1] Commercially saleable goods of such quality and under the description by which they are known in the market
i] Merchantable quality
2] Caveat Emptor
ii] Let the buyer beware
3] Delivery
iii] Voluntary transfer of possession of goods from one person to another person
4] Actual delivery
iv] 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
