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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 Three months
Multiple Choice Single Answer 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
Your Answer Made with the person who signs or performs the terms and conditions of the offer
Multiple Choice Multiple Answer Question A Bill of Exchange stands dishonoured by non-acceptance where the drawee of it
does not give qualified acceptance
Correct Answer The drawee is not competent to enter into contract , Drawee is a fictitious person and even after reasonable search, could not be found , There are several drawees, who are not partners and all of them refuses to accept
Your Answer only (a) & (c) of the above
True/False Question Three parties can not enter into an agreement.
Correct Answer False
Your Answer True
Multiple Choice Multiple Answer Question An agency by necessity may arise in following three circumstances :-
Correct Answer When an agent exceeds his authority in an emergency , When a person is entrusted with another's property , In case of husband and wife
Your Answer When an agent exceeds his authority in an emergency , When a person is entrusted with another's property , When a person wants to earn secret profits.
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
True/False Question Subsidiary company can hold shares and can acquire membership of the holding
company.
Correct Answer False
Your Answer False
Multiple Choice Single Answer Question An agreement denotes a promise :-
Correct Answer Forming considerations for each other
Your Answer With reciprocal consideration
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 , sub-partner , nominal partner
Multiple Choice Single Answer Question People purchasing the commodities for the purpose of trading is :-
Correct Answer Trader
Your Answer Trader
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
Your Answer Transfer of property in goods , Holding of the goods , Delivery of goods
Multiple Choice Multiple Answer Question In 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.
Your Answer The liability of the endorser is limited , It is not different from a restrictive instrument , Endorser’s liability can be made dependent upon contingency.
Select The Blank Question An offer, to be treated as a valid offer, should be ________.
Correct Answer Communicated
Your Answer Complied
Multiple Choice Multiple Answer Question A holder of Negotiable Instrument is
Correct Answer entitled to receive the amount , must be entitled to possess it in his own name , Can sue upon an instrument for recovery of amount
Your Answer entitled to receive the amount , must be entitled to possess it in his own name , Can sue upon an instrument for recovery of amount
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 can perform the contracts :-
Correct Answer Promissor , Agent , Legal representative
Your Answer Agent , Legal representative , Promissor
True/False Question Ratification can be only for a part of the act of the agent.
Correct Answer False
Your Answer True
Match The FollowingQuestion Correct Answer Your Answer
District consumer protection council
Chairman - The collector of the district
Consumer Protection Board
Consumer Protection Councils Established at the centre, and at state level
Chairman - The collector of the district
Central Council Meeting At least once in a year The minister in charge of consumer affairs in the state Govt.
Members of the State Consumer Protection council
The minister in charge of consumer affairs in the state Govt.
Established at the centre, and at state level
Multiple Choice Single Answer Question Partnership created at will of the partners is:-
Correct Answer Partnership at will
Your Answer Particular partnership
Multiple Choice Multiple Answer Question Following are the essentials of valid acceptance :-
Correct Answer Acceptance must be qualified , Acceptance must be communicated to the offeror
Your Answer Acceptance can precede an offer , Acceptance must be qualified , Acceptance can be communicated at any time
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 , National commission , District Forum
Select The Blank Question An agency is based upon the ________.
Correct Answer Consent
Your Answer Consent
Multiple Choice Multiple Answer Question The particular partnership automatically comes to an end
Correct Answer on the completion of the venture , at the expiry of the fixed term
Your Answer on the completion of the venture , by giving express notice. , at the expiry of the fixed term
Match The FollowingQuestion Correct Answer Your Answer
An agent occupying the position of a guarantor as well as that of an agent
Del Credere Agents Indenting Agents
An agent facilitating the distribution of goods are international level
Indenting Agents Del Credere Agents
An agent helping the importers of goods
Clearing goods Clearing goods
An agent helping the exporters of goods
Forwarding Agents Forwarding Agents
True/False Question The Act is passed merely to settle the disputes of commercial transactions.
Correct Answer False
Your Answer True
Select The Blank Question Holding out means ________ leading another person to believe in something.
Correct Answer Falsely
Your Answer Accidentally
Select The Blank Question The property in the Negotiable Instrument passes from one person to another person
by ________ delivery.
