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Monday, May 20, 2019

Gauhati University Question Papers: Regulatory Framework of Business-I (Nov-Dec’ 2016)

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)         Life Insurance contracts are based on which of the following principle?
1)         Contract of indemnity.
2)         Contract of guarantee.
3)         Contingent contract.
4)         Quasi contract.
b)         The famous case of Lalman vs. Gauri Dutta relating to offer is based on which of the following subject matter?
1)         Acceptance of an offer.
2)         Communication of an offer.
3)         Offer vs. counter offer.
4)         Express and implied nature of an offer.
c)          In which of the following contract, the liability of the promise for payment of consideration is waived?
1)         Mortgage contract.
2)         Sale contract.
3)         Debt contract.
4)         Family settlement contract.
d)         When you have taken a motor bike from your friend for a free ride, which type of contract is created out of the relationship?
1)         Bailment contract.
2)         Pledge contract.
3)         Quasi contract.
4)         Hire-purchase contract.
e)         Which of the following agreement is an executor contract?
1)         A sale contract to sell future goods.
2)         Sale contract for goods.
3)         Sale contract for services.
4)         A hire-purchase agreement.
(B) Choose whether the following statements are true or false:                             1x5=5
a)         Why is gambling considered as an unlawful activity whereas insurance contracts are good contracts? Explain.
b)         Discuss three circumstances under which a surety is discharged from his liability.
c)          State at least three causes under which a contract becomes frustrated.
d)         Discuss the right of an unpaid seller as regards to stoppage in transit when the goods have been carried by the buyer himself on his own vehicle.
e)         Discuss the provision relating to number of votes which member of a co-operative society enjoys irrespective of the number of shares he/she holds.
3. Write short notes on any four of the following: Each answer should not exceed 200 words:                                                                                                                                           5x4=20
1)         Distinguish between a contract of indemnity and contract of guarantee.
2)         “An an element of valid contract, the meaning of legal relationship is not merely confined to monetary loss.” Comment.
3)         Is a minor competent to enter into a contract? Express your opinion.
4)         Under what circumstances a seller can resell goods once sold by him? Discuss.
5)         Read the passage and solve the problem.
A enters into a contract with B to sell his 1000 bags of sugar. However, it was not known to A and B was acting as an agent of Mr. C. The contract was breached due to non-payment. Advise A as to the person against whom he should bring a suit for recovering price of sugar.
4. “All contracts are agreement, but all agreements are not contracts.” Discuss the statement in the light of essential elements of a contract.                                                            10
Discuss the legal rules relating to validity of offer and acceptance under the Indian Contract Act, 1872.
5. Define the following terms and discuss their properties:                      10
a)         Uncertain agreement.
b)         Wagering agreement.
c)          Unlawful agreement.
d)         Void agreement.
Discuss the various rights of an aggrieved party in case of breach of contract. Also discuss in detail the right of the aggrieved party to bring immediate relief for any kind of violation in contract.
6. Discuss the right of a unpaid seller against the buyer personally.                  10
Discuss the implied conditions of a sale contract. What happens if the sale contract itself contains definite conditions in clear terms?
7. (a) Discuss the documents to be submitted by applicants for registration of a co-operative society under the Assam Co-operative Societies Act, 2007.
(b) Discuss the object and the main features of Assam Co-operative Societies Act, 2007.


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