Saturday, February 26, 2011

Business Law - 15

Business Law - 15


Select The Blank
Question Acceptance of a lesser performance than what was actually contracted for is known as ________.
Correct Answer remission

True/False
Question Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer False

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



Select The Blank
Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion

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


True/False
Question Companies can be registered with undesirable names.
Correct Answer False


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




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




Multiple Choice Single Answer
Question The communication of a proposal is complete when it
Correct Answer comes to the knowledge of the person to whom it is made



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

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



True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct 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

True/False
Question A servant appointed by his masters is an agent.
Correct Answer False


Multiple Choice Multiple Answer
Question The object of the contract should be
Correct Answer legal one , lawful

Multiple Choice Single Answer
Question An agency is based upon consent and hence, it is a
Correct Answer consensual relations


Select The Blank
Question The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature.
Correct Answer contractual


Multiple Choice Single Answer
Question Unpaid seller's right to stop the goods in transit arises only when the buyer becomes
Correct Answer insolvent

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

Select The Blank
Question The company does not possess ________ still it is a person in the eyes of law.
Correct Answer fundamental rights


Multiple Choice Single Answer
Question The essence of contract of sale is
Correct Answer sale of goods

Match The Following
Question -Correct Answer
Penalty for false particulars- Imprisonment for three months
Partnership deed -Name, Place, Date
A statement in prescribed form and accompanied by fees -Required for registration
The registrar of firms -To rectify any mistake


Multiple Choice Single Answer
Question The National Commission has the power to entertain appeals against the orders of any
Correct Answer State Commission


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name


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

True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True

Multiple Choice Multiple Answer
Question A cheque can be
Correct Answer Bearer , Order , Crossed



Multiple Choice Single Answer
Question In an auction sale, if someone gives highest bid and the auctioneer accepts his offer by striking the hammer it is
Correct Answer an implied acceptance

Match The Following
Question -Correct Answer
Complaint of Consumer -Any allegation in writing
Trade in relation to any goods -Who distributes goods
Manufacturer -Who makes any goods
Consumer Dispute- Dispute between consumer and manufacturer or trader

Multiple Choice Single Answer
Question Constructive delivery is also called as Delivery by
Correct Answer Attornment


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



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

Select The Blank
Question One man holds practically the ________ of the share capital of the one man company.
Correct Answer whole



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


Multiple Choice Multiple Answer
Question An agent may retain, out of any sums received on account of the principal in the business of the agency
Correct Answer remuneration as may be payable , expenses properly incurred , all sums due to himself



Multiple Choice Single Answer
Question Quasi Contract is created by
Correct Answer law

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

True/False
Question Registration is compulsory for all the companies.
Correct 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 shares
Your Answer Companies limited by guarantee , Private companies limited by shares


True/False
Question The membership of the association of company shall cease on the dissolution of the firm.
Correct Answer True


Multiple Choice Single Answer
Question A contract in which a consent is caused by undue influence, is
Correct Answer voidable at the option of the consenting party

Multiple Choice Single Answer
Question Every company by law must have
Correct Answer Common seal

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

Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a service includes
Correct Answer Financial service , Entertainment

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

Select The Blank
Question A misrepresentation may be committed by causing a mistake ________
Correct Answer innocently



True/False
Question No consideration is required in formal contracts.
Correct Answer True




Business Law - 14
LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Select The Blank
Question Special resolution and confirmation by ________ is required for alteration of Memorandum.
Correct Answer Company Law Board



Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods



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

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


Multiple Choice Multiple Answer
Question Following are the elements 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



Match The Following
Question- Correct Answer
Presentation of Negotiable -Instrument For payment
When an endorser signs the instrument and adds a direction to pay the amount mentioned therein -Endorsement in full
Default in payment of amount of cheque -Dishonour of cheque
Notice of dishonour of cheque -Mandatory provision


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


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

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

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


Multiple Choice Multiple Answer
Question Following persons can perform the contracts :-
Correct Answer Promissor , Agent , Legal representative




Multiple Choice Single Answer
Question The Consumer Protection Act makes available certain new remedies leaving the :-
Correct Answer Substantive rights of the consumer intact


Select The Blank
Question In a ________ contract, the future event is collateral to the contract.
Correct Answer Contingent

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. She is a :-
Correct Answer Consumer


Multiple Choice Multiple Answer
Question Which of the following are not a void agreement?
Correct Answer Agreement with consideration

Multiple Choice Single Answer
Question Bill of Exchange must contain :-
Correct Answer Order to pay money only

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 principal

Multiple Choice Single Answer
Question A partner can not transfer his share to any outsider without obtaining :-
Correct Answer Consent of other partners

True/False
Question An agreement without consideration is void.
Correct Answer 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

True/False
Question Under the Consumer Protection Act of 1986, goods include actionable claim and money.
Correct Answer False


Select The Blank
Question Spurious goods means goods which are ________.
Correct Answer Fake

Select The Blank
Question An agent is simply a blank ________ between his principal and the third party.
Correct Answer Connecting link

True/False
Question Money order, Postal order, Share Certificates, Deposit receipts and such other documents are Negotiable Instruments.

