Business Law

Business LAW

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You can use below question answers for Practice.

 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 - >Presumption of Negotiable Instrument are enumerated in
Correct Answer -->section 118 and 119


 Question - >The memorandum of a company shall be
Correct Answer -->Printed , Divided into paragraphs numbered consecutively , Signed by each subscriber

 Question - >Registration is compulsory for all the companies.
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  there must be a contract regarding a partnership , there must be an association of two or more persons


 Question - >The relationship of principal and agent is established amongst partners which is governed by
Correct Answer -->law of agency

 Question - >According to the Consumer Protection Act, 1986, a person includes
Correct Answer -->Hindu undivided family , Co-operative society , Individual as well as juristic person  Registered firm only , Hindu undivided family , Co-operative society

 Question - >Coercion means and includes
Correct Answer -->any act forbidden by the Indian Penal Code , any threatening to commit illegal act  any act forbidden by the Indian Penal Code , any threatening to commit illegal act , act forbidden by any law

Question - >Following are the essentials of Coercion
Correct Answer -->intention to induce someone to enter into an agreement , threatening to detain property, unlawfully  threatening to detain property, unlawfully , there must be some relationship between the parties , It is mainly of moral character


 Question - >In the Bill of Exchange, the person to whom the bill is made payable is called as
Correct Answer -->payee

 Question - >A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price
Correct Answer -->True

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

 Question - >An intention to create legal relations isone of the most important criterions to establish a contract.
Correct Answer -->True


 Question - >"Every agreement and promise enforceable at law is a contract", This statement was made by -
Correct Answer -->Sir Fredrick Pollock


Match The Following
 Question - >Correct Answer

Relationship of Master and servant No authority to bind No authority to bind

Relationship between the principal and the agent Fiduciary Commission Agent

An agent who is appointed to sell goods on behalf of the principal An auctioneer Marketing Agent

An agent appointed for selling or buying goods on behalf of his principal Commission Agent Dealer

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




 Question - >The Articles of Association contains the
Correct Answer -->Rules , Regulations , Bye-laws


 Question - >One of the essentials of a Bill of Exchange is that it
Correct Answer -->must be in writing


 Question - >The term business includes every lawful trade, occupation and profession.
Correct Answer -->True



Match The Following
 Question - >Correct Answer -->Your Answer

Appropriate Laboratory Recognised by Central Government Recognised by Central Government

Services Doesn't include contract of personal service Stock and share

Spurious goods Goods claimed to be genuine Doesn't include contract of personal service

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

 Question - >Following persons can not be called partners
Correct Answer -->minors , insolvents , co-owners without the agreement to carry on the business
 minors , insolvents , co-owners without the agreement to carry on the business

 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
 have sold the goods against cash and the price must be due

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

 Question - >Partnership at will can be dissolved by any partner by
Correct Answer -->Giving due notice to that effect to all other partners

 Question - >"Law" means a set of rules and regulations in the nature of dictatorship.
Correct Answer -->False

 Question - >Legal controls, restrictions on public companies are more and strict.
Correct Answer -->True

 Question - >An agency can be terminated after lapse of time or completion of the work.
Correct Answer -->True



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



 Question - >The exceptions to the Wagering Agreement are
Correct Answer -->Cross-word competitions , Horse-race
  
 Question - >The particular partnership automatically comes to an end
Correct Answer -->on the completion of the venture , at the expiry of the fixed term

 Question - >When an agent is appointed to perform a particular work or transaction only, he is known as
Correct Answer -->special agent


 Question - >An offer, to be treated as a valid offer, should be ________.
Correct Answer -->communicated

 Question - >Ratification can be valid, only
Correct Answer -->if the act to be ratified is legal , if done for the whole transaction , if communicated to the concerned party

 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

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


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

 Question - >Partnership is nothing but
Correct Answer -->a legal relationship between the partners

 Question - >The memorandum of every company shall state
Correct Answer -->The name of the company , The registered office , The main objects
 The name of the company , The registered office , The main objects

 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

 Question - >In case of private limited company, minimum number of members is two while the maximum is
Correct Answer -->50



 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
 admit any liability in a suit or proceedings against the firm , transfer movable property belonging to the firm , enter into partnership on behalf of the firm 

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

 Question - >The person to whom, Negotiable Instrument is transferred is entitled to
Correct Answer -->amount