BL

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Match The Following

Question Correct Answer

Unascertained goods Generic goods

Unpaid seller Right of lien on goods

Future goods Agreement to sell

Identified goods Ascertained goods

Multiple Choice Single Answer

Question A condition may be reduced to where goods are Correct Answer Goods are accepted by the buyer

Question Consideration or object of an agreement is lawful unless it is Correct Answer forbidden by law

Multiple Choice Multiple Answer

Question A condition is a type of stipulation and has following characteristics

Correct Answer It is of the subsidiary character , A breach of it gives the suffered party the one & only one right to repudiate the contract

Question When the property in goods is transferred from the seller to the buyer at once, the contract is called

Correct Answer A Sale True/False

Question Partners can decide their rights and liabilities in the partnership deed. Correct Answer True

Question Amendments made in the Consumer Protection Act in 1993 are

Correct Answer To add "services" relating to housing constructions , To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.

Question The unpaid seller loses his lien on the goods sold when

Correct Answer he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods Select The Blank

Question Issued capital can be defined as the ________ of shares which are offered to the public for subscription.

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Correct Answer nominal value Select The Blank

Question When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must redeliver the goods to the seller.

Correct Answer Carrier

Question The modes of termination of agency are

Correct Answer By completion of the agency business , By death of principal , By expiry of period or time Multiple Choice Multiple Answer

Question Goods Means

Correct Answer Debentures , Stocks & shares Multiple Choice Single Answer

Question The goods which are identified and agreed upon at the time of a contract of sale is made: Correct Answer Specific goods

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 Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm

Question The parties of the contract should be major in age according to Correct Answer The law to which they are subject

Question Following persons can not be called partners

Correct Answer minors , insolvents , co-owners without the agreement to carry on the business True/False

Question Alteration of memorandum or articles etc. to be noted in every copy. Correct Answer True

True/False

Question The company law board may, at any time, by order, extend the time for the filing of documents. Correct Answer True

Question The unpaid seller has following rights against the buyer personally Correct Answer suit for interest , repudiation of contract

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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

Question The companies having Articles are

Correct Answer Unlimited Company , Company limited by guarantee , 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

Select The Blank

Question The company does not possess ________ still it is a person in the eyes of law. Correct Answer fundamental rights

True/False

Question Mental acceptance amounts to an acceptance. Correct Answer False

Question The holder of Negotiable Instrument has a right to Correct Answer sue for recovery

Question The unpaid seller has following rights against the goods Correct 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 Match The Following

Minor Partner Admitted for profits only

Dissolution of a Partnership Death or Insanity of the partners

Firm Partners

Partner Agents of the firm

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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 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 Select The Blank

Question The property in the Negotiable Instrument passes from one person to another person by ________ delivery.

Correct 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 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

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

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

Question If there is a breach of a condition, a buyer has the right to Correct 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

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

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True/False

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

True/False

Question In a contract of sale goods can be exchanged for goods. Correct 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

Question Consumer Dispute Redressal Forum is a District Forum established by Correct 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

True/False

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

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

True/False

Question Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods.

Correct Answer True Match The Following

Fact and Law 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

The Indian Contract Act, 1872 applies to whole of India except the state of Jammu and Kashmir Applicability

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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

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

Question The order of the Commission can be set aside by Correct Answer The Supreme Court , The National Commission Match The Following

Agent appointed for a special task Special Agent

Agency created by conduct of the parties Implied Agency Agency created by words, spoken, or written Express authority Essentials of valid ratification Existence of principal Select The Blank

Question Members of a club or a society are the ________ of each other. Correct Answer friends

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

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

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.

Select The Blank

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Correct Answer communicated Select The Blank

Question Notice of dishonour of cheque must be ________ Correct Answer within a reasonable time

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

Question Following are the circumstances under which an offer lapses

Correct Answer offeree makes conditional offer , 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

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 Select The Blank

Question The ________ of 1986 is basically passed to protect the interest of the consumer. Correct Answer Consumer Protection Act

Question Negotiable Instruments recognized by usage are

Correct 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

Select The Blank

Question A ________ is an artificial person and has a legal entity. Correct Answer Company

Question Which of the following is not a void agreement Correct Answer agreement of marriage

True/False

Question An intention to create legal relations is one of the most important criterions to establish a contract.

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Correct Answer True

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

Question The particular partnership automatically comes to an end

Correct 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 Select The Blank

Question A firm is a name given to the partners ________ Correct Answer collectively

True/False

Question District Forum enjoys Revisional jurisdiction. Correct Answer False

True/False

Question Companies can be registered with undesirable names. Correct Answer False

True/False

Question A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent.

