Tuesday, January 21, 2020

Gauhati University Question Papers: Regulatory Framework of Business - I (Nov-Dec'2018)

Paper: 504
Full Marks – 80
Pass Marks – 24
Time – Three Hours
The figures in the margin indicate full marks for the questions
1. (A) Choose the correct option of the following:                                           1x5=5
1)         A contract of indemnity is a
a)         Quasi contract.
b)         Contingent contract.
c)          Wagering contract.
d)         None of the above.
2)         In a sale, there is an implied condition on the part of the seller that he
a)         Is in possession of the goods.
b)         Will have the right to sell.
c)          Has a right to sell the goods.
d)         Will possess the goods.
3)         Who among the following cannot be inducted as member of a co-operative society?
a)         A co-operative officer.
b)         An illiterate woman.
c)          A minor.
d)         A Government Servant.
4)         The collateral transactions to an illegal agreement are
a)         Void.
b)         Voidable.
c)          Illegal.
d)         Unenforceable.
5)         Fraud exists when it is shown that false representation has been made.
a)         Knowingly.
b)         Without belief in its truth.
c)          Not caring whether it is true or false.
d)         All of the above.
(B) State whether the following statements are true or false:                      1x5=5

1)         An agreement is not a wager if either of the parties may win but cannot loose or may loose but cannot win.
2)         Where there is a right there is a remedy.
3)         A co-operative society may also become a banker and use the word ‘bank’ in its name.
4)         A minor cannot be an agent.
5)         Trademarks, copyrights, patent rights are not considered as goods under the Sale of Goods Act.
2. Answer the following: (Answer to each question should not exceed 30 words)           2x5=10
a)         Who can accept an offer?
b)         What is mistake of law?
c)          What is the test of determining the existence of an agency?
d)         What are the consequences of breach of conditions?
e)         State about the Reserve fund of a registered co-operative society.
3. Answer any four from the following within 200 words each as directed:                    5x4=20
a)         Examine the legal position of a minor as a beneficiary in a contract.
b)         “The position of a finder of goods is exactly that of a bailee.” What are the obligations of a finder of goods?
c)          A owes B Rs. 10,000 but the debt is barred by Indian Limitation Act. A gives a letter to B agreeing to pay him    Rs. 5,000 on account of the debt. Is it a valid agreement? Give your legal opinion.
d)         What are the essential elements of a contract of sale of goods?
e)         What are the conditions that are to be fulfilled for the purpose of registration of a society?
f)          Distinguish between a Contract of indemnity and a Contract of guarantee.
4. “All contracts are agreement, but all agreements are not contracts.” Discuss the statement in the light of essential elements of a valid contract.                                   10
Impossibility of performance is as a rule, not an excuse for non-performance of a contract.” Discuss. 10
5. What is Contingent contract? Discuss with examples the rules relating to Contingent contract.                               2+8=10
What are Quasi-contracts? Enumerate the quasi contracts dealt with under the Indian Contract Act.    4+6=10
6. Who is an unpaid seller? Discuss briefly the rights of an unpaid seller.                         2+8=10
When does property in the goods pass from the seller to the buyer in a contract of sale of goods?   10
7. Discuss in brief about the rights and liabilities of members of a registered society.          10
State the privileges that are enjoyed by a registered society.                               10


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