Business Law 3

Multiple Choice Multiple Answer
Question In the Conditional endorsement
Correct Answer the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency
Your Answer the liability of the endorser is limited , the liability of the endorser is negative

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 shares

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 act done in personal capacity , 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 company does not possess ________ still it is a person in the eyes of law.
Correct Answer fundamental rights
Your Answer statutory rights

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

Multiple Choice Single Answer
Question The holder of Negotiable Instrument has a right to
Correct Answer sue for recovery
Your Answer sue for recovery

Multiple Choice Multiple Answer
Question The unpaid seller has following rights against the goods
Correct Answer stoppage in transit , withholding the delivery of goods
Your Answer stoppage in transit , withholding the delivery of goods

True/False
Question Any user of the goods with the approval of the person who has purchased the goods for consideration is also a consumer.
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 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

Multiple Choice Multiple Answer
Question The Exception to the rule of "buyer beware" are
Correct Answer usage by trade , sale of goods by description , consent by fraud
Your Answer usage by trade , sale of goods by description , consent by fraud

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

Multiple Choice Single Answer
Question When an agent has the authority to do all acts connected with the business or trade of his principal, he is known as
Correct Answer a general agent
Your Answer a general agent

Select The Blank
Question The act done by the agent with the permission and on behalf of the principal is ________ on the principal.
Correct Answer binding
Your Answer binding

Multiple Choice Multiple Answer
Question A partner is called as an outgoing partner by
Correct Answer retirement , death , expulsion
Your Answer retirement , death , expulsion

Multiple Choice Multiple Answer
Question According to Rule 3 of the Consumer protection rules the Central Council consists of the following members
Correct Answer Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states
Your Answer Minister in-charge of dept. of civil supplies , Minister in-charge consumer affairs in states

Multiple Choice Single Answer
Question If there is a breach of a condition, a buyer has the right to
Correct Answer Repudiate the contract
Your Answer Repudiate the contract

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 Bailee

Multiple Choice Single Answer
Question For the formation of the contract of sale of goods, there should be
Correct Answer Two parties
Your Answer Two parties

True/False
Question Ratification can be only for a part of the act of the agent.
Correct Answer False
Your Answer True

True/False
Question In a contract of sale goods can be exchanged for goods.
Correct Answer False
Your Answer False

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 debts

Multiple Choice Single Answer
Question Consumer Dispute Redressal Forum is a District Forum established by
Correct Answer the State Govt. in each District of the State by Notification
Your Answer the State Govt. in each District of the State by Notification

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 Existing goods are those goods, which are owned and possessed by the seller at the time of sale.
Correct Answer True
Your Answer True

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 Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods.
Correct Answer True
Your Answer True

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 Applicability
An agreement enforceable by law Contract Contract

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 Single Answer
Question When the goods are very bulky in nature then they are delivered in a
Correct Answer symbolic manner
Your Answer symbolic manner

Multiple Choice Multiple Answer
Question The order of the Commission can be set aside by
Correct Answer The Supreme Court , The National Commission
Your Answer The National Commission , State Council District Forum

Match The Following
Question Correct Answer Your Answer
Agent appointed for a special task Special Agent Special Agent
Agency created by conduct of the parties Implied Agency Implied Agency
Agency created by words, spoken, or written Express authority Express authority
Essentials of valid ratification Existence of principal Existence of principal

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

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

Multiple Choice Multiple Answer
Question There are certain limitations to the principle of ratification which are
Correct Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time
Your Answer where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time

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. , Minister in-charge of consumer affairs in the Central Govt. , Members representing such interests as may be prescribed by the State Govt.

Select The Blank
Question An offer, to be treated as a valid offer, should be ________.
Correct Answer communicated
Your Answer communicated

Select The Blank
Question Notice of dishonour of cheque must be ________
Correct Answer within a reasonable time
Your Answer at any time

Multiple Choice Single Answer
Question A partnership at will can be dissolved by filing a suit for
Correct Answer Dissolution
Your Answer Dissolution

Multiple Choice Multiple Answer
Question Following are the circumstances under which an offer lapses
Correct Answer offeree makes conditional offer , offeree fails to communicate the acceptance
Your Answer offeree makes conditional offer , acceptor comes to know about the death of the proposer , offeree fails to communicate the acceptance

True/False
Question An agency cannot be terminated at all. In other words a contract of agency is perpetual.
Correct Answer False
Your Answer False

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

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 Negotiable Instruments recognized by usage are
Correct Answer Hundies , S.T. Receipts for goods , Pay off Orders
Your Answer Hundies , S.T. Receipts for goods , Pay off Orders

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

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

Multiple Choice Single Answer
Question Which of the following is not a void agreement
Correct Answer agreement of marriage
Your Answer agreement of marriage

True/False
Question An intention to create legal relations is one of the most important criterions to establish a 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 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 The particular partnership automatically comes to an end
Correct Answer on the completion of the venture , at the expiry of the fixed term
Your Answer on the completion of the venture , at the expiry of the fixed term

Multiple Choice Multiple Answer
Question Following are the characteristics of 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

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

True/False
Question District Forum enjoys Revisional jurisdiction.
Correct Answer False
Your Answer True