Correct Answer Mere/ Simple
Your Answer Undue
Multiple Choice Multiple Answer 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
Your Answer An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner , Firm is held liable for any acts of insolvent after the adjudication
Multiple Choice Single Answer Question The parties of the contract should be major in age according to :-
Correct Answer The law to which they are subject
Your Answer The law to which they are subject
True/False Question An auctioneer has full authority to sell the goods of his principal by private contracts.
Correct Answer False
Your Answer True
True/False Question A company may alter the provisions of its memorandum so as to change the place of
registered office from one state to another foreign country.
Correct Answer False
Your Answer True
True/False Question Under ratification, principal need not exist at the time of ratifying the act of the agent.
Correct Answer False
Your Answer False
True/False Question The legal heir or representative of a dead consumer is given the right to become the
complainant.
Correct Answer True
Your Answer True
Select The Blank Question Whenever the term illegal contract is used, it involves ________.
Correct Answer Inconsistency
Your Answer Inconsistency
Multiple Choice Single Answer Question Presumption of Negotiable Instrument are enumerated in :-
Correct Answer Section 118 and 119
Your Answer Section 117 and 118
Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by :-
Correct Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court
Your Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court
Multiple Choice Single Answer Question Where the liability of the shareholders of a company is limited to the extent of the
unpaid amount on the shares held by them, the company is known as a company :-
Correct Answer Limited by shares
Your Answer Limited by shares
Multiple Choice Single Answer Question Two or more persons said to consent when :-
Correct Answer Forming a natural judgment as to its effect upon his interest
Your Answer They agree on same topic
Multiple Choice Single Answer Question Company based on ownership is :-
Correct Answer Public company
Your Answer Company limited by shares
True/False Question An agent does not have the right to stop goods in transit.
Correct Answer False
Your Answer False
Multiple Choice Single Answer Question A company which has a control over a subsidiary company is a :-
Correct Answer Holding company
Your Answer Holding company
Multiple Choice Multiple Answer 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
Your Answer Registered firm only , Co-operative society , Individual as well as juristic person
Select The Blank Question The Indian Contract Act, 1872, does not cover all those duties which are not ________
in nature.
Correct Answer Contractual
Your Answer Obligatory
Select The Blank Question A partner may make an agreement with his partners, not to carry ________ business
to that of the firm.
Correct Answer Similar
Your Answer Irrelevant
Select The Blank Question A proposal comes to an end by its ________.
Correct Answer Rejection
Your Answer Acceptance
Select The Blank Question There are certain relations, which are not created by contracts but are upheld by law,
which are known as ________ contracts.
Correct Answer Quasi
Your Answer Quasi
True/False Question An agreement to agree in future is not a contract.
Correct Answer True
Your Answer True
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
Multiple Choice Single Answer Question Partnership at will is a partnership :-
Correct Answer
For an indefinite period
Your Answer For an indefinite period
Select The Blank Question An agent is simply a blank ________ between his principal and
the third party. Correct Answer
Connecting link
Your Answer Connecting link
Multiple Choice Multiple Answer Question A sale can be in case of
Correct Answer
specific goods , existing goods
Your Answer specific goods , existing goods , contingent goods
Multiple Choice Multiple Answer Question Coercion means and includes :-
Correct Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer Any act forbidden by the Indian Contract Act , Any act forbidden by the Indian Penal Code , Act forbidden by any law
Match The FollowingQuestion Correct Answer Your Answer
Cannot enter into partnership
Two partnership firms Two partnership firms
Giving due notice Dissolves partnership at will
Dissolves partnership at will
Partnership Deed Domicile of partnership firm
Domicile of partnership firm
Not mandatory Registration of partnership Can be sued in its own name
Partnership firm Can be sued in its own name
Registration of partnership
Multiple Choice Multiple Answer Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer
The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The wrongful use of the firm name , The partner for settlement of firm's account
Match The FollowingQuestion Correct Answer Your Answer
Partner by holding-out Partner by estoppel Partner by estoppel
Dissolution of partnership Completion of ventures Loss caused by fraud
Right of a partner To retire To retire
Partner is liable Loss caused by fraud Loss caused by fraud
Sleeping Partner Dormant Partner Dormant Partner
Multiple Choice Multiple Answer Question The order of the Commission can be set aside by :-
Correct Answer
The Supreme Court , The National Commission
Your Answer The National Commission
Multiple Choice Multiple Answer Question A company is :-
Correct Answer
