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MB0051 - MQP With Ans Legal
MB0051 - MQP With Ans Legal
1. _______are made to ensure that members of the society may live and work together in an orderly manner. A)customs B) traditions C)regulations D) rules
4. the force used to secure obedience of citizens for law is termed as ____.
5. unless a law is_______, it ceases to be a law as it is not recognized by those persons subject to it.
8. when a particular course of conduct is followed again and again, it become a______..
A) fairness
10. the authority of the parliament is supreme but is subject to limitations laid down by the ____
D)criminal
16. to constitute a contract, there must be an______ between two or more parties.
17. an _____with a minor is void and cannot be ratified by him/her until he/she attains majority.
18.it is essential that both parties to a contract agree to the same thing in the same sense for the creation of the________.
19. for a contract to be_____, it is necessary that the parties provide free consent to its terms.
22. a _____of contract is one partys failure to live up to the promises under a contract without a legal excuse.
24. a contract of guarantee is made for the _____ security. A)owners B) creditors C) receiver D)debtors
25. a_____ is entitled to demand payment from the surety as soon as the principle debtor refuses to pay or defaults in payment.
26. the _________ must have acted in good faith. a) oath b) testimony c) pledge d) pledger
27. the general rule is that an agent cannot appoint an ___ a) sub-agent b) attorney c)lawyer d) agent
28. the termination of the authority of the _______causes the termination of authority of all sub-agent appointed by him. a) attorney b)lawyer c) agent d)caretaker
30. if the deed conferring power by one to another relates to one single transaction, it is known as _____power of attorney. a) single b) one purpose c) special d) partiular
32. every partner shall _______the firm for loss caused to it by his/her fraud in the conduct of the business of the firm.
33. a ___ authority may be express or implied. a) shareholders b) partners c)stakeholders d) owners
34. partners also have to act as ______of the firm for the purpose of the firms business. a) owners b) agents c) lawyers d) representatives
35. liability of a partner stems from not complying with his duties under the ______act. .a) public enterprise b) JV c) partnership
d) SEBI
36.an outgoing partner means a partner who has ______from a firm. a) retired b)left c) died d)no issue
37._____ may be classified as existing, future and contingent. a)laws b) rules c) goods d) servces
38. goods means every kind of movable property, other than actionable claims and____. a) situations b)conditions c)terms d) money
39. _______goods means goods identified and agreed upon at the time a contract of sale is made. a) contractual b) particular c) specific d) specified
c) contingent d) pre-existing
D)disposing
45 . the doctrine of caveat emptor is a fundamental principle of the law of_______ of goods. A)transfer B)possession C)title D) sale
50. ________is where both endorsement and delivery are require for transfer of property.
51.________ is where the property passes to transfer by mere delivery of the instrument.
A) blank
54. the person to whom the amount of the bill is payable is called a______.
55. a ______is the usual method of withdrawing money from an account with a banker.
57. a cheque without a _________is considered incomplete and is returned unpaid by banks.
D) date
58.______ is the process by which ownership of an instrument is transferred from one person to another.
64.a ________ is the formal notarial certification attesting the dishonor of the bill and based on the nothing.
65._______ is defined as the act of drawing two diagonal or transverse parallel lines on the face of the cheque .
67. a bank has two major function of accepting _____and lending or investment of such deposits.
68.the RBI was created as a ____body and is a legal person, like any other company.
69.the RBI was created under section 3 of the reserve bank of india act,_____.
70.section 13 imposes a _____on commission and brokerages o the sale of shares of banking companies.
A)limit B) bind
C) ceiling D)reference
71.the circulars issued by the RBI, pertaining to its _____power are binding banks.
72. section 21 provides that ____has the right to issue direction for controlling advances by banking companies.
73. the _______rates differ for differing types of industries such as small-scale industries, agriculture etc.
74.agreeing to the______ of an insurance policy creates a contract between the insure and the insurer.
D)premiums
76. at the district level, the _______ forum is called as district forum..
78. section 104-115 deal with the subject of suits concerning infringement of______.
79. section 43-53 deal with the grant of _______and the rights conferred on the patentee.
81. ________refers to the controller general of patents, design and trade marks.
82. a ______is defined as the legal monopoly provided by law to the owner of an invention or idea for limited period of time.
84. a trust as defined in section 3 of the Indian trust act, ______ A) 1882 B)1886 C)1891 D) 1894
87. ______act played a signification role in creating conditions for good governance.
