Business Law - 18

Business Law - 18

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

Select The Blank
Question________ is the ________ method of voting with the rule "one share one vote "

Correct Answer Poll
Correct Answer Capitalistic

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

Multiple Choice Single Answer
Question
Where the property in goods sold has been passed, the unpaid seller has the
Correct Answer
Right to stop goods in transit

True/False
Question
A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself

Correct 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

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

Match The Following
Question Correct Answer

An Outsider or a stranger who holds himself out or represents himself to be a partner of the partnership firm and induces outsider to give credit to the firm partner by estoppel

A person who becomes a partner by entering into partnership agreement & is actual engaged in the conduct and management of the partnership business Ostensible partner

A person who only lends his name to the partnership firm but does not invest any capital in the firm nor does take any interest in the affairs of the firm Nominal Partner

When partners agree to share the profits of the partnership firm with any outsider, such An outsider is known as Sub-Partner

A partner whose existence in the firm is kept secret from the outside world Dormant Partner


Multiple Choice Multiple Answer
Question Following are the conditions needed to prove an act of a partner is an act of a partnership firm
Correct Answer such a act be done in a ordinary course of a partnership firm , it must be related to the business of the firm , act must have been done in the name and on behalf of the firm

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
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

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
Correct 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

Multiple Choice Multiple Answer
Question Following are the examples of statutory companies
Correct Answer Reserve Bank Of India , Unit Trust Of India

Multiple Choice Multiple Answer
Question Following persons can not be called partners
Correct Answer minors , insolvents , co-owners without the agreement to carry on the business

Match The Following
Question Correct Answer

Sale Exchange of goods for price

Barter Exchange Exchange of goods for goods

Sale of Goods Act, 1930 Movable goods

Caveat Emptor Let the buyer beware

Quiet possession Implied Warranty


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

Multiple Choice Multiple Answer
Question Following are the characteristics of partnership at will
Correct Answer partners are always free to break their relationship at their whim , it is for indefinite period

True/False
Question A commission agent is generally appointed for selling and buying goods on behalf of his principal
Correct 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

Multiple Choice Multiple Answer
Question In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer acquire movable property on behalf of the firm , transfer movable property belonging to the firm

Multiple Choice Multiple Answer
Question Following are the persons who cannot enter into partnership firm
Correct Answer A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business

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

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

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

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

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

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
Correct Answer deceptive

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

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

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

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

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

Multiple Choice Multiple Answer
Question Characteristics Articles of Association are
Correct Answer it contains rule for the internal management of the affairs of the company , it is subordinate to the Memorandum of Association

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

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

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

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

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

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

True/False
Question A Cheque can be bearer, Order or crossed
Correct Answer True

Multiple Choice Single Answer
Question Following is an implied condition.
Correct 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