LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
Agreement is defined as a contract at its inception.
Correct Answer True
Your Answer
True
Select The Blank
Question
________ is the ________ method of voting with the rule "one
share one vote "
Correct Answer poll
Your Answer
poll
Correct Answer capitalistic
Your Answer
individualised
Multiple Choice Single Answer
Question
Agency can be created by
Correct Answer Operation of law
Your Answer
Operation of law
Multiple Choice Single Answer
Question
Where the property in goods sold has been passed, the unpaid
seller has the
Correct Answer right to stop goods in transit
Your Answer
right to stop goods in transit
True/False
Question
A minor may draw, endorse, deliver and negotiate a negotiable
instrument to bind other parties except himself
Correct Answer True
Your Answer
True
Multiple Choice Single Answer
Question
Dissolution by the order of the Court at the suit of a partner on
certain grounds, which include
Correct Answer Willful or persistent breach of agreement by a partner
Your Answer
Willful or persistent breach of agreement by a partner
Select The Blank
Question
The agency can be ________ At any time by ________
agreement between the principal and his agent.
Correct Answer terminated
Your Answer
individual
Correct Answer mutual
Your Answer
mutual
Multiple Choice Multiple Answer
Question
The requirement of valid Memorandum of Association are that it
Correct Answer is to be signed by at least seven persons in case of public
company , is to be signed by at least two persons in case of private company
Your Answer
is to be signed by at least seven persons in case of public
company , is to be signed by at least two persons in case of private company
Match The Following
Question
Correct Answer
Your Answer
An Outsider or a stranger who holds himself out or represents himself to be a
partner of the partnership firm and induces outsider to give credit to the firm
partner by estoppel
partner by estoppel
A person who becomes a partner by entering into partnership agreement & is
actual engaged in the conduct and management of the partnership business
Ostensible partner
Ostensible partner
A person who only lends his name to the partnership firm but does not invest any
capital in the firm nor does take any interest in the affairs of the firm
Nominal Partner
Nominal Partner
When partners agree to share the profits of the partnership firm with any outsider,
such An outsider is known as
Sub-Partner
Sub-Partner
A partner whose existence in the firm is kept secret from the outside world
Dormant Partner
Dormant Partner
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 Multiple Answer
Question
A consumer is
Correct Answer Nominee under a policy of life insurance , A Railway passenger
, An employee who is member of Employees Provident Fund Scheme
Your Answer
Nominee under a policy of life insurance , A Railway passenger
, An employee who is member of Employees Provident Fund Scheme
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
Select The Blank
Question
A meeting is ________ of a number of persons for ________ a
lawful business having certain purpose or purposes
Correct Answer an assembly
Your Answer
an assembly
Correct Answer transacting
Your Answer
transacting
Multiple Choice Multiple Answer
Question
Following are the conditions to be fulfilled before a seller can be
deemed to be an unpaid seller
Correct Answer he must have an immediate right of action for the price , he
must have sold goods against cash and the price must be due
Your Answer
he must have an immediate right of action for the price , he
must have refused payment when tendered , he must have sold goods against
cash and the price must be due
Multiple Choice Multiple Answer
Question
Following are the examples of statutory companies
Correct Answer Reserve Bank Of India , Unit Trust Of India
Your Answer
Reserve Bank Of India , Unit Trust Of India
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 , co-owners without the agreement to carry on the
business
Match The Following
Question
Correct Answer
Your Answer
Sale
Exchange of goods for price
Exchange of goods for price
Barter Exchange
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
Quiet possession
Implied Warranty
Implied Warranty
Multiple Choice Single Answer
Question
A consumer has right to be assured, wherever possible, access
to services at
Correct Answer competitive prices
Your Answer
competitive prices
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
True/False
Question
A commission agent is generally appointed for selling and
buying goods on behalf of his principal
Correct Answer True
Your Answer
True
Multiple Choice Multiple Answer
Question
Transmission of shares takes place due to
Correct Answer death of a member , insolvency of a member , lunacy of a
member
Your Answer
death of a member , lunacy of a member , minority of a member
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
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 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
non-acceptance , release , payment
Multiple Choice Single Answer
Question
The National Commission shall decide the complaint as far as
possible within a period of
Correct Answer three months from the date of notice received by the opposite
party
Your Answer
three months from the date of notice received by the opposite
party
Select The Blank
Question
When the ________ of a bill is ‘for collection only’ the endorsee
cannot be a ________
Correct Answer Endorsement
Your Answer
Endorsement
Correct Answer holder
Your Answer
holder
Select The Blank
Question
Un-called capital is the part of ________ and ________ capital
which has not been called up.
