Deck 6: Corporate Law

Question 1

According section 5(2) subject to provision of any law for the time being in force a contract of sale may be

A)Made in writing
B)By words of mouth
C)Partly in writing or partly in words of mouth
D)All above ways

Answer 1

Made in writing

Question 2

A stipulation in contract of sale with reference to goods which are the subject there of may be

A)A condition
B)A warranty
C)Both (a) and (b)
D)None of above

Answer 2

Both (a) and (b)

Question 3

Where an unpaid seller has made part delivery of the goods he may exercise his Right of _______

A)Return of remaining goods
B)Lien on the remaining goods
C)Sale to any other person
D)None of above

Answer 3

Lien on the remaining goods

Question 4

Delivery of key of the warehouse by the seller to the buyer will amount to:

A)Symbolic Delivery
B)Actual Delivery
C)Constructive Delivery
D)No delivery

Question 5

The Right of Lien is exercised:

A)To retain the possession of goods
B)To regain the possession of goods
C)To resell the goods
D)To transfer the goods

Question 6

Which company shares can be freely transferable?

A)Private company
B)Public company
C)Both a & b
D)None of the above

Question 7

Maximum number of members in case of public company is:

A)50
B)100
C)Unlimited
D)200

Question 8

The liability of members if company is limited by guarantee.

A)Unpaid value of shares
B)Guarantee amount
C)Unlimited liability
D)None of the above

Question 9

The liability of members if company is limited by shares

A)Unpaid value of shares
B)Guarantee amount
C)Unlimited liability
D)None of the above

Question 10

The companies which are formed under special charter granted by the king or queen of England are called

A)Statutory companies
B)Registered companies
C)Chartered companies
D)None of these

Question 11

In the MOA there are 7 clauses. We can alter all clauses expect one clause. What is that clause?

A)Objects clause
B)Name clause
C)Association clause
D)None of these

Question 12

Ultra vires means

A)Beyond the powers
B)Within the powers
C)Both
D)None of the above

Question 13

Alteration of objects clause of MOA of a company requires

A)Special resolution
B)Approval of CLB
C)Ordinary resolution
D)Approval of ROC

Question 14

AOA is a

A)Public document
B)Managerial document
C)Private document
D)Internal document

Question 15

Memorandum of association governs the relationship of the company:

A)With the outside world
B)With the shareholders
C)With other companies
D)of the above

Question 16

The association clause of a public company must be signed by:

A)10 persons
B)12 persons
C)7 persons
D)5 persons

Question 17

Quorum should be present at the

A)Commencement of meeting
B)Middle of the meeting
C)End of the meeting
D)Any time during meeting.

Question 18

Total managerial remuneration cannot exceed ____% of net profit

A)11
B)12
C)13
D)14

Question 19

When a private company is converted into public company. In which form it should be

A)Schedule III
B)Schedule IV
C)Schedule VI
D)None of these

Question 20

The undertaking contained in a promissory note, to pay a certain sum of money is

A)Conditional
B)Unconditional
C)May be conditional or unconditional depending upon the circumstances
D)None of the above.

Question 21

A bill of exchange contains a/an

A)Unconditional undertaking
B)Unconditional order
C)Conditional undertaking
D)Conditional order.

Question 22

Cheque is a

A)Promissory note
B)Bill of exchange
C)Both (a) and (b) above
D)None of the above.

Question 23

The term 'negotiation' in section 14 of the Negotiable Instruments Act, 1881 refers to

A)The transfer of a bill of exchange, promissory note or cheque to any person, so as to constitute the person the holder thereof
B)The payment by a bank on a negotiable instrument after due verification of the instrument
C)The bargaining between the parties to a negotiable instrument
D)All of the above.

Question 24

If an instrument may be construed either as a promissory note or bill of exchange, it is

A)A valid instrument
B)An ambiguous instrument
C)A returnable instrument
D)None of the above.

Question 25

When an endorser willing to transfer to an endorsee only a part of the amount of the instrument, then it is which type of endorsement?

A)Restrictive endorsement
B)Conditional endorsement
C)Special endorsement
D)Partial endorsement