An artificial legal person , A separate legal entity , Voluntary Association of persons
Your Answer An artificial legal person , A separate legal entity , Created by local body
Multiple Choice Multiple Answer Question Negotiable instrument recognised by law are :-
Correct Answer
Bill of exchange , Cheque , Promissory Note
Your Answer Bill of exchange , Cheque , Promissory Note
Select The Blank Question All illegal agreements are ________ but all Void agreements are
not illegal. Correct Answer
Void
Your Answer Void
Multiple Choice Single Answer Question In case of private limited company, minimum number of
members is two while the maximum is :- Correct Answer
50
Your Answer 50
Multiple Choice Single Answer Question The person to whom, Negotiable Instrument is transferred is
entitled to :- Correct Answer
Amount
Your Answer Deposit
True/False Question There are two types or kinds of capital of a company, i.e. owned
capital and borrowed capital. Correct Answer
True
Your Answer True
Multiple Choice Multiple Answer Question As per the Consumer Protection Act, 1986, a consumer is a :-
Correct Answer
A person buying goods for a consideration , A person who is a beneficiary of services
Your Answer A person buying goods for a consideration , A person obtaining service under the contract of personal service , A person who is a beneficiary of services
Multiple Choice Multiple Answer Question The Negotiable Instruments recognized by statue are
Correct Answer
Bill of Exchange , Promissory Notes , Cheque
Your Answer Bill of Exchange , Promissory Notes , Cheque
Multiple Choice Multiple Answer
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
Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , Withholding the payment of cheque to unauthorized person , To safeguard the interest of bonafide holder of the cheque
Multiple Choice Multiple Answer Question Goods includes
Correct Answer
trade marks , good will
Your Answer actionable claims , trade marks
Multiple Choice Single Answer Question The National Commission has the jurisdiction to entertain
complaints where the value of the goods or services and compensations, if any, claimed exceeds :-
Correct Answer
Rs.One crore
Your Answer Rs.Ten lacs
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
Your Answer seller's agent , seller , Official Assignee
Multiple Choice Multiple Answer 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.
Your Answer Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt. , Members representing such interests as may be prescribed by the Central Council
True/False Question Partners can decide their rights and liabilities in the partnership
deed. Correct Answer
True
Your Answer False
Multiple Choice Multiple Answer
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
Your Answer The liability of the endorser is limited , It is not different from a restrictive instrument , Endorser's liability can be made dependent upon contingency
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
Your Answer Public
True/False Question Money order, Postal order, Share Certificates, Deposit receipts
and such other documents are Negotiable Instruments. Correct Answer
False
Your Answer False
Multiple Choice Single Answer Question A partnership firm does not enjoy the status of a :-
Correct Answer
Legal person
Your Answer Legal person
Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given
in October. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to :-
Correct Answer
Repudiate the contract , Rescind the contract
Your Answer Repudiate the contract , Rescind the contract
Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of
Negotiable Instrument. Correct Answer
Meaning
Your Answer Examples
Select The Blank Question Karta of Joint-Hindu family is ________ of his family.
Correct Answer
Representative
Your Answer Owner
Select The Blank Question A partner may make an agreement with his partners, not to
carry ________ business to that of the firm. Correct Answer
Similar
Your Answer Irrelevant
Multiple Choice Single Answer Question A condition may be reduced to warranty where goods are :-
Correct Answer
Accepted by the buyer
Your Answer Lost by the buyer
Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum
established by :- Correct Answer
The State Govt. in each District of the State by Notification
Your Answer The State Govt. in each District of the State by Notification
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
Your Answer Winfield
Select The Blank Question The Indian Contract Act, 1872, does not cover all those duties
which are not ________ in nature. Correct Answer
Contractual
Your Answer Void
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
Your Answer True
Multiple Choice Multiple Answer Question Following are the elements which constitute a partnership firm :-
Correct There must be a contract regarding a partnership , There must
Answer be an association of two or more persons Your Answer There must be a contract regarding a partnership , The main
object of carrying on the business must be the sharing of liabilities for individual profits , There must be an association of two or more persons
True/False Question In formal contracts, consideration is not required.
Correct Answer
True
Your Answer False
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
True/False Question The change of name shall affect all the rights and obligations of
the company. Correct Answer
False
Your Answer False
Select The Blank Question A ________ is an artificial person and has a legal entity.