D)NREGA
90.section 291 empowers the board of directors to manage the ______of the company.
93. the holders of _______shares have voting rights in proportion to the paid-up equity capital of the company.
94.article of association of a company acts as a _______force between company and its member
95. ________denotes the preliminary steps undertaken for the purpose of registration and floatation of the company.
96.a ______is a unique legal entity that is created by the due process of law.
97.the companies act________, deals with the formation and transaction of business of a company.
99. the power of the appellate tribunal are provided under section ___ A)22 B)21 C) 28 D)26
D)control
101.the place of head office of the commission shall be decided by the _____government.
103.the ___sources of Indian law are English law and principles of justice, equity and good conscience.
109.the _____contracts act makes no mention of the commencement of the indemnifiers liability.
112. the creditor is under an _____not to release or discharge the principal debtor.
113.the provisions of section 171 empower certain categories of bailees to exercise a _____ lien.
A) general B)special
C)particular D)non
114._______ has the authority to represent the principal in contracts. A)representative B)seller C) dealer D) agent
116.a ____may transfer his interest in the firm by sale, mortgage or change.
117.when the relationship between all the partners of the firm comes to an end it is called _____of the firm.
PART B
121.the______ is a body of rules that prescribes the conduct standard or pattern according to which people residing in that state are required to conform.
D) legislations
122. ________law in its application in india has to conform to the circumstances and conditions prevailing in our country.
A)french B)american C) English D) greek 123. ______law may be defined as a branch of law that prescribes a set of rules for the governance of certain transactions.
125.valid means that the contract possesses all the elements of a contract as mentioned in section _ of the contracts act..
126.lunatics and drunks can enter into valid contracts during periods of _____but not otherwise.
127.the word _______is derived from the French word bailer which means to deliver.
128._______ is a special contract in which goods are pawned for some monetary value
129.a _____is a mercantile agent engaged to buy and or sell property or to make bargains and contracts between the engager and third party for a commission. A) broker B)dalal C)person D)entity
130. a ______agent is one who, in consideration of an extra remuneration, called a del credere commission, guarantees the performance of the contract by the other party.
131. a _______is defined as the relationship between persons who have agreed to share profits of a business carried on by all, or by any of them acting for all.
132. all the essential elements of a valid contract must be present in a partnership as it is based on an________.. a)law b)rule c)regulation d) agreement
133.section ____ provides that a retired partner continues to be liable for all the acts of the firm done before his retirement unless he is discharged from his liability.
a) 31 b) 32 c) 23 d) 22
134. dissolution of firm always implies dissolution of_______, but dissolution of parternership need no lead to dissolution firm . a) corporation b) company c) HUF d) partnership
135.section_____ of the act defines a contract of sale as a contract whereby the seller transfer or agrees to transfer the property in goods to the buyer for a price. a) 4 b)2a c)6 d)3b
136. it is the duty of the seller to deliver goods and the buyer to accept and pay for them, in accordance with the terms of the contract of_____. a)trade b) sale c)selling d)buying
137. documents that are freely used in commercial transaction and monetary dealings are known as _______instrument. a)tradable b) ambiguous c) legal d) negotiable
138.an _______instrument is one that may be construed either as a promissory note or as a bill of exchange. a) negotiable b) ambiguous
c)tradable d)exchangeable
139_______ are an important type of negotiable instrument which is used in day to day mercantile transaction a)DD b) cheque c)OD d)FD
140.the companies are expected to hold the required amount of _____so as to carry on their business. a) credit b) debt c) capital d) money
141.______ can accept both time and demand deposits from customer.
142. the _____has the authority to issue guidelines on internet banking that covers security, technology legal and regulatory aspect.
143)________ insurance is usually provided in four main divisions namely, life, fire, marine and accident insurance.
A)human B) commercial C)business D)mercantile 144. A _______is defined to mean any fault, imperfection or shortcoming in the quality, quantity, potency, purity or standard that is required to be maintained by any law in force or under any express or implied contract.
A)error B)fault C) defect D)deformity 145.the district forum should send a copy of admitted complaint to the opposite party mentioned in the complaint within ____days of admission.
146. in order to ensure fair play in ______amongst businesses, the Indian parliament has passed the monopolies and restrictive trade practices act of 1969.
147. _____has been enacted to consolidate and amend the law relating to foreign exchange.
