Semester II Examination Papers
IIBM Institute of Business Management
IIBM
Institute of Business Management
Semester-II
Examination Paper MM.100
Business
Law
Section
A: Objective Type (30 marks)
This section consists of Multiple choice
questions & Short Notes type questions.
Answer all the questions.
Part One questions carry 2 marks each &
Part Two questions carry 4 marks each.
Part
One:
Multiple
choices:
1. A condition cannot be
treated as warranty in the following circumstances and waiver is implied:
a. Where the buyer waives a
condition or elects to treat the breach of warranty.
b. Where a contract of sale
is not severable and the buyer has accepted the goods or part thereof.
c. The breach of any
condition to be fulfilled by the seller can only be treated as a breach of
warranty, unless provided for
otherwise in the contract.
d. Obstructs or prevents the
other party from fulfilling his part of promise.
e. All of the above.
2. Which of the following
statements is correct?
a. An agreement with or by
the minor is void and inoperative.
b. A contract entered by the
guardian for the beneficiary of a minor is not valid.
c. A minor by misrepresenting
his age can enter into a valid contract.
d. A minor can create
contractual obligations as a partner.
e. A minor can ratify all
invalid acts as valid on attaining majority at any time.
3. Which of the following
will amount to material alteration of a cheque?
a. When the holder crosses an
uncrossed cheque.
b. When the holder converts
general crossing into special crossing by adding the name of the
banker on he face of the
cheque.
c. When the holder converts
special crossing into general crossing by erasing the name of the
banker in the cheque.
d. When the holder adds the
word “Not negotiable.”
e. When a banker crosses an
uncrossed cheque or converts a general or special crossing to
another banker or to himself.
4. The right of transfer may
be denied in case of private companies as?
a. The company may not refuse
to register the transfer or transmission by operation of law.
b. The company may not refuse
to register the transfer by virtue of power conferred on it by the
articles or otherwise.
c. The articles of the
company contain restrictions as to transferability of shares.
d. The power of refusal to
register a transfer is exercised with malafide intention and against the
interest f the company.
e. None of the above.
Semester II Examination Papers
IIBM Institute of Business Management
5. Which of the following is
true?
a. A minor may be enrolled as
a member if he acquires shares through transfer.
b. A company cannot become a
member of another company.
c. A partnership firm can
become a member of any other company.
d. Where an official
liquidator is appointed in respect of certain shares, he can be registered as a
member.
e. None of the above.
Part
Two:
o What is ‘Restitution’?
o Who are ‘Lunatic persons’?
o What is ‘coercion’?
o What are ‘contingent
contracts’?
o What is ‘Doctrine of
restitution’?
END OF SECTION A
Section
B: Practical Problems (40 marks)
This section consists of Practical
Problems. Answer all the Problems.
Each carries 10 marks.
1) ‘A’ delivered gold to a
jeweler for making certain ornaments. Jeweler refused to deliver the
ornaments when ready. He
claims that until ‘A’ pays him the charges for making the ornaments
and also the sum of Rs.
1,000, which was due to him from ‘A’ on certain earlier transactions, he
is entitled to retain
ornaments. Advice ‘A’.
2) A sells a radio to ‘M’, a
minor, who pays for it by cheque. ‘A’ indorses the cheque to ‘B’ who
takes it in good faith and
for value. The cheque is dishonored on presentation. Can ‘B’ enforce
payment of the cheque against
‘A’ or ‘M’?
3) Mr.Nandkani is a
shopkeeper. He agreed to sell to Mr. James some kind of oil described as
“foreign refined rape on
warranted only equal to sample”. The samples contained an admixture
of hemp oil and the oil
delivered was adultered in the same way .After purchasing, Mr.James
found that the oil was not
rape oil. What is the right of Mr. James as a Purchaser?
4) Mr. Shamrao Garud, being
entitled to an estate for the life of Me, Dada Kokil agrees to sell Dada
estate to Mr.R. N Upalekar.
But Mr. Dada Kokil was dead at the time of agreement and Mr.
Semester II Examination Papers
IIBM Institute of Business Management
Garud as well as Mr. Upalekar
was not having the knowledge of the fact .Is this agreement void
on the ground of mistake,
misrepresentation or fraud?
END OF SECTION B
Section
C: Applied Theory (30 marks)
This section consists of Long Questions.
Answer all the questions.
Each question carries 15 marks.
_ “Section 4(1) of the Sale of
Goods Act says that a contract of sale of goods is a contract whereby
the seller transfers or
agrees to transfer the property and Sub-section (3) deals with an agreement
to sell where the transfer of
property in goods take place at future time.” Distinguish a sale from
an agreement to sell.
_ “Section 14 of the Act says
that the making, acceptance or endorsement of a promissory note,
bill of exchange or cheque is
completed by delivery, actual or constructive.” Define and explain
the term “Negotiation” as per
the Negotiable Instruments Act, 1881.
END OF SECTION C
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