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QUESTION BANK ON BUSINESS LAW AND REGULATIONS - M.B.A., SEMISTER-I
1. (a) Define Consideration? What are the essential features of a 'Contract'?(b) Explain 'Offer' and 'Acceptance'. Explain with relevant examples the essentials of a valid offer?(c) Gopal publishes an Advertisement in a newspaper to sell his land and calls for offers frominterested parties. Ram, Shyam and Peter furnished their respective offers to purchase the landat a specific price. But Gopal refuses to accept all the offers outright. Whether Gopal is justified of his action? What remedies if any, the offerers have in this regard?2. What is 'free consent'? Distinguish the significance of the following terms?(a) Coercion and undue influence(b) Fraud and mis-representation(c) Mistake of fact and mistake of lawAlso explain the effect of contracts entered in each of the above cases, giving suitableexamples.3. (a) What is the significance of Communication in a contract?(b) State briefly the rules relating to 'Revocation' of a 'contact'?4. (a) Define "a contract of Guarantee" and 'contract of Indemnity"(b) What is the basic distinction between these two guarantees?Furnish an example for each type of these contracts.5. (a) Define "Bailment" and 'Pledge"(b) How are these different from each other?Please furnish valid examples for each of these contracts.(6) (a) What is a "Contract of Agency"? Briefly mention the protection available to the Agents for hisacts done in accordance with the instructions og Principal and in an 'emergency'(b) "B' from Singapore under instructions of his Principal, A, of Delhi, contracts with 'C' to deliver certain goods to him. But "A' fails to send the goods to 'B' to deliver the same to 'C' and 'C' sues'B' for breach of contract. 'B' informs 'A' about the suit. What is the position of 'B' if he were topay the costs and damages claimed by 'C' for the lapse of not delivering the goods as agreedupon uder the contract?(7) (a) Mr. Right consigns some goods for sale to Mr. Brush, his Agent and instructs him not to sell thesame for less than a specific fixed price. Mr. Incent, (not aware of the instructions of the Principal)enters into a contract with Mr. Brush to purchase the goods at a price which is lower than thereserve price fixed by Mr. Right. What is the effect of enforceability of this contract?