Business Law - 1

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



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
Void
Your 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 principal
Your 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 goods
Your 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 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
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 therein
Endorsement 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 on
Correct 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 against
Correct Answer
a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm
Your 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 shares
Your 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 initio
Your 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
Partnership
Can 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 persons
Your 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 cheque
Your Answer
His name appear on an instrument , He is in possession of bearer instrument , He is contracting an instrument