Business Law 1

Match The Following
Question Correct Answer Your Answer
Unpaid Seller Right of lien on goods Right of lien on goods
Future Goods Agreement to sell Contract of Sale
Identified Goods Ascertained Goods Ascertained Goods
Two parties Contract of Sale Agreement to sell
Monetary consideration Price for the goods Price for the goods

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 the partner for settlement of firm's account

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 , transfer movable property belonging to the firm , withdraw a suit or proceeding filed on behalf of the firm

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 payment

Multiple Choice Multiple Answer
Question A company limited by shares
Correct Answer exists only in the contemplation of law , has a perpetual succession
Your Answer has a perpetual succession

Multiple Choice Multiple Answer
Question Memorandum of association is related with
Correct Answer controlling external operations of the company , areas of business activities beyond which a company cannot go
Your Answer controlling external operations of the company , areas of business activities beyond which a company cannot go , rules to achieve & accomplish the objectives of the company
Multiple Choice Multiple Answer
Question In the Private limited company
Correct Answer its article restricts invitation to the public to subscribe for shares , right to transfer the shares is restricted by its article
Your Answer its article restricts invitation to the public to subscribe for shares

Multiple Choice Multiple Answer
Question Any person who by making deceptive statement induces another person to enter into any agreement for acquiring shares is punishable with
Correct Answer imprisonment of term which may extend to five years , fine which may extend to Rs. 1,00,000/-
Your Answer imprisonment of term which may extend to two years , fine which may extend to Rs. 50,000/-

Multiple Choice Single Answer
Question Which of the following is not a mode of revocation of proposal
Correct Answer all of the above
Your Answer by acceptor going bankrupt

Multiple Choice Single Answer
Question An agreement to do an act impossible in itself is
Correct Answer Void
Your Answer Void

Multiple Choice Single Answer
Question Section 11 and 12 of the Indian Contract Act, 1872
Correct Answer competency of the parties to contract.
Your Answer competency of the parties to contract.

Multiple Choice Multiple Answer
Question Following are the exception to the rule of "No consideration, no contract"
Correct Answer contract of completed gifts , promises to pay time barred debts , contract of agency
Your Answer contract of completed gifts , promises to pay time barred debts , promises for compensating involuntary services,

Multiple Choice Multiple Answer
Question Following are the essentials 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

Multiple Choice Multiple Answer
Question Section 2. of Indian contract Act define proposals
Correct Answer when one person communicates his desire to do or to abstain from doing 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 from doing anything with a view to obtain the assent of another to such act or abstain, he is said to make a proposal
Your Answer when one person signifies to another his willingness to do or to abstain from doing anything with a view to obtain the assent of another to such act or abstain, he is said to make a proposal

Select The Blank
Question ________ partner is not held responsible for the ________ of the firm , , ,
Correct Answer nominal
Your Answer nominal
Correct Answer liabilities
Your Answer liabilities

Match The Following
Question Correct Answer Your Answer
Novation sec.62 sec.62
Mistake sec 20 to 22 sec 20 to 22
Fraud sec 17 sec 17
Remission sec.63 sec.63
Supply of necessaries sec.68 sec.68

True/False
Question Agreement is defined as a contract at its inception.
Correct Answer True
Your Answer False

Multiple Choice Single Answer
Question When any of the partners ceases to be a partner in the firm because of transfer of interest or share of a partner, such a partner is called an
Correct Answer outgoing partner
Your Answer sub-partner

True/False
Question A person who finds goods belonging to another is the owner of those goods.
Correct Answer False
Your Answer False

Multiple Choice Multiple Answer
Question X employs Y to recover Rs. 25,000/- from Z and through Y’s misconduct, amount is not recovered then Y
Correct Answer is entitled to no remuneration for his services , must make good loss to X
Your Answer is entitled to no remuneration for his services

True/False
Question Partnership is a specie (extension) of law of agency
Correct Answer True
Your Answer True

True/False
Question All the partners can carry on the business of the firm or one of the partner’s can act for all of them
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question Bill of Exchange must contain
Correct Answer unconditional order to pay
Your Answer unconditional order to pay