Correct Answer
Company
Your Answer Company
True/False Question Even if all the members of a company are citizens of India, the
company does not become a citizen of India. Correct Answer
True
Your Answer True
Multiple Choice Single Answer Question A mistake as to a law not in force in India is :-
Correct Answer
Void
Your Answer Voidable
Multiple Choice Single Answer Question When the partners select to adopt certain firm name which is
identical with the firm name already in existence, then such name is :-
Correct Answer
Legal
Your Answer Illegal
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
Your Answer True
Multiple Choice Single Answer Question In the Bill of Exchange, the person who is ordered to pay is
called as :- Correct Answer
Drawee
Your Answer Drawer
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 True
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
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 Three months
Multiple Choice Single Answer 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
Your Answer Made with the person who signs or performs the terms and conditions of the offer
Multiple Choice Multiple Answer Question A Bill of Exchange stands dishonoured by non-acceptance
where the drawee of it does not give qualified acceptance Correct Answer
The drawee is not competent to enter into contract , Drawee is a fictitious person and even after reasonable search, could not be found , There are several drawees, who are not partners and all of them refuses to accept
Your Answer only (a) & (c) of the above
True/False Question Three parties can not enter into an agreement.
Correct Answer
False
Your Answer True
Multiple Choice Multiple Answer Question An agency by necessity may arise in following three
circumstances :- Correct Answer
When an agent exceeds his authority in an emergency , When a person is entrusted with another's property , In case of husband and wife
Your Answer When an agent exceeds his authority in an emergency , When a person is entrusted with another's property , When a person wants to earn secret profits.
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
True/False Question Subsidiary company can hold shares and can acquire
membership of the holding company. Correct Answer
False
Your Answer False
Multiple Choice Single Answer Question An agreement denotes a promise :-
Correct Answer
Forming considerations for each other
Your Answer With reciprocal consideration
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 , sub-partner , nominal partner
Multiple Choice Single Answer Question People purchasing the commodities for the purpose of trading is
:- Correct Answer
Trader
Your Answer Trader
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
Your Answer Transfer of property in goods , Holding of the goods , Delivery of goods
Multiple Choice Multiple Answer Question In 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.
Your Answer The liability of the endorser is limited , It is not different from a restrictive instrument , Endorser’s liability can be made dependent upon contingency.
Select The Blank Question An offer, to be treated as a valid offer, should be ________.
Correct Answer
Communicated
Your Answer Complied
Multiple Choice Multiple Answer Question A holder of Negotiable Instrument is
Correct Answer
entitled to receive the amount , must be entitled to possess it in his own name , Can sue upon an instrument for recovery of amount
Your Answer entitled to receive the amount , must be entitled to possess it in his own name , Can sue upon an instrument for recovery of amount
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 can perform the contracts :-
Correct Answer
Promissor , Agent , Legal representative
Your Answer Agent , Legal representative , Promissor
True/False Question Ratification can be only for a part of the act of the agent.
Correct Answer
False
Your Answer True
Match The FollowingQuestion Correct Answer Your Answer
District consumer protection council
Chairman - The collector of the district
Consumer Protection Board
Consumer Protection Councils
Established at the centre, and at state level
Chairman - The collector of the district
Central Council Meeting At least once in a year The minister in charge of consumer affairs in the state Govt.
Members of the State Consumer Protection council
The minister in charge of consumer affairs in the state Govt.
Established at the centre, and at state level
Multiple Choice Single Answer Question Partnership created at will of the partners is:-
Correct Answer
Partnership at will
Your Answer Particular partnership
Multiple Choice Multiple Answer Question Following are the essentials of valid acceptance :-
Correct Answer
Acceptance must be qualified , Acceptance must be communicated to the offeror
Your Answer Acceptance can precede an offer , Acceptance must be qualified , Acceptance can be communicated at any time
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 , National commission , District Forum
Select The Blank Question An agency is based upon the ________.
