1) Match The FollowingQuestion: Correct Answer: Unascertained goods Generic goods Unpaid seller Right of lien on goodsFuture goods Agreement to sell Identified goods Ascertained goods2) Multiple Choice Single AnswerQuestion: A condition may be reduced to where goods areCorrect Answer: Goods are accepted by the buyer3) Multiple Choice Single AnswerQuestion: Consideration or object of an agreement is lawful unless it isCorrect Answer: forbidden by law4) Multiple Choice Multiple AnswerQuestion: A condition is a type of stipulation and has following characteristicsCorrect Answer: It is of the subsidiary character , A breach of it gives the suffered party the one & only one right to repudiate the contract5) Multiple Choice Single AnswerQuestion: When the property in goods is transferred from the seller to the buyerat once, the contract is calledCorrect Answer: A Sale6) True/FalseQuestion: Partners can decide their rights and liabilities in the partnership deed.Correct Answer: True7) Multiple Choice Multiple AnswerQuestion: Amendments made in the Consumer Protection Act in 1993 areCorrect Answer: To add "services" relating to housing constructions, To enable filing class action complaints , To impose punishment on the complainant in cases of vexatious complaint.8) Multiple Choice Multiple AnswerQuestion: The unpaid seller loses his lien on the goods sold whenCorrect Answer: he delivers the goods to a carrier for the purpose of transmission to buyer and do not reserves the right of disposal of the goods , the seller voluntarily abandons his right of lien on goods9) Select The BlankQuestion: Issued capital can be defined as the ________ of shares which are offered to the public for subscription.Correct Answer: nominal value10) Select The BlankQuestion: When the notice of stoppage in transit is given by the seller to the ________in possession of goods, the latter must redeliver the goods to the seller.Correct Answer: Carrier11) Multiple Choice Multiple AnswerQuestion: The modes of termination of agency areCorrect Answer: By completion of the agency business , By death of principal , By expiry of period or time12) Multiple Choice Multiple AnswerQuestion: Goods MeansCorrect Answer: Debentures , Stocks & shares13) Multiple Choice Single AnswerQuestion: The goods which are identified and agreed upon at the time of a contract of sale is made:Correct Answer: Specific goods14) Multiple Choice Multiple AnswerQuestion: In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him toCorrect Answer: Admit any liability in a suit or proceedings against the firm , Transfer movable property belonging to the firm , Withdraw a suit or proceeding filed on behalf of the firm15) Multiple Choice Single AnswerQuestion: The parties of the contract should be major in age according toCorrect Answer: The law to which they are subject16) Multiple Choice Multiple AnswerQuestion: Following persons cannot be called partnersCorrect Answer: minors , insolvents , co-owners without the agreement to carry on the business17) True/FalseQuestion: Alteration of memorandum or articles etc. to be noted in every copy.Correct Answer: True18) True/FalseQuestion: The company law board may, at any time, by order, extend the time for the filing of documents.Correct Answer: True19) Multiple Choice Multiple AnswerQuestion: The unpaid seller has following rights against the buyer personallyCorrect Answer: suit for interest , repudiation of contract20) Multiple Choice Multiple AnswerQuestion: In the Conditional endorsementCorrect Answer: the liability of the endorser is limited , the liability of the endorser is negative , Endorser's liability can be made dependent upon contingency21) Multiple Choice Multiple AnswerQuestion: The companies having Articles areCorrect Answer: Unlimited Company , Company limited by guarantee, Company limited by shares22) Multiple Choice Multiple AnswerQuestion: Following are the conditions needed to prove an act of a partner is an act of a partnership firmCorrect 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 firm23) Select The BlankQuestion: The company does not possess ________ still it is a person in the eyes of law.Correct Answer: fundamental rights24) True/FalseQuestion: Mental acceptance amounts to an acceptance.Correct Answer: False25) Multiple Choice Single AnswerQuestion: The holder of Negotiable Instrument has a right toCorrect Answer: sue for recovery26) Multiple Choice Multiple AnswerQuestion: The unpaid seller has following rights against the goods Correct Answer: stoppage in transit , withholding the delivery of