2019 Question Paper B.Com 1st Semester (CBCS) BUSINESS LAW

Paper: C-102
Full Marks: 80
Pass Marks: 32
Time: 3 hours
The figures in the margin indicate full marks for the questions

1. Write True or False:    1x8=8
(a) Quasi-contracts are created by circumstances, not by the parties.
(b) A specific offer can be accepted by any party.
(c) Money is considered as ‘goods’ under the Sale of Goods Act.
(d) An insolvent cannot enter into a contract.
(e) An agent is a link in between the principal and the third parties.
(f) Registration of a partnership firm is compulsory.
(g) An agreement to sale is an executor contract.
(h) The Indian Contract Act was enacted in 1972.

2. Write short notes on (any four): 4x4=16
(a) Void contract
(b) Days of grace
(c) Types of goods
(d) Crossing of cheques
(e) Free consent
(f) Essentials of a contract of sale
3.(a) What do you mean by contract? Describe briefly the essentials of a valid contract. 3+8=11
(b) Discuss the different types of contract. 11

4. (a) What is a contract of indemnity? How does a contract of indemnity differ from a contract of guarantee? 3+8=11
(b) Define bailment. Discuss the rights and responsibilities of a bailee. 3+8=11

5. (a) What do you mean by “caveat emptor’? Discuss the exceptions to this rule. 3+8=11
(b) Discuss the rights of an unpaid seller. 11

6. (a) Mention the parties to a bill of exchange and discuss their liabilities. 3+8=11
(b) What do you mean by cheque? What are the distinctions between cheque and bill of exchange? 3+8=11                      

7. (a) Define partnership. Describe the different methods of dissolution of partnership firms. 3+9=12
(b) What do you mean by limited liability partnership? What are the features of LLP?      4+8=12