LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034.
DEPARTMENT OF COMMERCE (Self Supporting Course)
SNAP TEST
CO 3500 – BUSINESS LAW – I
Time : 1.00 Hour Date : 13/10/2003.
Marks : 20
SECTION – A
(Without Choice) ( 10 x 1 = 10 marks )
State whether the following statements are (True / False) ( 3 x 1 = 3 marks )
- The event in a contingent contract may be certain (or) uncertain.
- Tender means actual performance is involved.
- In case of Several Joint Promissors, the promisee can demand the performance from anyone (or) more of joint promisors.
Match the following
(4 x 1 = 4 marks)
- (i) Rescission (a) Relinquishment of rights
(ii) Remission (b) Substitution of new contract
(iii) Waiver (c) accepting lesser fulfillment of promise
(iv) Novation (d) Cancellation of Contract.
Choose the Correct Answer
( 3 x 1 = 3 marks)
- Anticipatory breach involves (occurs)
- After the performance is due
- before the performance is due
- at the time of performance
- None of these
- Payment of interest at compound rate is
- a penalty
- not a penalty
- Payment of higher rate of interest (compound) is a penalty
- both (b) and (c)
- Quasi – contracts include
- Right to recover the Price of necessaries supplied
- Right to recover for non-gratuitous act.
- Responsibility of finder of goods.
- All the above.
SECTION – B
Answer any FIVE of the following; ( 5 x 2 = 10 marks )
- What is wagering agreement?
- Define “Restitution”.
- Write a note on reciprocal promise.
- What do mean by supervening impossibility?
- What is meant by liquidated damage?
- What is quantum Merit?
- “Actual Breach of Contract” – Explain the concept.