1. A bankrupt must disclose his status if he wants to obtain...
· a credit
· a credit of 250 pounds or more
· a credit of more than 50 pounds sterling
2. Supervising trading practices is one of the main duties of...
· the Monopolies and Mergers Commission
· the Director General of Fair Trading
· the Consumer Protection Advisory Committee
3. Leasehold estate which incudes the renewable yearly lease is ...
· the “estate at will"
· the “estate by sufferance"
· the "term of years"
4. Employees are entitled to notice which could be a month ...
· for other managers
· for senior clerical workers
· for senior managers
5. An employer must make a redundancy payment to an employee who has been employed ...
· for two years
· tor a year
· tor a month
6. A statement of law is binding for future similar disputes if...
· is made by the way
· it is based on a hypothesis
· it forms the basis of the decision
7. A consent of the principal...
· is to be given by deed
· must be given in written form
· can be verbal, in writing or by deed
8. Trading in a name similar to that of another similar business affects...
· general rights
· reputation
· economic rights
9. The employer must provide written statement of the following terms ...
· pension rights
· provision of safe tools and equipment
· maternity rights
10. The East India Company was created...
· by Royal Charter
· by special Act of Parliament
· under Companies Act
11. To take part in the management of a registered company, a bankrupt must get...
· the creditors' consent
· the trustee's consent
· the court' consent
12. A director of a public company can be disqualified...
· by the annual meeting of shareholder
· by a majority shareholder
· by the court
13. A subsidiary company is owned...
· by a sole trader
· by a holding company
· by a partnership
14. The bankruptcy order is published in...
· the Business Week
· the London Gazette
· the Financial Times
15. Partnership can be set up between persons carrying on a business...
· only for receiving profits
· for any purpose
· for charitable purpose
16. If the principal refuses to ratify the transaction,...
· the agent will be liable for damages
· no one will be liable for damages
· the principal will be liable for damages
17. When the land is owned by a company,...
· there must be registration of both legal and equitable mortgages
· registration of a mortgage is not necessary
· there must be registration of the equitable mortgage
18. Carrying on an offensive trade, obstructing the highway is ...
· trespass to land
· public nuisance
· private nuisance
19. Private limited companies cannot raise money...
· by inviting other members
· by making loans
· by selling shares
20. Sole trader...
· has limited liability
· is liable for all his debts
· shares losses with the people he employs
21. Choses capable of negotiation are classified as negotiable instruments and include ...
· bills of exchange
· bills of lading
· postal orders
22. Agency of necessity can arise on condition that...
· there is some emergency
· the person charged with responsibility can get instructions from the owner of the property
· there are no pre-existing contracts giving the agent responsibility for the property of another
23. Contracts for the sale of goods include ...
· contracts of bailment
· agreements to sell
· contracts for hire of goods
24. A mortgage can be set aside ...
· it the presumption of undue influence has been rebutted in the Court
· if it has been obtained by undue influence
· can never be set aside
25. The highest court of appeal in Britain is...
· Criminal Court of Appeal
· Civil Court of Appeal
· House of Lords
26. Preference shareholders have the right...
· to receive a fixed dividend prior to ordinary shareholders
· to receive an unlimited dividend
· to receive surplus assets
27. Ratification of the contract can be possible if...
· the contract is not void or a forgery
· it concerns a part of the contract
· it takes place after the time fixed for the performance of the contract
28. Fiduciary duties are owed ...
· by employees to their employers
· by buyers to sellers
· by sales clerks to the customers
29. According to the contract, the goods must be transferred ...
· for other goods
· for money
· for securities
30. Fiduciary duties of employees are implied into a contract of employment...
· by statute
· by the common law
· are not implied
31. A mortgage is void against a subsequent purchaser...
· if it is not legal
· if it is legal without title deed
· if it is not registered in the Land Charges Registry
32. Companies limited by shares are usually set up for...
· charitable purposes
· trading purposes
· educational purposes
33. The rights of inheritance are unrestricted in case of...
· fee simple estate
· fee tail estate
· life estate
34. The Register of the Company must be kept...
· in the office of the CEO
· at the registered office
· in the residence of the majority shareholder
35. A separate legal person is created in setting up business as...
· a sole trader
· a partnership
· a registered company
36. The power to order that a merger shall not go ahead lies with...
· the Monopolies and Mergers Commission
· the Director General of Fair Trading
· the Secretary of State
37. Allowing water to escape from reservoirs is a tort affecting ...
· general rights
· economic rights
· property
38. A company which develops a new product, protects this invention ...
· by a share certificate
· by an insurance policy
· by a patent
39. Directors of a public company can be appointed...
· at any age
· at the age under 60
· at the age under 70
40. If a partner secretly carries on a competing business, he...
· will be expelled
· must pay to the firm all profits made by him in that business
· must sell that business
41. The major source of the English law which takes precedence over the others is...
· case law
· legislation
· European Community law
42. If a minority shareholder does not agree with the majority...
· the majority must agree with him
· the court will support him
· he must accept the decision of the majority
43. The secretary of a private company...
· need not have any personal qualifications
· must be qualified as a chartered secretary, an accountant or a lawyer
· must have work experience as a company secretary