Business Law - 15

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Select The Blank
Question Acceptance of a lesser performance than what was actually contracted for is known as ________.
Correct Answer remission
Your Answer novation


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


Select The Blank
Question Spurious goods means goods which are ________
Correct Answer fake
Your Answer fake


Select The Blank
Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion
Your Answer Coercion


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


True/False
Question Companies can be registered with undesirable names.
Correct Answer False
Your Answer False

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


Multiple Choice Multiple Answer
Question A condition is a type of stipulation and has following characteristics
Correct Answer It is of the subsidiary character , A breach of it gives the suffered party the one & only one right to repudiate the contract
Your Answer It is of fundamental in nature , It directly goes to the root of the contract , A breach of it gives the suffered party the one & only one right to repudiate the contract


Multiple Choice Single Answer
Question The communication of a proposal is complete when it
Correct Answer comes to the knowledge of the person to whom it is made
Your Answer comes to the knowledge of the person to whom it is made


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 Limited by guarantee , Limited by shares


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


True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question A stipulation in a contract of sale with reference to goods which are subject there of may be
Correct Answer A condition or warranty
Your Answer An agency agreement


True/False
Question A servant appointed by his masters is an agent.
Correct Answer False
Your Answer False


Multiple Choice Multiple Answer
Question The object of the contract should be
Correct Answer legal one , lawful
Your Answer any business , legal one , lawful


Multiple Choice Single Answer
Question An agency is based upon consent and hence, it is a
Correct Answer consensual relations
Your Answer consensual relations


Select The Blank
Question The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature.
Correct Answer contractual
Your Answer contractual


Multiple Choice Single Answer
Question Unpaid seller's right to stop the goods in transit arises only when the buyer becomes
Correct Answer insolvent
Your Answer fraudulent
Multiple Choice Single Answer
Question Right to withhold the delivery of goods is similar to and co-extensive with the right of
Correct Answer stoppage of goods in transit
Your Answer stoppage of goods in transit
Select The Blank
Question The company does not possess ________ still it is a person in the eyes of law.
Correct Answer fundamental rights
Your Answer constitutional rights


Multiple Choice Single Answer
Question The essence of contract of sale is
Correct Answer sale of goods
Your Answer sale of goods


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 To rectify any mistake

The registrar of firms To rectify any mistake Required for registration

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 Consumer Tribunal


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The partner for settlement of firm's account , The partner for any claim of set-off


Select The Blank
Question An offer must create ________ relationship
Correct Answer Legal
Your Answer Legal


True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True
Your Answer True


Multiple Choice Multiple Answer
Question A cheque can be
Correct Answer Bearer , Order , Crossed
Your Answer Bearer , Crossed


Multiple Choice Single Answer
Question In an auction sale, if someone gives highest bid and the auctioneer accepts his offer by striking the hammer it is
Correct Answer an implied acceptance
Your Answer an implied acceptance


Match The Following
Question Correct Answer Your Answer

Complaint of Consumer Any allegation in writing Any allegation in writing

Trade in relation to any goods Who distributes goods Who distributes goods

Manufacturer Who makes any goods Who makes any goods

Consumer Dispute Dispute between consumer and manufacturer or trader Dispute between consumer and manufacturer or trader

Multiple Choice Single Answer
Question Constructive delivery is also called as Delivery by
Correct Answer Attornment
Your Answer Attornment


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 , It is mainly of moral character


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 , general agent


Select The Blank
Question One man holds practically the ________ of the share capital of the one man company.
Correct Answer whole
Your Answer whole


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 Multiple Answer
Question An agent may retain, out of any sums received on account of the principal in the business of the agency
Correct Answer remuneration as may be payable , expenses properly incurred , all sums due to himself
Your Answer remuneration as may be payable , expenses properly incurred , all sums due to himself


Multiple Choice Single Answer
Question Quasi Contract is created by
Correct Answer law
Your Answer law


True/False
Question The Registrar shall register the altered memorandum and certify the registration under his hand within one month from the date of filing such documents.
Correct Answer True
Your Answer False

