LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Com. DEGREE EXAMINATION – COMMERCE
THIRD SEMESTER – APRIL 2006
CO 3500 – BUSINESS LAW – I
(Also equivalent to COM 502)
Date & Time : 18-04-2006/AFTERNOON Dept. No. Max. : 100 Marks
PART – A
Answer ALL the questions (10 x 2 = 20 marks)
- State the object of ‘Business Law?
- Define the term ‘contract’?
- How does a specific offer differ from a general offer?
- Is there any time limit within which an acceptance is to be given? If so, specify the time limit.
- Do you agree that consideration should be furnished by the promisee only? Why?
- What is ‘Doctrine of restitution’? When does it apply to a minor?
- Does a threat to commit suicide amount to coercion? Justify your answer.
- Specify with an example the principle upon which a quasi-contract is created by law?
- Why is a contract of bailment formed?
- Mention the two established principles of an agency.
PART – B
Answer any FIVE questions (5 x 8 = 40 marks)
- Explain with examples the types of contract on the basis of their formation and performance?
- What are the legal provisions relating to the communication of offer and acceptance?
- “A contract without consideration is void”. Are there any exceptions to this rule? If so, explain.
- Specify and briefly explain the essentials for a valid coercion?
- Discuss in brief the agreements which are opposed to public policy?
- What are the remedies available to an aggrieved party for the breach of a contract?
- Distinguish between a contract of indemnity and a contract of guarantee?
- State and explain the rights of a Pawnee?
PART – C
Answer any TWO questions (2 x 20 = 40 marks)
- “ An agreements enforceable by law is a contract “ – explain the statement illustrating the essential elements of a valid contract?
- Discuss the various modes by which a contract may be discharged?
- Describe the duties and the rights of an agent under the Indian contract Act, 1872?