True/False
Question No consent is required to be obtained from other partners for retirement of a partner.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question Noting must contain
Correct Answer notary charges incurred
Your Answer notary charges incurred

Multiple Choice Single Answer
Question When the place at which the goods must be delivered is specified in the contract of sale, the goods must be delivered at the place
Correct Answer at anytime during the business hours
Your Answer at anytime during the business hours

Multiple Choice Single Answer
Question when an endorser increases his own liability under the instrument by express words, the endorsement is said to be
Correct Answer Facultative
Your Answer Facultative

Multiple Choice Single Answer
Question Applicability of the Negotiable Instruments Act,1881
Correct Answer The Negotiable Instruments Act,1881 applies and extends to the whole of India
Your Answer The Negotiable Instruments Act,1881 applies and extends to the whole of India

True/False Question A Cheque is a Bill of Exchange
Correct Answer True
Your Answer True

Multiple Choice Single Answer
Question Consumer is a person obtaining goods for
Correct Answer consumption
Your Answer price

Multiple Choice Single Answer
Question The members of District Forum shall not be less than
Correct Answer thirty five years of age
Your Answer thirty five years of age

True/False Question Services rendered by the post and telephone department are covered by the Consumer Protection Act,1986
Correct Answer True
Your Answer True

True/False
Question A public company is one which is not private.
Correct Answer True
Your Answer True

True/False
Question In a Government company the Central or the State Government hold not less than 51% of the paid-up share capital.
Correct Answer True
Your Answer True

Select The Blank
Question ________ is the document issued to ________ share capital by inviting the public to subscribe to its shares and debentures
Correct Answer Prospectus
Your Answer Prospectus
Correct Answer raise
Your Answer raise

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

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

Select The Blank
Question There are certain relations, which ________ created by contracts but are upheld by law, which are known as ________ contracts
Correct Answer arenot
Your Answer are
Correct Answer Quasi
Your Answer Quasi

Select The Blank
Question As per Sec. 2 (1) (O) of the Consumer Protection Act, Service ________ Include rendering of any service under a contract of ________ service.
Correct Answer doesnot
Your Answer doesnot
Correct Answer personal
Your Answer public

Select The Blank
Question Where a ________ party uses his position to obtain an unfair advantage over the other party it is known as ________ .
Correct Answer dominant
Your Answer dominant
Correct Answer Undue Influence
Your Answer willful

Multiple Choice Multiple Answer
Question There is always a direct privity of contract between the principal and
Correct Answer Substituted agent , Co-agents , General agent
Your Answer General agent

Select The Blank
Question Agent’s ________ refers to the ________ of the agent to bind his principal
Correct Answer capacity
Your Answer authority
Correct Answer authority
Your Answer capacity

Select The Blank
Question 3 A Negotiable ________strument made in India and made payable in, shall be deemed to be ________ Instrument.
Correct Answer in
Your Answer in
Correct Answer inland
Your Answer inland

Select The Blank
Question A ________ is required to be noted or protested for ________
Correct Answer Cheque
Your Answer promissory note
Correct Answer dishonour
Your Answer dishonour

True/False Question Ratification of an act does not create a contract of agency
Correct Answer False
Your Answer True

Multiple Choice Single Answer
Question One of the characteristics of Company is that it is
Correct Answer an artificial person
Your Answer an artificial person

Select The Blank
Question ________ goods are the Goods to be identified and agreed upon of ________ contract of sale is made
Correct Answer Specific
Your Answer at the time
Correct Answer at the time
Your Answer Specific

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

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

True/False
Question Even if all the members of a company are citizens of India, the company does not become a citizen of India.
Correct Answer True
Your Answer True

Select The Blank
Question The confirmation of change of registered office of company within a state shall be communicated to the company within ________ from the date of receipt of such application.
Correct Answer Four weeks
Your Answer Three months

Multiple Choice Multiple Answer
Question Goods means
Correct Answer growing crops , stocks & shares
Your Answer growing crops , stocks & shares

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

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

Multiple Choice Single Answer
Question The unpaid seller has a
Correct Answer right against the goods
Your Answer right against the goods

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

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

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

Multiple Choice Multiple Answer
Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the
Correct Answer Official Assignee , Receiver
Your Answer Official Assignee

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