"Business Law: Essential Legal Principles for Entrepreneurs and Companies"
                     Subject:- Business law
Question:- In the right of lien, the possession is repainted 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 week
Question:- goods means
Answer:- Growing crops, stocks & shares, birds ,gas
Question:- According to the consumer protection Act of 1986, goods means as defined under 
Answer:- sale of goods act, 1930
Question:- The registration of 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, goodwill
Question:- Under section 144, mode of service of summons are
Answer:- by speed post , by courier services , by concerned police station
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
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:- negotiable instrument recognized 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:- authorized 
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
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:- the 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 central 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
Question:- penalty for false particulars 
Answer:- imprisonment for three months
Question:- partnership deed
Answer:- name, place, date
Question:- A statement in prescribed form and accompanied by fees
Answer:- required for registration
Question:- The registration of firms
Answer:- to rectify any mistake
Question:- A banker is a mercantile agent.
Answer:- FALSE
Question:- Following are the elements which constitute a partnership
Answer:- there must be a contract regarding a partnership , there must be an association of two or more persons
Question:- Unfair trade practice includes a representation made to public in a form that purpots to be a ________ 
of a product.
Answer:- warranty
Question:- All contracts are agreements and all agreements are contracts.
Answer:- FALSE
Question:- In case of Bill of Exchange, the notice of dishonors is essential
Answer:- TRUE
Question:- Following are the conditions needs to prove an act of a partner is an act of a partnership firm
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
Question:- Existing goods are those goods, which are owned annd possessed by the seller at the time of sale.
Answer:- TRUE
Question:- A,B,C, and D are partners, A retires and B dies, the partnership between them comes to ________
Answer:- an end
Question:- In special agency
Answer:- agency lasts for a specific period , agency lasts for a particular type of job or work , agents has limited 
authority
Question:- Goods identified at the time contract of sale are known as 
Answer:- Ascertained goods
Question:- Minor partner
Answer:- Admitted for profits only
Question:- Dissolution of a partnership
Answer:- Death or Insanity of the partners
Question:- Firm
Answer:- Partners
Question:- partner 
Answer:- agents of the firm
Question:- partnership
Answer:- Can be formed at Will
Question:- An agreement of agency must make clear ________ of a person to act on behalf of another person.
Answer:- intention
Question:- The memorandum of every company shall state
Answer:- The name of the company , The registered office , The main objects
Question:- A ________________ partner is like an undisclosed principal.
Answer:- sleeping
Question:- A minor admitted to the benefits of partnership is 
Answer:- not personally liable for any act of firm , not entitled to sue partners for account , entitled for the profits of
agreed upon
Question:- When an agent has the authority to do all acts connected with the business or trade of his principal, he 
is known as
Answer:- a general agent
Question:- Special resolution and confirmation by ______ is required for alteration of memorandum.
Answer:- Company low board
Question:- Money order, Postal order, Share Certificates, Deposit receipts and such other documents are 
Negotiable Instruments.
Answer:- FALSE
Question:- there can be any partnership where a business is carried on 
Answer:- with a benevolent purpose , where any one of the partners is entitled to total profit earned
Question:- Issued capital can be defined as the ________ of shares which are offered to the public for 
subscription.
Answer:- nominal value
Question:- specific goods are those which are identified and agreed upon at the time of a contract of sale is made
Answer:- TRUE
Question:- An agreement enforceable by ;aw is a contract. 
Answer:- TRUE
Question:- The liability of companies on the basis of liability are
Answer:- Unlimited companies , Limited by guarantee , Limited by shares
Question:- Karta of Joint-Hindu family is ________ of his family.
Answer:- representative
Question:- the meaning of the term "caveat emptor" is
Answer:- let the buyer beware
Question:- The National Commission has the power to entertain appeals against the orders of any
Answer:- State Commission
Question:- Amendments made in the consumer protection act in 2002 include
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 recharging of fee in respect of complaints filed before the 
consumer redressal agencies
Question:- No consideration is required in formal contracts.
Answer:- TRUE
Question:- The following types of companies are required to have their own articles
Answer:- Unlimited companies , Limited by guarantee , Limited by shares
Question:- The Prospectus is 
Answer:- A document raising share capital , A Prospectus can be, any notice , Issued to invite the subscription to 
shares
Question:- Classification of companies based on the jurisdiction of funtioning 
Answer:- A National Company , Multinational Company , Foreign Company
Question:- The subscriber of the memorandum of a company on its registration shall be entered in its registration 
of members as member.
Answer:- TRUE
Question:- Under a contract of sale goods have to be exchanged for
Answer:- Money
Question:- An agent was instructed by his principal to insure the goods, but he neglected to insure the goods. As 
a result, the principal had to suffer the loss. Who is responsible for the loss ?
Answer:- agent 
Question:- One man company is generally a
Answer:- Private company 
Question:- Mr. Dang and Mr. Thomas work together. Mr. Dang receives all the profits earned and pays Mr. 
Thomas certain amount for his work as wages. whether Mr. Dang and Mr. Thomas are
Answer:- Master and servant
Question:- An agreement can become a contract if it is
Answer:- enforceable by law
Question:- A proposal comes to an end by its __________________
Answer:- rejection
Question:- Following are the types of jurisdiction, which have been conferred on the state commission
Answer:- Appellate, supervisory, provisional 
Question:- Minor's Agreement
Answer:- void ab initio
Question:- threatening to commit
Answer:- coercion
Question:- Consideration 
Answer:- Past, present and future
Question:- Mistake
Answer:- Fact and law
Question:- Any person who for the consideration becomes the possessor of a promissory note
Answer:- Holder in due course
Question:- Negotiating Negotiable Instruments so as to bind all, except himself
Answer:- A minor
Question:- A partner accepting negotiation instrument
Answer:- Implied authority
Question:- A person who can't accept or indorse a bill
Answer:- An insolvent
Question:- Partnership is based on ________________
Answer:- Faith
Question:- A company subject to the provisions of section 32 of the companies act as unlimited may register 
under this Act as a ___________________
Answer:- Limited company
Question:- Complaint under the consumer protection act, 1986 relates to 
Answer:- Unfair Trade Practices , Restrictive Trade Practices , Charging of higher prices
Question:- The monetary jurisdiction is based upon the
Answer:- Amount of relief claimed by the complainant
Question:- Unpaid seller's right to stop the goods in transit arises only when the buyer is _____________
Answer:- Bankrupt
Question:- According to the consumer protection Act of 1986, a person includes.
