Business Law Online Test Questions Part 2

6. Match the Following

1] Commercially saleable goods of such quality and under the description by which they are known in the marketi] Merchantable quality
2] Caveat Emptorii] Let the buyer beware
3] Deliveryiii] Voluntary transfer of possession of goods from one person to another person
4] Actual deliveryiv] Physical delivery
v] Contract of sale
vi] Breach of condition
a. 1-iii, 2-vi, 3-iv, 4-ii
b. 1-ii, 2-vi, 3-iv, 4-iii
c. 1-i, 2-ii, 3-iii, 4-iv
d. 1-v, 2-vi , 3-iv, 4-iii

Answer: c. 1-i, 2-ii, 3-iii, 4-iv

7. What is the liability of partner in profits vis-a-vis the third party?

a. Limited
b. Unlimited
c. Short
d. Concerned

Answer: b. Unlimited

8. When someone lawfully does something for another person, not intending to do gratuitously and other person enjoys the benefit. The beneficiary in this case is bound to make the former ______

a. Payment by mistake
b. Money
c. Compensation
d. Reward

Answer: d. Reward

9. Which of the following are Articles of Association subsidiary to?

i] Firms Act
ii] Companies Act
iii] Certificate of Registration
iv] Memorandum of Association

a. Both i and ii
b. Both ii and iii
c. Only ii, iii and iv
d. Alll the above

Answer: c. Only ii, iii and iv

10. Why are some documents required to be stamped properly and registered?

a. For legal enforceability
b. For need
c. For necessity
d. For govt. requirement

Answer: a. For legal enforceability