Correct Answer False

Multiple Choice Single Answer
Question Material attestation of Negotiable Instrument, unless carried out, common intention of the original parties becomes :-
Correct Answer Void

Multiple Choice Single Answer
Question A body carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect is known as :-
Correct Answer Appropriate laboratory

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



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


Select The Blank
Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument.
Correct Answer Meaning

True/False
Question A sale is an executed contract whereas an agreement to sell is an executor contract.
Correct Answer True

Multiple Choice Single Answer
Question The sale of goods is the most common of all :-
Correct Answer Commercial contracts



Match The Following
Question- Correct Answer
Sale- Exchange of goods for price
Barter system -Exchange of goods for goods
Sale of goods Act, 1930- Movable goods
Caveat emptor- Let the buyer beware

Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract

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


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



Select The Blank
Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion

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



True/False
Question Consideration is required in formal contracts.
Correct Answer False

True/False
Question An insolvent person can accept or endorse a bill.
Correct Answer False

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


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name


Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a service includes :-
Correct Answer Financial service , Entertainment

True/False
Question "Law" means a set of rules and regulations in the nature of dictatorship.
Correct Answer False




Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant
Multiple Choice Single Answer
Question Section 138 deals with :-
Correct Answer Dishonour of cheque

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


Multiple Choice Single Answer
Question A partnership at will can be dissolved by filing a suit for :-
Correct Answer Dissolution
Your Answer Dissolution




Business Law - 13
LIST OF ATTEMPTED QUESTIONS AND ANSWERS

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

Multiple Choice Single Answer
Question Whatever a person can do himself, he can do the same through another person i.e.:-
Correct Answer His agent

Multiple Choice Single Answer
Question In contract of sale the buyer becomes :-
Correct Answer Absolute owner of the property


Multiple Choice Single Answer
Question The intention of the Negotiable Instrument Act is to govern :-
Correct Answer Legal relationship

True/False
Question An agency can be terminated after lapse of time or completion of the work.
Correct Answer True


True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True

Multiple Choice Single Answer
Question In Mohri Bibi vs Dharmo Ghosh the ruling was laid down by :-
Correct Answer Privy Council

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


True/False
Question An agent does not have the right to stop goods in transit.
Correct Answer False


Multiple Choice Single Answer
Question Competent parties means parties should be :-
Correct Answer Major in age

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.

Multiple Choice Single Answer
Question When the partners select to adopt certain firm name which is identical with the firm name already in existence, then such name is :-
Correct Answer Legal

True/False
Question A sub-agent acts under the direct control of his principal.
Correct Answer False

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


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


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



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



Match The Following
Question -Correct Answer
Sale- Exchange of goods for price
Barter system -Exchange of goods for goods
Sale of goods Act, 1930- Movable goods
Caveat emptor- Let the buyer beware


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



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

Select The Blank
Question For creating ________ relationship the parties to the contract must have a will to seek for the help of law court in the case of breach of a contract.
Correct Answer Legal

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

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


Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant

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

Select The Blank
Question An agent can be held responsible for damages arising from his misconduct in the business of agency or ________.
Correct Answer Negligence



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 Injunction



Match The Following
Question- Correct Answer
Minor Partner -Admitted for profits only
Dissolution of a Partnership -Death or Insanity of the partners
Firm -Partners
Partner -Agents of the firm
Partnership -Can be formed at


True/False
Question The subscriber of the memorandum of a company on its registration shall be entered in the register of members as member.
Correct Answer True


Multiple Choice Single Answer
Question In case of private limited company, minimum number of members is two while the maximum is :-
Correct Answer 50

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

Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods

True/False
Question Registration of firm is a condition precedent for filing the suit for seeking the remedy which arises out of contractual obligations.
Correct Answer True


Multiple Choice Single Answer
Question General offers open for the world at large can be accepted by any person :-
Correct Answer Who complies with the conditions of the offer

Select The Blank
Question In ________ contract, all the parties perform their promise.
Correct Answer An executed


True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct Answer True

Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name


Multiple Choice Single Answer
Question In the Right of lien, the possession is retained by :-
Correct Answer Unpaid seller

Select The Blank
Question The partners continue to be liable as such to ________ for any act done by them.
Correct Answer Third party

True/False
Question A Promissory Note contains conditional undertaking to pay a certain sum of money.
Correct 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


Select The Blank
Question A firm is a name given to the partners ________.
Correct Answer Collectively

Multiple Choice Single Answer
Question Partnership created at will of the partners is:-
Correct Answer Partnership at will

Select The Blank
Question Ratification is one of the ways of ________ agency.
Correct Answer Creating

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

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


Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract

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