Dibrugarh University - Business Regulatory Framework (Nov, 2011)

2011 (November)
Commerce (General/Speciality)
Course: 102
Full marks: 80
Time: 3 hours
1.       Write true or false:  (1x8=8)
(i)         Indian Contract act was passed in 1872. True
(ii)       A contract dependent on happening or non-happening of a future uncertain event is a contingent contract. True
(iii)      An agreement to sell is call executed contract. False, Executory Contract
(iv)     An unpaid seller obtains right against goods only. False, Right against the goods, Right against the buyer personally.
(v)       A promissory note is payable on demand or after a definite period of time. True
(vi)     Bill of exchange has three parties. True, Drawer, Drawee and Payee.
(vii)    District forum can entertain complaints where the value of goods/ services and the compensation, if any, exceeds rupees twenty lakhs. False, District Forum upto 20 lakhs, State Forum above 20 lakhs upto 1 crore, National Forum above 1 crore.
(viii)  FEMA 2000 deals with export of goods and services only. True

2.       Write short notes on: (4x4=16) Click here for Answer
(a)    Voidable contract
(b)   Caveat emptor
(c)    Special crossing of a cheque
(d)   Objectives of Consumer Protection act

3.       (a) What are the essential elements of a valid contract? 11 Click here for Answer
(b) Explain the various modes of discharge of a contract. 11

4.       (a) Write the essential elements of Sale of Goods act, 1930. 11 Click here for Answer
(b) Distinguish between condition and warranty. Illustrate when a condition is treated as warranty. 4+7=11

5.       (a) Elucidate the characteristics of negotiable instrument.  11  Click here for answer
(b) Explain the difference between Promissory note and bill of exchange. 11

6.       (a) Who is complainant under Consumer Protection Act? Explain the word “Consumer” under this act. (5+6=11)  Click here for answer
(b) Describe District Forum and its composition. (4+7=11)
7.       (a) Illustrate: (6x2=12)
(a)    Capital account transaction
(ii)    Current account transaction
(b) State the obligations of exporter of goods and services under FEMA 2000. 12