goods27) True/FalseQuestion: Any user of the goods with the approval of the person who has purchased the goods for consideration is also a consumer.Correct Answer: True28) Match The FollowingQuestion: Correct Answer: Minor Partner Admitted for profits only Dissolution of a Partnership Death or Insanity of the partnersFirm PartnersPartner Agents of the firm Agents of the firm Partnership Can be formed at Will 29) Multiple Choice Multiple AnswerQuestion: There can not be any partnership where a business is carried onCorrect Answer: with a benevolent purpose , where any one of the partners is entitled to total profit earned30) Multiple Choice Multiple AnswerQuestion: The Exception to the rule of "buyer beware" areCorrect Answer: usage by trade , sale of goods by description , consent by fraud31) Select The BlankQuestion: Issued capital can be defined as the ________ of shares which are offered to the public for subscription.Correct Answer: nominal value32) Select The BlankQuestion: The property in the Negotiable Instrument passes from one person to another person by ________ delivery.Correct Answer: Mere/ Simple33) Multiple Choice Single AnswerQuestion: When an agent has the authority to do all acts connected with the business or trade of his principal, he is known asCorrect Answer: a general agent34) Select The BlankQuestion: The act done by the agent with the permission and on behalf of the principal is ________ on the principal.Correct Answer: binding35) Multiple Choice Multiple AnswerQuestion: A partner is called as an outgoing partner byCorrect Answer: retirement , death , expulsion36) Multiple Choice Multiple AnswerQuestion: According to Rule 3 of the Consumer protection rules the Central Council consists of the following membersCorrect Answer: Minister in-charge of the dept. of home , Minister in-charge of dept. of Commerce and Industry , Minister in-charge consumer affairs in states37) Multiple Choice Single AnswerQuestion: If there is a breach of a condition, a buyer has the right toCorrect Answer: Repudiate the contract38) Select The BlankQuestion: Unpaid seller's right to stop the goods in transit arises only when the buyer is ________Correct Answer: Bankrupt39) Multiple Choice Single AnswerQuestion: For the formation of the contract of sale of goods, there should beCorrect Answer: Two parties40) True/FalseQuestion: Ratification can be only for a part of the act of the agent.Correct Answer: False41) True/FalseQuestion: In a contract of sale goods can be exchanged for goods.Correct Answer: False42) Select The BlankQuestion: A partner has a right to settle the ________ of the firm out of the property of the firm.Correct Answer: debts43) Multiple Choice Single AnswerQuestion: Consumer Dispute Redressal Forum is a District Forum established byCorrect Answer: the State Govt. in each District of the State by Notification44) Multiple Choice Multiple AnswerQuestion: The very important stages in the connection of formation of a company areCorrect Answer: Promotion , Registration , Floatation45) True/FalseQuestion: Existing goods are those goods, which are owned and possessed by the seller at the time of sale.Correct Answer: True46) Multiple Choice Multiple AnswerQuestion: Following are the elements which constitute a partnershipCorrect Answer: there must be a contract regarding a partnership , there must be an association of two or more persons47) True/FalseQuestion: Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods.Correct Answer: True48) Match The FollowingQuestion: Correct Answer: Fact and Law The types of "Mistake" An order of the court asking a person to do or abstain from doinga particular act, which is the subject matter of the contractInjuction OrderThe Indian Contract Act, 1872 applies to whole of India except thestate of Jammu and KashmirApplicability An agreement enforceable by law Contract49) Multiple Choice Multiple AnswerQuestion: Following are the persons who cannot enter into partnership firmCorrect Answer: A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family carrying on Family business50) Multiple Choice Single AnswerQuestion: When the goods are very bulky in nature then they are delivered in aCorrect Answer: symbolic manner51) Multiple Choice Multiple AnswerQuestion: The order of the Commission can be set aside byCorrect Answer: The Supreme Court , The National Commission52) Match The FollowingQuestion: Correct Answer: Agent appointed for a special task Special AgentAgency created by conduct of the partiesImplied AgencyAgency created by words, spoken, or writtenExpress