A) FEMA B)FERA C)FORE D)MNREGA 148. The _____Directors serves as the authority to monitor the regulation of foreign exchange.
A)FEMA B) Enforcement C)forex D)hedge fund 149. The Memorandum of association of a company is its charter that contains the fundamental conditions on which the company is_________.
A) incorporated B)made C)resolute D)formed 150. The Articles of association of a company and its bylaws are regulations that govern the ________of its internal affairs and conduct of its business
151. section _____ states that a public company limited by shares may register AOA signed by the subscribers to the memorandum.
152. the _______business of the company is conducted by its directors, with the participation of shareholders by way of meetings.
154. ______of the act was enacted so as to provide legal infrastructure for e-commerce and alternatives to paper-based methods of information storage and communication.
155. the company can raise capital by the issue of the document called______.
156.the notice for a statutory meeting should be sent ______ days prior to the meeting to every member of the company.
157. the memorandum of association of a company is its charter that contains the fundamental conditions on which the company is______.
158. the equitable principles of law developed by the English equity court are the guiding force behind most Indian statutes on______ laws.
A)dowry
160. ________to contract is a legal myth as parties are constrained by the terms of the contract and contract law.
161. a contract of _____is defined as a contract to perfume the promise or discharge the liability of a third person in case of his default.
A)surety B) guarantee C)promise D)sale 162. The contract of surety is not collateral to the contract of the principal debtor, but is an ______contract.
163. a factor is a ______agent who is entrusted with the possession of goods with an authority to sell the same.
164. an ________ is said to be coupled with interest when authority is given for the purpose of securing some benefit to the agent.
165. __________can be done by delivery or endorsement and delivery depending on whether bearer or order instrument.
166. sections 21 and 35a of the act empower the ______to regulate the business of banks by issuing directions controlling various aspects of banking.
167. the right to seek _______against unfair practices or restrictive trade practices or unscrupulous exploitation of consumer.
168. _________of practices that result in adverse effects on healthy competition is important.
169.________ has responded to globalization by opening up its economy removing controls and resorting to liberalization.
170. ______is a contract to perform the promise or discharge the liability of a third person, in case of his/her default.
171.the essence of________ is delivery of goods by one person to another for some temporary purpose.
172. right to sale for a finder of lost goods is covered under section______.
173. a pledge has a right to recover any extraordinary expenditure incurred for the________ of the goods pledge.
174. a _--------agent is a person appointed to do some particular act or enter into some particular contract.
175. an agency is said to be coupled with _______when authority is given for the purpose of securing some benefit to the agent.
177. agency by ________arises where a person by his words or conduct with third persons leads us to believe that a certain person is his agent.
180. non-voting shares as the term suggests are the shares that carry _______rights.
182. The inventor can prevent others from using, replacing or selling the idea or design without _______. A) permission B)commission C)royalty D)fee
184. ________agent refers to a person registered under the act as a patent agent for a period of time.
185. The relationship of partnership arises from an ________between the persons concerned.
186. _________, in law, means to end a legal entity or agreement such as a marriage, adoption or corporation.
187. A _________ is a company that is not registered with the state as a limited liability company or corporation.
188. A ________may transfer his interest in the firm by sale, mortgage or charge.
189. Particular _______means the right to retain goods in respect of the claim that is due.
190. where a debt has been guaranteed by more than one person, they are called_______.
PART C
196. Explain the circumstances under which a surety may be discharged from the liability by the conduct of the creditor.
198. what are the respective rights and duties of a pawnor and a pawnee?
203. Explain the term Dissolution of partnership firm and write the ways in which it dissolve.
204. what are the essentials of a contract of sale under the sales of goods act, 1930?
205. What are the remedies available to a seller for breach of contract of sale?
206. What do you mean by negotiable instruments? What are the various types of negotiable instruments recognized by the Negotiable Instrument Act, 1881?
208. what are the powers of the central government with respect to regulation of banking sector?
210. Describe the main feature of the Consumer Protection Act, 1986.
211. Examine the rights of a consumer enshrined under the consumer protection act, 1986.
214. what are the duties and powers of an authorised person under FEMA?
218. Explain the procedure for seeking information under RTI Act, 2005.
219. What are the limitations of the Information Technology Act, 2000.
221. what are the acts that are not infiringement of copyright?
222. what are the rights that a patentee acquires under the Act?
224. what are the methods in which banking business is regulated in india?