Business Law 1

LIST OF ATTEMPTED QUESTIONS AND ANSWERS


Question : In the right of lien, the possession is retained by
Answer : Unpaid seller

Question : The very important stages in the connection of formation of a company are
Answer :Promotion , Registration , Floatation

Question : Even if all the members of a company are citizens of India, the company does not become a citizen of India.
Answer : True

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.
Answer : Four weeks

Question : Goods means
Answer : growing crops , stocks & shares

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

Question : The registration fo partnership firm is ________.
Answer : not compulsory

Question : The unpaid seller has a
Answer : right against the goods

Question : Unenforceable agreements and illegal agreements mean one and the same thing.
Answer : False

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


Question : A club or a society is an ________ of persons
Answer : association

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
Answer : Official Assignee , Receiver

Question : A legal representative being holder of Negotiable Instrument can sue
Answer : after the death of the holder

Question : A sale can be in case of
Answer : specific goods , existing goods

Question : Goods includes
Answer : trade marks , good will

Question : Under section 144, mode of service of summons are
Answer : by speed post , by courier services , by concerned police station

Question : Goods means
Answer : birds , gas

Question : A company is a legal personality and as such it can
Answer : Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name

Question : An agency is based upon consent and hence, it is a
Answer : consensual relations

Match The Following
-----------------------------------------------
Question | Answer
|
Minor's Agreement | Void ab initio
|
Threatning to commit | Coercion
|
Consideration | Past, Present and Future
|
Mistake | Fact and Law


Question : When an offer is made to world-at-large, the contract is
Answer : made with the person who signs or performs the terms and conditions of the offer

Question : When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must re-deliver the goods to the seller.
Answer : Carrier

Question : The acts or transactions made by the agent can be ratified if the acts or transaction are
Answer : illegal , criminal , void ab initio

Question : Conditions required to avoid a contract on the ground of supervening impossibilty of performance of the contract
Answer : the goods must have been perished before the risk is passed to the buyer , the loss is not caused by the wrongful act or default of either buyer or seller

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

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
Answer : Official Assignee , Receiver

Question : Negotiable instrument recognised by law are
Answer : Bill of exchange , Cheque , Promissory Note

Question : A company can become a partner or can enter into a partnership agreement.
Answer : False

Question : A Company, when registered with limited liability under the Companies Act 1956, shall be deemed to be a company
Answer : Limited by shares

Question : Liabilities of partners arises to third party
Answer : for wrongful acts of a partners , for misappropriation by its partners , for acts of the firm

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

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

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

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

Question : The essential point about an agent's position is his ________ of making his principal answerable to third parties.
Answer : authority

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

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

Question : An unregistered firm can bring an action in any court of Law against
Answer : a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm

Question : In order to convert a proposal into a promise the acceptance must be
Answer : absolute and unqualified


Match The Following
----------------------
Question Correct Answer
Any person who for the consideration becomes the possessor of a promissory note Holder in due course

Negotiating Negotiable Instruments so as to bind all, except himself A minor

A partner accepting Negotiable Instrument Implied authority

A person who can't accept or indorse a bill An insolvent



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


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


Question : A company is a legal personality and as such it can
Answer : Own its property in its own name , Enjoy its property in its own name , Dispose of its property in its own name


Question : Company based on ownership is
Answer : Public company


Question : The unpaid seller has a
Answer : right against the buyer


Question : The Central Government may, by license direct the association to be registered which is formed as a limited company for promoting commerce, art etc.
Answer : True



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