authorityEssentials of valid ratification Existence of principal53) Select The BlankQuestion: Members of a club or a society are the ________ of each other.Correct Answer: friends54) Multiple Choice Single AnswerQuestion: In a sale if the seller becomes insolvent after a contract of sale & the buyer has paid the price, the buyer can claim the goods from the officialCorrect Answer: Assignee55) Multiple Choice Multiple AnswerQuestion: There are certain limitations to the principle of ratification which areCorrect Answer: where the principal does not have full knowledge at the fact , where the act to be ratified is illegal or void , where the ratification is not done within a reasonable time56) Multiple Choice Multiple AnswerQuestion: The State Council consists of the following membersCorrect Answer: Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may be prescribed by the State Govt.57) Select The BlankQuestion: An offer, to be treated as a valid offer, should be ________.Correct Answer: communicated58) Select The BlankQuestion: Notice of dishonour of cheque must be ________Correct Answer: within a reasonable time59) Multiple Choice Single AnswerQuestion: A partnership at will can be dissolved by filing a suit forCorrect Answer: Dissolution60) Multiple Choice Multiple AnswerQuestion: Following are the circumstances under which an offer lapsesCorrect Answer: offeree makes conditional offer , offeree fails to communicate the acceptance61) True/FalseQuestion: An agency cannot be terminated at all. In other words a contract of agency is perpetual.Correct Answer: False62) Select The BlankQuestion: The object of the Consumer Protection Act of 1986 is to educate the people so that they can find out ________ for their grievancesCorrect Answer: legal remedies63) Select The BlankQuestion: The ________ of 1986 is basically passed to protect the interest of the consumer.Correct Answer: Consumer Protection Act64) Multiple Choice Multiple AnswerQuestion: Negotiable Instruments recognized by usage areCorrect Answer: Hundies , S.T. Receipts for goods , Pay off Orders65) Multiple Choice Single AnswerQuestion: In an agreement to sell the seller is responsible for all the risk of loss as he is theCorrect Answer: Owner66) Select The BlankQuestion: A ________ is an artificial person and has a legal entity.Correct Answer: Company67) Multiple Choice Single AnswerQuestion: Which of the following is not a void agreementCorrect Answer: agreement of marriage68) True/FalseQuestion: An intention to create legal relations is one of the most important criterions to establish a contract.Correct Answer: True69) Multiple Choice Multiple AnswerQuestion: In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him toCorrect Answer: acquire movable property on behalf of the firm, transfer movable property belonging to the firm70) Multiple Choice Multiple AnswerQuestion: The particular partnership automatically comes to an endCorrect Answer: on the completion of the venture , at the expiry of the fixed term71) Multiple Choice Multiple AnswerQuestion: Following are the characteristics of partnership at willCorrect Answer: partners are always free to break their relationship at their whim , it is for indefinite period72) Select The BlankQuestion: A firm is a name given to the partners ________Correct Answer: collectively73) True/FalseQuestion: District Forum enjoys Revisional jurisdiction.Correct Answer: False74) True/FalseQuestion: Companies can be registered with undesirable names.Correct Answer: False75) True/FalseQuestion: A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent.Correct Answer: True76) Multiple Choice Multiple AnswerQuestion: An unregistered firm can institute a suit againstCorrect Answer: wrongful use of the trade mark , wrongful use of the firm name77) Multiple Choice Multiple AnswerQuestion: The three ingredients in the performance of a contract of sale by the seller areCorrect Answer: Transfer of property in goods , The passing of the risk , Delivery of goods78) True/FalseQuestion: Consideration can not be a past consideration.Correct Answer: False79) Multiple Choice Multiple AnswerQuestion: A company may, by special resolution, alter the provisions of its memorandum so as to change the objects of the company so far as may be required to enable itCorrect Answer: Carry on its business more economically , Amalgamate with any other company , Attain its main purpose by new or improved means80) True/FalseQuestion: Companies can be registered with undesirable names.Correct Answer: False81) Multiple Choice Single AnswerQuestion: The