownership is :-
Correct Answer
Public company
Your Answer
Public company
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
State Commission
Multiple Choice Single Answer
Question
Non-registration of a partnership firm does not make the partnership agreement :-
Correct Answer
VoidYour Answer
Legal
Multiple Choice Multiple Answer
Question
Agent has duties towards principal in addition to :-Correct Answer
Conducting principal's business , Rendering accounts to principal , Communicating with the principalYour Answer
Conducting principal's business , Rendering accounts to principal , Communicating with the principal
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
Payee
Multiple Choice Single Answer
Question
Where the partners agree to carry on the business for a definite period of time, the partnership is said to be :-
Correct Answer
For a fixed period
Your Answer
At will
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 goodsYour Answer
fitness for buyer's purpose , quality of goods are not merchantable , presence of patent defect in goods
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 Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firmCorrect 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 firmYour 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
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
Multiple Choice Multiple Answer
Question
Classification of companies based on the jurisdiction of functioning is :-
Correct Answer
A National Company , Multinational Company , Foreign Company
Your Answer
A National Company , Multinational Company , Foreign Company
Multiple Choice Multiple Answer
Question
A company is :-
Correct Answer
Voluntary Association of persons , An artificial legal person , A separate legal entity
Your Answer
Voluntary Association of persons , An artificial legal person , A separate legal entity
Match The Following
Question
Correct Answer
Your Answer
Presentation of Negotiable Instrument
For payment
For payment
When an endorser signs the instrument and adds a direction to pay the amount mentioned thereinEndorsement in full
Endorsement in full
Default in payment of amount of cheque
Dishonour of cheque
Dishonour of cheque
Notice of dishonour of cheque
Mandatory provision
Mandatory provision
Multiple Choice Multiple Answer
Question
The object of the contract should be :-
Correct Answer
Legal one , Lawful
Your Answer
Legal one , Lawful
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
Contractual
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 onCorrect 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
True/False
Question
Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer
False
Your Answer
False
True/False
Question
Loss of profits is an example of liquidated damages.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in any court of Law againstCorrect Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firmYour 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
True/False
Question
The company law board confirms the change of registered office of the company within a state.
Correct Answer
False
Your Answer
False
Select The Blank
Question
Ratification is one of the ways of ________ agency.
Correct Answer
Creating
Your Answer
Creating
True/False
Question
A company can become a partner or can enter into a partnership agreement.Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
Following are the characteristics of the partnership at will :-
Correct Answer
Partners are always free to break their relationship at their will , It is for indefinite period , No provision for determination or termination of the partnership
Your Answer
Partners are always free to break their relationship at their will , It is for indefinite period , No provision for determination or termination of the partnership
Multiple Choice Multiple Answer
Question
The liability of companies on the basis of liability are :-Correct Answer
Unlimited companies , Limited by guarantee , Limited by sharesYour Answer
Unlimited companies , Limited by guarantee , Limited by shares
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 Single Answer
Question
An agreement with a minor is not voidable but :-
Correct Answer
Void ab initioYour Answer
Void ab initio
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
An insolvent person can accept or endorse a bill.Correct Answer
False
Your Answer
False
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 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. , Members representing such interests as may be prescribed by the State Govt.
True/False
Question
Subsidiary company can hold shares and can acquire membership of the holding company.
Correct Answer
False
Your Answer
False
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
PartnershipCan be formed at Will
Can be formed at Will
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 personsYour Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Select The Blank
Question
There should be a ________ and real necessity for creating an agency.Correct Answer
Definite
Your Answer
Congenital
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 Single Answer
Question
The object of carrying on a business must be :-
Correct Answer
Sharing of profits
Your Answer
Sharing of profits
True/False
Question
Company is treated as a legal person distinct from its members.
Correct Answer
True
Your Answer
True
Select The Blank
Question
An offer must create ________ relationship.Correct Answer
Legal
Your Answer
Legal
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 endorsee of a chequeYour Answer
His name appear on an instrument , He is in possession of bearer instrument , He is contracting an instrument
Business Law
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 , FloatationYour Answer
Promotion , Registration , Floatation
True/False
Question
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 weeksYour 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 aCorrect Answer
right against the goodsYour Answer
right against the goods
True/False
Question
Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer
FalseYour 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 theCorrect 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 willYour 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 meansCorrect 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 nameYour 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 aCorrect Answer
consensual relations
Your Answer
consensual relations
Match The Following
Question
Correct Answer
Your Answer
Minor's Agreement
Void ab initio
Void ab initio
Threatning to commit
CoercionCoercion
Consideration
Past, Present and Future
Past, Present and Future
Mistake
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 impossibility 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 recognized by law areCorrect Answer
Bill of exchange , Cheque , Promissory Note
Your Answer
Bill of exchange , Cheque , Promissory Note
True/False
Question
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 firmYour 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 noCorrect 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
authorized
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
capacity
True/False
Question
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 firmYour 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 beCorrect Answer
absolute and unqualified
Your Answer
communicated any time
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
Non-acceptance express authority endorsement in full
A partner accepting Negotiable Instrument
Implied authority
Implied authority
A person who can't accept or indorse a billAn insolvent
An insolvent
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 canCorrect Answer
Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own nameYour 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 aCorrect Answer
right against the buyer
Your Answer
right against the buyer
True/False
Question
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
Business Law - 2
LIST OF ATTEMPTED QUESTIONS AND ANSWERSMatch The Following
Question
Correct Answer
Your Answer
Penalty for false particularsImprisonment 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
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
True/False
Question
A banker is a mercantile agent.