Answer:- Hindu undivided family , Co-operative society , Individual as well as juristic person
Question:- Non-registration of a partnership firm does not make the partnership agreement :-
Answer:- Void 
Question:- Agent has duties toward principal in addition to 
Answer:- Conducting principal's business , Rendering accounts to principal , Communicating with the principal
Question:- In the Bill of Exchange, the person to whom the bill is made payable is called as 
Answer:- payee
Question:- Where the partners agree to carry on the business for a definite period of time, the partnership is said 
to be 
Answer:- for a fixed period
Question:- The exception to the rules of " buyer beware" are
Answer:- quality of goods are not merchantable , presence of patent defect in goods
Question:- A company which has a control over a subsidiary company is a 
Answer:- holding company
Question:- Following are the conditions needed to prove an act a partner is an act of a partnership firm
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
Question:- There are two types or kinds of capital of a company, i.e. owned capital and borrowed capital.
Answer:- TRUE
Question:- A company is 
Answer:- Voluntary Association of persons , An artificial legal person , A separate legal entity
Question:- Presentation of negotiable instrument
Answer:- For payment
Question:- When an endorser signs the instrument and adds a direction to pay the amount mentioned therein
Answer:- Endorsement in full
Question:- Default in payment of amount of cheque 
Answer:- Dishonors of cheque
Question:- Notice of dishonors of cheque
Answer:- Mandatory provision
Question:- the object of the contract should be
Answer:- Legal one , Lawful
Question:- The Indian Contract Act, 1872, does not cover all those duties which are not ________ in nature
Answer:- Contractual
Question:- Loss of profits is an example of liquidated damages.
Answer:- FALSE
Question:- Partnership is nothing but a psychological relationship existing between the partners.
Answer:- FALSE
Question:- The company law board confirms the change of registered office of the company within a state
Answer:- FALSE
Question:- Ratification is one of the ways of ________ agency.
Answer:- Creating
Question:- following are the characteristics of the partnership at will
Answer:- Partners are always free to break their relationship at their will , It is for indefinite period , No provision 
for determination or termination of the partnership
Question:- the person who buys the goods for trading purposes is not a ____________ under the consumer 
protection act, 1986
Answer:- consumer
Question:- An agreement with a minor is not voidable but
Answer:- void ab initio
Question:- An agreement to sell takes place in the case of existing goods or specific goods.
Answer:- FALSE
Question:- An insolvent person can accept or endorse a bill.
Answer:- FALSE
Question:- A stipulation in a contract of sale with reference to goods which are subject there of may be :-
Answer:- A condition or warranty
Question:- The State Council consists of the following members :-
Answer:- Minister in-charge of consumer affairs in the State Govt. , Members representing such interests as may 
be prescribed by the State Govt.
Question:- Subsidiary company can hold shares and can acquire membership of the holding company.
Answer:- FALSE
Question:- There should be a ________ and real necessity for creating an agency.
Answer:- Definite
Question:- For obtaining recognition as an 'Appropriate Laboratory", the applicant shall send an application in the 
Performa prescribed by the 
Answer:- Bureau of Indian Standard
Question:- The object of carrying on a business must be :-
Answer:- Sharing of profits
Question:- Company is treated as a legal person distinct from its members.
Answer:- TRUE
Question:- An offer must create ________ relationship.
Answer:- Legal
Question:- A person is considered the holder of Negotiable Instruments if :-
Answer:- His name appear on an instrument , He is in possession of bearer instrument , He is the endorsee of a 
cheque
Question:- I promise to pay Mr. Luies or Order Rs.1,500/-" is a promissory note
Answer:- TRUE
Question:- In a ________ contract, the future event is collateral to the contract.
Answer:- Contingent
Question:- The property in the Negotiable Instrument passes from one person to another person by ________ 
delivery
Answer:- mere/ simple
Question:- The Negotiable Instrument Act is latest amended in the year 
Answer:- 2002
Question:- Maxim "Que facit per alium facit per se" means 
Answer:- He who does through another does by himself
Question:- According to S almond and ________, a promise without consideration is a gift and one made with 
consideration is a bargain
Answer:- Winfield
Question:- Whatever a person can do himself, he can do the same through another person i.e
Answer:- His agent
Question:- Under the Consumer Protection Act of 1986, goods include actionable claim and money. 
Answer:- FALSE
Question:- An agency cannot be terminated at all. In other words a contract of agency is perpetual.
Answer:- FALSE
Question:- sale is a contract plus
Answer:- Conveyance 
Question:- In ________ contract, all the parties perform their promise
Answer:- An executed
Question:- To be deemed as an unpaid seller the seller must :
Answer:- Have sold the goods against cash and the price must be due
Question:- Publication of prospectus is not at all necessary for the companies for raising the capital from public.
Answer:- FALSE
Question:- A proposes by a letter sent by post to sell a house to B at certain price". The communication of 
proposal is complete :-
Answer:- When B receives the letter
Question:- The Articles of Association contains the 
Answer:- Regulations , Bye-laws , Rules 
Question:- The modes of termination of agency are 
Answer:- By completion of the agency business , By death of principal , By expiry of period or time 
Question:- For creating ________ relationship the parties to the contract must have a will to seek for the help of 
law court in the case of breach of a contract.
Answer:- Legal
Question:- The registration of partnership firm is ________.
Answer:- Not compulsory
Question:- Consumer Dispute Redressed Forum is a District Forum established by :-
Answer:- The State Govt. in each District of the State by Notification
Question:- A mistake as to a law not in force in India is :-
Answer:- Void
Question:- The Registrar shall register the altered memorandum and certify the registration under his hand within 
one month from the date of filing such documents.
