A contingent contract dependent on the non happening of a future uncertain event becomes void when such event
1.Happens
2.Does not become impossible
3.Does not happen
4.Both (a) and (b)
A contract is discharged by novation which means the;
1.Cancellation of the existing contract
2.Change in one or more terms of the contract
3.Substitution of existing contract for a new one
4.None of these
A contract made by mistake about some foreign law, is;
1.Void
2.Valid
3.Voidable
4.illegal
A meeting of Board of Directors shall be held at least _______
1.One month
2.Once in every 3 months and at least 4 such meetings shall be held every year.
3.Two month
4.4 months and at least 3 such meetings must be held in every year.
A party entitled to rescind contract, losses the remedy where
1.He has ratified the contract
2.Third party has acquired right in good faith
3.Contract is not separable and recession is sought of a party only
4.All of these
A public company has been defined in sec ______________
1.3(1)(iv)
2.3(1)(i)
3.3(1)(iii)
4.3(1)(ii)
A _______ may be defined as a person having aontrol over the affairs, conduct and management of a company.
1.Share holders
2.Director
3.Body Corporate
4.Member
Accounts of a company must be audited by an ____
1.Chartered Accountant
2.Auditor
3.Board of Directors
4.All of these.
An act which is to be ultra virus a company is ____
1.Void
2.Valid
3.Both A and B
4.None of these.
An agreement, which prevents a person from carrying lawful business is
1.Valid
2.Void
3.Voidable
4.Contingent
An official liquidator is appointed by the _____
1.Central government
2.By Court
3.State Government
4.Company
Articles of association adopt the rules and regulations contained in ________ of schedule I of the companies Act
1.Table C
2.Table D
3.Table A
4.Table B
As a general rule, an agreement made without consideration is;
1.Void
2.Voidable
3.Valid
4.Unlawful
As per Sec. 439 who can file a petition to the Tribunal for winding up?
1.The Registrar
2.Company
3.Contributory
4.Any one of these.
Can a person who is usually of unsound, but occasionally of sound mind, make a contract?
1.Yes, he can always make a contract
2.Yes, but only when he is sound mind
3.No, he cannot make contract
4.Can't be determined
Consent is not said to be free when it is caused by
1.Coercion
2.Undue influence
3.Fraud
4.All of these
Consideration may be
1.Past
2.Present
3.Future
4.All of the above
Every share holder of a company is also known as ________
1.Member
2.Partner
3.Director
4.All of the above
Holding company is defined in section _______ of the companies Act.
1.4(4)
2.2(2)
3.3(4)
4.3(1)
If the company’s Act go beyond the provisions of the Memorandum, its act will be ______
1.Constructive notice
2.Circular
3.Ultra virus
4.None of the above
In case of illegal agreements, the collateral agreements are;
1.Void
2.Valid
3.Voidable
4.Any of these
LA, B and C jointly promised to pay Rs.60000 to D. A was compelled by D to pay the entire amount of Rs.60000. Here
1.A can file a suit against D for recovery of the amount exceeding his share
2.A is entitled to recover Rs.20000 each from B and C
3.On payment by A, the contract is discharged and B and C are also not liable to A.
4.D is not justified here and is liable to refund the entire amount to A
Minimum _______ and maximum ________ constitute a private limited company
1.2 of 10
2.7 of unlimited
3.2 of 15
4.2 of 50
Shelf prospects relates under Sec. ______
1.16 A
2.14 A
3.60 A
4.40 A
Sometimes, a party is entitled to claim compensation in proportion to the work done by him. It is possible by a suit for;
1.Damages
2.Injunction
3.Quantum merit
4.None of these
The articles of Association and the memorandum of Association are drafted by ________
1.Auditor
2.Director
3.Secretary
4.Register
The auditor of government company is appointed by the ________ of India
1.High court
2.Supreme court
3.State legislative
4.Controller and Auditor General.
The board of directors delegate the power to ________
1.Issue debentures
2.Issue of shares
3.Invest the fund
4.Make loans
The chairman of the company has _________ vote
1.1
2.3
3.2
4.None of these.
The first annual general meeting of the company must be held within ______
1.6 months of incorporation
2.6 months from the date at which the company’s entitled to start its business
3.18 months from the date at which the company is entitled to start its business
4.18 months of incorporation.
The managing directors hold the _________ shares of the company.
1.Deemed
2.Equity
3.Qualification
4.Preferences
The other name of indoor management is called ________
1.Golden rule
2.Constructive notice
3.Indoor rule
4.Tarquand rule
The right given to a particular class of shareholders are called the _______
1.Special rights
2.General rights
3.Class right
4.None of the above
The shorter versions of a prospectus is also known as _______
1.Deemed prospectus
2.Incomplete prospectus
3.Abridged prospectus
4.Red Herring Prospectus
The statement in lieu of prospectus is drafted in accordance with the particulars set in part I of the _____ the Act
1.Schedule I
2.Schedule IV
3.Schedule III
4.Schedule II
When a director voluntarily remains absent from the three consecutive meetings of the Board of Directors, and
1.He become liable to be punished with @Rs.500 for every default
2.He is disqualified for becoming a director of any company
3.His office falls vacant
4.None of the above
When offer is made to a definite person, it is known as
1.General offer
2.Cross offer
3.Counter offer
4.Special offer
Where a directors acts dishonestly to the interest of the company. He will be held liable for _______
1.Negligence
2.Malafide acts
3.Ultra virus acts
4.Breach of fiduciary duty
Which is the following is false? An acceptance:
1.Must be communicated
2.Must be absolute and unconditional
3.Must accepted by a person having authority to accept
4.May be presumed from silence of offeree
Which is the following is false? Consideration:
1.Must move at the desire of the promisor
2.May move from any person
3.Must be illusory
4.Must be some value
Which of the following documents is submitted by the board of directors at every AGM________
1.Balance sheet
2.Profit and Loss Account
3.Both A and B
4.None of the above
Which of the following persons do not fall under the category of persons of unsound mind?
1.Idiot
2.Lunatics
3.Drunken
4.Alien
Which of the following statement is true?
1.An agreement enforceable by law is a contract
2.An agreement is an accepted proposal
3.Both (a) and (b)
4.None of these
______ is a voluntary association of persons formed to carry on some business for profit or to promote art, science, education or some charitable purpose.
1.Incorporation
2.Private company
3.Company
4.Public company
______ is the resolution which is passed , at valid called general meeting, by special majority of the meeting.
1.Ordinary resolution
2.Special resolution
3.Resolution by postal ballot
4.Resolution requiring special notice.
_______ are the true owners of the company.
1.Members
2.Investors
3.Directors
4.Share holders
_______ is a legal person which capable of perpetual succession and common seal
1.Company
2.Firm
3.Voluntary Association
4.Partnership.
________ Company may be companies limited by shares companies limited guarantee, unlimited companies.
1.Number of members
2.Liability of members
3.Registered
4.Incorporation
________ is a person who has ultimate control over the affairs of factory
1.Young person
2.Adult
3.Occupier
4.Adolescent
_________ guarantees its established quality
1.Patent
2.Goods
3.Trade mark
4.Safety