Correct Answer
FalseYour 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 personsYour Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
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
warranty
True/False
Question
All contracts are agreements and all agreements are contracts.
Correct Answer
False
Your Answer
False
True/False
Question
In case of Bill of Exchange, the notice of dishonour is essential.Correct Answer
True
Your Answer
True
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 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
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
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
an end
Multiple Choice Multiple Answer
Question
In special agency,
Correct Answer
agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited authority
Your Answer
agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited authority
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 misappropriation by its partners , for acts of the firm
Multiple Choice Single Answer
Question
Goods identified at the time contract of sale are known asCorrect Answer
Ascertained goods
Your Answer
Ascertained goods
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
FirmPartners
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
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
An agreement of agency must make clear ________ of a person to act on behalf of another person.Correct Answer
intention
Your Answer
intention
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
A ________ partner is like an undisclosed principal.
Correct Answer
sleeping
Your Answer
sleeping
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
A minor admitted to the benefits of partnership isCorrect Answer
not personally liable for any act of firm , not entitled to sue partners for account , entitled for the profits of agreed upon
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 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 asCorrect Answer
a general agent
Your Answer
a general agent
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
True/False
Question
Money order, Postal order, Share Certificates, Deposit receipts and such other documents are Negotiable Instruments.
Correct Answer
False
Your Answer
False
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 earnedYour Answer
with a benevolent purpose , where any one of the partners is entitled to total profit earned
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
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
True/False
Question
An agreement enforceable by law is a contract.
Correct Answer
True
Your Answer
True
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
Karta of Joint-Hindu family is ________ of his family.Correct Answer
representative
Your Answer
representative
Multiple Choice Single Answer
Question
The meaning of the term “Caveat Emptor” is
Correct Answer
let the buyer beware
Your Answer
let the buyer beware
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
State Commission
Multiple Choice Multiple Answer
Question
Amendments made in the Consumer Protection Act in 2002 include
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 recharging 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 recharging of fee in respect of complaints filed before the consumer redressal agencies
True/False
Question
No consideration is required in formal contracts.
Correct Answer
True
Your Answer
True
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 sharesYour Answer
Unlimited companies , Companies limited by guarantee , Private companies limited by shares
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 sharesYour Answer
A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to shares
Select The Blank
Question
Agents are ________ to act within the scope of the authority given.
Correct Answer
authorised
Your Answer
authorised
Multiple Choice Multiple Answer
Question
Classification of companies based on the jurisdiction of functioning
Correct Answer
A National Company , Multinational Company , Foreign CompanyYour Answer
A National Company , Multinational Company , Foreign Company
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 Single Answer
Question
Under a contract of sale goods have to be exchanged for
Correct Answer
Money
Your Answer
Money
Multiple Choice Single Answer
Question
An agent was instructed by his principal to insure the goods, but he neglected to insure the goods. As a result, the principal had to suffer the loss. Who is responsible for the loss ?
Correct Answer
agent
Your Answer
principal
True/False
Question
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
Multiple Choice Single Answer
Question
One man company is generally a
Correct Answer
private company
Your Answer
private company
Multiple Choice Single Answer
Question
Mr. Dang and Mr. Thomas work together. Mr. Dang receives all the profits earned and pays Mr. Thomas certain amount for his work as wages. whether Mr. Dang and Mr. Thomas are
Correct Answer
Master and Servant
Your Answer
Master and Servant
Multiple Choice Single Answer
Question
An agreement can become a contract if it is
Correct Answer
enforceable by law
Your Answer
enforceable by law
Select The Blank
Question
A proposal comes to an end by its ________.