Correct Consent
Answer Your Answer Consent
Multiple Choice Multiple Answer Question The particular partnership automatically comes to an end
Correct Answer
on the completion of the venture , at the expiry of the fixed term
Your Answer on the completion of the venture , by giving express notice. , at the expiry of the fixed term
Match The FollowingQuestion Correct Answer Your Answer
An agent occupying the position of a guarantor as well as that of an agent
Del Credere Agents Indenting Agents
An agent facilitating the distribution of goods are international level
Indenting Agents Del Credere Agents
An agent helping the importers of goods
Clearing goods Clearing goods
An agent helping the exporters of goods
Forwarding Agents Forwarding Agents
True/False Question The Act is passed merely to settle the disputes of commercial
transactions. Correct Answer
False
Your Answer True
Select The Blank Question Holding out means ________ leading another person to believe
in something. Correct Answer
Falsely
Your Answer Accidentally
Select The Blank Question The property in the Negotiable Instrument passes from one
person to another person by ________ delivery. Correct Answer
Mere/ Simple
Your Answer Undue
Multiple Choice Multiple Answer 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
Your Answer An insolvent partner ceases to be a partner , The partnership
firm dissolve on the insolvency of any partner , Firm is held liable for any acts of insolvent after the adjudication
Multiple Choice Single Answer Question The parties of the contract should be major in age according
to :- Correct Answer
The law to which they are subject
Your Answer The law to which they are subject
True/False Question An auctioneer has full authority to sell the goods of his principal
by private contracts. Correct Answer
False
Your Answer True
True/False Question A company may alter the provisions of its memorandum so as to
change the place of registered office from one state to another foreign country.
Correct Answer
False
Your Answer True
True/False Question Under ratification, principal need not exist at the time of ratifying
the act of the agent. Correct Answer
False
Your Answer False
True/False Question The legal heir or representative of a dead consumer is given the
right to become the complainant. Correct Answer
True
Your Answer True
Select The Blank Question Whenever the term illegal contract is used, it involves
________. Correct Answer
Inconsistency
Your Answer Inconsistency
Multiple Choice Single Answer Question Presumption of Negotiable Instrument are enumerated in :-
Correct Section 118 and 119
Answer Your Answer Section 117 and 118
Multiple Choice Multiple Answer Question A declaration given for the registration of company is given by :-
Correct Answer
An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court
Your Answer An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled to appear before a High Court
Multiple Choice Single Answer Question Where the liability of the shareholders of a company is limited to
the extent of the unpaid amount on the shares held by them, the company is known as a company :-
Correct Answer
Limited by shares
Your Answer Limited by shares
Multiple Choice Single Answer Question Two or more persons said to consent when :-
Correct Answer
Forming a natural judgment as to its effect upon his interest
Your Answer They agree on same topic
Multiple Choice Single Answer Question Company based on ownership is :-
Correct Answer
Public company
Your Answer Company limited by shares
True/False Question An agent does not have the right to stop goods in transit.
Correct Answer
False
Your Answer False
Multiple Choice Single Answer Question A company which has a control over a subsidiary company is
a :- Correct Answer
Holding company
Your Answer Holding company
Multiple Choice Multiple Answer
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
Your Answer Registered firm only , Co-operative society , Individual as well as juristic person
Select The Blank Question The Indian Contract Act, 1872, does not cover all those duties
which are not ________ in nature. Correct Answer
Contractual
Your Answer Obligatory
Select The Blank Question A partner may make an agreement with his partners, not to
carry ________ business to that of the firm. Correct Answer
Similar
Your Answer Irrelevant
Select The Blank Question A proposal comes to an end by its ________.
Correct Answer
Rejection
Your Answer Acceptance
Select The Blank Question There are certain relations, which are not created by contracts
but are upheld by law, which are known as ________ contracts. Correct Answer
Quasi
Your Answer Quasi
True/False Question An agreement to agree in future is not a contract.
