Monday, May 20, 2019

Gauhati University Question Papers: Regulatory Framework of Business-I (Nov-Dec’ 2015)


2015
REGULATORY FRAMEWORK OF BUSINESS - I
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. (A) Choose the correct option from the following:                1x5=5
a)         In which of the following relationship the rule that “a stranger to a contract cannot sue upon it” it is an exception?
1)         Debtors and Creditor.
2)         Truster and beneficiary.
3)         Doctor and patient.
4)         Mortgage and Mortgagee.
b)         Which one of the following agreement can be subsequently validated at the desire of both the parties?
1)         An agreement made with a minor.
2)         Agreement made for social relationship.
3)         A time barred debt.
4)         Agreement made to perform something the object of which was originally                  impossible.
c)          The immediate remedy for violation of contract may be brought through
1)         Quantum merit.
2)         Filing of an F.I.R.
3)         Claim for damages.
4)         Injunction. 
d)         On which of the following reason a contract is not allowed to be terminated on ground of frustration?
1)         Commercial impossibility.
2)         Change of law.
3)         Death of the promisor.
4)         Outbreak of war.
e)         The right of stoppage in transit of goods by an unpaid sells comes to an end
1)         As soon as the gods are sold.
2)         As soon as the goods are delivered to the carrier.
3)         As soon as the goods are delivered to the buyer.
4)         As soon as the unpaid seller acknowledge the receipt of cheque or bill or exchange.
(B) Choose whether the following statements are correct or not:                      1x5=5
1)         A sale is a contract; whereas as agreement to sell is not.
2)         A co-operative society may also become a banker and use the word Bank in its name.
3)         The period of prisonhood of a convict is not counted for the purpose of extending benefit to him/her under the Limitation Act for seeking legal remedy in contracts.
4)         Wagering agreement are void but a contingent contract is not.
5)         Fraud does not constitute even when silence is willfully observed in conversation which demands a reply.
2. Write briefly on the following (in not exceeding 30 words for each answer):       2x5=10
a)         Mention the implied conditions of a sale contract under the Sale of Goods Act, 1930.
b)         “Registrar” of co-operative societies under the Assam Co-operative Societies Act, 2007.
c)          Anticipatory breach of contract under the Indian Contract Act.
d)         Threat to commit suicide as a means of coercion to affect consent in contract.
e)         “All contracts are agreement, but all agreements are not contracts.” Discuss.
3. Write short notes on any four of the following: (Each answer should not exceed 200 words)         5x4=20
a)         State the sources of Indian mercantile law.
b)         In a contract, consideration need not be adequate.
c)          Express your views under the Indian Contract Act whether a Fire Insurance policy can take the shape of either an indemnity policy or a contingent contract or both. Discuss.
d)         Distinguish between a contract of pledge and a contract of bailment.
e)         Solve the problem: B gets into difficulties while swimming in a swimming pool and cries for help. A hear the cry, removes his coat and drives into water and rescues B. B who is full of gratitude, promises to pay Rs. 1,000 but subsequently denies to pay. Can A recover the sum from B? Support your answer with relevant rules.
4. Define “Offer’ and state the rules relating to offer under the Indian Contract Act, 1872.            10
Or
Define ‘consideration’ and also state the rules relating to consideration under the Indian Contract Act, 1872.   10
5. Discuss the validity of contracts entered into by (1) a persons of unsound mind, (b) Alien, (c) Foreign sovereign and (d) insolvent.                                                                                   10
Or
Discuss the various types of mercantile agents provided under the agency regulation of Indian Contract Act, 1872. Also discuss the liability of an agent under a contract of agency in which a minor or a foreign national happens to be the principal.                                                                      10
6. Distinguish between a “condition” and a “Warranty” in a sale contract. When does a condition depend to the level of a warranty? Can an implied condition or warranty be avoided by the parties? Discuss.                        10
Or
1)         Distinguish between a sale and a hire purchase agreement.        10
2)         Mention the circumstances under which title ship in goods can be transferred by a non-owner.       10
7. Answer the following questions (any two)                                        5x2=10
a)         Discuss the provision of votes of members in case of primary and secondary cooperative society under the Assam Cooperative Societies Act, 2007.
b)         State the procedure for settlement of disputes of a co-operative society under the Assam Co-operative Societies Act, 2007.
c)          State the procedure of conducting an audit in a co-operative society and the responsibility of compliance of audit report by the society.

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