Correct Answer True

Question An unregistered firm can institute a suit against

Correct Answer wrongful use of the trade mark , wrongful use of the firm name Multiple Choice Multiple Answer

Question The three ingredients in the performance of a contract of sale by the seller are Correct Answer Transfer of property in goods , The passing of the risk , Delivery of goods True/False

Question Consideration can not be a past consideration. Correct Answer False

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Question A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable it

Correct Answer Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means

Question The maximum number of persons in case of partnership firm carrying on any business other than banking business must not exceed

Correct Answer Twenty True/False

Question An agreement to sell takes place in the case of existing goods or specific goods. Correct Answer False

True/False

Question Specific goods are those which are identified and agreed upon at the time of a contract of sale is made.

Correct Answer True

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 Multiple Choice Multiple Answer

Question There is always a direct privity of contract between the principal and the following Correct Answer substituted agent , co-agent , general agent

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 Multiple Choice Single Answer

Question People purchasing the commodities for the purpose of trading is Correct Answer trader

Multiple Choice Single Answer Question A Company is created by Correct Answer Law

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

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Question The relation of partnership arises from Correct Answer contract

True/False

Question The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930. Correct Answer False

Question Following are the agencies of a three tier system of consumer disputes redressal agencies Correct Answer State commission , National commission , District Forum

Question When an offer is made to world-at-large, the contract is

Correct Answer made with the person who signs or performs the terms and conditions of the offer Select The Blank

Question All illegal agreements are ________ but all void agreements are not illegal. Correct Answer void

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 Multiple Choice Single Answer

Question Under the Indian Contract Act a person of sound mind is the one capable of Correct Answer Understanding the agreement, he is involved in

Question Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for commercial purposes from the purview of the consumer dispute redressal agencies

Correct Answer Provision for substitution of legal heir or representative as a party to the complainant in the event of the death of the opposite party , Provision for recovery of amounts ordered to be paid by consumer redressal agencies as arrears of land revenue , Provision for charging of fee in respect of complaints filed before the consumer redressal agencies

Question Amendments made in the Consumer Protection Act in 1993:

Correct Answer to add “services” relating to housing constructions , to enable filing class action complaints , to impose punishment on the complainant in cases of vexatious complaint

Question The term of Central Protection Council is Correct Answer Three years

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Question A minor admitted to the benefits of partnership is

Correct Answer entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account

Question According to the Consumer Protection Act, 1986, a service includes Correct Answer Financial service , Entertainment

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

Question Following persons cannot become a partners

Correct Answer Corporation , an alien enemy with an Indian subject , company True/False

Question There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital. Correct Answer True

Select The Blank

Question As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods

Correct Answer shortcoming Select The Blank

Question When the certificate of incorporation is obtained, the promoters and directors of a ________ company invite the public to subscribe to its shares.

Correct Answer public

Question To be deemed as an unpaid seller the seller must

Correct Answer have sold the goods against cash and the price must be due True/False

Question General agents are the persons who enjoy a general authority to do everything in the course of their agency.

Correct Answer True

Question Misrepresentation means and includes

Correct Answer positive assertion of that which is not true Multiple Choice Multiple Answer

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Question A Consumer has following rights:

Correct Answer Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods

Question A company is registered as an artificial person. It has no Correct Answer Body , Soul , Conscience

Select The Blank

Question Special resolution and confirmation by ________is required for alteration of Memorandum. Correct Answer Company Law Board

Match The Following

Cannot enter into partnership Two partnership firms

Giving due notice Dissolves partnership at will

Partnership Deed Domicile of partnership firm

Not mandatory Registration of partnership

Partnership firm Can be sued in its own name

True/False

Question The provisions of sale of goods were previously included in the Indian Contract Act, 1872. Correct Answer True

True/False

Question A company is created by law and not by natural birth. Correct Answer True

Question Advantage of crossing the Cheque

Correct Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the interest of bonafide holder of the cheque

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 Select The Blank

Question An agent is simply blank a ________ between his principal and the third party. Correct Answer connecting link

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Question Certain effects of the insolvency of a partner are as follows

Correct Answer An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner

Question The partner who is illegally expelled

Correct Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits

Select The Blank

Question A proposal comes to an end by its ________. Correct Answer rejection

Question Classification of companies based on the jurisdiction of functioning Correct Answer A National Company , Multinational Company , Foreign Company Multiple Choice Multiple Answer

Question In a sale if the seller becomes insolvent after a contract of sale and the buyer has paid the price, the buyer can claim the goods from the

Correct Answer Official Assignee , Receiver Multiple Choice Single Answer

Question Which of the following is not a void agreement ? Correct Answer agreements relating to legal proceedings True/False

Question The maximum number of persons in the case of a partnership firm carrying on banking business must not exceed twenty.

