LIST OF ATTEMPTED QUESTIONS AND ANSWERS
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
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
Four weeks
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
Select The Blank
Question
Articles are ________ to and controlled by the memorandum.
Correct Answer subordinate
Your Answer
collateral
Multiple Choice Single Answer
Question
Consideration or object of an agreement is lawful unless it is
Correct Answer forbidden by law
Your Answer
forbidden by law
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
third party
Multiple Choice Single Answer
Question
A partnership firm does not enjoy the status of a
Correct Answer Legal person
Your Answer
Natural person
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
Whenever the term illegal contract is used, it involves ________
Correct Answer inconsistency
Your Answer
voidity
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
True/False
Question
A sale is an executed contract whereas an agreement to sell is an
executory contract.
Correct Answer True
Your Answer
True
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
Multiple Choice Single Answer
Question
A Cheque is always payable on
Correct Answer Demand
Your Answer
Demand
Multiple Choice Single Answer
Question
The unpaid seller has a
Correct Answer right against the buyer
Your Answer
right against the buyer
Multiple Choice Multiple Answer
Question
During the continuance of the firm, a transfer by a partner of his interest is
the first restricts the transferee to
Correct Answer inspect the books of the firm , require accounts , interfere in the conduct of
a business of a firm
Your Answer
inspect the books of the firm , require accounts , interfere in the conduct of
a business of a firm
Multiple Choice Single Answer
Question
The rights and liabilities of an expelled partner
Correct Answer are exactly same as that of a retiring partner
Your Answer
are exactly same as that of a retiring partner
Multiple Choice Single Answer
Question
The law relating to sale of movable goods is contained in the
Correct Answer The Sale of Goods Act, 1930
Your Answer
The Sale of Goods Act, 1930
True/False
Question
Where a cheque is crossed generally, the holder may cross it specially.
Correct Answer True
Your Answer
True
True/False
Question
An agreement to sell takes place in the case of existing goods or specific
goods.
Correct Answer False
Your Answer
False
Multiple Choice Multiple Answer
Question
The companies having Articles are
Correct Answer Unlimited Company , Company limited by guarantee , Company limited by
shares
Your Answer
Unlimited Company , Company limited by guarantee , Company limited by
shares
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 , District Forum , Central Council
Multiple Choice Multiple Answer
Question
An unregistered firm can bring an action in criminal court 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 wrongful deals with
the assets of the firm
Multiple Choice Multiple Answer
Question
The memorandum of every company shall state
Correct Answer The name of the company , The registered office , The main objects
Your Answer
The name of the company , The registered office , The main objects
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
True/False
Question
In case of Bill of Exchange, the notice of dishonour is essential.
Correct Answer True
Your Answer
True
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
A misrepresentation may be committed by causing a mistake ________
Correct Answer innocently
Your Answer
intentionally
Multiple Choice Multiple Answer
Question
The acts or transactions made by the agent can be ratified if the acts or
transaction are
Correct Answer illegal , criminal , void ab initio
Your Answer
valid
Select The Blank
Question
Mistake regarding the ________ or the terms and conditions of the
contract is a Mistake of the fact.
Correct Answer subject matter
Your Answer
parties
Select The Blank
Question
For creating ________ relationship the parties to the contract must have
will to seek for the help of law court in the case of breach of a contract.
Correct Answer legal
Your Answer
legal
Select The Blank
Question
Substitution of a new contract in the place of the old one means
________.
Correct Answer Novation
Your Answer
Novation
Multiple Choice Multiple Answer
Question
A person is deemed to be in a position to dominate the will of another if
the person whose mental capacity is affected by
Correct Answer temporary effect of age , permanent effect of age , bodily distress
Your Answer
temporary effect of age , permanent effect of age , bodily distress
Multiple Choice Multiple Answer
Question
The exceptions to the Wagering Agreement are
Correct Answer Cross-word competitions , Horse-race
Your Answer
Cross-word competitions , Horse-race , Lottery
Match The Following
Question
Correct Answer
Your Answer
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
Sale
Exchange of goods for price
Exchange of goods for price
Multiple Choice Single Answer
Question
Existing may be further classified as
Correct Answer Specific goods
Your Answer
Specific goods
Select The Blank
Question
Ratification is one of the ways of ________ agency.
Correct Answer creating
Your Answer
creating
Multiple Choice Multiple Answer
Question
The Articles of Association are subsidiary to
Correct Answer Companies Act , Memorandum of Association
Your Answer
Companies Act
Multiple Choice Single Answer
Question
Under a contract of sale, the property in goods is
Correct Answer Immediately transferred from the seller to the buyer
Your Answer
Immediately transferred from the seller to the buyer
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
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
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
True/False
Question
When a person is entrusted with another's property, he may be appointed
as an agent by necessity.
Correct Answer True
Your Answer
True
True/False
Question
A trader is a middle man bringing the buyer and seller together and
receiving any commission for services rendered by him.
Correct Answer False
Your Answer
True
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
existing
Multiple Choice Single Answer
Question
A public company doesn't have its own articles of association, it may
adopt
Correct Answer Table A as given in schedule-1
Your Answer
Table A as given in schedule-1
Multiple Choice Single Answer
Question
When the property in goods is transferred from the seller to the buyer at
once, the contract is called
Correct Answer A Sale
Your Answer
A Sale
True/False
Question
Bearer cheque is also known as Open cheque.
Correct Answer True
Your Answer
True