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LIST OF ATTEMPTED QUESTIONS AND ANSWERS 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 Select The Blank Question There should be a ________ and real necessity for creating an agency. Correct Answer Definite Your Answer Definite

Multiple Choice Multiple Answer An unregistered firm can institute a suit against Question 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 , the partner for any claim of set-off

Multiple Choice Single Answer Question A partner unknown to the world is a :Correct Answer Dormant Your Answer Dormant

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 Acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , enter into partnership on behalf of the firm Select The Blank Question The partners continue to be liable as such to ________ for any act done by them. Correct Answer Third party Your Answer Co-owner

Select The Blank Question Past consideration is one which is wholly suffered by the ________ even before making of the agreement. Correct Answer Promisee Your Answer Promisor

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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 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

True/False Question

Goods which become ascertained subsequent to the formation of the contract of sale are Ascertained Goods. Correct Answer True Your Answer True

True/False Question

The Indian Contract Act, 1872 includes the penal provisions in case of breach of contract. Correct Answer False Your Answer True

Multiple Choice Single Answer Question A private company can be registered with a paid-up capital of Rs. :Correct Answer One lakh Your Answer One lakh

Multiple Choice Single Answer Question The term of the State Consumer Protection Council is :Correct Answer Three years Your Answer Three years

Match The Following Question Minor Partner Dissolution of a Partnership

Correct Answer Admitted for profits only Death or Insanity of the

Your Answer Admitted for profits only Death or Insanity of the

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partners Firm Partner Partnership Partners Agents of the firm Can be formed at Will

partners Can be formed at Will Agents of the firm Partners

True/False Question

Copies of memorandum and articles shall not be given to members.

Correct Answer False Your Answer False

Multiple Choice Single Answer Question 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 a :Correct Answer Company Your Answer Firm

Multiple Choice Multiple Answer Question Presumptions do not arise where an instrument is obtained by :Correct Answer Fraud , Offence , Illegal consideration Your Answer Negotiation

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 Multiple Choice Multiple Answer An unpaid seller has a :Question Correct Answer Right against the goods Your Answer Right against the buyer , Right against the goods

Select The Blank Question Partnership is based on ________. Correct Answer Faith Your Answer Faith

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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 , at the expiry of the fixed term , by resignation of almost all the partners

Multiple Choice Single Answer Question Which of the following is the essential element of the contract ? Correct Answer Free consent Your Answer Free consent

Select The Blank An agent can be held responsible for damages arising from his misconduct in Question the business of agency or ________. Correct Answer Negligence Your Answer Negligence

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 Single Answer Question The maximum number of persons in case of partnership firm carrying on any business other than banking business must not exceed :Correct Answer Twenty Your Answer Twenty

Select The Blank Question Shelf prospectus is a prospectus issued by any ________ institutions for one or more issues of the securities. Correct Answer Financial Your Answer Financial

Select The Blank Question Future consideration is also known as ________ consideration. Correct Answer Executory Your Answer Executory

True/False

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Question

If a bearer cheque is lost or stolen, the owner of such a cheque is put to the loss. Correct Answer True Your Answer False

True/False Question

Company is treated as a legal person distinct from its members.

Correct Answer True Your Answer True

True/False Question

Power of attorney is an example of express authority.

Correct Answer True Your Answer True

Multiple Choice Multiple Answer A company is :Question Correct Answer Voluntary Association of persons , An artificial legal person , A separate legal entity Your Answer Voluntary Association of persons , An artificial legal person , A separate legal entity Multiple Choice Single Answer An agent was instructed by his principal to insure the goods, but he neglected Question to insure the goods. As a result, the principal had to suffer the loss. Who is responsible for the loss? Correct Answer An agent Your Answer An agent

Select The Blank An agent is simply a blank ________ between his principal and the third Question party. Correct Answer Connecting link Your Answer Connecting link

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

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True/False Question

Under the Consumer Protection Act of 1986, goods include actionable claim and money. Correct Answer False Your Answer False

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 Official Assignee , Receiver

Multiple Choice Multiple Answer Question Complaint under the Consumer Protection Act, 1986 relates to :Correct Answer Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices Your Answer Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices Multiple Choice Multiple Answer Question Negotiable Instruments recognised by usage or custom of trade are :Correct Answer Bank notes , Share warrants , Share certificates Your Answer Bank notes , Share warrants , Share certificates

Multiple Choice Multiple Answer Question Following are the types of jurisdiction, which have been conferred on the State Commission :Correct Answer Appellate , Supervisory , Revisional Your Answer Appellate , Supervisory , Revisional

Multiple Choice Multiple Answer An unregistered firm can bring an action in any court of Law against Question 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 , a partner who wrongfully deals with the assets of the firm Multiple Choice Single Answer Question Void agreement means an agreement :Correct Answer Not enforceable by law Your Answer Illegal in nature

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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 , The passing of the risk , Delivery of goods

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 acquire movable property on behalf of the firm , transfer movable property belonging to the firm Your Answer admit any liability in a suit or proceedings against the firm , withdraw a suit or proceeding filed on behalf of the firm Select The Blank Question An agency is based upon the ________. Correct Answer Consent Your Answer Consent

True/False Question

In case of Bill of Exchange, the notice of dishonour is essential.

Correct Answer True Your Answer False

Multiple Choice Single Answer Question A cheque is dishonoured by :Correct Answer Non payment only Your Answer Non payment only

Match The Following Question Barter system Sale of goods Act, 1930 Caveat emptor Sale

Correct Answer

Your Answer

Exchange of goods for goods Exchange of goods for goods Movable goods Let the buyer beware Exchange of goods for price Immovable Goods Let the buyer beware Exchange of goods for price

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