Friday, June 28, 2013

Business Law - 7

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



Multiple Choice Single Answer
Question
Memorandum of a public company must be signed by
Correct Answer
Seven persons
Your Answer
Seven persons

Match The Following
Question
Correct Answer
Your Answer
Unascertained goods
Generic goods
Generic goods
Unpaid seller
Right of lien on goods
Right of lien on goods
Future goods
Agreement to sell
Agreement to sell
Identified goods
Ascertained goods
Ascertained goods

Match The Following
Question
Correct Answer
Your Answer
Fact and Law
The types of "Mistake"
The types of "Mistake"
An order of the court asking a person to do or abstain from doing a particular act, which is the subject matter of the contract
Injuction Order
Injuction Order
The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir
Applicability
Sector 63
An agreement enforceable by law
Contract
Contract

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

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
True

Multiple Choice Multiple Answer
Question
Following are the essential of Undue influence
Correct Answer
there must be some relationship between the parties , It is mainly of moral character
Your Answer
intention to induce someone to enter into an agreement , threatening to detain property, unlawfully

Multiple Choice Multiple Answer
Question
Consent is free when it is not caused by
Correct Answer
Undue influence , Fraud , Mistake
Your Answer
Compulsion , Undue influence , Fraud

Select The Blank
Question
A proposal comes to an end by its ________.
Correct Answer
rejection
Your Answer
acceptance

Multiple Choice Single Answer
Question
In an agreement to sell the seller is responsible for all the risk of loss as he is the
Correct Answer
Owner
Your Answer
Owner

Multiple Choice Multiple Answer
Question
The modes of termination of agency are
Correct Answer
By completion of the agency business , By death of principal , By expiry of period or time
Your Answer
By completion of the agency business , By death of principal , By expiry of period or time

Multiple Choice Multiple Answer
Question
Fraud means and includes following act -
Correct Answer
promise to deceive other party , promise without intending to perform
Your Answer
promise to deceive other party , concealing a fact believing to be untrue , promise without intending to perform

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
The company law board confirms the change of registered office of the company within a state
Correct Answer
False
Your Answer
True

Multiple Choice Multiple Answer
Question
Articles of Association contains
Correct Answer
Regulations of the company , Internal affairs of the company , Conduct of company's business
Your Answer
Internal affairs of the company , Conduct of company's business

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

Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in criminal court 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 wrongful deals with the assets of the firm , A partner who uses the firm name for gaining personal profits

True/False
Question
A sale is an executed contract whereas an agreement to sell is an executory contract.
Correct Answer
True
Your Answer
True

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 , transfer movable property belonging to the firm

Multiple Choice Single Answer
Question
Where the transfer of property in the goods is to take place at a future time it is called
Correct Answer
Agreement to sell
Your Answer
Agreement to sell

Multiple Choice Single Answer
Question
A consumer has the right to be assured, wherever possible, access to services at
Correct Answer
Competitive prices
Your Answer
Competitive prices

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

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 , transfer movable property belonging to the firm

Select The Blank
Question
Holding out means ________ leading another person to believe in something.
Correct Answer
falsely
Your Answer
properly

True/False
Question
Directors of a private company need to file their consent with the registrar to act as director or sign an undertaking.
Correct Answer
False
Your Answer
True

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 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

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
Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm
Your Answer
Acquire movable property on behalf of the firm , Transfer movable property belonging to the firm

True/False
Question
Partnership is nothing but a psychological relationship existing between the partners.
Correct Answer
False
Your Answer
False

True/False
Question
Section 10 of the Indian Contract Act, 1872 applies to contract of sale.
Correct Answer
True
Your Answer
False

Multiple Choice Multiple Answer
Question
The companies having Articles are
Correct Answer
Unlimited Company , Company limited by guarantee , Company limited by shares
Your Answer
Public Limited Company , Company limited by guarantee

Multiple Choice Multiple Answer
Question
The very important stages in the connection of formation of a company are
Correct Answer
Promotion , Registration , Floatation
Your Answer
Promotion , Registration , Floatation

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
The registration fo partnership firm is ________.
Correct Answer
not compulsory
Your Answer
not compulsory

Multiple Choice Multiple Answer
Question
There was a contract for sale of goods. Delivery was to be given in october. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to
Correct Answer
Repudiate the contract , Recind the contract
Your Answer
Modify the contract

Multiple Choice Single Answer
Question
A proposes by a letter sent by post to sell a house to B at certain price, B accepts A's proposal - The communication of the acceptance is complete as against B.
Correct Answer
when letter is received by A
Your Answer
when letter is received by A

True/False
Question
Copies of memorandum and articles shall not be given to members.
Correct Answer
False
Your Answer
True

Multiple Choice Single Answer
Question
Every company must have
Correct Answer
A Specific name
Your Answer
A Specific name

Multiple Choice Multiple Answer
Question
A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it
Correct Answer
Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means
Your Answer
To amend conditions expressly provided in other Acts , Amalgamate with any other company , Attain its main purpose by new or improved means

Select The Blank
Question
Under ________ influence the dominant party may hold a real authority over the other party.
Correct Answer
undue
Your Answer
undue

Multiple Choice Single Answer
Question
The capacity to contract with an agent is the part of the law of
Correct Answer
statute
Your Answer
agency

Select The Blank
Question
Karta of Joint-Hindu family is ________ of his family.
Correct Answer
representative
Your Answer
representative

Multiple Choice Single Answer
Question
A breach of a condition may be treated as breach of
Correct Answer
Warranty
Your Answer
Warranty

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 Single Answer
Question
Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen sells the goods for Rs.12,000/- who is liable to account for it to
Correct Answer
Mr. Naveen
Your Answer
Mr. Manik himself

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

Select The Blank
Question
A company is a ________ company if the holding company controls the majority composition of its board of directors.
Correct Answer
subsidiary
Your Answer
subsidiary

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