Correct Answer
True
Your Answer True
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
Multiple Choice Single Answer Question Partnership at will is a partnership :-
Correct Answer
For an indefinite period
Your Answer For an indefinite period
Select The Blank Question An agent is simply a blank ________ between his principal and
the third party. Correct Answer
Connecting link
Your Answer Connecting link
Multiple Choice Multiple Answer Question A sale can be in case of
Correct Answer
specific goods , existing goods
Your Answer specific goods , existing goods , contingent goods
Multiple Choice Multiple Answer Question Coercion means and includes :-
Correct Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer Any act forbidden by the Indian Contract Act , Any act forbidden by the Indian Penal Code , Act forbidden by any law
Match The FollowingQuestion Correct Answer Your Answer
Cannot enter into partnership
Two partnership firms Two partnership firms
Giving due notice Dissolves partnership at will
Dissolves partnership at will
Partnership Deed Domicile of partnership firm
Domicile of partnership firm
Not mandatory Registration of partnership Can be sued in its own name
Partnership firm Can be sued in its own name
Registration of partnership
Multiple Choice Multiple Answer Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer
The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The wrongful use of the firm name , The partner for settlement of firm's account
Match The FollowingQuestion Correct Answer Your Answer
Partner by holding-out Partner by estoppel Partner by estoppel
Dissolution of partnership Completion of ventures Loss caused by fraud
Right of a partner To retire To retire
Partner is liable Loss caused by fraud Loss caused by fraud
Sleeping Partner Dormant Partner Dormant Partner
Multiple Choice Multiple Answer Question The order of the Commission can be set aside by :-
Correct Answer
The Supreme Court , The National Commission
Your Answer The National Commission
Multiple Choice Multiple Answer Question A company is :-
Correct Answer
An artificial legal person , A separate legal entity , Voluntary Association of persons
Your Answer An artificial legal person , A separate legal entity , Created by local body
Multiple Choice Multiple Answer Question Negotiable instrument recognised by law are :-
Correct Answer
Bill of exchange , Cheque , Promissory Note
Your Answer Bill of exchange , Cheque , Promissory Note
Select The Blank Question All illegal agreements are ________ but all Void agreements are
not illegal. Correct Answer
Void
Your Answer Void
Multiple Choice Single Answer Question In case of private limited company, minimum number of
members is two while the maximum is :- Correct Answer
50
Your Answer 50
Multiple Choice Single Answer Question The person to whom, Negotiable Instrument is transferred is
entitled to :- Correct Answer
Amount
Your Answer Deposit
True/False Question There are two types or kinds of capital of a company, i.e. owned
capital and borrowed capital. Correct Answer
True
Your Answer True
Multiple Choice Multiple Answer Question As per the Consumer Protection Act, 1986, a consumer is a :-
Correct Answer
A person buying goods for a consideration , A person who is a beneficiary of services
Your Answer A person buying goods for a consideration , A person obtaining service under the contract of personal service , A person who is a beneficiary of services
Multiple Choice Multiple Answer Question The Negotiable Instruments recognized by statue are
Correct Answer
Bill of Exchange , Promissory Notes , Cheque
Your Answer Bill of Exchange , Promissory Notes , Cheque
Multiple Choice Multiple Answer 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
Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , Withholding the payment of cheque to unauthorized person , To safeguard the interest of bonafide holder of the cheque
Multiple Choice Multiple Answer Question Goods includes
Correct trade marks , good will
Answer Your Answer actionable claims , trade marks
Multiple Choice Single Answer Question The National Commission has the jurisdiction to entertain
complaints where the value of the goods or services and compensations, if any, claimed exceeds :-
Correct Answer
Rs.One crore
Your Answer Rs.Ten lacs
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
Your Answer seller's agent , seller , Official Assignee
Multiple Choice Multiple Answer 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.
Your Answer Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt. , Members representing such interests as may be prescribed by the Central Council
True/False Question Partners can decide their rights and liabilities in the partnership
deed. Correct Answer
True
Your Answer False
Multiple Choice Multiple Answer 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
Your Answer The liability of the endorser is limited , It is not different from a restrictive instrument , Endorser's liability can be made dependent upon contingency
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 Public
Answer Your Answer Public
True/False Question Money order, Postal order, Share Certificates, Deposit receipts
and such other documents are Negotiable Instruments. Correct Answer
False
Your Answer False
Multiple Choice Single Answer Question A partnership firm does not enjoy the status of a :-
Correct Answer
Legal person
Your Answer Legal person
Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given
in October. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to :-
Correct Answer
Repudiate the contract , Rescind the contract
Your Answer Repudiate the contract , Rescind the contract
Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of
Negotiable Instrument. Correct Answer
Meaning
Your Answer Examples
Select The Blank Question Karta of Joint-Hindu family is ________ of his family.
