Top 1000+ Solved Fundamentals of Laws and Ethics MCQ Questions Answer
Q. Any dispute arising as to ordinary matters connected with the business may be decided by-
a. Unanimous consent of all the partners
b. Consent of majority partners
c. Decision of Court
d. Consent of the Working partners
Q. A change in nature of business can be effected only based on —
a. Unanimous consent of all the partners
b. Consent of majority partners
c. Consent of the active partners
d. Decision of Court
Q. Property of the firm does not include:
a. Trademark owned by the firm
b. Property acquired by or for the firm
c. Goodwill of the business
d. Property belonging to the partners
Q. Where a firm constituted for a fixed term continues to carry on business after the expiry of the said term,the mutual rights and duties of the partners will —
a. Be decided by the Courts
b. Be decided upon by the working partners
c. Be similar as that of partnership at Will
d. Be extinguished
Q. Which of this falls outside the implied authority?
a. Taking loan by pledging goods of the firm
b. Accepting Bills of Exchange on behalf of the firm
c. Submit disputes for arbitration
d. Settle accounts with customers
Q. Which of these acts are within the implied authority?
a. Enter into partnership on behalf of the firm
b. Admit any liability in a suit against the firm
c. Withdraw a suit filed on behalf of the firm
d. To issue cheques on behalf of the firm
Q. The implied authority of any partner is subject to:
a. Usage or customs of the trade
b. Specific authority of the partners
c. Both (a) and (b)
d. Either (a) or (b)
Q. Notice to a partner operates as notice to the firm. For such purpose, notice may be given to:
a. All the partners jointly
b. A partner who habitually acts in the business of the firm
c. Any two partners
d. Only the dormant partners
Q. A minor may give public notice of his decision to continue or withdraw from the firm on his attaining majority within:
a. Three months
b. Six months
c. Nine months
d. One year
Q. Acceptance takes place as against the proposer, when
a. When the letter of acceptance is posted by the acceptor
b. When the letter of acceptance is received by the proposer
c. When the offeree, writes the letter of acceptance, but doesn't post it
d. All the above
Q. An advertisement for sale goods by auction
a. Amounts to an invitation to offer
b. Amounts to an offer to hold such sale
c. Amounts to an implied offer
d. Amount to a general offer
Q. Communication of offer is complete when
a. It comes to the knowledge of the offeree
b. It is posted to the offeree
c. When the offeror writes the letter but does not post it
d. None of the above
Q. Performance of conditions of a proposal is an acceptance to the proposal
a. True
b. False
c. Depends on the facts of the case
d. Partially true and partially false
Q. An acceptance will be revoked at any time before the communication of acceptance is complete againstthe acceptor, but not afterwards
a. True
b. False
c. Acceptance once given cannot be revoked
d. Acceptance can be revoked at any time
Q. An offer need not be made to a ascertained person
a. True, it can be given to the world at large
b. False, it has to specific
c. May be specific or general
d. Either (a) or (c)