Business Law - 2

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Match The Following
Question
Correct Answer
Your Answer
Penalty for false particulars
Imprisonment 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
False
Your 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 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
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 as
Correct 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
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
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 is
Correct 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 as
Correct 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 earned
Your 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 shares
Your 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 shares
Your 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 Company
Your 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