Correct Answer
Representative
Your Answer Owner
Select The Blank Question A partner may make an agreement with his partners, not to
carry ________ business to that of the firm. Correct Answer
Similar
Your Answer Irrelevant
Multiple Choice Single Answer Question A condition may be reduced to warranty where goods are :-
Correct Answer
Accepted by the buyer
Your Answer Lost by the buyer
Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum
established by :- Correct Answer
The State Govt. in each District of the State by Notification
Your Answer The State Govt. in each District of the State by Notification
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
Your Answer Winfield
Select The Blank Question The Indian Contract Act, 1872, does not cover all those duties
which are not ________ in nature. Correct Answer
Contractual
Your Answer Void
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
Your Answer True
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 , The main object of carrying on the business must be the sharing of liabilities for individual profits , There must be an association of two or more persons
True/False Question In formal contracts, consideration is not required.
Correct Answer
True
Your Answer False
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
True/False Question The change of name shall affect all the rights and obligations of
the company. Correct Answer
False
Your Answer False
Select The Blank Question A ________ is an artificial person and has a legal entity.
Correct Answer
Company
Your Answer Company
True/False Question Even if all the members of a company are citizens of India, the
company does not become a citizen of India. Correct Answer
True
Your Answer True
Multiple Choice Single Answer Question A mistake as to a law not in force in India is :-
Correct Answer
Void
Your Answer Voidable
Multiple Choice Single Answer Question When the partners select to adopt certain firm name which is
identical with the firm name already in existence, then such name is :-
Correct Answer
Legal
Your Answer Illegal
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
Your Answer True
Multiple Choice Single Answer Question In the Bill of Exchange, the person who is ordered to pay is
called as :- Correct Answer
Drawee
Your Answer Drawer
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 True
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
Multiple Choice Single Answer Question Partnership at will is a partnership :-
Correct Answer
For an indefinite period
Your Answer For an indefinite period
Select The Blank Question An agent is simply a blank ________ between his principal and
the third party. Correct Answer
Connecting link
Your Answer Connecting link
Multiple Choice Multiple Answer Question A sale can be in case of
Correct Answer
specific goods , existing goods
Your Answer specific goods , existing goods , contingent goods
Multiple Choice Multiple Answer Question Coercion means and includes :-
Correct Answer
Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act
Your Answer Any act forbidden by the Indian Contract Act , Any act forbidden by the Indian Penal Code , Act forbidden by any law
Match The FollowingQuestion Correct Answer Your Answer
Cannot enter into partnership
Two partnership firms Two partnership firms
Giving due notice Dissolves partnership at will
Dissolves partnership at will
Partnership Deed Domicile of partnership firm
Domicile of partnership firm
Not mandatory Registration of partnership Can be sued in its own name
Partnership firm Can be sued in its own name
Registration of partnership
Multiple Choice Multiple Answer Question An unregistered firm can institute a criminal proceeding for :-
Correct Answer
The wrongful use of the trade mark , The wrongful use of the firm name
Your Answer The wrongful use of the trade mark , The wrongful use of the firm name , The partner for settlement of firm's account
Match The FollowingQuestion Correct Answer Your Answer
Partner by holding-out Partner by estoppel Partner by estoppel
Dissolution of partnership Completion of ventures Loss caused by fraud
Right of a partner To retire To retire
Partner is liable Loss caused by fraud Loss caused by fraud
Sleeping Partner Dormant Partner Dormant Partner
Multiple Choice Multiple Answer Question The order of the Commission can be set aside by :-
Correct Answer
The Supreme Court , The National Commission
Your Answer The National Commission
Multiple Choice Multiple Answer Question A company is :-
Correct Answer
An artificial legal person , A separate legal entity , Voluntary Association of persons
Your Answer An artificial legal person , A separate legal entity , Created by local body
Multiple Choice Multiple Answer
Question Negotiable instrument recognised by law are :-
Correct Answer
Bill of exchange , Cheque , Promissory Note
Your Answer Bill of exchange , Cheque , Promissory Note
Select The Blank Question All illegal agreements are ________ but all Void agreements are
not illegal. Correct Answer
Void
Your Answer Void
Multiple Choice Single Answer Question In case of private limited company, minimum number of
members is two while the maximum is :- Correct Answer
50
Your Answer 50
Multiple Choice Single Answer Question The person to whom, Negotiable Instrument is transferred is
entitled to :- Correct Answer
Amount
Your Answer Deposit
True/False Question There are two types or kinds of capital of a company, i.e. owned
capital and borrowed capital. Correct Answer
True
Your Answer True
Multiple Choice Multiple Answer Question As per the Consumer Protection Act, 1986, a consumer is a :-
Correct Answer
A person buying goods for a consideration , A person who is a beneficiary of services
Your Answer A person buying goods for a consideration , A person obtaining service under the contract of personal service , A person who is a beneficiary of services
Multiple Choice Multiple Answer Question The Negotiable Instruments recognized by statue are
Correct Answer
Bill of Exchange , Promissory Notes , Cheque
Your Answer Bill of Exchange , Promissory Notes , Cheque
Multiple Choice Multiple Answer 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
Your Answer To reduce the risk of unauthorized person to get the payment of such Cheque. , Withholding the payment of cheque to unauthorized person , To safeguard the interest of bonafide holder of the cheque
Multiple Choice Multiple Answer Question Goods includes
Correct Answer
trade marks , good will
Your Answer actionable claims , trade marks
Multiple Choice Single Answer Question The National Commission has the jurisdiction to entertain
complaints where the value of the goods or services and compensations, if any, claimed exceeds :-
Correct Answer
Rs.One crore
Your Answer Rs.Ten lacs
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
Your Answer seller's agent , seller , Official Assignee
Multiple Choice Multiple Answer 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.