Answer:- TRUE
Question:- The amended monetary jurisdiction of the state commission has been increased from :-
Answer:- Five lakes to rupees one corer (check once)
Question:- When the property in goods is transferred from the seller to the buyer at once, the contract is called :-
Answer:- a sale
Question:- Under the Consumer Protection Act of 1986, the consumer redressed forum is a 
Answer:- Statutory body
Question:- Documents to be presented for the registration of a company with the registrar are :-
Answer:- The memorandum of the company , Its articles , The agreement, if any 
Question:- Apparent authority and ostensible authority have different meanings
Answer:- FALSE
Question:- a cheque is a bill of exchange
Answer:- TRUE
Question:- barter system
Answer:- Exchange of goods for goods
Question:- sale of goods act 1986, 1930
Answer:- Movable goods
Question:- caveat emptor
Answer:- Let the buyer beware
Question:- sale
Answer:- Exchange of goods for price
Question:- The maximum number of persons in the case of a partnership firm carrying on banking business must 
not exceed twenty.
Answer:- FALSE
Question:- coercion means and includes
Answer:- Any act forbidden by the Indian Penal Code , Any threatening to commit illegal act 
Question:- A company is a ________ company if the holding company controls the majority composition of its 
board of directors.
Answer:- Subsidiary
Question:- The partnership deed is required to be drafted very carefully and to be signed by 
Answer:- All the partners
Question:- Mistake regarding the ________ or the terms and conditions of the contract is a Mistake of the fact.
Answer:- Subject matter
Question:- Any user of the goods with the approval of the person who has purchased the goods for consideration 
is also a consumer
Answer:- TRUE
Question:- 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 it :-
Answer:- To carry on its business more economically , To amalgamate with any other company , To attain its 
main purpose by new or improved means 
Question:- The goods, which are identified and agreed upon at the time of a contract of sale, are known as :-
Answer:- specific goods
Question:- Misrepresentation contains following ingredients 
Answer:- Positive assertion , Breach of duty without intention to deceive , Causing another party to make a 
mistake as to the substance of the thing 
Question:- following are the essentials of valid acceptance
Answer:- Acceptance must be qualified , Acceptance must be communicated to the offeror 
Question:- The District Protection Council shall consist of the following members :-
Answer:- The Collector of District , Members representing such interests as may be prescribed by the State Govt. 
Question:- The order of the Commission can be set aside by 
Answer:- The Supreme Court , The National Commission 
Question:- Memorandum of a company is a primary and supreme document of the company.
Answer:- TRUE
Question:- "Law" means a set of rules and regulations in the nature of dictatorship.
Answer:- FALSE
Question:- unlawful business
Answer:- dissolution of partnership
Question:- sub-partner
Answer:- Sharing of profits by outsiders
Question:- partnership 
Answer:- association of two  or more persons
Question:- partners have to be
Answer:- competent
Question:- partner lending his name only
Answer:- nominal partner
Question:- agreement is defined as  a  contract  at its  inception.
Answer:- TRUE
Question:- _______ is  the _________method of voting with the rule " one  share one vote 
Answer:- poll, capitalistic 
Question:- agency can be created by
Answer:- operation of law
Question:- Where the property in goods sold has been passed, the unpaid seller has the
Answer:- right to stop goods in transit
Question:- A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except 
himself
Answer:- TRUE
Question:- Dissolution by the order of the Court at the suit of a partner on certain grounds, which include
Answer:- Willful or persistent breach of agreement by a partner
Question:- the agency can be _______ at any time by ________agreement  between  the  principal and his agent.
Answer:- terminated, mutual
Question:- the requirement of valid memorandum of  association are  that it
Answer:- is to be signed by at least seven persons in case of public company , is to be signed by at least two 
persons in case of private company
Question:- An Outsider or a stranger who holds himself out or represents himself to be a partner of the 
partnership firm and induces outsider to give credit to the firm
Answer:- partner by estoppels
Question:- A person who becomes a partner by entering into partnership agreement & is actual engaged in the 
conduct and management of the partnership business
Answer:- Ostensible partner
Question:- A person who only lends his name to the partnership firm but does not invest any capital in the firm nor
does take any interest in the affairs of the firm
Answer:- Nominal Partner
Question:- When partners agree to share the profits of the partnership firm with any outsider, such An outsider is 
known as
Answer:- Sub-Partner
Question:- A partner whose existence in the firm is kept secret from the outside world
Answer:- Dormant Partner
Question:- Following are the conditions needed to prove an act of a partner is an act of a partnership firm
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
Question:- a consumer is 
Answer:- Nominee under a policy of life insurance , A Railway passenger , An employee who is member of 
Employees Provident Fund Scheme
Question:- A meeting is  ___________  of  a number of persons for ___________  a  lawful business having  
certain  purpose or purposes
Answer:- an assembly, transacting
Question:- Following are the conditions to be fulfilled before  a seller  ca be deemed to be an unpaid seller 
Answer:- he must have an immediate right of action for the price , he must have sold goods against cash and the 
price must be due        
Question:- Following  are the examples of statutory companies
Answer:- Reserve Bank Of India , Unit Trust Of India
Question:- barter exchange
Answer:-  
Question:- sale of goods act 1930
Answer:- Movable goods
Question:- Quiet possession
Answer:- Implied warranty
Question:- A consumer has right to be assured, wherever possible, access to services at
Answer:- competitive prices
Question:- transmission of share stakes place due to 
Answer:- death of a member , insolvency of a member , lunacy of a member
Question:- In the absence of usage or custom of trade to the contrary, the implied authority of a partner does not 
empower him to
Answer:- acquire movable property on behalf of the firm , transfer movable property belonging to the firm
Question:- Following are the persons who  cannot  enter into partnership firm
Answer:- A Burmese Buddhist husband and wife carrying on business , the members of Hindu Undivided Family 
carrying on Family business
Question:- The maker, acceptor or endorser respectively of a negotiable instrument is discharged from liability 
thereon by
Answer:- release , payment , non cancellation
Question:- the national Commission shall decide the complaint  as far as possible within  a period  of
Answer:- three month from the date of notice  received by the  opposite party 
Question:- When the ________ of a bill is ‘for collection only’ the endorsee cannot be a ________
Answer:- Endorsement, holder
Question:- Un-called capital is the part of ________ and ________ capital which has not been called up.