Correct Answer False

Question The feature of the Contingent Contracts is that they

Correct Answer depend upon the circumstances, which makes them valid or void Multiple Choice Multiple Answer

Question The purpose of not Negotiable crossing

Correct Answer to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque

Question No company shall be registered by name which has a name which is identical with

Correct Answer The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration

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True/False

Question Copies of memorandum and articles shall not be given to members. Correct Answer False

Question Following are the conditions needed to prove that an act of a partner is an act of a partnership firm

Correct Answer an act be done in an ordinary course of business 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

Question Competent parties means parties should be Correct Answer major in age

True/False

Question Special agent and Particular agent mean one and the same thing. Correct Answer True

Question The essence of contract of sale is Correct Answer sale of goods

Select The Blank

Question The person who buys the goods for trading purposes is not a ________ under the Consumer Protection Act, 1986.

Correct Answer consumer

Question Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued by

Correct Answer Or on behalf of a company , Or on behalf of any person engaged in formation of company , Or on behalf of any person interested in formation of company

Match The Following

Unlawful Business Dissolution of Partnership

Sub-partner Sharing of profits by outsiders

Partnership Association of two or more persons

Partners have to be Competent

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True/False

Question A Cheque is a Bill of Exchange. Correct Answer True

Select The Blank

Question One man holds practically the ________ of the share capital of the one man company. Correct Answer whole

Question Limited companies can be formed for promoting Correct Answer Commerce , Art , Religion

Select The Blank

Question There should be a ________ and real necessity for creating an agency. Correct Answer definite

Select The Blank

Question The presumptions laid by Sec.118 & 119 of Negotiable Instrument Act do not arise where negotiable instrument is obtained by ________

Correct Answer Fraud/Deceit Multiple Choice Single Answer

Question The goods, which are owned and possessed by the seller at the time of sale, are known as Correct Answer Existing goods/Specific goods

Select The Blank

Question The directors of a company have to file their consent with the ________ to act as director. Correct Answer registrar

Question For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by the

Correct Answer Bureau of Indian Standard Multiple Choice Multiple Answer

Question Articles of Association contains

Correct Answer Regulations of the company , Internal affairs of the company , Conduct of company's business

Question An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as a

Correct Answer Company Multiple Choice Single Answer

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Correct Answer owner can take action Match The Following

Minor's Agreement Void ab initio

Threatning to commit Coercion

Consideration Past, Present and Future

Mistake Fact and Law

Question The following types of companies are required to have their own articles

Correct Answer Unlimited companies , Companies limited by guarantee , Private companies limited by shares

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 True/False

Question The writing of "Not Negotiable" is one and the same thing as that of special crossing. Correct Answer False

Question The seller can file a suit against the buyer for the price of goods only after Correct Answer the property in goods is transferred to the buyer

Question If there is a breach of condition, a buyer has an option to claim Correct Answer Damages

True/False

Question The legal heir or representative of a dead consumer is given the right to become the complainant. Correct Answer True

Select The Blank

Question According to Prof. Hanney, "Partnership is the relating existing between persons competent to make contracts who agree to carry on a ________"

Correct Answer Lawful business is common with a view to private gain True/False

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register of members as member. Correct Answer True

Question The ingredients of the proposal are

Correct Answer communication by one to another , to do or to abstain from doing something , the object should be to take assent of another

Select The Blank

Question Every promise and every set of promises, forming the consideration for each other, is an ________.

Correct Answer agreement Multiple Choice Multiple Answer

Question A company is a legal personality and as such it can

Correct Answer Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name

Question A stipulation in a contract of sale with reference to goods which are subject there of may be Correct Answer A condition or warranty

Question Negotiable Instrument can be drawn or accepted by duly authorised agent on behalf of Correct Answer principle

Question Existing may be further classified as Correct Answer Specific goods

Question Unpaid seller's right to stop the goods in transit arises only when the buyer becomes Correct Answer insolvent

Select The Blank

Question Agents are ________ to act within the scope of the authority given. Correct Answer authorised

Select The Blank

Question Articles are ________ to and controlled by the memorandum. Correct Answer subordinate

