Question:

An agreement which is enforceable at the option of one or more parties thereto butnot at the option of other or others is called

A.

Void contract.

B.

Voidable contract.

C.

Void agreement.

D.

Unenforceable contract.

Answer» b. Voidable contract.

Question:

Every company limited by shares shall keep and maintain the Register of Members inForm No.

A.

MGT-1

B.

MGT-3

C.

MGT-7

D.

MGT-12

Answer» a. MGT-1

Question:

The liability of the partners will continue for the acts done before the dissolution, even after the dissolution, until

A.

Public notice is given of the dissolution

B.

Partners are getting the final payment

C.

Claim is demanded by the creditors

D.

The death of partners

Answer» a. Public notice is given of the dissolution

Question:

The appointment of an independent director shall be approved by the

A.

Board meeting

B.

General meeting

C.

Registrar of Companies

D.

Central Government

Answer» b. General meeting

Question:

A new partner can be introduced as a partner into a firm-

A.

At the discretion of active partner

B.

At the decision of partners authorized in this behalf

C.

With the consent of all existing partners

D.

None of the above.

Answer» c. With the consent of all existing partners

Question:

If any default is made in filing refund of money, the company and every officer, whois in default shall be liable to a penalty maximum up to

A.

` 50,000

B.

` 75,000

C.

` 1,00,000

D.

` 1,25,000

Answer» c. ` 1,00,000

Question:

Writing of a person’s name on the face or back of an instrument or on a slip of paperattached to it is known as

A.

Endorsement

B.

Transfer

C.

Negotiation

D.

Transmission

Answer» a. Endorsement

Question:

If a minor draws, endorses, delivers or negotiates an instrument, such instrument binds

A.

all parties to the instrument including the minor

B.

only the minor and no other parties to the instrument

C.

all parties to the instrument except the minor

D.

None of the above

Answer» c. all parties to the instrument except the minor

Question:

Intimation of the reconstitution of change in a registered partnership is to be given tothe Registrar of firms-

A.

No time limit

B.

Within 30 days

C.

Within 60 days

D.

Within 90 days.

Answer» a. No time limit

Question:

The wages of employed persons in an establishment where less than 1000 persons are employed, shall be paid before-

A.

7th day

B.

10th day

C.

15th day

D.

Second working day

Answer» a. 7th day