Topics of Law Test 72

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Topics of Law Test 72

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following statements is not correct?

A
In matters of fraud, intention to defraud is essential.

B
Where consent to a Contract is obtained by misrepresentation, Contract is voidable.

C
A unilateral mistake renders agreement still valid.

D
Mistake of foreign law is equal to mistake of fact.
Question 2
1 / -0

The Indian Contract Act deals with the following Quasi Contractual Obligations --
(I) Claim for necessaries supplied to a person incompetent to contract.
(II) Reimbursement of money paid, due to another.
(III) Obligation of person enjoying benefit of non gratuitous act
(IV)Responsibility of Finder of Goods.

A
I and II

B
II and III

C
III and IV

D
I, II, III and IV
Question 3
1 / -0

In contracts of sale of movable properties, time is ____________.

A
not presumed to be the essence of the contract

B
presumed to be the essence of the contract

C
no presumption as to time can be raised

D
all of the above
Question 4
1 / -0

As per Section $$464$$ of the Companies Act, $$2013$$, no association or partnership consisting of more than prescribed persons shall be formed for the purpose of carrying on any business, unless it is registered as a company or is formed under any other law for the time being in force. The number of persons which many be prescribed under this section shall not exceed __________. Rule $$10$$ of Companies(Miscellaneous) Rules, $$2014$$ prescribes __________ persons in this regard.

A
$$100; 50$$

B
$$50; 100$$

C
$$60; 20$$

D
$$20; 10$$
Question 5
1 / -0

A partner of an unregistered firm can use the firm or any other partner of the firm to enforce a right arising from a contract or a right conferred by the partnership Act.

A
True

B
Partly true

C
False

D
None of the above
Question 6
1 / -0

Identify which of the following statement is correct and which is incorrect.
P. To constitute a partnership, the parties must have agreed to carry on a business and to share profits in common.
Q The sharing of profits arising from property, by persons holding a joint or common interest in that property, makes those persons, Partners.
R. Sharing of profits also involves sharing of losses.
S. A minor may be admitted to the benefits of a partnership with the consent of majority partners.
Select the correct answer from the options given.

A

B

C

D
Question 7
1 / -0

Which of the following act fall outside the implied authority?

A
Pledging goods of the firm as security

B
Drawing, accepting and endorsing negotiable instruments

C
Acquire immovable property on behalf of the firm

D
Hiring solicitors to defend actions against the firm

Solution

Implied Authority is the authority that is not conferred by the mutual agreement between the partners and which is not bind on other partners. This authority is acted on the ordinary course of business and the firm is bound by such authority when the act is done in a normal way of carrying on the firm's business. These authority is also known as ostensible authority or apparent authority.
Question 8
1 / -0

When a Partnership Contract is rescinded on ground of fraud or misrepresentation, the party entitled to rescind is also entitled to rank as a creditor of the Firm in respect of.

A
His own capital

B
His share of profit

C
Any payment made by him for the Firms debts

D
All of the above
Question 9
1 / -0

Which of the following arrangement indicates a partnership?

A
Ram agrees with Shyam a gold smith, to buy and furnish gold to Shyam to be worked upon by him and sold, and that they shall share the resulting profit or loss

B
Ram and Shyam agree to work together as carpenters but Ram shall receive all profit and shall pay wages to Shyam

C
Ram and Shyam are joint owners of a ship

D
Ram, a publisher, agrees to publish at his own expense a book written by Shyam and to pay Shyam half the net profit
Question 10
1 / -0

Where no provision is made by contract between the partners for the duration of their partnership or for the determination of their partnership, the partnership is called __________.

A
Partnership at will

B
Particular partnership

C
Partnership for fixed duration

D
None of the above

Solution

A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals.
The partnership can be started at the will of the partners where the firm stands dissolved whenever the partners want it to as there is no provision regarding the business duration of the firm. Such a type of partnership is known as a partnership at will.
Hence, option (A) is the correct answer.