IGNOU B.COM ECO 05 Mercentile law important questions for december 2020 exam

 

 IMPORTANT QUESTIONS

ECO 05


1. a) Define the term offer . Explain the legal rules for valid offer for valid offer with examples.
b) Who is a minor? A minor is liable to pay for necessaries of life supplied to him. Critically examine this statement.

2. a) What are the various modes of discharge of a contract? Explain them briefly.
b) A stranger to a contract cannot sue. Discuss the exception of this rule.

3. Define bailment. How does it differ from a pledge? Is finder of goods a bailee?

4. What is the doctrine of caveat emptor? What are the exception of this doctrine?

5. Define consideration. Explain the circumstances when consideration is not necessary.

6. Define fraud. What is it effect on the validity of a contract ?How is it differ from misrepresentation?

7. Define partnership. state the circumstances under which partnership firm can be dissolved? Can a minor become a partner? What are the rights and duties of partner?

8. "All contract are agreement but all agreement are not contract". Discuss the statement explaining the essential element of the valid contact.

9. What is pledge? Under what circumstances a non owner can make a valid pledge.

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

11. Explain the exception to the rule " NO consideration, NO contract".

12. Define a contact of indemnity and a contact if guarantee. What right a surely ha against the principle debtor , a creditor, and a co - surety?

13.Define 'agency by ratification', 'agency by holding out', agency by estoppel'and 'agency by necessity'.

14. a) "An agreement enforceable by law is a contract". Comment on this statement.
b) Explain the meaning of "quasi contract". Discuss any 2 kind of quasi contract included in the Indian Contract Act.

15. Who is an unpaid seller, a per sale of goods act? Discuss the right of an unpaid seller against buyer personally.

16. state the effect of non registration of a partnership firm. Also mention those right which are not effected by non registration of a firm.

17. Write short note on the following:

  • contact of affreightment
  • doctrine of implied authority of a partner
  • right of agent
  • mistake
  • counter offer
  • continuing guarantee
  • common carrier
18. Distinguish between :
  • void contact and illegal contact
  • express contact and implied contact
  • sale and agreement to sell
  • coercion and undue influence
  • contact of indemnity and contact of guarantee
  • executed contact and executoy contact


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