True/False
Question Registration is compulsory for all the companies.
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 Companies limited by guarantee , Private companies limited by shares


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


Multiple Choice Single Answer
Question A contract in which a consent is caused by undue influence, is
Correct Answer voidable at the option of the consenting party
Your Answer voidable at the option of the consenting party


Multiple Choice Single Answer
Question Every company by law must have
Correct Answer Common seal
Your Answer Common documents


Select The Blank
Question Any person who is of age of majority according to the law to which he is a subject, may ________ an agent.
Correct Answer appoint
Your Answer appoint
Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a service includes
Correct Answer Financial service , Entertainment
Your Answer Financial service , Entertainment


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 A misrepresentation may be committed by causing a mistake ________
Correct Answer innocently
Your Answer innocently


True/False
Question No consideration is required in formal contracts.
Correct Answer True
Your Answer False

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Posted in: Business Law (Set - V)

Business Law - 14

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


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


Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods
Your Answer Existing goods , Future goods , Contingent goods


Select The Blank
Question A ________ is an artificial person and has a legal entity.
Correct Answer Company
Your Answer Company


Select The Blank
Question A valid tender of performance should be ________.
Correct Answer Unconditional
Your Answer Unconditional


Multiple Choice Multiple Answer
Question Following are the elements which constitute a partnership firm :-
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 carrying on the business must be the sharing of liabilities for individual profits , There must be an association of two or more persons


Match The Following
Question Correct Answer Your Answer

Presentation of Negotiable Instrument For payment For payment

When an endorser signs the instrument and adds a direction to pay the amount mentioned therein Endorsement in full Endorsement in full

Default in payment of amount of cheque Dishonour of cheque Dishonour of cheque

Notice of dishonour of cheque Mandatory provision Non mandatory provision

Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a person includes :-
Correct Answer Hindu undivided family , Co-operative society , Individual as well as juristic person
Your Answer Registered firm only , Hindu undivided family , Co-operative society


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


True/False
Question General agents are the persons who enjoy a general authority to do everything in the course of their agency.
Correct Answer True
Your Answer True


Select The Blank
Question The person who buys the goods for trading purposes is not a ________ under the Consumer Protection Act, 1986.
Correct Answer Consumer
Your Answer Consumer


Multiple Choice Multiple Answer
Question Following persons can perform the contracts :-
Correct Answer Promissor , Agent , Legal representative
Your Answer Promissor , Agent , Legal representative


Multiple Choice Single Answer
Question The Consumer Protection Act makes available certain new remedies leaving the :-
Correct Answer Substantive rights of the consumer intact
Your Answer Substantive rights of the consumer intact


Select The Blank
Question In a ________ contract, the future event is collateral to the contract.
Correct Answer Contingent
Your Answer Contingent


Multiple Choice Single Answer
Question A lady brought a photocopier for the whole and sole purpose of earning her livelihood and she never intended to use the same for large scale trading activity or commercial purpose. She is a :-
Correct Answer Consumer
Your Answer Vendor


Multiple Choice Multiple Answer
Question Which of the following are not a void agreement?
Correct Answer Agreement with consideration
Your Answer Agreement with consideration , Agreement of marriage , Agreements relating to legal proceedings


Multiple Choice Single Answer
Question Bill of Exchange must contain :-
Correct Answer Order to pay money only
Your Answer Order to pay money only


Multiple Choice Multiple Answer
Question Agent has duties towards principal in addition to :-
Correct Answer Conducting principal's business , Rendering accounts to principal , Communicating with the principal
Your Answer Conducting principal's business , Communicating with the principal , Setting up an advance adverse title to himself


Multiple Choice Single Answer
Question A partner can not transfer his share to any outsider without obtaining :-
Correct Answer Consent of other partners
Your Answer Consent of other partners


True/False
Question An agreement without consideration is void.
Correct Answer True
Your Answer True


True/False
Question No company shall be registered by a name which, in the opinion of the central government is undesirable.
Correct Answer True
Your Answer True


True/False
Question Under the Consumer Protection Act of 1986, goods include actionable claim and money.
Correct Answer False
Your Answer False


