Business Law - 10

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Multiple Choice Multiple Answer
Question
There is always a direct privity of contract between the principal and the following
Correct Answer
substituted agent , co-agent , general agent
Your Answer
substituted agent , co-agent , general agent

True/False
Question
Sections 1 to 75 of the Indian Contract Act, 1872 provides for the special contracts.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
For the existence of a partnership there must be an association of
Correct Answer
Two or more persons
Your Answer
Two or more persons

True/False
Question
The company cannot exceed the powers conferred on it by its memorandum
Correct Answer
True
Your Answer
True

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 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 Single Answer
Question
A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company
Correct Answer
Limited by shares
Your Answer
Limited by shares

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 , the main object of carry on the business must be sharing of liabilities , there must be an association of two or more persons

Multiple Choice Single Answer
Question
According to the Consumer Protection Act of 1986, goods means as defined under
Correct Answer
Sale of Goods Act, 1930
Your Answer
Sale of Goods Act, 1930

Multiple Choice Multiple Answer
Question
Presumptions do not arise where an instrument is obtained by
Correct Answer
fraud , offence , illegal consideration
Your Answer
fraud , offence , illegal consideration

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
admit any liability in a suit or proceedings against the firm , withdraw a suit or proceeding filed on behalf of the firm

Multiple Choice Single Answer
Question
Acceptance should be made in
Correct Answer
The manner prescribed by the promisor and if not prescribed in any reasonable manner
Your Answer
The manner prescribed by the promisor and if not prescribed in any reasonable manner

Multiple Choice Multiple Answer
Question
Documents to be presented for the registration of a company with the registrar are
Correct Answer
The memorandum of the company , Its articles , The agreement, if any
Your Answer
The memorandum of the company , Its articles , The agreement, if any

Multiple Choice Single Answer
Question
Sale is a contract plus
Correct Answer
conveyance
Your Answer
commitment

True/False
Question
An agency can be terminated after lapse of time or completion of the work.
Correct Answer
True
Your Answer
True

Select The Blank
Question
A club or a society is an ________ of persons
Correct Answer
association
Your Answer
association

Match The Following
Question
Correct Answer
Your Answer
Minor's Agreement
Void ab initio
Void ab initio
Threatning to commit
Coercion
Coercion
Consideration
Past, Present and Future
Past, Present and Future
Mistake
Fact and Law
Fact and Law

Multiple Choice Multiple Answer
Question
If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal
Correct Answer
can repudiate the transaction , may affirm such transaction , may claim damages for loss
Your Answer
can repudiate the transaction , may affirm such transaction , may claim damages for loss

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
admit any liability in a suit or proceedings against the firm , enter into partnership on behalf of 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
Amendments made in the Consumer Protection Act in 1993 are
Correct Answer
To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.
Your Answer
To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.

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 endorses of a cheque
Your Answer
his name appear on an instrument , he is in possession of bearer instrument , he is the endorses of a cheque

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
The three ingredients in the performance of a contract of sale by the seller are
Correct Answer
Transfer of property in goods , The passing of the risk , Delivery of goods
Your Answer
Transfer of property in goods , The passing of the risk , Delivery of goods

Multiple Choice Multiple Answer
Question
Instruments payable on demand are
Correct Answer
Cheque , Promissory Note , Bill of Exchange
Your Answer
Cheque , Promissory Note , Bill of Exchange

Select The Blank
Question
Ratification is one of the ways of ________ agency.
Correct Answer
creating
Your Answer
creating

True/False
Question
The membership of the association of company shall cease on the dissolution of the firm.
Correct Answer
True
Your Answer
True

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

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.

Multiple Choice Single Answer
Question
Sale is a contract plus
Correct Answer
executed contract
Your Answer
executory contract

Select The Blank
Question
An agent is simply blank a ________ between his principal and the third party.
Correct Answer
connecting link
Your Answer
connecting link

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

True/False
Question
A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price
Correct Answer
True
Your Answer
True

Select The Blank
Question
The property in the Negotiable Instrument passes from one person to another person by ________ delivery.
Correct Answer
Mere/ Simple
Your Answer
Mere/ Simple

True/False
Question
The principal can ratify unauthorised act of an agent.
Correct Answer
False
Your Answer
True

Select The Blank
Question
An order of the court asking a person to do or to abstain from doing a particular act, which is the subject matter of the contract, is known as ________.
Correct Answer
Injuction
Your Answer
Injuction

Multiple Choice Single Answer
Question
A partner who invests capital & share profits but do not take active part in firm's business is
Correct Answer
a dormant or sleeping partner
Your Answer
a dormant or sleeping partner

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

Select The Blank
Question
The object of the Consumer Protection Act of 1986 is to educate the people so that they can find out ________ for their grievances
Correct Answer
legal remedies
Your Answer
legal remedies

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 whim , It is for indefinite period
Your Answer
Partners are always free to break their relationship at their whim , It is for indefinite period

Multiple Choice Single Answer
Question
The intention of the Negotiable Instrument Act is to govern
Correct Answer
legal relationship
Your Answer
legal relationship

True/False
Question
If all the members of a company are married, the company would not be a married person.
Correct Answer
True
Your Answer
True

Select The Blank
Question
A firm is a name given to the partners ________
Correct Answer
collectively
Your Answer
collectively

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

Multiple Choice Single Answer
Question
Which authority of an agent can be inferred from the circumstances of the case ?
Correct Answer
implied
Your Answer
implied

Multiple Choice Multiple Answer
Question
Section 2. of Indian Contract Act defines proposal as
Correct Answer
when one person communicates his desire to do something for another to obtain the assent of another that is a proposal. , when one person signifies to another his willingness to do or to abstain with a view to obtain the consent of another that is a proposal.
Your Answer
when one person communicates his desire to do something for another to obtain the assent of another that is a proposal.

Multiple Choice Single Answer
Question
The object of carrying on a business must be
Correct Answer
Sharing of profits
Your Answer
Sharing of profits