Correct Answer
rejection
Your Answer
rejection
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 , Revisional
Thursday, January 24, 2008
Business Law - 1
LIST OF ATTEMPTED QUESTIONS AND ANSWERSSelect The Blank
Question
Partnership is based on ________.Correct Answer
Faith
Your Answer
Faith
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 Multiple Answer
Question
Complaint under the Consumer Protection Act, 1986 relates to :-Correct Answer
Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices
Your Answer
Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices
Multiple Choice Single Answer
Question
The monetary jurisdiction is based upon the :-
Correct Answer
Amount of relief claimed by the complainant
Your Answer
The value of goods or services
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
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 Multiple Answer
Question
According to the Consumer Protection Act, 1986, a person includes :-Correct Answer
Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer
Hindu undivided family , Co-operative society , Individual as well as juristic person
Multiple Choice Single Answer
Question
Company based on ownership is :-
Correct Answer
Public company
Your Answer
Public company
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
State Commission
Multiple Choice Single Answer
Question
Non-registration of a partnership firm does not make the partnership agreement :-
Correct Answer
VoidYour Answer
Legal
Multiple Choice Multiple Answer
Question
Agent has duties towards principal in addition to :-Correct Answer
Conducting principal's business , Rendering accounts to principal , Communicating with the principalYour Answer
Conducting principal's business , Rendering accounts to principal , Communicating with the principal
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
Payee
Multiple Choice Single Answer
Question
Where the partners agree to carry on the business for a definite period of time, the partnership is said to be :-
Correct Answer
For a fixed period
Your Answer
At will
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 goodsYour Answer
fitness for buyer's purpose , quality of goods are not merchantable , presence of patent defect in goods
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 Multiple Answer
Question
Following are the conditions needed to prove an act of a partner is an act of a partnership firmCorrect 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 firmYour 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
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
Multiple Choice Multiple Answer
Question
Classification of companies based on the jurisdiction of functioning is :-
Correct Answer
A National Company , Multinational Company , Foreign Company
Your Answer
A National Company , Multinational Company , Foreign Company
Multiple Choice Multiple Answer
Question
A company is :-
Correct Answer
Voluntary Association of persons , An artificial legal person , A separate legal entity
Your Answer
Voluntary Association of persons , An artificial legal person , A separate legal entity
Match The Following
Question
Correct Answer
Your Answer
Presentation of Negotiable Instrument
For payment
For payment
When an endorser signs the instrument and adds a direction to pay the amount mentioned thereinEndorsement in full
Endorsement in full
Default in payment of amount of cheque
Dishonour of cheque
Dishonour of cheque
Notice of dishonour of cheque
Mandatory provision
Mandatory provision
Multiple Choice Multiple Answer
Question
The object of the contract should be :-
Correct Answer
Legal one , Lawful
Your Answer
Legal one , Lawful
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
Contractual
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 onCorrect 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
True/False
Question
Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer
False
Your Answer
False
True/False
Question
Loss of profits is an example of liquidated damages.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in any court of Law againstCorrect Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firmYour 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
True/False
Question
The company law board confirms the change of registered office of the company within a state.
Correct Answer
False
Your Answer
False
Select The Blank
Question
Ratification is one of the ways of ________ agency.
Correct Answer
Creating
Your Answer
Creating
True/False
Question
A company can become a partner or can enter into a partnership agreement.Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
Following are the characteristics of the partnership at will :-
Correct Answer
Partners are always free to break their relationship at their will , It is for indefinite period , No provision for determination or termination of the partnership
Your Answer
Partners are always free to break their relationship at their will , It is for indefinite period , No provision for determination or termination of the partnership
Multiple Choice Multiple Answer
Question
The liability of companies on the basis of liability are :-Correct Answer
Unlimited companies , Limited by guarantee , Limited by sharesYour Answer
Unlimited companies , Limited by guarantee , Limited by shares
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 Single Answer
Question
An agreement with a minor is not voidable but :-
Correct Answer
Void ab initioYour Answer
Void ab initio
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
An insolvent person can accept or endorse a bill.Correct Answer
False
Your Answer
False
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 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. , Members representing such interests as may be prescribed by the State Govt.
True/False
Question
Subsidiary company can hold shares and can acquire membership of the holding company.
Correct Answer
False
Your Answer
False
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
PartnershipCan be formed at Will
Can be formed at Will
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 personsYour Answer
there must be a contract regarding a partnership , there must be an association of two or more persons
Select The Blank
Question
There should be a ________ and real necessity for creating an agency.Correct Answer
Definite
Your Answer
Congenital
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 Single Answer
Question
The object of carrying on a business must be :-
Correct Answer
Sharing of profits
Your Answer
Sharing of profits
True/False
Question
Company is treated as a legal person distinct from its members.
Correct Answer
True
Your Answer
True
Select The Blank
Question
An offer must create ________ relationship.Correct Answer
Legal
Your Answer
Legal
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 endorsee of a chequeYour Answer
His name appear on an instrument , He is in possession of bearer instrument , He is contracting an instrument
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