IGNOU ECO 05 MERCANTILE LAW IMPORTANT QUESTIONS

IMPORTANT QUESTIONS

ECO 05


 1. "All agreements are not contract, but all contracts are agreements". Discuss this statement clearly bringing out the essential elements of a valid contract.



2. What is mistake? What are the various kinds of mistake?



3. Define a contract of Indemnity and a contract guarantee. What rights a surely has against a principle debtor, a creditor and a surely?



4. Explain the rights and duties of an agent.



5. a) Define partnership. State the circumstances under which partnership firm can be dissolved? 


b) What are the rights and duties of a partner?

c) Can a minor become a partner?



6. Distinguish between:
  1. Void and Illegal contracts
  2. Executive and Executory contracts
  3. Express and Impied contracts
  4. Misrepresentation and fraud
  5. Sale and agreement to sell
  6. Coercion and undue influence


7. What are the various modes of discharge of a contract? Explain them briefly.



8. Define Bailment. How does it differ from a pledge? Is finder of goods a bailee? What are the duties of a 'finder of goods'?


9. Discuss the various modes of termination of an agency.



10. a) "An agreement enforceable by law is a contract". Comment.

b) Discuss the exceptions to the rule , "No consideration, No Contract".



11. a) Explain the meaning of 'Quasi contract'. Discuss any two kinds of quasi contract included in the Indian Contract Act.

b) Explain the term 'counter offer'.and 'cross offer'. Give examples.


12. a) What is continuing guarantee? How is continuing guarantee revoved by
  1. Notice of Revocation
  2. by Death of security
b)Explain the duties of bailee, in a contract of bailment.



13. Who is an 'unpaid seller'.as per sale of Goods Act? Discuss the right of an unpaid seller against the buyer personally.



14. What is agency by ratification? State the essentials of a valid ratification.



THANK YOU

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