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Thursday, November 19, 2009

Business Law - 18

 

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

 

 

 

 True/False

  Question  

Agreement is defined as a contract at its inception.

  Correct Answer  

True

  Your Answer  

True

 

 Select The Blank

  Question  

________ is the ________ method of voting with the rule "one share one vote "

  Correct Answer  

poll

  Your Answer  

poll

  Correct Answer  

capitalistic

  Your Answer  

individualised

 

 Multiple Choice Single Answer

  Question  

Agency can be created by

  Correct Answer  

Operation of law

  Your 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

  Your 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

  Your 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

  Your 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

  Your Answer  

individual

  Correct Answer  

mutual

  Your 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

  Your 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

Your 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

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

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

Nominal Partner

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

Sub-Partner

Sub-Partner

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

Dormant Partner

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

  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

 

 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

  Your 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

  Your 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

  Your Answer  

an assembly

  Correct Answer  

transacting

  Your 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

  Your Answer  

he must have an immediate right of action for the price , he must have refused payment when tendered , 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

  Your 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

  Your Answer  

minors , co-owners without the agreement to carry on the business

 

 Match The Following

Question

Correct Answer

Your Answer

Sale

Exchange of goods for price

Exchange of goods for price

Barter Exchange

Exchange of goods for goods

Exchange of goods for goods

Sale of Goods Act, 1930

Movable goods

Movable goods

Caveat Emptor

Let the buyer beware

Let the buyer beware

Quiet possession

Implied Warranty

Implied Warranty

 

 Multiple Choice Single Answer

  Question  

A consumer has right to be assured, wherever possible, access to services at

  Correct Answer  

competitive prices

  Your 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

  Your 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

  Your 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

  Your Answer  

death of a member , lunacy of a member , minority 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

  Your Answer  

acquire movable property on behalf of the firm , admit any liability in a suit or proceedings against 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

  Your 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

  Your Answer  

non-acceptance , release , payment

 

 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

  Your 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

  Your Answer  

Endorsement

  Correct Answer  

holder

  Your Answer  

holder

 

 Select The Blank

  Question  

Un-called capital is the part of ________ and ________ capital which has not been called up.

  Correct Answer  

issued

  Your Answer  

issued

  Correct Answer  

subscribed

  Your Answer  

subscribed

 

 True/False

  Question  

Special Notice and Special Resolution mean one and the same.

  Correct Answer  

False

  Your Answer  

True

 

 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

  Your Answer  

unfair

  Correct Answer  

deceptive

  Your Answer  

deceptive

 

 True/False

  Question  

Consumer is a person who procures service under a contract of personal service

  Correct Answer  

False

  Your Answer  

True

 

 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

  Your Answer  

its share-holders , Board of Directors , Promoters before the existence of the company

 

 True/False

  Question  

English Law does not recognize Formal Contract

  Correct Answer  

False

  Your 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

  Your Answer  

uncalled

  Correct Answer  

winding up

  Your Answer  

winding up

 

 True/False

  Question  

The partners need not sign the partnership deed.

  Correct Answer  

False

  Your 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

  Your Answer  

Accepted

  Correct Answer  

Accepted

  Your Answer  

Declared

 

 Multiple Choice Multiple Answer

  Question  

Goods includes

  Correct Answer  

trade marks , good will

  Your Answer  

actionable claims , money

 

 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

  Your Answer  

contains objectives for which the company is established , 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

  Your Answer  

Coercion

  Correct Answer  

forbidden

  Your Answer  

forbidden

 

 Select The Blank

  Question  

________ is an invitation made to the ________

  Correct Answer  

Prospectus

  Your Answer  

Prospectus

  Correct Answer  

public

  Your Answer  

public

 

 Multiple Choice Single Answer

  Question  

A factor is a type of

  Correct Answer  

Mercantile Agent

  Your Answer  

Mercantile Agent

 

 True/False

  Question  

Agents acting jointly and severally are known as co-agents

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Single Answer

  Question  

Enforcement of contingent contract depends on

  Correct Answer  

Happening or Non-happening of the event

  Your Answer  

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

  Your Answer  

official assignee or receiver

 

 Select The Blank

  Question  

When the ________ of contract becomes ________ , such contract need not be performed

  Correct Answer  

performance

  Your Answer  

cancellation

  Correct Answer  

impossible

  Your Answer  

possible

 

 True/False

  Question  

A Cheque can be bearer, Order or crossed

  Correct Answer  

True

  Your Answer  

True

 

 Multiple Choice Single Answer

  Question  

Following is an implied condition.

  Correct Answer  

Condition as to sale by sample

  Your 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

  Your Answer  

dissolution by agreement

 

 

 

1 Comment:

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