Question - Answer List

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LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Your Answer False

True/False Question

A banker is a mercantile agent.

Correct Answer False Your Answer True

Multiple Choice Multiple Answer 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 Your Answer can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits Multiple Choice Single Answer Question The Negotiable Instrument Act is latest amended in the year :Correct Answer 2002 Your Answer 2002

Multiple Choice Multiple Answer Question Misrepresentation contains following ingredients :Correct Answer Positive assertion , Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing Your Answer Positive assertion , Breach of duty without intention to deceive , Causing another party to make a mistake as to the substance of the thing Select The Blank An agreement of agency must make clear the ________ of a person to act on Question behalf of another person. Correct Answer Intention Your Answer Intention

True/False Question

Contingent goods are a type of specific goods.

Correct Answer False Your Answer False

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Multiple Choice Single Answer Question When a partner is declared insolvent, his share in the firm vests in the :Correct Answer Official assignee Your Answer Official assignee

Select The Blank Question Partnership firm can be dissolved by the order of ________. Correct Answer Court Your Answer Court

Multiple Choice Multiple Answer 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 Your Answer to inspect the books of the firm , to require accounts , to interfere in the conduct of a business of a firm Select The Blank Question Agents are ________ to act within the scope of the authority given. Correct Answer Authorised Your Answer Authorised

Match The Following Question Unlawful Business Sub-partner Partnership Partners have to be

Correct Answer Dissolution of Partnership

Your Answer Dissolution of Partnership

Sharing of profits by outsiders Sharing of profits by outsiders Association of two or more persons Competent Association of two or more persons Competent Nominal partner

Partner lending his name only Nominal partner

Select The Blank Question A misrepresentation may be committed by causing a mistake ________. Correct Answer Innocently Your Answer Innocently

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Multiple Choice Single Answer A contract entered into by a minor is :Question Correct Answer Void Your Answer Void

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 Your Answer Accepted

Multiple Choice Multiple Answer Question Consent is free when it is not caused by :Correct Answer Undue influence , Fraud , Mistake Your Answer Mistake , Undue influence , Fraud

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

Multiple Choice Multiple Answer Question Following persons cannot become a partners Correct Answer Corporation , an alien enemy with an Indian subject , company Your Answer Corporation , an alien enemy with an Indian subject , company

True/False Question

Memorandum is adopted to control internal operations of the company.

Correct Answer False Your Answer False

Multiple Choice Multiple Answer

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Question

A minor admitted to the benefits of partnership is :-

Correct Answer Entitled for the profits agreed upon , Not personally liable for any act of firm , Not entitled to sue partners for account Your Answer Entitled for the profits agreed upon , Not personally liable for any act of firm , Not entitled to sue partners for account Multiple Choice Multiple Answer 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 Your Answer on the dissolution of a firm which is registered , on retirement of a dormant partner , on the retirement of any of the partner of a registered firm Multiple Choice Single Answer Question Service rendered by a doctor to his patient, is a :Correct Answer Professional service Your Answer Professional service

Multiple Choice Single Answer Question When the goods are very bulky in nature then they are delivered in a :Correct Answer Symbolic manner Your Answer Symbolic manner

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 Your Answer Understanding the agreement, he is involved in

Multiple Choice Multiple Answer 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 Your 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 Multiple Choice Multiple Answer Question Public notice of a dissolution of firm is required to be given by Correct Answer publishing the same in the official gazette , publishing the same in the local news paper Your Answer publishing the same in the official gazette , publishing the same in the local news paper Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of Negotiable

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Instrument. Correct Answer Meaning Your Answer Meaning

Match The Following Question Section 71 Section 68 Section 70 Section 63

Correct Answer Responsibility of a finder of goods

Your Answer Responsibility of a finder of goods

Supply of necessaries to minor Supply of necessaries to minor Liability of payment for nongratuitous acts Remission Liability of payment for nongratuitous acts Remission

Multiple Choice Single Answer Question Which authority of an agent can be inferred from the circumstances of the case? Correct Answer Implied Your Answer Implied

Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership firm :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 Multiple Choice Multiple Answer According to Rule 3 of the Consumer protection rules, the Central Council Question consists of the following members :Correct Answer Minister in-charge of the department of home , Minister in-charge of department of Commerce and Industry , Minister in-charge consumer affairs in states Your Answer Minister in-charge of department of civil supplies , Minister in-charge consumer affairs in states Select The Blank Question ________ contracts are the result of the implied promises. Correct Answer Implied Your Answer Implied

Multiple Choice Multiple Answer Question Following are the essentials of Coercion :Correct Answer Intention to induce someone to enter into an agreement , Threatening to

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Your Answer

detain property, unlawfully Intention to induce someone to enter into an agreement , Threatening to detain property, unlawfully

Multiple Choice Single Answer According to the Consumer Protection Act of 1986, goods means as defined Question under :Correct Answer Sale of Goods Act, 1930 Your Answer Sale of Goods Act, 1930

Select The Blank Question Ratification is one of the ways of ________ agency. Correct Answer Creating Your Answer Creating

Multiple Choice Multiple Answer 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 Your Answer By completion of the agency business , By death of principal , By expiry of period or time Select The Blank Question Special resolution and confirmation by ________ is required for alteration of Memorandum. Correct Answer Company Law Board Your Answer Company Law Board

Multiple Choice Multiple Answer 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 Your 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 Multiple Choice Multiple Answer Question The principal must give compensation to his agent in respect of injury caused to an agent by the :Correct Answer Principal's neglect , Principal's want to skill , Principal's want to knowledge Your Answer Principal's neglect , Principal's want to skill

True/False Question

Directors of a private company need to file their consent with the registrar to

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act as director or sign an undertaking. Correct Answer False Your Answer False

Select The Blank A company is a ________ company if the holding company controls the Question majority composition of its board of directors. Correct Answer Subsidiary Your Answer Subsidiary

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

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 Multiple Choice Multiple Answer An agent may retain, out of any sums received on account of the principal in Question the business of the agency for :Correct Answer Remuneration as may be payable , Expenses properly incurred , All sums due to himself Your Answer Remuneration as may be payable , Expenses properly incurred , All sums due to himself True/False Question

English Law does not recognize formal contract.

Correct Answer False Your Answer False

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

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