Business Law - 11

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



True/False
Question
The relation between a doctor and his patient is not fiduciary in nature.
Correct Answer
False
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
Barter system
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
Sale
Exchange of goods for price
Exchange of goods for price

Multiple Choice Single Answer
Question
Mr. Red and Mr. White register their company as a private company with a share capital of Rs. 7, 00,000/- divided into 70,000 shares of Rs.10/- each. Mr. White holds 69,999 shares while Mr. Red holds only 1 share. This is a :-
Correct Answer
One man company
Your Answer
One man company

Multiple Choice Single Answer
Question
If any member of the Central Council wants to resign from the Central Council, he may do so by a letter addressed to the :-
Correct Answer
Chairman
Your Answer
President

Multiple Choice Multiple Answer
Question
Coercion means and includes :-
Correct Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act , Act forbidden by any law

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
The principal must give compensation to his agent in respect of injury caused to an agent by the :-
Correct Answer
Principal's neglect , Principal's want to skill , Principal's want to knowledge
Your Answer
Principal's neglect , Principal's want to skill , Principal's want to knowledge

Multiple Choice Single Answer
Question
A cheque is dishonoured by :-
Correct Answer
Non payment only
Your Answer
Non security only

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

Select The Blank
Question
Past consideration is one which is wholly suffered by the ________ even before making of the agreement.
Correct Answer
Promisee
Your Answer
Promisor

True/False
Question
The social or the domestic contracts are excluded from the purview of the Indian Contract Act, 1872.
Correct Answer
True
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

True/False
Question
Persons who have entered into partnership with one another are called individually partners and they are collectively "a firm".
Correct Answer
True
Your Answer
True

Multiple Choice Multiple Answer
Question
An unregistered firm can institute a suit against
Correct Answer
wrongful use of the trade mark , wrongful use of the firm name
Your Answer
wrongful use of the trade mark , wrongful use of the firm name

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

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

True/False
Question
An auctioneer has full authority to sell the goods of his principal by private contracts.
Correct Answer
False
Your Answer
True

Select The Blank
Question
Notice of dissolution of firm must be ________.
Correct Answer
Explicit
Your Answer
Implicit

Multiple Choice Multiple Answer
Question
Promissory note must be in :-
Correct Answer
In writing , Definite , Unconditional
Your Answer
In writing , Definite

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 uses the firm name for gaining personal profits

True/False
Question
Mental acceptance amounts to an acceptance.
Correct Answer
False
Your Answer
True

Multiple Choice Single Answer
Question
A cooler was purchased not for his own use, but it was installed at a bus-stand for the use of public free of charge. it was held that the purchaser was a consumer because :-
Correct Answer
There was no commercial purpose
Your Answer
There was no commercial purpose

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 , withdraw a suit or proceeding filed on behalf of the firm

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
Certain effects of the insolvency of a partner are as follows :-
Correct Answer
An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner
Your Answer
An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner , Firm is held liable for any acts of insolvent after the adjudication

Multiple Choice Multiple Answer
Question
Following are the agencies of a three tier system of consumer disputes redressal agencies :-
Correct Answer
State commission , National commission , District Forum
Your Answer
State commission , National commission , District Forum

Select The Blank
Question
In order to become a holder, a person must possess the instrument under some ________ title.
Correct Answer
Lawful
Your Answer
Lawful

True/False
Question
Unenforceable agreements and illegal agreements mean one and the same thing.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
A private company can be registered with a paid-up capital of Rs. :-
Correct Answer
One lakh
Your Answer
One lakh

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

Multiple Choice Single Answer
Question
In case of a public limited company, the maximum number has no limit, but the minimum is fixed at :-
Correct Answer
7
Your Answer
7

Multiple Choice Multiple Answer
Question
A sale can be in case of :-
Correct Answer
Specific goods , Existing goods
Your Answer
Future goods , Existing goods , Contingent

True/False
Question
An agreement should be certain and unambiguous.
Correct Answer
True
Your Answer
True

True/False
Question
A trader is a middleman bringing the buyer and seller together and receiving any commission for services rendered by him.
Correct Answer
False
Your Answer
True

Select The Blank
Question
The Articles of Association controls ________ operations of the company.
Correct Answer
Internal
Your Answer
Internal

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
Your Answer
Some authority is held over the other party , A real or apparent authority over them , He stands in a fiduciary relation to other

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

Select The Blank
Question
There are certain relations, which are not created by contracts but are upheld by law, which are known as ________ contracts.
Correct Answer
Quasi
Your Answer
Contingent

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

Select The Blank
Question
Every promise and every set of promises, forming the consideration for each other, is ________.
Correct Answer
An agreement
Your Answer
An agreement

Multiple Choice Single Answer
Question
In the Bill of Exchange, the person who is ordered to pay is called as :-
Correct Answer
Drawee
Your Answer
Drawee

Select The Blank
Question
The essential point about an agent's position is his ________ of making his principal answerable to third parties.
Correct Answer
Authority
Your Answer
Consent

Multiple Choice Single Answer
Question
In contract of sale the buyer becomes :-
Correct Answer
Absolute owner of the property
Your Answer
Absolute owner of the property

Select The Blank
Question
An agreement of agency must make clear the ________ of a person to act on behalf of another person.
Correct Answer
Intention
Your Answer
Contract

Multiple Choice Single Answer
Question
During the war, all the members of a private company were killed while they were in general meeting in a bomb attack. The questions is whether the company will :-
Correct Answer
Survive
Your Answer
Survive

Multiple Choice Single Answer
Question
Quasi Contract rests on the ground of :-
Correct Answer
Equity
Your Answer
Equity

True/False
Question
Memorandum of a company is a primary and supreme document of the company.
Correct Answer
True
Your Answer
True