Gauhati University Question Papers: Regulatory Framework of Business-I (Nov-Dec’ 2017)

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)         Which one of the following law was applied prior to the passing of the Indian Contract Act, 1872 in settling disputes?
1)         English Common Law.
2)         English Muslim Law.
3)         English Personal law of the plaintiff.
4)         English Personal law of the defendant.
b)         Which one of the following does not constitute a source of business law?
1)         Interpretation of law.
2)         Precedents.
3)         Customs.
4)         Indian Constitution.
c)          The right to claim performance of a contract in terms of time and periodic validity is governed under:
1)         Law of tort.
2)         Law of limitation.
3)         Law of estoppels.
4)         Law of uberrimae field. 
d)         Which of the following is not a contract?
1)         An agreement to sell.
2)         A sale contract.
3)         An agreement to agree in future terms.
4)         An oral agreement in calling a taxi.
e)         Who among the following cannot be indicted as member of a Co-operative Society?
1)         A minor.
2)         An illiterate woman.
3)         An unemployed youth.
4)         A co-operative officer.
(B) State whether the following statements are correct or incorrect:                    1x5=5
1)         State whether a contract of life insurance in India is valid if the assured commits suicide after few years of its commitment.
2)         In case of finder of goods, the finder is not entitled to claim any cost in returning the goods.
3)         A personal promise dies with the person concerned.
4)         Even when goods under Sale of Goods Act are delivered to the buyer, the unpaid seller enjoys the right of ‘stoppage in transit’ over the goods.
5)         If an agreement becomes void, parties to the contract are eligible for punishment.
2. Write briefly on the following in not exceeding 30 words for each answer:        2x5=10
a)         In legal relationship of a contract, why injury is only actionable and not damage.
b)         How and under what circumstances writing of a contract is avoidable in contractual dealings?
c)          Discuss how consideration is paid in an agency contract.
d)         Can a minor validate a contract which he executed during minority and after his attaining majority subsequently?
e)         Suggest a cause of action for an aggrieved party when he assumes that there is anticipatory breach of contract by the opposite party.
3. Write short notes on any four of the following: (Each answer should not exceed 200 words)                                                                                                                                  5x4=20
a)         Discuss at least three occasions in which an agent is personally responsible for acts done on behalf of his principal.
b)         Define the term ‘Contingent Contract’ and the term ‘Quasi Contract’ under the Indian Contract Act, 1872.
c)          Under what circumstances a person can create a valid pledge with goods of which he is not the owner?
d)         State the points of distinction between a ‘Sale contract’ and an ‘Agreement to sell’.
e)         Discuss the vote of members and the manner of exercising it in a co-operative society under the Assam Co-operative Societies Act, 2007.
f)          What remedies are available to an aggrieved party in case of actual breach of contract under the Indian Contract Act?
g)         Read the passage and solve the problem: A minor who falsely represented himself as a major entered into an agreement with another and received advance payment against sale of his property. However subsequently the minor refused to fulfill the obligation on the ground that he is a minor. Adverse the opposite party for remedy, if any.
4. State the rules relating to valid acceptance under the Indian Contract Act, 1872.               10
a)         Distinguish between a void agreement and a voidable contract.              5+5=10
b)         Distinguish between a Contract of guarantee and a Contract of indemnity.
5. Define the following terms and discuss their properties:                            2x5=10
a)         Fraud.
b)         Contract of Bailment.
c)          Agency contract.
d)         Future goods.
e)         Registered Co-operative Society.
Discuss the ways in which a contract may be discharged. Also state the manner of discharge of a contract through Supervening impossibility.
6. Distinguish between a Condition and a Warranty of a Sale Contract. Also state the implied conditions attached to a Sale Contract.                                                     10
Discuss the doctrine of ‘Caveat Emptor’ in a sale contract with its exceptions under the Sale of Goods Act, 1930.                 10
7. (a) Discuss the procedure of registration of a Co-operative society under the Assam Co-operative Societies Act, 2007.  5
(b) Discuss the eligibility of membership in a Co-operative society. Also state the definition of a primary Co-operative society.                                                                             5


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