Your Answer Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt. , Members representing such interests as may be prescribed by the Central Council
True/False Question Partners can decide their rights and liabilities in the partnership
deed. Correct Answer
True
Your Answer False
Multiple Choice Multiple Answer 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
Your Answer The liability of the endorser is limited , It is not different from a restrictive instrument , Endorser's liability can be made dependent upon contingency
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
Your Answer Public
True/False Question Money order, Postal order, Share Certificates, Deposit receipts
and such other documents are Negotiable Instruments. Correct Answer
False
Your Answer False
Multiple Choice Single Answer Question A partnership firm does not enjoy the status of a :-
Correct Answer
Legal person
Your Answer Legal person
Multiple Choice Multiple Answer Question There was a contract for sale of goods. Delivery was to be given
in October. Owing to a strike in the port of loading, the goods were not shipped until November. The buyers are entitled to :-
Correct Answer
Repudiate the contract , Rescind the contract
Your Answer Repudiate the contract , Rescind the contract
Select The Blank Question Section 13 of the Negotiable Instrument Act gives ________ of
Negotiable Instrument. Correct Answer
Meaning
Your Answer Examples
Select The Blank Question Karta of Joint-Hindu family is ________ of his family.
Correct Representative
Answer Your Answer Owner
Select The Blank Question A partner may make an agreement with his partners, not to
carry ________ business to that of the firm. Correct Answer
Similar
Your Answer Irrelevant
Multiple Choice Single Answer Question A condition may be reduced to warranty where goods are :-
Correct Answer
Accepted by the buyer
Your Answer Lost by the buyer
Multiple Choice Single Answer Question Consumer Dispute Redressal Forum is a District Forum
established by :- Correct Answer
The State Govt. in each District of the State by Notification
Your Answer The State Govt. in each District of the State by Notification
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
Your Answer Winfield
Select The Blank Question The Indian Contract Act, 1872, does not cover all those duties
which are not ________ in nature. Correct Answer
Contractual
Your Answer Void
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
Your Answer True
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 , The main object of carrying on the business must be the sharing of liabilities for individual profits , There must be an association of two or more persons
True/False Question In formal contracts, consideration is not required.
Correct Answer
True
Your Answer False
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
True/False Question The change of name shall affect all the rights and obligations of
the company. Correct Answer
False
Your Answer False
Select The Blank Question A ________ is an artificial person and has a legal entity.
Correct Answer
Company
Your Answer Company
True/False Question Even if all the members of a company are citizens of India, the
company does not become a citizen of India. Correct Answer
True
Your Answer True
Multiple Choice Single Answer Question A mistake as to a law not in force in India is :-
Correct Answer
Void
Your Answer Voidable
Multiple Choice Single Answer
Question When the partners select to adopt certain firm name which is identical with the firm name already in existence, then such name is :-
Correct Answer
Legal
Your Answer Illegal
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
Your Answer True
Multiple Choice Single Answer Question In the Bill of Exchange, the person who is ordered to pay is
called as :- Correct Answer
Drawee
Your Answer Drawer
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 True