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LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer


Question A company which has a control over a subsidiary company is a :-

Correct Answer Holding company

Your Answer Subsidiary company

True/False
Question An agreement should be certain and unambiguous.

Correct Answer True

Your Answer True

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

Your Answer Limited company

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

Multiple Choice Multiple Answer


Question Following are the conditions needed to prove an act of a partner
is an act of a partnership firm
Correct Answer such a act be done in a ordinary course of a partnership firm , it
must be related to the business of the firm , act must have been
done in the name and on behalf of the firm
Your Answer such a act be done in a ordinary course of a partnership firm , it
must be related to the business of the firm , act must have been
done in the name and on behalf of the firm

Select The Blank


Question Any person who is of age of majority according to the law to
which he is a subject, may ________ an agent.
Correct Answer Appoint

Your Answer Appoint


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 A,B,C, and D are partners, A retires and B dies, the partnership
between them ________.
Correct Answer Comes to an end

Your Answer Comes to an end

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

True/False
Question The relation between a doctor and his patient is not fiduciary in
nature.
Correct Answer False

Your Answer True

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

True/False
Question Contingent goods are a type of specific goods.

Correct Answer False

Your Answer False

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

Select The Blank


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

Your Answer Registrar

Match The Following


Question Correct Answer Your Answer

Minor Partner Admitted for profits only Admitted for profits only

Dissolution of a Death or Insanity of the Death or Insanity of the


Partnership partners partners
Firm Partners Partners

Partner Agents of the firm Agents of the firm

Partnership Can be formed at Will Can be formed at Will

Multiple Choice Multiple Answer


Question Following persons can not be called partners

Correct Answer minors , insolvents , co-owners without the agreement to carry


on the business
Your Answer minors , insolvents , co-owners without the agreement to carry
on the business

Multiple Choice Multiple Answer


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
Your Answer with a benevolent purpose , where any one of the partners is
entitled to total profit earned

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

Your Answer True

Multiple Choice Multiple Answer


Question In the absence of usage or custom of trade to the contrary, the
implied authority of a partner does not empower him to :-
Correct Answer Admit any liability in a suit or proceedings against the firm ,
Withdraw a suit or proceeding filed on behalf of the firm
Your Answer Acquire movable property on behalf of the firm , Transfer
movable property belonging to the firm

Multiple Choice Multiple Answer


Question Following are the elements which constitute a partnership

Correct Answer there must be a contract regarding a partnership , there must be


an association of two or more persons
Your Answer there must be a contract regarding a partnership , there must be
an association of two or more persons

True/False
Question A company can become a partner or can enter into a partnership
agreement.
Correct Answer False

Your Answer False

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 An unregistered firm can institute a suit against

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

Your Answer wrongful use of the trade mark , wrongful use of the firm name

Multiple Choice Multiple Answer


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
Your Answer a partner who steals the property of the partnership firm , a
partner who purposely damages the property of the partnership
firm

Match The Following


Question Correct Answer Your Answer

Unlawful Business Dissolution of Partnership Dissolution of Partnership


Sub-partner Sharing of profits by Sharing of profits by
outsiders outsiders
Partnership Association of two or more Association of two or more
persons persons
Partners have to be Competent Competent

Partner lending his name Nominal partner Nominal partner


only

Multiple Choice Single Answer


Question In contract of sale :-

Correct Answer Ownership in the property is passed from the seller to the buyer.

Your Answer Possession in the property is passed from the seller to the buyer.

Multiple Choice Multiple Answer


Question During the continuance of the firm, a transfee of a partner's
interest can not :-
Correct Answer Inspect the books of the firm , Require accounts , Interfere in the
conduct of a business of a firm
Your Answer Inspect the books of the firm , Require accounts , Interfere in the
conduct of a business of a firm

True/False
Question Services rendered by the Post and Telephone Department are
covered by the Consumer Protection Act, 1986.
Correct Answer True

Your Answer True

Select The Blank


Question In ________ contract, all the parties perform their promise.

Correct Answer An executed

Your Answer An executed

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


Question A company has continuity of life. Its life is not affected by :-
Correct Answer Death , Lunacy , Insolvency

Your Answer Death , Lunacy , Insolvency

Multiple Choice Single Answer


Question A consumer has the right to be assured, wherever possible,
access to services at :-
Correct Answer Competitive prices

Your Answer Competitive prices

Multiple Choice Single Answer


Question A company can sue and also be sued by :-

Correct Answer In its corporate name

Your Answer In its corporate name

Multiple Choice Single Answer


Question In the category of Negotiable Instruments, which of the following
is included?
Correct Answer Railway or S.T. receipt

Your Answer Railway or S.T. receipt

Multiple Choice Multiple Answer


Question In India, some of Negotiable Instruments by usage or custom of
trade are :-
Correct Answer Government promissory notes , Bankers drafts , Pay off orders

Your Answer Government promissory notes , Bankers drafts , Pay off orders

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 a person is entrusted with another's property

Multiple Choice Multiple Answer


Question Consent means :-

Correct Answer Assent of another , Assent to support a claim , Consent of the


offeror to the contract
Your Answer Assent of another , Assent to support a claim , Consent of the
offeror to the contract
Multiple Choice Multiple Answer
Question Sale is a contract plus :-

Correct Answer Conveyance

Your Answer Executed contract , Consignment , Commitment

Multiple Choice Multiple Answer


Question An unregistered firm can bring an action in criminal court against
:-
Correct Answer A partner who steals the property of the partnership firm , A
partner who purposely damages the property of the partnership
firm
Your Answer A partner who steals the property of the partnership firm , A
partner who purposely damages the property of the partnership
firm

Select The Blank


Question Partnership firm can be dissolved by the order of ________.

Correct Answer Court

Your Answer Court

Multiple Choice Single Answer


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

Your Answer Bureau of Indian Standard

Select The Blank


Question Unfair trade practice includes a representation made to public in
a form that purports to be a ________ of a product.
Correct Answer Warranty

Your Answer Warranty

True/False
Question The company cannot exceed the powers conferred on it by its
memorandum.
Correct Answer True

Your Answer True

Select The Blank


Question An offer, to be treated as a valid offer, should be ________.

Correct Answer Communicated

Your Answer Communicated

True/False
Question "I promise to pay Mr. Luies or Order Rs.1,500/-" is a promissory
note.
Correct Answer True

Your Answer True

Select The Blank


Question Ratification is one of the ways of ________ agency.

Correct Answer Creating

Your Answer Creating

Select The Blank


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

Correct Answer Friends

Your Answer Friends