Gauhati University Question Papers: Regulatory Framework of Business-I (Nov-Dec’ 2013)

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)         An expression of interest to buy a showcase item from a shopkeeper is a/an:
1)         Acceptance.
2)         Choice.
3)         Request.
4)         Offer.
b)         A minor under the Indian Contract Act is one who has not completed the age of:
1)         12 years.
2)         14 years.
3)         18 years.
4)         21 years.
c)          An agreement to procure a Government job is a/an:
1)         Unenforceable agreement.
2)         Illegal agreement.
3)         Void agreement.
4)         Voidable agreement.
d)         Co-operative is a form of organization owned by the _______.
1)         Government.
2)         Society.
3)         Members.
4)         Beneficiaries.
e)         A finder of a lost goods become a/an _______.
1)         Holder.
2)         Pledge.
3)         Bailee.
4)         Owner.
(B) Choose whether the following statements are correct or not:                         1x5=5
1)         A gift is not a contract since it lacks consideration.
2)         An offer made by post cannot be withdrawn.
3)         A minor can becomes a member of a partnership firm through agreement.
4)         Violation of warranty does not entitle the aggrieved party to claim for setting aside of the sale contract.
5)         A member of a co-operative Society can have as many number of vote as the number of shares held by that person.
2. Write briefly on the following (in not exceeding 30 words for each answer):           2x5=10
a)         Time barred debt.
b)         Anticipated breach of contract.
c)          Remote damage.
d)         Unpaid seller.
e)         Registrar of cooperative society.
3. Write short notes on any four of the following (each answer should not exceed 200 words):                                                                                                                                      5x4=20
a)         Dissolution of co-operative society.
b)         Conditions of sale contract.
c)          Contingent contract.
d)         Doctrine of caveat emptor.
e)         “No consideration, not contract’ – Comment.
f)          Free consent.
4. What test would you apply to determine whether an agreement is a contract or not?      10
State the remedies available to an aggrieved party against breach of contract.                 10
5. State the circumstances in which an agent becomes personally liable for acts done by him on behalf of his principal. 10
State the types of guarantee contracts. Also explain the term continuing Guarantee. How can a continuing guarantee be revoked?                                                                 10
6. Discuss the rights and liabilities of a finder of goods under the Indian Contract Act. Can a finder of goods sell the goods? Discuss.                                                                      10
Explain the nature of the right of lien and the right of stoppage-in-transit of an unpaid seller. How are these rights affected owing to sub-sale by the buyer?                  10
7. Define the term goods under the Sale of Goods Act, 1930. Also distinguish between a sale and a hire-purchase agreement.                                                                        10
Explain the privileges enjoyed by registered co-operative society under the Assam Co-operative Societies Act.              10


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