Answer:- issued, subscribed
Question:- special notice and special resolution mean one and the same.
Answer:- FALSE
Question:- ________ Trade Practice is a trade practice which for the purpose of promoting a sale, use or supply 
of any goods or for the provision of any service adopts any ________ practice
Answer:- Unfair , deceptive
Question:- Consumer is a person who procures service under a contract of personal service
Answer:- FALSE 
Question:- property of the company is the  property of  
Answer:- Promoters before the existence of the company , the company itself after its incorporation
Question:- English law  does not recognize formal contract 
Answer:- FALSE
Question:- Reserved capital is the part of ________ capital which can only be called up at the time of & for the 
purpose of ________ the company
Answer:- uncalled, winding up
Question:- the partners need not sign the partnership deed
Answer:- FALSE
Question:- when  the person to whom  the proposal is made ________ his assent thereto, the proposal is said to 
be ________
Answer:- signifies, accepted
Question:- characteristics article of  association are
Answer:- it contains rule for the internal management of the affairs of the company , it is subordinate to the 
Memorandum of Association
Question:- _______ implies committing or threatening to commit any act ________ by the Indian Penal Code
Answer:- coercion, forbidden
Question:- ___________ is an indication made to the______________
Answer:- prospectus, public
Question:- a factor is a type of  
Answer:- Mercantile Agent
Question:- Agents acting jointly and severally are known as co-agents
Answer:- TRUE
Question:- Enforcement of contingent contract depends on
Answer:- Happening or Non-happening of the event
Question:- In a sale, if the buyer becomes insolvent before he pays the price of the goods purchased, the person 
who can claim the delivery of the goods as the property in goods has been already transferred as a
Answer:- official assignee or receiver
Question:- when the __________ Of contract become __________, such contract need not be performed.
Answer:- performance, impossible
Question:- a cheque can be bearer, order or crossed
Answer:- TRUE
Question:- following is an implied condition.
Answer:- Condition as to sale by sample
Question:- dissolution by the voluntary act of the partners, which includes
Answer:- dissolution by agreement
Question:- Mr. Red and Mr. White register their company as a private company with a share capital of Rs. 7, 
00,000/- divided into 70,000 shares of Rs.10/- each. Mr. White holds 69,999 shares while Mr. Red holds only 1 
share. This is a :-
Answer:- one man company
Question:- if any member of the central council wants to resign from the central council, he may do so by a latter 
addressed to the
Answer:- chainman
Question:- the principal must give compensation to his agent in respect of injury caused to an agent bt the
Answer:- Principal's neglect , Principal's want to skill , Principal's want to knowledge
Question:- a cheque is dishonored by 
Answer:- non payment only
Question:- past consideration is one which is wholly suffered by the __________  Even before making of the 
agreement.
Answer:- promise
Question:- The social or the domestic contracts are excluded from the purview of the Indian 
Answer:- TRUE
Question:- Persons who have entered into partnership with one another are called individually partners and they 
are collectively "a firm".
Answer:- TRUE
Question:- An unregistered firm can institute a suit against
Answer:- wrongful use of the trade mark , wrongful use of the firm name
Question:- an auctioneer has full authority to sell the goods of his principal by private contracts.
Answer:- FALSE
Question:- the minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties 
except himself
Answer:- TRUE
Question:- Notice of dissolution of firm must be _________________
Answer:- explicit
Question:- promissory note must be in
Answer:- in writing , definite , unconditional
Question:- mental acceptance amount to an acceptance
Answer:- FALSE
Question:- A cooler was purchased not for his own use, but it was installed at a bus-stand for the use of public 
free of charge. it was held that the purchaser was a consumer 
Answer:- There was no commercial purpose
Question:- certain effects of the insolvency of a partner are as follows
Answer:- An insolvent partner ceases to be a partner , The partnership firm dissolve on the insolvency of any 
partner
 
Question:- following are the agencies of a three tier system of consumer disputes redressed agencies
Answer:- State commission , National commission , District Forum
Question:- in order to become a holder, a person must possess the instrument under some _____ title.
Answer:- lawful
Question:- a private company can be registered with a paid-up capital of rs.
Answer:- one lakes
Question:- the __________ Of 1986 is basically passed to protect the interest of the consumer.
Answer:- Consumer Protection Act
Question:- in case of a public limited company, the maximum number has no limit, but the minimum is fixed at.
Answer:- 7
Question:- an agreement should be certain and unambiguous.
Answer:- TRUE
Question:- A trader is a middleman bringing the buyer and seller together and receiving any commission for 
services rendered by him.
Answer:- FALSE
Question:- The Articles of Association controls ____________ operations of the company.
Answer:- internal
Question:- a person is deemed to be dominated the will of another if
Answer:- A real or apparent authority over them , He stands in a fiduciary relation to other
Question:- There are certain relations, which are not created by contracts but are upheld by law, which are known 
as ________ contracts.
Answer:- quasi
Question:- every promise and every set of promises, for consideration for each other, is __________
Answer:- an agreement
Question:- in contract of sale the buyer becomes
Answer:- absolute owner of the property
Question:- During the war, all the members of a private company were killed while they were in general meeting in
a bomb attack. The questions is whether the company will 
Answer:- Survive
Question:- quasi contract rests on the ground of 
Answer:- equity
Question:- According to Rule 3 of the Consumer protection rules, the Central Council consists of the following 
members 
Answer:- Minister in-charge consumer affairs in states , Minister in-charge of the department of home , Minister in-
charge of department of Commerce and Industry 
Question:- copies of memorandum and articles shall not be given to members. 
