Legal Aspects Of Business - Practice Test

[#976] The company, after solving all its liability, has to distribute the excess among the shareholders and then formally dissolved or cease to exist. Thus, the main objective of winding up of a company is:

(A) To facilitate the protection of its assets

(B) To convert the company into private company if it is a public company

(C) To convert the company into public company if it is a private company

(D) To change the Memorandum and Articles

Correct Answer

(A) To facilitate the protection of its assets

[#977] Every company has to file with registrar, a copy of

(A) Articles of Association

(B) Prospectus

(C) Memorandum of Association

(D) None of the above

Correct Answer

(C) Memorandum of Association

[#978] When can a breach of condition be treated as a breach of warranty by the seller as per the provisions of Sale of Goods Act, 1930?

(A) When the buyer fulfils the condition stipulated to the contract of sale

(B) When the contract of sale is severable and the buyer has accepted the entire goods

(C) When the contract of the sale is not severable and the buyer has accepted the goods or part thereof, subject to an express or implied term in the contract

(D) When the contract of the sale is severable and the buyer has accepted the entire goods or part thereof

Correct Answer

(C) When the contract of the sale is not severable and the buyer has accepted the goods or part thereof, subject to an express or implied term in the contract

[#979] The . . . . . . . . shall be treated as supply even if made without consideration.

(A) Supply of goods by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal

(B) Supply of goods by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal

(C) Permanent transfer or disposal of business assets where input tax credit has been awaited. On such asserts

(D) All of the above

Correct Answer

(D) All of the above

[#980] When the goods are sold on credit and credit period is not expired, the seller of goods is

(A) Called unpaid seller

(B) Is not the seller at all

(C) Not called an unpaid seller

(D) None of the above

Correct Answer

(C) Not called an unpaid seller

Legal Aspects Of Business - Study Mode

[#976] The company, after solving all its liability, has to distribute the excess among the shareholders and then formally dissolved or cease to exist. Thus, the main objective of winding up of a company is:

Correct Answer

[#977] Every company has to file with registrar, a copy of

Correct Answer

[#978] When can a breach of condition be treated as a breach of warranty by the seller as per the provisions of Sale of Goods Act, 1930?

Correct Answer

[#979] The . . . . . . . . shall be treated as supply even if made without consideration.

Correct Answer

[#980] When the goods are sold on credit and credit period is not expired, the seller of goods is

Correct Answer