Question Following persons can perform the contracts Correct Answer promissor , agent , legal representative

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Multiple Choice Multiple Answer Question A proposal

Correct Answer may be revoked at any time , may be revoked before the communication of acceptance is complete , should be complete against the proposer

True/False

Question Partnership is nothing but a psychological relationship existing between the partners. Correct Answer False

Question Partners by Estoppel or holding out are also called as Correct Answer quasi-partner , nominal partner

Question Partnership at will is a partnership Correct Answer for an indefinite period Select The Blank

Question Future consideration is also known as ________ consideration. Correct Answer executory

True/False

Question A Promissory Note contains conditional undertaking to pay a certain sum of money. Correct Answer False

Select The Blank

Question The person acting as an agent on behalf of the principal should act ________. Correct Answer honestly

Question A transfer by a partner of his interest in the firm, does not entitle the transferee, during the continuance of the firm

Correct Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm

Multiple Choice Single Answer Question Section 138 deals with Correct Answer dishonour of cheque Multiple Choice Multiple Answer

Question The memorandum of Association is the most important document, it acts out Correct Answer The constitution , The formation , The objectives

True/False

Question The memorandum and articles shall, when registered, do not bind the company and the members thereof.

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Correct Answer False True/False

Question No consideration is required in formal contracts. Correct Answer True

Question Following is an implied condition Correct Answer Condition as to title

Question Public notice is required to be given

Correct Answer on the dissolution of a firm which is registered , on the retirement of any of the partner of a registered firm

Question The liability of companies on the basis of liability are

Correct Answer Unlimited companies , Limited by guarantee , Limited by shares Multiple Choice Single Answer

Question In case of a public limited company, the maximum number is no limit, but the minimum is fixed at

Correct Answer 7 Select The Blank

Question One of the two kinds of presentment of an Instrument is by ________ Correct Answer Payment

True/False

Question The Act is passed merely to settle the disputes of commercial transactions. Correct Answer False

Question A Company shall, on being so required by a member, send to him a copy of following documents Correct Answer The Memorandum , The articles , Every other agreement

Question Memorandum of a public company must be signed by Correct Answer Seven persons

Question The Articles of Association are subsidiary to

Correct Answer Companies Act , Memorandum of Association Multiple Choice Single Answer

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Correct Answer Warranty

Question The memorandum of every company shall state

Correct Answer The name of the company , The registered office , The main objects Select The Blank

Question Unfair trade practice includes a representation made to public in a form that purpots to be a ________ of a product.

Correct Answer warranty

Question A person is considered the holder of Negotiable Instruments if

Correct Answer his name appear on an instrument , he is in possession of bearer instrument , he is the endorses of a cheque

Multiple Choice Multiple Answer Question The rights of the partners are

Correct Answer right to retire , right to be indemnified , right not to be expelled Multiple Choice Single Answer

Question A Company after its registration, possesses Correct Answer Legal entity

Match The Following

Penalty for false particulars Imprisonment for three months

Partnership deed Name, Place, Date

A statement in prescribed form and accompanied by fees Required for registration

The registrar of firms To rectify any mistake

Select The Blank

Question In ________ contract, all the parties perform their promise. Correct Answer an executed

Question Following agreements are opposed to public policy

Correct Answer agreement to commit crime , agreements interfering with an administration of justice True/False

Question Memorandum is adopted to control internal operations of the company. Correct Answer False

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True/False

Question Under the Consumer Protection Act of 1986, goods include actionable claim and money. Correct Answer False

Question A company can sue and also be sued by Correct Answer In its corporate name

True/False

Question Persons who have entered into partnership with one another are called individually partners and they are collectively "a firm"

Correct Answer True

Question In contract of sale the buyer becomes Correct Answer Absolute owner of the property Multiple Choice Multiple Answer

Question Consent is free when it is not caused by Correct Answer Undue influence , Fraud , Mistake Select The Blank

Question A Company subject to the provisions of section 32 of the companies act as unlimited may register under this Act as a ________

Correct Answer Limited company Multiple Choice Single Answer

Question A pardanashin woman means a woman who Correct Answer observes seclusion, because of curom Multiple Choice Multiple Answer

Question A sale can be in case of

Correct Answer specific goods , existing goods Select The Blank

Question When the person to whom the proposal is made signifies his assent thereto, the proposal is said to be ________.

Correct Answer accepted Multiple Choice Single Answer

Question The capacity to contract with an agent is the part of the law of Correct Answer statute

Select The Blank

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________ months. Correct Answer six