Answer:- FALSE
Question:- Directors are allowed to borrow from the public companies.
Answer:- FALSE
Question:- as per  the consumer protection act, 1986,a consumer is  a 
Answer:- A person buying goods for a consideration , A person who is a beneficiary of services 
Question:- a consumer has the following  rights
Answer:- To get the education of the availability of legal remedies , Seek redressal against unfair trade practices , 
To be informed about quality, quantity, potency, purity, standard and price of goods 
Question:- agents are _____________ to act within the scope of the  authority given.  
Answer:- aphorized 
Question:- memorandum of a public company must be signed by
Answer:- seven  persons
Question:- A proposes by a letter sent by post to sell a house to B at certain price, B accepts A's proposal - The 
communication of the acceptance is complete as against B :-
Answer:- When letter is received by A
Question:- an agency is based upon the __________________ 
Answer:- consent
Question:- an agreement to agree in future is not a contract
Answer:- TRUE 
Question:- The presumptions laid by Sec.118 & 119 of Negotiable Instrument Act do not arise where negotiable 
instrument is obtained by ________.
Answer:- Fraud/Deceit
Question:- presumptions do not arise where an instrument’s obtained by
Answer:- Fraud , Offence , Illegal consideration 
Question:- As per S.2(1) (f) of the Consumer Protection Act, defect means any ________ in the quality of goods.
Answer:- Shortcoming
Question:- the change of name shall affect all the rights and obligations of the company
Answer:- false  
Question:- following agreement are opposed to public policy 
Answer:- Agreement to commit crime , Agreements interfering with an administration of justice 
Question:- to Agreement is a contract void able at the option of the party to an agreement make a mistake as to 
Answer:- The agreement , The contract subject to a specific conditions , The subject matter of the thing 
Question:- limited company can be formed for promoting 
Answer:- Religion , Commerce , Art 
Question:- dissolution of partnership at will
Answer:- Giving due notice
Question:- domicile of partnership firm
Answer:- partnership deed
Question:- registration of partnerships
Answer:- not mandatory
Question:- can be sued in its own name
Answer:- partnership firm
Question:- a cheque is always  payable on
Answer:- demand
Question:- an agreement is defined as a contract at its inception
Answer:- TRUE
Question:- an agent is simply a blank ____________ between his principal and the third party.
Answer:- Connecting link
Question:- Unpaid seller's right to stop the goods in transit arises only when the buyer becomes.
Answer:- insolvent
Question:- If the principal comes to know that the agent has dishonestly concealed from him any material fact, the
principal :-
Answer:- Can repudiate the transaction , May affirm such transaction , May claim damages for loss 
Question:- Shelf prospectus is a prospectus issued by any ________ institutions for one or more issues of the 
securities.
Answer:- Financial
Question:- "I promise to pay Mr. John Rs.500/- seven days after my marriage with Miss Lucy" is a promissory 
note.
Answer:- false  
Question:- a company after its registration, possesses
Answer:- legal entity
Question:- according to the consumer protection ac, 1986  a service includes
Answer:- Financial service , Entertainment 
Question:- Sometimes contracts are entered into on behalf of the company before its incorporation, such pre-
incorporation contracts are 
Answer:- binding
Question:- partnership business carried on continuous losses, the court may order to ________The firm.
Answer:- dissolve
Question:- The exception to the wagering agreement are
Answer:- Cross-word competitions , Horse-race 
Question:- Negotiable Instrument can be drawn or accepted by duly authorized agent on behalf of :-
Answer:- principal 
Question:- there cab not be any partnership where a business  is carried on
Answer:- with a benevolent purpose , where any one of the partners is entitled to total profit earned 
Question:- A Company subject to the provisions of section 32 of the companies act as unlimited may register 
under this Act as a ________.
Answer:- Limited company
Question:- Where a cheque is crossed specially, the banker to whom it is crossed may again cross it specially to 
another banker, his agent, for collection
Answer:- TRUE
Question:- The three ingredients in the performance of a contract of sale by the seller are :-
Answer:- Transfer of property in goods , The passing of the risk , Delivery of goods 
Question:- When a person leaves country for a long time, he may appoint his son, wife or friend as his universal 
agent
Answer:- TRUE
Question:- section 68
Answer:- Supply of necessaries to minor
Question:- Section 70
Answer:- Liability of payment for non-gratuitous acts
Question:- section 63 
Answer:- Remission
Question:- section 71
Answer:- Responsibility of a finder of goods
Question:- whenever the term illegal contract is used, it involves _________________
Answer:- Inconsistency
Question:- The main aim and important criterion of decoding the commercial purpose is whether the aim of 
purchasing the goods is to :-
Answer:- Earn profit
Question:- a proposal comes to an end by its ___________________-
Answer:- Rejection
Question:- There can not be any partnership where a business is carried on
Answer:- with a benevolent purpose , where any one of the partners is entitled to total profit earned 
Question:- a partner unknown  to the world is a
Answer:- dormant  
Question:- an unregistratered firm can institute a suit against
Answer:- wrongful use of the trade mark , wrongful use of the firm name 
Question:- as per the consumer protection act, 1986, a consumer’s a  
Answer:- A person buying goods for a consideration , A person who is a beneficiary of services 
Question:- under the consumer protection act of 1986,goods include actionable claim and  money.
Answer:- false  
Question:- in a promissory note, the promise to pay can be indefinite.
Answer:- false  
Question:- the registration of partnership firm is __________________
Answer:- Not compulsory
Question:- bill of exchange must be
Answer:- in writing , definite , unconditional
Question:- one of two kinds of presentment of an instrument is by _____________
Answer:- payment
Question:- following are the circumstances under which an offer lapse.
Answer:- Offered makes conditional offer , Acceptor comes to know about the death of the propose , Offered fails 
to communicate the acceptance 
Question:- an alien friend can enter into  partnership with an India subject.
