Document 16045741
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LIST OF ATTEMPTED QUESTIONS AND ANSWERS Match The Following Question Correct Answer Your Answer Firm Partners Can be formed at Will Partner Agents of the firm Agents of the firm Partnership Can be formed at Will Partners 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 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 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 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 , to earn profitto earn profit , where any one of the partners is entitled to total profit earned 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 , the partner for any claim of set-off Multiple Choice Multiple Answer Question An unregistered firm can bring an action in any court of Law 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 steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm , a partner who wrongfully deals with the assets of the firm Multiple Choice Multiple Answer Question The Exception to the rule of "buyer beware" are Correct Answer quality of goods are not merchantable , presence of patent defect in goods Your Answer fitness for buyer's purpose , sale of goods by description , quality of goods are not merchantable , presence of patent defect in goods Multiple Choice Multiple Answer Question Following are the characteristics of the partnership at will Correct Answer Partners are always free to break their relationship at their whim , It is for indefinite period Your Answer period Partners are always free to break their relationship at their whim , It is for indefinite Select The Blank Question A ________ is an artificial person and has a legal entity. Correct Answer Company Your Answer Company True/False Question A minor can be admitted as a partner with the consent of all other partners. Correct Answer True Your Answer False True/False Question A partnership is a form of business organisation in which three or more persons upto a maximum of thirty join together to undertake some form of business activity. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question A partner is called as an outgoing partner by Correct Answer retirement , death , expulsion Your Answer retirement , death , expulsion Select The Blank Question A partner may make an agreement with his partners, not to carry ________ business to that of the firm. Correct Answer similar Your Answer similar Multiple Choice Multiple Answer Question Promissory note must be in Correct Answer in writing , definite , unconditional Your Answer unconditional , uncertain Multiple Choice Single Answer Question A legal representative being holder of Negotiable Instrument can sue Correct Answer after the death of the holder Your Answer any time during life time of legal representation Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Your Answer dishonour of cheque True/False Question The liability of the drawer of a Bill of Exchange is primary and absolute. Correct Answer False Your Answer True Multiple Choice Single Answer Question Vindictive damages are also known as Correct Answer Exemplary damages Your Answer Exemplary damages Multiple Choice Single Answer Question Void agreement means an agreement Correct Answer not enforceable by law Your Answer Violative of legal procedure Multiple Choice Single Answer Question A mistake as to a law not in force in India is Correct Answer void Your Answer depending on the circumstances of the case True/False Question The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True Select The Blank Question An offer must create ________ relationship Correct Answer Legal Your Answer Legal Select The Blank Question According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain. Correct Answer Winfield Your Answer Austin Select The Blank Question There are certain relations, which are not created by contracts but are upheld by law, which are known as ________ contracts. Correct Answer Quasi Your Answer Quasi Multiple Choice Single Answer Question A special power authorises an agent to perform a Correct Answer single act transaction Your Answer single act transaction Multiple Choice Multiple Answer Question If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principal Correct Answer can repudiate the transaction , may affirm such transaction , may claim damages for loss Your Answer may allow the benefits , can repudiate the transaction , may claim damages for loss True/False Question A servant appointed by his masters is an agent. Correct Answer False Your Answer False 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 insolvent True/False Question In a contract of sale goods can be exchanged for goods. Correct Answer False Your Answer False Match The Following Question Correct Answer Your Answer Sale of goods Act, 1930 Movable goods Movable goods Caveat emptor Let the buyer beware Let the buyer beware Sale Exchange of goods for price Exchange of goods for price Barter system Exchange of goods for goods Exchange of goods for goods Multiple Choice Single Answer Question If the complainant fails to comply with any order passed by the District Forum then he is punishable with a fine which shall not be less than Correct Answer Rs.2,000/- but which can be extended upto Rs.10,000/Your Answer Rs.2,000/- but which can be extended upto Rs.10,000/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 , Operations before registrations Multiple Choice Multiple Answer Question The Articles of Association contains the Correct Answer Rules , Regulations , Bye-laws Your Answer Rules , Regulations , Bye-laws Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by Correct Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court Your Answer An advocate of Supreme Court , A Pleader entitled to appear before a High Court , A Judge of a District Court Multiple Choice Single Answer Question The legal existence of the company commences from the date written on the certificate of incorporation and such date is conclusive even if Correct Answer Wrong Your Answer Affirmative True/False Question The memorandum and articles shall, when registered, do not bind the company and the members thereof. Correct Answer False Your Answer False 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 Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal 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 Multiple Choice Multiple Answer Question Documents to be presented for the registration of a company with the registrar are Correct Answer The memorandum of the company , Its articles , The agreement, if any Your Answer The memorandum of the company , Its articles , The agreement, if any Multiple Choice Single Answer Question A Company after its registration, possesses Correct Answer Legal entity Your Answer Legal entity Multiple Choice Single Answer Question Company based on ownership is Correct Answer Public company Your Answer Statutory company True/False Question Subsidiary company can hold shares and can acquire membership of the holding company. Correct Answer False Your Answer True Select The Blank Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate Your Answer subordinate Select The Blank Question The Articles of Association controls ________ operations of the company. Correct Answer internal Your Answer internal Select The Blank Question The minimum number of persons required to form a public company is ________ Correct Answer seven Your Answer seven