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Monday, May 20, 2019

Gauhati University Question Papers: Regulatory Framework of Business-I (Nov-Dec’ 2014)

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 agreement collateral to an illegal agreement is _______.
1)         Void.
2)         Voidable.
3)         Valid.
4)         Unlawful.
b)         Which law has applied for deciding contractual disputes prior to passing of the Indian Contract Act?
1)         English law.
2)         Roman Law.
3)         Family Law.
4)         Laws of equity.
c)          The leading case of Lalman vs. Gauri Dutta (1913) pertaining to offer relates to which one of the following aspects?
1)         The offer must be communicated to the offeree.
2)         The offer must be definite.
3)         A statement of price is not an offer.
4)         The offer must be with a view to obtaining consent of the other party.
d)         A fire insurance contract usually happens to be a/an.
1)         Contingent Contract.
2)         Indemnity Contract.
3)         Quasi Contract.
4)         Voidable agreement.
e)         A contract for repairing of a motor car is a _______.
1)         Contract of pledge.
2)         Contract of guarantee.
3)         Contract of bailment.
4)         Contract of indemnity.
B. Choose whether the following statements are correct or not:                              1x5=5
1)         Oral contracts are very much valid under the Indian Contract Act.
2)         Indian Contract Act is not applicable upon contract of immovable properties.
3)         There is no provision to withdraw an offer made through post.
4)         Quasi contracts are unsigned contracts.
5)         Title ship transfer takes place immediately under a hire purchase agreement.
2. Write briefly on the following: (in not exceeding 30 words):                      2x5=10
a)         Voidable Contract.
b)         Contract of gift.
c)          “Surely is a preferred debtor” – Comment.
d)         Power of voting of members in a cooperative society.
e)         Caveat Emptor.
3. Write short notes on any four of the following: (Each answer should not exceed 200 words each)        5x4=20
a)         Distinguish between an offer and a contract.
b)         Explain the need for existence of consideration in an agency contract.
c)          Why is agreement in restraint of marriage void? Discuss.
d)         Discuss the right of an unpaid seller against non-payment by the buyer and also goods being carried by the buyer.
e)         Who can become a member of a cooperative society?
f)          Where are the cooperative dispute first referred for settlement?
4. Discuss the various types of contracts on the basis of validity, formation and performance.
What is meant by business law? Also state the sources of business law in India.
5. Discuss the various ways of termination of a contract. How does a contract become impossible to perform for the promisor?                                                                                    10
What is meant by consideration in contract? Also discuss the validity of an agreement in which one of the parties to it is stranger to the consideration.
6. “No seller can give you a better title than he himself has.” Elucidate the statement with exception, if any.       10
a)         Distinguish between bailment and hire purchase agreement.                   5
b)         Distinguish between sale and agreement to sell.                                  5
7. Explain the following questions under the Assam Cooperative Societies Act. (Any two)                                                                                                                                                  5x2=10
a)         Object of the Assam Cooperative Societies Act 2007.
b)         Cooperative Bank.
c)          Registrar of Cooperative Societies.
d)         Disputes to be compulsorily referred to the registrar for settlement.


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