Answer:- TRUE
Question:- a partner can transfer his share to  any outsider without obtaining consent of all other  partners.
Answer:- false  
Question:- The person who is authorized to appoint / employ an agent is :-
Answer:- A person of sound mind
Question:- an offer, to be treated as a valid offer, should be ______________ 
Answer:- Communicated
Question:- An agreement creating and defining the obligations between the parties is a contract", This was stated 
by :-
Answer:- Sir John Almond
Question:- Registration of firm is a condition precedent for filing the suit for seeking the remedy which arises out of
contractual obligations.
Answer:- TRUE
Question:- The act done by the agent with the permission and on behalf of the principal is ________ on the 
principal.
Answer:- binding
Question:- a promissory note  contains conditional undertaking to pay a certain sum of money
Answer:- false  
Question:- the contract of agency between the principal and  his agent’s ____________
Answer:- enforceable  
Question:- notice of dishonors of coequal must be ___________
Answer:- within a reasonable time
Question:- the goods, which are owned and possessed by the seller at the time of sale,  are known as
Answer:- Existing goods/Specific goods
Question:- Mr. Manik appoints Mr. Naveen as his agent to sell the goods at Rs.10,000/- on his behalf. Mr. Naveen
sells the goods for Rs.12,000/- . Who is liable to account for it to?
Answer:- mr, naveen
Question:- a partner may make an agreement with his partners, not to cry _________ business to that of the firm.
Answer:- similar
Question:- a condition is a type of stipulation and has following characteristics.
Answer:- A breach of it gives the suffered party the one & only one Right to repudiate the contract , It is of the 
subsidiary character 
Question:- section 2 of Indian contract act defines proposal as
Answer:- When one person communicates his desire to do something for another to obtain the assent of another 
that is a proposal. , When one person signifies to another his willingness to do or to abstain with a view to obtain 
the consent of another that is a proposal. 
Question:- An intention to create legal relations is one of the most important criterions to establish a contract.
Answer:- TRUE
Question:- in India, some of negotiable instruments by usage or custom of trade are
Answer:- Government promissory notes , Bankers drafts , Pay off orders 
Question:- a ____________ partner is like an undisclosed principal.
Answer:- sleeping
Question:- a company having control over a subsidiary company
Answer:- holding company
Question:- constitution and objects of the company
Answer:- memorandum
Question:- govern the internal affairs of the company
Answer:- articles of association
Question:- document includes any notice, circulation, advertising etc.
Answer:- Prospectus 
Question:- if there is a breach of condition, a buyer has an option to claim
Answer:- damages
Question:- when the partners select to adopt certain firm name which is identical with the firm name already in 
existence, then such name is
Answer:- legal  
Question:- which of the following is the essential element of the contract ?
Answer:- free consent
Question:- where the transfer of property in the goods is to take place at a future time it is called
Answer:- agreement to sell
Question:- partnership is an association of three or more persons formed to run the business and share the profits
earned in the business 
Answer:- false  
Question:- an garment of agency must make clear the _______of a person act on behalf of an other person
Answer:- intention
Question:- a proposes by a letter sent by post to sell a house  to b certain price, b accepts A's proposal- the 
communication of the acceptances is compete as against b
Answer:- When letter is received by A
Question:- agreement is a contract void able at the option of the party to an agreement to make a mistake as to.
Answer:- The agreement , The contract subject to a specific conditions , The subject matter of the thing 
Question:- partner
Answer:- agents of the firm
Question:- partnership
Answer:- Can be formed at Will
Question:- registration of partnership
Answer:- not mandatory
Question:- an unregistratered firm can bring an action in any cout 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:- according to the consumer protection act, 1986,a service includes
Answer:- Financial service , Entertainment 
Question:- a company subject to the provisions of section 32 of the company act as unlimited may register under 
this act as a _________________
Answer:- Limited company
Question:- in a promissory note, the promise to pay can be indefinite.
Answer:- false  
Question:- the parson who is authorized to appoint / employ an agent is
Answer:- A person of sound mind
Question:- an offer , to be treated as a valid offer , should be _______________
Answer:- Communicated
Question:- "an agreement creating and defining the obligations between the parties is a contract" , this was stated
by .
Answer:- Sir John Almond
Question:- notice of dishonor of coequal must be ________________
Answer:- with in a reasonable time
Question:- under the claim and money.
Answer:- false Consumer Protection Act of 1986, goods include actionable
Question:- a pardanashin women means a women who.
Answer:- observes seclusion, because of custom.
Question:- "I promise to pay Mr. luies or order rs.1500/- is a promissory note
Answer:- TRUE
Question:- in a ___________ Contract, the future event is collateral to the contract.
Answer:- Contingent
Question:- in __________ Contract, all the parties perform their promise.
Answer:- An executed
Question:- "a proposes by a letter sent by post to sell a house to b at certain price. The communication of 
proposal is complete.
Answer:- When B receives the letter
Question:- sale of goods act, 1930
Answer:- Movable goods
Question:- sale
Answer:- exchange of goods for price
Question:- the registrar of firms
Answer:- to rectify any mistake
Question:- the authority of the agent as it appears to others is called as
Answer:- apparent authority
Question:- the essence of contract of sale is
Answer:- sale of goods  
Question:- every company must have
Answer:- a specific name
Question:- A company subject to the provisions of section 32 of the companies act as unlimited may register 
under this Act as a _________________ 
Answer:- Limited company
Question:- power of attorney is an example of express authority.
Answer:- TRUE
Question:- crossing of coequals secures payment.
Answer:- TRUE
Question:- goods means
Answer:- debentures , stocks & shares
Question:- consideration past
Answer:- present and future past
Question:- a stranger represents himself to be a partner 
Answer:- partner by holding out
Question:- not personally liable for any act of firm 
Answer:- minor
Question:- outgoing partner ceases to be a partner 
Answer:- by transfer of interest of a partner
Question:- dissolution of partnership firm by the order of the court 
Answer:- misconduct of a partner
Question:- following is an implied condition
Answer:- condition as to death or insanity
Question:- in the category of negotiable instruments which of the following is included 
Answer:- railway or S.T. receipt
Question:- convicts are disqualified from contracting by the law to which they are subject.
