Dibrugarh University - Business Regulatory Framework (Nov'2012)

2012 (November)
Commerce (General/Speciality)
Course: 102
Full Marks: 80
Time: 3 Hours

1.(a) A contract is an agreement enforceable by law”. Explain
(b) “ No consideration, no contract.” Explain. Discuss the exceptions to this rule.

2.(a) Who is the unpaid seller? Describe briefly his right under the Sale of Goods Act.
(b) Discuss, with example, the emplied conditions under the Sale of Goods Act 1930.

3.(a) What do you understand by promissory note? Elucidate the essentials of a promissory note.
(b) What are the distinctions between Cheque and Bill of Exchange?

4.(a) Discuss briefly about the grievance redressal machinery functioning under the Consumers’ Protection Act.
(b) Explain how a file complaint under the Consumers’ Protection Act.

5.(a) Who is an authorized person under the FEMA-2000? Discuss the powers of the Reserve Bank of India in issuing directions to authorized persons.
(b) Write notes on:
(i) Prohibited Capital Account Transaction
(ii) Explain the Goods and Services

6. Write short notes on:
(a)  Essentials of contingent contract
(b) Goods
(c) Modes of crossing
(d) District forum

7. Write ‘Yes’ or ‘No’
(a) A contract is discharged by commercial impossibility.
(b) A quasi-contract is a contract created by low not by the parties.
(c) Condition is a stipulation unessential to the main purpose of a contract.
(d) To execute a contract of sale, seller and buyer must be there.
(e) A cheque is not payable on demand.
(f) Definition of consumer does not include a person who obtain goods for resale or for any commercial purpose.
(g) A promissory note may not be in writing.
(h) The Consumers’ Protection Act was passed in 1996.