Select The Blank
Question Spurious goods means goods which are ________.
Correct Answer Fake
Your Answer Fake


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


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 Single Answer
Question Material attestation of Negotiable Instrument, unless carried out, common intention of the original parties becomes :-
Correct Answer Void
Your Answer Legal


Multiple Choice Single Answer
Question A body carrying out analysis or test of any goods with a view to determining whether such goods suffer from any defect is known as :-
Correct Answer Appropriate laboratory
Your Answer All India laboratory


Select The Blank
Question A partner has a right to settle the ________ of the firm out of the property of the firm.
Correct Answer Debts
Your Answer Share


Select The Blank
Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.
Correct Answer Carrier
Your Answer Carrier


Select The Blank
Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable Instrument.
Correct Answer Meaning
Your Answer Meaning


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


Multiple Choice Single Answer
Question The sale of goods is the most common of all :-
Correct Answer Commercial contracts
Your Answer Commercial contracts


Match The Following
Question Correct Answer Your Answer

Sale Exchange of goods for price Exchange of goods for price

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

Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract
Your Answer Assent to support a claim , Consent of the offeror to the contract


Multiple Choice Single Answer
Question The maximum number of persons in case of partnership firm carrying on any business other than banking business must not exceed :-
Correct Answer Twenty
Your Answer Twenty


True/False
Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930.
Correct Answer False
Your Answer False


Select The Blank
Question ________ implies committing or threatening to commit any act forbidden by the Indian Penal Code.
Correct Answer Coercion
Your Answer Coercion


Multiple Choice Multiple Answer
Question In India, some of Negotiable Instruments by usage or custom of trade are :-
Correct Answer Government promissory notes , Bankers drafts , Pay off orders
Your Answer Government promissory notes , Bills of exchange


True/False
Question Consideration is required in formal contracts.
Correct Answer False
Your Answer True


True/False
Question An insolvent person can accept or endorse a bill.
Correct Answer False
Your Answer False


Multiple Choice Single Answer
Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a :-
Correct Answer Company
Your Answer Company


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The partner for settlement of firm's account , The partner for any claim of set-off


Multiple Choice Multiple Answer
Question According to the Consumer Protection Act, 1986, a service includes :-
Correct Answer Financial service , Entertainment
Your Answer Financial service , Entertainment , Personal service


True/False
Question "Law" means a set of rules and regulations in the nature of dictatorship.
Correct Answer False
Your Answer False


Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant
Your Answer The value of goods or services


Multiple Choice Single Answer
Question Section 138 deals with :-
Correct Answer Dishonour of cheque
Your Answer Dishonour of 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 Single Answer
Question A partnership at will can be dissolved by filing a suit for :-
Correct Answer Dissolution
Your Answer Dissolution

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Posted in: Business Law (Set - V)

Business Law - 13

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Multiple Choice Multiple Answer
Question Following are the essentials of Coercion :-
Correct Answer Intention to induce someone to enter into an agreement , Threatening to detain property, unlawfully
Your Answer Intention to induce someone to enter into an agreement , Threatening to detain property, unlawfully


Multiple Choice Single Answer
Question Whatever a person can do himself, he can do the same through another person i.e.:-
Correct Answer His agent
Your Answer His agent


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


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


True/False
Question Company is treated as a legal person distinct from its members.
Correct Answer True
Your Answer True


Multiple Choice Single Answer
Question In Mohri Bibi vs Dharmo Ghosh the ruling was laid down by :-
Correct Answer Privy Council
Your Answer Federal Court


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


True/False
Question An agent does not have the right to stop goods in transit.
Correct Answer False
Your Answer True


Multiple Choice Single Answer
Question Competent parties means parties should be :-
Correct Answer Major in age
Your Answer Working at the same place


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 Single Answer
Question When the partners select to adopt certain firm name which is identical with the firm name already in existence, then such name is :-
Correct Answer Legal
Your Answer Illegal


True/False
Question A sub-agent acts under the direct control of his principal.
Correct Answer False
Your Answer False


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 Limited by guarantee , Limited by shares


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.


