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Saturday, August 01, 2020

CMA FOUNDATION: PAPER 3 FUNDAMENTALS OF LAWS AND ETHICS | SYLLABUS AND QUESTION PAPER PATTERN


PAPER - 3: FUNDAMENTALS OF LAWS AND ETHICS
Section A: Fundamentals of Commercial Laws (70%)
Section B: Fundamentals of Ethics (30%)
1. Indian Contracts Act, 1872 40%
2. Sale of Goods Act, 1930 20%
3. Negotiable Instruments Act, 1881 10%
4. Ethics and Business 30%
Section A: Fundamentals of Commercial and Industrial Laws [70 Marks]
Section A is divided into two parts.

First part consists of total 42 short answer type questions which are summarised as follow:
Type of Questions
No. of Questions
Total Marks
Multiple Choice Questions
25 Questions
25x1 = 25
Match the following
5 Questions
5x1 = 5
True or False
12 Questions
12x1 = 12
Total Marks
42
Second part consist of total 28 marks in which you have to attempt 4 questions carrying 7 marks each out of 6 given questions.
Section B : Fundamentals of Ethics [30 Marks]
Section B is divided into two parts.
First part consists of total 18 short answer type questions which are summarised as follow:
Type of Questions
No. of Questions
Total Marks
Multiple Choice Questions
12 Questions
12x1 = 12
True or False
6 Questions
6x1 = 6
Total Marks
18
Second part consist of total 12 marks in which you have to attempt 2 questions carrying 6 marks each out of 3 given questions.
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Detailed Syllabus
Section A: Fundamentals of Commercial and Industrial Laws
1. Indian Contracts Act, 1872
(a) Essential elements of a contract, offer and acceptance
(b) Void and voidable agreements
(c) Consideration, legality of object and consideration
(d) Capacity of Parties, free consent
(e) Quasi Contracts, Contingent Contracts
(f) Performance of contracts
(g) Discharge of contracts
(h) Breach of Contract and Remedies for Breach of Contract
2. Sale of Goods Act, 1930
(a) Definition
(b) Transfer of ownership
(c) Conditions and Warranties
(d) Performance of the Contract of Sale
(e) Rights of Unpaid Vendor
(f) Auction Sales
3 Negotiable Instruments Act, 1881
(a) Negotiable Instruments –Characteristics of Negotiable Instruments
(b) Definitions of Promissory Note, Bill of Exchange and Cheque
(c) Differences between Promissory Note, Bill of exchange and Cheque
(d) Crossing – Meaning, Definition and Types of Crossing.
Section B: Fundamentals of Ethics
4. Ethics and Business
(a) Ethics – Meaning, Importance
(b) The “Seven Principles of Public Life” – selflessness, integrity, objectivity, accountability, openness, honesty and leadership
(c) The relationship between Ethics and Law
(d) Ethics in Business


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