Answer:- TRUE
Question:- following are the general agents 
Answer:- a manager of a branch office, managing director of a company, commission agent
Question:- following persons can perform the contracts
Answer:- promissory , agent , legal representative
Question:- partner who DOES NOT share the profits of the firm is
Answer:- Nominal Partner
Question:- a company can sue and also be sued by
Answer:- in its corporate name
Question:- private company can commerce its business immediately after receiving the certificate of 
Answer:- incorporation
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:- one man holds practically the _____ of the share  capital of the one man company
Answer:- whole
Question:- the sale of goods is the most common of all
Answer:- commercial contracts
Question:- the types or kinds of mercantile agents are
Answer:- commission agent, broker, auctioneers’
Question:- following are the conditions needed to prove that an ac of a partner is anact of a partnership firm.
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 firm
Question:- trade in  relation to any goods
Answer:- who distributes goods
Question:- manufacturer
Answer:- who makes any goods
Question:- consumer dispute  
Answer:- dispute between  consumer and  manufacturer or trader 
Question:- complaint of consumer 
Answer:- any  allegation in writing
Question:- ratification of minors agreement by him on attaining majority
Answer:- cannot be possible
Question:- when  person is entrusted with a another’s  property, he may be appointed as an  agent by necessity.
Answer:- TRUE
Question:- acceptance of a lesser performance  than what as actually  contracted for is known as _______
Answer:- Remission
Question:- every prospectus shall state the matters specified in part I of schedule II of  the companies act issued 
by
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 company 
Question:- the goods, which are owned and  possessed by thee seller at the time of  sale, are known as  
Answer:- Existing goods/Specific goods
Question:- in __________  Contract,  all the parties perform their promise.
Answer:- An executed
Question:- articles are………….to and controlled by the  memorandum.
Answer:- subordinate
Question:- the seller  can file a suit against the  buyer for to price of goods only after
Answer:- the property in goods is transferred to the buyer 
Question:- future goods 
Answer:- agreement to sell
Question:- identified goods
Answer:- Ascertained goods
Question:- unascertained goods
Answer:- generic goods
Question:- unpaid seller
Answer:- right of lien on goods
Question:- all money payable by any member to the company under the memorandum or articles shall be debt 
from time  to the company. 
Answer:- TRUE
Question:- in case the object  of an agency becomes  unlawful, the agency can not be terminated.
Answer:- FALSE
Question:- a declaration given for the registration of company is given by
Answer:- An advocate of Supreme Court , An attorney entitled to appear before a High Court , A Pleader entitled 
to appear before a High Court 
Question:- the term business includes every lawful trade, occupation and profession.
Answer:- TRUE
Question:- consideration is also known as __________ consideration.
Answer:- executory
Question:- a company which is not a private company is
Answer:- public  company
Question:- the consumer protection act makes available certain new remedies leaving the
Answer:- Substantive rights of the consumer intact 
Question:- Substitution of a new contract in the place of the old one means ________. 
Answer:- notation
Question:- the exceptions to the wagering agreement are
Answer:- Cross-word competitions , Horse-race 
Question:- the company does not possess ________  Still it is a person in the eyes of law.
Answer:- fundamental rights 
Question:- __________ is an invitation made to the ___________
Answer:- Prospectus ,public
Question:- when the _________ of contract becomes ________ ,such contract need not be preformed 
Answer:- performance, impossible
Question:- ________ is the ________ method of voting with the rule 
Answer:- poll, capitalistic 
Question:- following are the examples of statutory companies.
Answer:- Reserve Bank Of India , Unit Trust Of India
Question:- following person can not be called partners
Answer:- minors , insolvents , co-owners without the agreement to carry on the business
Question:- a commission agent is generally appointed for selling and buying goods on behalf of his principal
Answer:- TRUE
Question:- a agreement should be certain and unambiguous
Answer:- TRUE
Question:- in case of a public limited company, the maximum number has no limit ,but the minimum is fixed at.
Answer:- 7
Question:- under _________ influence the dominant party may hold a real authority over the party.
Answer:- undue
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  
Answer:- repudiate the contract, rescind the contract .
Question:- the company having articles are
Answer:- Unlimited companies , Limited by guarantee , Limited by shares
Question:- section10  of the Indian contract act, 1872 applies to contract of sale.
Answer:- TRUE
 
Question:- Directors are a private company needed to file their consent with the registrar to act as director or sign 
an undertaking.
Answer:- FALSE
Question:- holding out means___________ leading another person to believe in something.
Answer:- falsely
Question:- railway or S.T. receipts, dividend, warrants, bonds are not negotiable instrument.
Answer:- FALSE
Question:- a consumer has the right to be assured, wherever possible, access to services at 
Answer:- competitive prices
Question:- a sale is an executed contract whereas an agreement to sell is an executed contract.
Answer:- TRUE
Question:- articles of association contains.
Answer:- regulations of the company , internal affairs of the company, conduct of company’s business
Question:- fraud means and includes following act-
Answer:- promise to deceive other party , promise without intending to perform 
Question:- in an agreement to sell the seller is responsible for all the risk of loss as he is the
Answer:- owner
Question:- consent is free  when it is not caused by
Answer:- undue influence , fraud , mistake
Question:- following are the essential of undue influence
Answer:- there must be some relationship between the parties , It is mainly of moral character 
Question:- members of a club or a society are the _________  of each other.
Answer:- friend
Question:- fact and law
Answer:- the types of "mistake"
Question:- an order of the court asking a person to do or abstain from doing a particular act, which is the subject 
matter of the contract 
Answer:- injection order
Question:- an agreement enforceable by law
Answer:- contract
Question:- a________ is an artificial person and has a legal entity.
Answer:- company
Question:- any person who is of age of majority according to the law to which he is a subject, may……. An agent.
Answer:- appoint
Question:- the company cannot exceed the powers conferred on it by its memorandum
Answer:- TRUE
Question:- the  articles of association controls ________ operations of the company 
Answer:- internal
Question:- the memorandum of association is the most important document, it acts out
Answer:- The constitution , The formation , The objectives  
Question:- When agents delegate their authority to another for a particular period for a particular task, they 
appoint substituted agents. 
Answer:- TRUE
Question:- when the goods are very bulky in nature then they are delivered in a
Answer:- symbolic manner
Question:- agent appointed for a special  task 
Answer:- special agent
Question:- agency create by conduct of the parties 
Answer:- implied agency
Question:- agency create by words, spoken, or written
Answer:- express authority
Question:- essentials of valid ratification
Answer:- Existence of principal 
Question:- there are certain limitations to the principle of ratification which are
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 time  
Question:- a partnership at will can be dissolved by filling a suit for
Answer:- dissolution
Question:- the object of the consumer protection act of 1986 is to educate the people so that they canfind out 
_________for theirs grievances
Answer:- legal remedies
Question:- the ________ of 1986 is basically passed to  protect  the interest of the consumer.
Answer:- Consumer Protection Act
Question:- negotiable instruments recognized by usage are
Answer:- handles ,S.T. receipts for goods , pay off orders
Question:- which of the following is not a void agreement
Answer:- agreement of marriage
Question:- the particular partnership automatically comes to an end 
Answer:- on the completion of the venture , at the expiry of the fixed term  
Question:- following are the characteristics of partnership at will 
Answer:- partners are always free to break their relationship at their whim , it is for indefinite period  
Question:- a  firm is a name given to the partners______
Answer:- collectively
Question:- district forum enjoys revision jurisdiction.
Answer:- false 
Question:- company can be registered with undesirable names.
Answer:- FALSE
Question:- a person who merely  given an advice ton other person in matters of business , does not thereby 
becomes his agent.
Answer:- TRUE
Question:- an unregistered firm can institute a suit against
Answer:- wrongful use of the trademark , wrongful use of the firm name
Question:- consideration can not be a past consideration.
Answer:- FALSE
Question:- companies can be registered with undesirable names.
Answer:- FALSE
Question:- people purchasing the commodities for the purpose of trading is 
Answer:- trader
Question:- a company is created by 
Answer:- law
Question:- the relation of partnership arise from
Answer:- contract
Question:- the law relation to sale of immovable goods is contained in the sale of goods act, 1930
Answer:- FALSE
Question:- a illegal agreements are _________ but ll void agreements are not illegal.
Answer:- void  
Question:- under the Indian contract act a person of sound mind is the one capital of 
Answer:- Understanding the agreement, he is involved in 
Question:- Amendments made in the Consumer Protection Act in 2002: inclusion of services availed for 
commercial purposes from the purview of the consumer dispute redresser agencies 
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 redresser 
agencies as arrears of land revenue , Provision for charging of fee in respect of complaints filed before the 
consumer reprisal agencies  
Question:- the term of  central protection council is
Answer:- Three years 
Question:- following persons cannot become a partners
Answer:- Corporation , an alien enemy with an Indian subject , company  
Question:- when the certificate of incorporation is obtained, the promoters and of a ________company invite the 
public to subscribe to  its shares.
Answer:- public   
Question:- general agents are the persons who enjoy a general authority to do everything in the course of their 
agency.
Answer:- TRUE
Question:- Misrepresentation means and includes
Answer:- positive assertion of that which is not true 
Question:- a consumer has the following rights
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 goods  
Question:- cannot enter into partnership
Answer:- two partnership firms
Question:- giving due noticed 
Answer:- Dissolves partnership at will 
Question:- partnership deed
Answer:- domicile of partnership firm
Question:- not mandatory
Answer:- registration of partnership
Question:- partnership firm 
Answer:- Can be sued in its own name 
Question:- a company is created by law  and not by natural birth.
Answer:- TRUE
Question:- advantage of crossing the sequel
Answer:- To reduce the risk of unauthorized person to get the payment of such Cheque. , To safeguard the 
interest of bonfire holder of the coequal  
Question:- an agents is simply blank a ________ between his principal and the third party.
Answer:- connecting link 
Question:- the partner who is illegally expelled
Answer:- can claim re-instatement , can sue the firm for the refund of his share in the profits as well as profits  
Question:- which of the following is not a  void agreement?
Answer:- agreements relating to legal proceedings 
Question:- the feature of the contingent contracts is that they   
Answer:- depend upon the circumstances, which makes them valid or void 
Question:- the purpose of not negotiable crossing
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 bonfires holder of the cheque  
Question:- no company shall be  registered by name which has a name which is identical with
Answer:- The name by which a company is in existence , A registered trade mark , A trade mark which is subject 
of an application for registration  
Question:- competent parties means parties should be 
Answer:- major in age
Question:- essence of contract of sale is
Answer:- sale of goods  
Question:- partnership have to be
Answer:- competent
Question:- following are the conditions needed to prove an act of an act of a partnership firm
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
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 
Answer:- Company 
Question:- in case of damages to the goods by a third party, only
Answer:- owner can take action
Question:- the company law board may, at any time, by order, extend the time for the filing of documents.
Answer:- TRUE
Question:- the writing of "negotiable" is one and the same thing as that of special crossing.
Answer:- FALSE
Question:- the legal heir or representatives of a dead consumer is given the right to become the complainant.
Answer:- TRUE
Question:- according to proofs. hennery. "partnerships is the relating existing between persons competent to 
make contracts who agree to carry on a_______"
Answer:- lawful business is common with a view to private gain.
Question:- the ingredients of the proposal are
Answer:- communication by one to another , to do or to abstain from doing something , the object should be to 
take assent of another  
Question:- existing may be further classified as
Answer:- specific goods
Question:- following persons can perform the contracts.
Answer:- promissory , agent , legal representative  
Question:- a proposal  
Answer:- may be revoked at any time , may be revoked before the communication of acceptance is complete , 
should be complete against the proposes