Correct Answer issued
Your Answer
issued
Correct Answer subscribed
Your Answer
subscribed
True/False
Question
Special Notice and Special Resolution mean one and the same.
Correct Answer False
Your Answer
True
Select The Blank
Question
________ Trade Practice is a trade practice which for the
purpose of promoting a sale, use or supply of any goods or for the provision of any
service adopts any ________ practice.
Correct Answer unfair
Your Answer
unfair
Correct Answer deceptive
Your Answer
deceptive
True/False
Question
Consumer is a person who procures service under a contract of
personal service
Correct Answer False
Your Answer
True
Multiple Choice Multiple Answer
Question
Property of the company is the property of
Correct Answer Promoters before the existence of the company , the company
itself after its incorporation
Your Answer
its share-holders , Board of Directors , Promoters before the
existence of the company
True/False
Question
English Law does not recognize Formal Contract
Correct Answer False
Your Answer
False
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
True/False
Question
The partners need not sign the partnership deed.
Correct Answer False
Your Answer
False
Select The Blank
Question
When the person to whom the proposal is made ________ his
assent thereto, the proposal is said to be ________
Correct Answer Signifies
Your Answer
Accepted
Correct Answer Accepted
Your Answer
Declared
Multiple Choice Multiple Answer
Question
Goods includes
Correct Answer trade marks , good will
Your Answer
actionable claims , money
Multiple Choice Multiple Answer
Question
Characteristics Articles of Association are
Correct Answer it contains rule for the internal management of the affairs of the
company , it is subordinate to the Memorandum of Association
Your Answer
contains objectives for which the company is established , it
contains rule for the internal management of the affairs of the company , it is
subordinate to the Memorandum of Association
Select The Blank
Question
________ implies committing or threatening to commit any act
________ by the Indian Penal Code.
Correct Answer Coercion
Your Answer
Coercion
Correct Answer forbidden
Your Answer
forbidden
Select The Blank
Question
________ is an invitation made to the ________
Correct Answer Prospectus
Your Answer
Prospectus
Correct Answer public
Your Answer
public
Multiple Choice Single Answer
Question
A factor is a type of
Correct Answer Mercantile Agent
Your Answer
Mercantile Agent
True/False
Question
Agents acting jointly and severally are known as co-agents
Correct Answer True
Your Answer
True
Multiple Choice Single Answer
Question
Enforcement of contingent contract depends on
Correct Answer Happening or Non-happening of the event
Your Answer
Happening of the event
Multiple Choice Single Answer
Question
In a sale, if the buyer becomes insolvent before he pays the
price of the goods purchased, the person who can claim the delivery of the goods
as the property in goods has been already transferred as a
Correct Answer official assignee or receiver
Your Answer
official assignee or receiver
Select The Blank
Question
When the ________ of contract becomes ________ , such
contract need not be performed
Correct Answer performance
Your Answer
cancellation
Correct Answer impossible
Your Answer
possible
True/False
Question
A Cheque can be bearer, Order or crossed
Correct Answer True
Your Answer
True
Multiple Choice Single Answer
Question
Following is an implied condition.
Correct Answer Condition as to sale by sample
Your Answer
Condition as to sale by sample
Multiple Choice Single Answer
Question
Dissolution by voluntary act of the partners, which includes
Correct Answer dissolution by agreement
Your Answer
dissolution by agreement