Business Law 18--SCDL

Business Law 18

	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