Business Law Quiz | Business Law Question and Answer for Practice

31. Minimum number of directors in case of a Public Company is

1. 1
2. 2
3. 3
4. 4

32. Minimum number of members in case of Public Company?

1. 1
2. 2
3. 5
4. 7

33. Negotiable Instrument is always given in lieu of valuable

1. Ornaments
2. House
3. Consideration
4. Materials

34. Partnership firm is separate legal entity from its partners. True or False.

1. True Statement
2. False Statement
3. Partly True
4. Partly False

35. Person Named in the instrument to whom money is directed to be paid is known as

1. Drawer
2. Acceptor
3. Maker
4. Payee

36. Private Companies raises its funds (Capital) through issue of prospectus by inviting public for Subscription. True or False

1. TRUE
2. Partly True
3. FALSE
4. Partly False

37. Registered office of the company should be verified and such verification should be sent to registrar within.......Days of incorporation.

1. 30 days
2. 60 days
3. 15 days
4. 10 Days

38. Revocation of guarantee can be done by

1. By Notice
2. By death of surety
3. By novation of contract
4. All of the above

39. Surety for his possible loss can make..........for total debt or its part.

1. Contract of Sale
2. Contract of Agency
3. Contract of Guarantee
4. Contract of Indemnity

40. The Central Council shall convene at least...........meeting every year.

1. Two
2. One
3. Three
4. Four

41. The Complaint be in consumer within..............of cause occurred.

1. 6 months
2. 1 year
3. 2 year
4. 3 Months

42. The outsider or the 3rd party dealing with the company shall have knowledge of the MOA and AOA of the Company but they need not have knowledge process of Company, is called as

1. Doctrine of Ultra Virus
2. Doctrine of Constructive Notice
3. Doctrine of Indoor Management
4. None of the Above

43. The person whose loss is bear by promiser is known as

1. Indemnifier
2. Indemnity holder
3. Guarantor
4. Creditor

44. The property in a negotiable instrument passes to a..........transferee for value.

1. Mala fide
2. Bona fide
3. Both a and b
4. Can be Mala fide as well as bona fide

45. The right to retain the goods, till the demands are unsatisfied is called

1. Pledge
2. Bailment
3. Lien
4. None