Multiple Choice Multiple Answer
Question Misrepresentation contains following ingredients :-
Correct Answer Positive assertion , Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing
Your Answer Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing


Multiple Choice Single Answer
Question Notice of the situations of the registered office of the company is required to be given to the registrar of the companies within :-
Correct Answer Thirty days
Your Answer Twenty days


Match The Following
Question Correct Answer Your Answer

Sale Exchange of goods for price Exchange of goods for price

Barter system Exchange of goods for goods Exchange of goods for goods

Sale of goods Act, 1930 Movable goods Immovable Goods

Caveat emptor Let the buyer beware Let the buyer beware

Select The Blank
Question An offer must create ________ relationship.
Correct Answer Legal
Your Answer Void


True/False
Question Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to another banker, his agent, for collection.
Correct Answer True
Your Answer False


Select The Blank
Question For creating ________ relationship the parties to the contract must have a will to seek for the help of law court in the case of breach of a contract.
Correct Answer Legal
Your Answer Legal


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


Multiple Choice Single Answer
Question The monetary jurisdiction is based upon the :-
Correct Answer Amount of relief claimed by the complainant
Your Answer Amount of relief claimed by the complainant


Multiple Choice Multiple Answer
Question A company is a legal personality and as such it can :-
Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name
Your Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name


Select The Blank
Question An agent can be held responsible for damages arising from his misconduct in the business of agency or ________.
Correct Answer Negligence
Your Answer Promise


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 Injunction
Your Answer Quasification


Match The Following
Question Correct Answer Your Answer

Minor Partner Admitted for profits only Can be formed at Will

Dissolution of a Partnership Death or Insanity of the partners Death or Insanity of the partners

Firm Partners Agents of the firm

Partner Agents of the firm Admitted for profits only

Partnership Can be formed at Will Partners

True/False
Question The subscriber of the memorandum of a company on its registration shall be entered in the register of members as member.
Correct Answer True
Your Answer True


Multiple Choice Single Answer
Question In case of private limited company, minimum number of members is two while the maximum is :-
Correct Answer 50
Your Answer 50


Multiple Choice Multiple Answer
Question In India, some of Negotiable Instruments by usage or custom of trade are :-
Correct Answer Government promissory notes , Bankers drafts , Pay off orders
Your Answer Government promissory notes , Bankers drafts , Pay off orders


Multiple Choice Multiple Answer
Question Goods may be classified as :-
Correct Answer Existing goods , Future goods , Contingent goods
Your Answer Existing goods , Future goods , Contingent goods


True/False
Question Registration of firm is a condition precedent for filing the suit for seeking the remedy which arises out of contractual obligations.
Correct Answer True
Your Answer False


Multiple Choice Single Answer
Question General offers open for the world at large can be accepted by any person :-
Correct Answer Who complies with the conditions of the offer
Your Answer Who reads the advertisement


Select The Blank
Question In ________ contract, all the parties perform their promise.
Correct Answer An executed
Your Answer An executed


True/False
Question Convicts are disqualified from contracting by the law to which they are subject.
Correct Answer True
Your Answer False


Multiple Choice Multiple Answer
Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The wrongful use of the firm name


Multiple Choice Single Answer
Question In the Right of lien, the possession is retained by :-
Correct Answer Unpaid seller
Your Answer Unpaid seller


Select The Blank
Question The partners continue to be liable as such to ________ for any act done by them.
Correct Answer Third party
Your Answer Co-owner


True/False
Question A Promissory Note contains conditional undertaking to pay a certain sum of money.
Correct Answer False
Your Answer False


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 A firm is a name given to the partners ________.
Correct Answer Collectively
Your Answer Collectively


Multiple Choice Single Answer
Question Partnership created at will of the partners is:-
Correct Answer Partnership at will
Your Answer Partnership at will


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


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 Authority


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


Multiple Choice Multiple Answer
Question Consent means :-
Correct Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract
Your Answer Assent of another , Assent to support a claim , Consent of the offeror to the contract

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Posted in: Business Law (Set - V)