maximum number of persons in case of partnership firm carrying on any business other than banking business must not exceed82) Correct Answer: Twenty83) True/FalseQuestion: An agreement to sell takes place in the case of existing goods or specific goods.Correct Answer: False84) True/FalseQuestion: Specific goods are those which are identified and agreed upon at the time of a contract of sale is made.Correct Answer: True85) Multiple Choice Multiple AnswerQuestion: If the principal comes to know that the agent has dishonestly concealed from him any material fact, the principalCorrect Answer: can repudiate the transaction , may affirm such transaction , may claim damages for loss86) Multiple Choice Multiple AnswerQuestion: There is always a direct privity of contract between the principal and the followingCorrect Answer: substituted agent , co-agent , general agent87) Select The BlankQuestion: A company is a ________ company if the holding company controls the majority composition of its board of directors.Correct Answer: subsidiary88) Multiple Choice Single AnswerQuestion: People purchasing the commodities for the purpose of trading isCorrect Answer: trader89) Multiple Choice Single AnswerQuestion: A Company is created byCorrect Answer: Law90) Multiple Choice Multiple AnswerQuestion: An unregistered firm can bring an action in any court of Law againstCorrect Answer: a partner who steals the property of the partnership firm , a partner who purposely damages the property of the partnership firm91) Multiple Choice Single AnswerQuestion: The relation of partnership arises fromCorrect Answer: contract92) True/FalseQuestion: The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930.Correct Answer: False93) Multiple Choice Multiple AnswerQuestion: Following are the agencies of a three tier system of consumer disputes redressal agenciesCorrect Answer: State commission , National commission , District Forum94) Multiple Choice Multiple AnswerQuestion: In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not empower him toCorrect Answer: Acquire movable property on behalf of the firm ,transfer movable property belonging to the firm95) Multiple Choice Single AnswerQuestion: When an offer is made to world-at-large, the contract isCorrect Answer: made with the person who signs or performs the terms and conditions of the offer96) Select The BlankQuestion: All illegal agreements are ________ but all void agreements are not illegal.Correct Answer: void97) Select The BlankQuestion: The essential point about an agent's position is his ________ of making his principal answerable to third parties.Correct Answer: authority98) Multiple Choice Single AnswerQuestion: Under the Indian Contract Act a person of sound mind is the one capable ofCorrect Answer: Understanding the agreement, he is involved in99) True/FalseQuestion: The law relating to sale of immovable goods is contained in the Sale of Goods Act, 1930Correct Answer: False100) Multiple Choice Multiple AnswerQuestion: Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for commercial purposes from the purview of the consumer dispute redressal agenciesCorrect Answer: Provision for substitution of legal heir or representative as a party to the complainant in the event of the death of the opposite party , Provision for recovery of amounts ordered to be paid by consumer redressal agencies as arrears of land revenue , Provision for charging of fee in respect of complaints filed before the consumer redressal agencies101) Multiple Choice Multiple AnswerQuestion: Amendments made in the Consumer Protection Act in 1993:Correct Answer: to add services relating to housing constructions , to enable filing class action complaints , to impose punishment on the complainant in cases of vexatious complaint102) Multiple Choice Single AnswerQuestion: The term of Central Protection Council isCorrect Answer: Three years103) Multiple Choice Multiple AnswerQuestion: A minor admitted to the benefits of partnership isCorrect Answer: entitled for the profits of agreed upon , not personally liable for any act of firm , not entitled to sue partners for account104) Multiple Choice Multiple AnswerQuestion: According to the Consumer Protection Act, 1986, a service includesCorrect Answer: Financial service , Entertainment105) Select The BlankQuestion: According to Salmond and ________, a promise without consideration is a gift and one made with consideration is a bargain.Correct Answer: Winfield106) Multiple Choice Multiple AnswerQuestion: Following persons cannot become a partnersCorrect Answer: Corporation , an alien enemy with an Indian subject , company107) True/FalseQuestion: There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.Correct Answer: True108) Select The BlankQuestion: As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goodsCorrect Answer: shortcoming109) Select The BlankQuestion: When the certificate of incorporation is obtained, the promoters and directors of a________ company invite the public to subscribe to its shares.Correct Answer: public110) Multiple Choice Single AnswerQuestion: A Company is created byCorrect Answer: Law111) Multiple Choice Single AnswerQuestion: To be deemed as an unpaid seller the seller mustCorrect Answer: have sold the goods against cash and the price must be due112) True/FalseQuestion: General agents are the persons who enjoy a general authority to do everything in the course of their agency.Correct Answer: True113) Multiple Choice Single AnswerQuestion: Misrepresentation means and includesCorrect Answer: positive assertion of that which is not true114) Multiple Choice Multiple AnswerQuestion: A Consumer has following rights:Correct Answer: Education about the availability of legal remedies , seek redreesal against unfair trade practices , right to be informed quality, quantity, potency, purity, standard and price of goods115) Multiple Choice Multiple AnswerQuestion: A company is registered as an artificial person. It has noCorrect Answer: Body , Soul , Conscience116) Select The BlankQuestion: Special resolution and confirmation by ________is required for alteration of Memorandum.Correct Answer: Company Law Board117) Match The FollowingQuestion: Correct Answer:Cannot enter into partnership Two partnership firms Giving due notice Dissolves partnership at willPartnership Deed Domicile of partnership firmNot mandatory Registration of partnershipPartnership firm Can be sued in its own name118) True/FalseQuestion: The provisions of sale of goods were previously included in the Indian Contract Act, 1872Correct Answer: True119) True/FalseQuestion: A company is created by law and not by natural birth.Correct Answer: True120) Multiple Choice Multiple AnswerQuestion: Advantage of crossing the ChequeCorrect Answer: To reduce the risk of unauthorized person to get the payment of such Cheque, To safeguard the interest of bonafide holder of the cheque121) True/FalseQuestion: A trader is a middle man bringing the buyer and seller together and receiving any commission for services rendered by him.Correct Answer: False122) True/FalseQuestion: There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.Correct Answer: True123) Select The BlankQuestion: An agent is simply blank a ________ between his principal and the third party.Correct Answer: connecting link124) Multiple Choice Multiple AnswerQuestion: Certain effects of the insolvency of a partner are as followsCorrect Answer: An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any partner125) Multiple Choice Multiple AnswerQuestion: The partner who is illegally expelledCorrect Answer: can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits126) Select The BlankQuestion: A proposal comes to an end by its ________.Correct Answer: rejection127) Multiple Choice Multiple AnswerQuestion: Classification of companies based on the jurisdiction of functioningCorrect Answer: A National Company , Multinational Company , Foreign Company128) Multiple Choice Multiple AnswerQuestion: 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 theCorrect Answer: Official Assignee , Receiver129) Multiple Choice Single AnswerQuestion: Which of the following is not a void agreement ?Correct Answer: agreements relating to legal proceedings130) True/FalseQuestion: The maximum number of persons in the case of a partnership firm carrying on banking business must not exceed twenty.Correct Answer: False131) Multiple Choice Single AnswerQuestion: The feature of the Contingent Contracts is that theyCorrect Answer: depend upon the circumstances, which makes them valid or void132) Multiple Choice Multiple AnswerQuestion: The purpose of not Negotiable crossingCorrect Answer: to provide protection to the drawer of a cheque against loss or theft in the course of transit as well as dishonesty. , To safeguard the interest of bonafide holder of the cheque133) Multiple Choice Multiple AnswerQuestion: No company shall be registered by name which has a name which is identical withCorrect Answer: The name by which a company is in existence , A registered trade mark , A trade mark which is subject of an application for registration134) True/FalseQuestion: Copies of memorandum and articles shall not be given to members.Correct Answer: False135) Multiple Choice Multiple AnswerQuestion: Following are the conditions needed to prove that an act of a partner is an act of a136) partnership firmCorrect 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 firm137) Multiple Choice Single AnswerQuestion: Competent parties means parties should beCorrect Answer: major in age138) Select The BlankQuestion: 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.Correct Answer: Carrier139) True/FalseQuestion: Special agent and Particular agent mean one and the same thing.Correct Answer: True140) Multiple Choice Single AnswerQuestion: The essence of contract of sale isCorrect Answer: sale of goods141) Select The BlankQuestion: The person who buys the goods for trading purposes is not a ________ under the Consumer Protection Act, 1986.Correct Answer: consumer142) Multiple Choice Multiple AnswerQuestion: Every Prospectus shall state the matters specified in part I of schedule II of the Companies Act issued byCorrect 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 company143) Match The FollowingQuestion: Correct Answer: Unlawful Business Dissolution of PartnershipSub-partner Sharing of profits by outsidersPartnership Association of two or more personsPartners have to be CompetentPartner lending his name only Nominal partner144) True/FalseQuestion: A Cheque is a Bill of Exchange.Correct Answer: True145) Select The BlankQuestion: One man holds practically the ________ of the share capital of the one man company.Correct Answer: whole146) Multiple Choice Multiple AnswerQuestion: Following are the elements which constitute a partnershipCorrect Answer: there must be a contract regarding a partnership , there must be an association of two or more persons147) Multiple Choice Multiple AnswerQuestion: Limited companies can be formed for promotingCorrect Answer: Commerce , Art , Religion148) Select The BlankQuestion: There should be a ________ and real necessity for creating an agency.Correct Answer: definite149) Select The BlankQuestion: The presumptions laid by Sec.118 & 119 of Negotiable Instrument Act do not arise where negotiable instrument is obtained by ________Correct Answer: Fraud/Deceit150) Multiple Choice Multiple Answer151) Question: Following are the conditions needed to prove an act of a partner is an act of a partnership firmCorrect 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 firm152) Multiple Choice Single AnswerQuestion: The goods, which are owned and possessed by the seller at the time of sale, are known asCorrect Answer: Existing goods/Specific goods153) True/FalseQuestion: Alteration of memorandum or articles etc. to be noted in every copy.Correct Answer: True154) True/FalseQuestion: The provisions of sale of goods were previously included in the Indian Contract Act, 1872Correct Answer: True155) Select The BlankQuestion: The directors of a company have to file their consent with the ________ to act as director.Correct Answer: registrar156) True/FalseQuestion: Copies of memorandum and articles shall not be given to members.Correct Answer: False157) Multiple Choice Single AnswerQuestion: For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the proforma prescribed by theCorrect Answer: Bureau of Indian Standard158) Multiple Choice Multiple AnswerQuestion: Articles of Association containsCorrect Answer: Regulations of the company , Internal affairs of the company , Conduct of company's business159) Multiple Choice Single AnswerQuestion: An Association of many persons who contribute money or money's worth to a common stock and employ it for a common purpose. It is known as aCorrect Answer: Company160) Multiple Choice Single AnswerQuestion: In case of damages to the goods by a third party, onlyCorrect Answer: owner can take action161) Match The FollowingQuestion: Correct Answer:Minor's Agreement Void ab initioThreatning to commit CoercionConsideration Past, Present and FutureMistake Fact and Law162) Multiple Choice Multiple AnswerQuestion: There can not be any partnership where a business is carried onCorrect Answer: with a benevolent purpose , where any one of the partners is entitled to total profit earned163) Multiple Choice Multiple AnswerQuestion: An unregistered firm can institute a suit againstCorrect Answer: wrongful use of the trade mark , wrongful use of the firm name164) Multiple Choice Multiple AnswerQuestion: Following persons can not be called partnersCorrect Answer: minors , insolvents , co-owners without the agreement to carry on the business