Saturday, February 26, 2011

Business Law - 9

Business Law - 9

Question
Promise may be fraud if it is made
Correct Answer
without intending to perform it , to deceive

True/False
Question
If one of the parties to the contract dies the contract becomes void.
Correct Answer
False

Multiple Choice Single Answer
Question
Waiver
Correct Answer
vDeliberate abandonment of a rights by the parties to the contract.

Multiple Choice Single Answer
Question
The ownership capital of the company is divided into a number of
Correct Answer
Shares,


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

Multiple Choice Single Answer
Question
The term of central protection council is
Correct Answer
three years


Select The Blank
Question
A sale can only be in the case of ________ Or ________ goods.
Correct Answer
future, generic




Multiple Choice Single Answer
Question
One of the characteristics of Company is that it is
Correct Answer
an artificial person

Multiple Choice Multiple Answer
Question
Following is true about the Articles of Association
Correct Answer
it is required to be signed by the subscribers of the memorandum of association , is to be registered along with the memorandum , a public company may have its own articles of association


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


Multiple Choice Multiple Answer
Question
A person is deemed to be dominated the will of another if
Correct Answer
a real or apparent authority over them , he stands in a fiduciary relation to other


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, Accepted





Match The Following
Question
Correct Answer


Two parties
Contract of Sale

Monetary consideration
Price for the goods

Unpaid Seller
Right of lien on goods

Future Goods
Agreement to sell


Identified Goods
Ascertained Goods

Select The Blank
Question
Any person claiming himself as a consumer must ________ that the services must have been ________ to him
Correct Answer
prove, rendered

True/False
Question
An unpaid seller has a right against the goods but does not have any personal right against the buyer.
Correct Answer
False

Multiple Choice Single Answer
Question
The rights & liabilities of an expelled partner
Correct Answer
are exactly same as that of a retiring partner

Multiple Choice Single Answer
Question
If there is breach of a condition, the aggrieved party gets a right to.
Correct Answer
repudiate the contract

Multiple Choice Single Answer
Question
Unless there is any agreement to the contrary, on the insolvency of any of the partners of the partnership firm, the firm
Correct Answer
is automatically dissolved


Multiple Choice Single Answer
Question
Illusory consideration can also be called as
Correct Answer
deceptive



Multiple Choice Single Answer
Question
In a private company shares can
Correct Answer
be but with restrictions transferred



Select The Blank
Question
An Order of the Court asking a person to do or to ________ from doing a particular act, which is the subject matter of the contract, is known as ________
Correct Answer
Quasi, Injunction


True/False
Question
The estate of a deceased partner or the legal representatives of a deceased partner cannot be held liable for any act of the firm.
Correct Answer True
Select The Blank
Question
________ is the ________ number of members to be present at the meetings to conduct the business of the meeting as required by law
Correct Answer
quorum, minimum

Select The Blank
Question
As per Sec. 2 (1) (O) of the Consumer Protection Act, Service ________ Include rendering of any service under a contract of ________ service.
Correct Answer
doesnot, personal


Multiple Choice Multiple Answer
Question
Following are the essentials of valid acceptance
Correct Answer
acceptance must be qualified , acceptance must be communicated to the offeror


True/False
Question
In case the object of an agency becomes unlawful, the agency cannot be terminated
Correct Answer
False


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 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 Multiple Answer
Question
To turn an agreement into contract the consideration
Correct Answer
should be legal , should be lawful , should be law abiding


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




Select The Blank
Question
________ Is Any fault imperfection or shortcoming in quantity, quality, purity or standard to be ________ by or under any law for the time being in force under any contract express or implied is cla
Correct Answer
Defects, maintained


True/False
Question
Bill of Exchange need not be stamped property
Correct Answer
True
Your Answer
False

Select The Blank
Question
A ________ is a Cheque drawn with a ________ date.
Correct Answer
Post-dated, future



Multiple Choice Multiple Answer
Question
One of the characteristics of Company is that it is
Correct Answer
an artificial person

Multiple Choice Single Answer
Question
Where a contract of sale is subject to any condition to be fulfilled by the seller, the buyer may
Correct Answer
Waive the condition


True/False
Question
Company can be termed as a Body Corporate.
Correct Answer
True


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


Match The Following
Question
Correct Answer


Partner by holding-out
Partner by estoppel


Dissolution of partnership
Completion of ventures

Right of a partner
To retire


Partner is liable
Loss caused by fraud


Sleeping Partner
Dormant Partner

Multiple Choice Single Answer
Question
an example of implied agency is
Correct Answer
Agency by Holding-out

Multiple Choice Multiple Answer
Question
Consent means
Correct Answer
assent of another , assent to support a claim , consent of the offeror to the contract


True/False
Question
An agent does not have the right to enter into contracts with third parties
Correct Answer
False


Multiple Choice Multiple Answer
Question
Negotiable Instruments recognized by usage are
Correct Answer
Hundies , S.T. Receipts for goods , Pay off Orders


Select The Blank
Question
Where a ________ promise is made to pay either cash or money’s worth for an uncertain event, it is known as ________ contract
Correct Answer
conditional, Wagering



True/False
Question
Stock is a synonym used for Shares.
Correct Answer
False


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

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


Business Law - 8
LIST OF ATTEMPTED QUESTIONS AND ANSWERS



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, 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, 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, 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, holder

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


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

Business Law - 7
LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer
Question
Memorandum of a public company must be signed by
Correct Answer
Seven persons

Match The Following
Question
Correct Answer

Unascertained goods
Generic goods


Unpaid seller
Right of lien on goods


Future goods
Agreement to sell

Identified goods
Ascertained goods
Match The Following
Question
Correct Answer

Fact and Law
The types of "Mistake"


An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract
Injuction Order

The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir
Applicability

An agreement enforceable by law
Contract

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

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


Multiple Choice Multiple Answer
Question
Following are the essential of Undue influence
Correct Answer
there must be some relationship between the parties , It is mainly of moral character

Multiple Choice Multiple Answer
Question
Consent is free when it is not caused by
Correct Answer
Undue influence , Fraud , Mistake,

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

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

Multiple Choice Multiple Answer
Question
The modes of termination of agency are
Correct Answer
By completion of the agency business , By death of principal , By expiry of period or time


Multiple Choice Multiple Answer
Question
Fraud means and includes following act -
Correct Answer
promise to deceive other party , promise without intending to perform


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

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


Multiple Choice Multiple Answer
Question
Articles of Association contains
Correct Answer
Regulations of the company , Internal affairs of the company , Conduct of company's business

Select The Blank
Question
Unpaid seller's right to stop the goods in transit arises only when the buyer is ________
Correct Answer
Bankrupt


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

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


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

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



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


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

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

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

Select The Blank
Question
Holding out means ________ leading another person to believe in something.
Correct Answer
falsely

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

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


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

Multiple Choice Multiple Answer
Question
In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him to
Correct Answer
Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm


True/False
Question
Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer
False


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

Multiple Choice Multiple Answer
Question
The companies having Articles are
Correct Answer
Unlimited Company , Company limited by guarantee , Company limited by shares



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



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

Select The Blank
Question
The registration fo partnership firm is ________.
Correct Answer
not compulsory


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

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


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



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



Multiple Choice Multiple Answer
Question
A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it
Correct Answer
Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means


Select The Blank
Question
Under ________ influence the dominant party may hold a real authority over the other party.
Correct Answer
undue

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

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



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



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


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

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

1 comment: