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Wednesday, December 14, 2011

Business Law Quiz - 2

1. A minor may draw, endorse, deliver and negotiate a negotiable instrument to bind other parties except himself
[A]TRUE
[B]FALSE



2. A partnership is a form of business organisation in which three or more persons upto a maximum of thirty join together to undertake some form of business activity.
[A]TRUE
[B]FALSE



3. A person who finds goods belonging to another is the owner of those goods.
[A]TRUE
[B]FALSE



4. A person who merely gives an advice to another person in matters of business, does not thereby becomes his agent.
[A]TRUE
[B]FALSE



5. A private limited company’s shares are easily transferable.
[A]TRUE
[B]FALSE



6. A Promissory Note contains conditional undertaking to pay a certain sum of money.
[A]TRUE
[B]FALSE



7. A public company is one which is not private.
[A]TRUE
[B]FALSE



8. A sale is an executed contract whereas an agreement to sell is an executory contract.
[A]TRUE
[B]FALSE



9. A servant appointed by his masters is an agent.
[A]TRUE
[B]FALSE



10. A sub-agent acts under the direct control of his principal.
[A]TRUE
[B]FALSE



11. A trader is a middle man bringing the buyer and seller together and receiving any commission for services rendered by him.
[A]TRUE
[B]FALSE



12. Actual delivery of the goods can also be termed as physical delivery.
[A]TRUE
[B]FALSE



13. Agency is created by agreement between the parties
[A]TRUE
[B]FALSE



14. Agents acting jointly and severally are known as co-agents
[A]TRUE
[B]FALSE



15. Agents acting jointly and severally are known as sub-agents
[A]TRUE
[B]FALSE



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