CA Foundation - Business Laws & Regulatory Framework

Contract Act, Sale of Goods, Partnership & Companies Act question bank (Mercantile & Corporate Laws)

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Q1.

Corporate Law (Companies Act 2013): Which common law doctrine protecting outside third parties from internal irregularities of a company was established in Royal British Bank v. Turquand in 'Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent'?

(A)

Doctrine of Indoor Management (Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent)

(B)

Doctrine of Constructive Notice

(C)

Doctrine of Ultra Vires

(D)

Doctrine of Subrogation

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Q2.

Limited Liability Partnership (LLP Act 2008): What is the statutory minimum requirement for designated partners in an LLP registered in India in 'Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent'?

(A)

At least 2 designated partners who are individuals, with at least one being a resident in India (Indian Contract Act 1872: Nature of Contracts, Offer, Acceptance, Consideration and Free Consent)

(B)

At least 3 designated partners

(C)

Only 1 designated partner is sufficient

(D)

No residency requirement exists

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