Internal assessment test

Name : Mohammed Sumer

USN number: CMS20BC0022
Course: B.COM(ACCA)
Subject: Business Law

Answers
Section-A
Q.1)The word Law has been derived from the
Teutonic word Lag which means definite On this
basis Law can be defined as a definite rule of
conduct and human relation It also means a uniform
rule of conduct which is applicable equally to all the
people of the State Law prescribes and regulates
general conditions of human activity in the state
Source of law are;
Custom
Religion and morality
Legislation
Delegated Legislation
Judicial Decision
Equity
Q.2) An offer and an invitation are two distinct
terms that should not be confused. An invitation to
offer is an invitation to make a proposal whereas an
offer is a proposal In an invitation to offer the offeror
does not make an offer but rather invites others to
do so
Q.4) Cross offers: These are offers made by two
parties who are unaware of each others offer
Counter Offer: In a counter offer the original offer is
rejected and a new offer is made which must be
accepted by the original promisor before a contract
can be formed.
Q.5) A unilateral contract is a contract created by an
offer than can only be accepted by performance.
A bilateral contract is a contract in which both
parties exchange promises to performOne partys
promise serves as consideration for the promise of
the other.
Q.6) Consideration is a benefit that must be
negotiated between the parties and is the primary
reason for one party to enter into a contract with
another The consideration must be valuable and it
must be exchanged for the other partys
performance or promise of performance.
Q.7) The differnce between an implied and an
express contract is as follows:
The terms and conditions of an express contract are
spelled out in the contract either verbally or in
writing.
The terms and conditions of an implied contract are
inferred from the actions of the parties involved.

Q.8) Legislation, the preparing and enacting of laws

by local, state, or national legislatures In other
contexts it is sometimes used to apply to municipal
ordinances and to the rules and regulations of
administrative agencies passed in the exercise of
delegated legislative functions
Delegated legislation means powers granted by the
legislature to the executive or administration to
enact certain laws are known as delegated
legislation Delegated legislation also known as
secondary legislation is legislation that is enacted by
someone or something other than Parliament.
 Section-B
Q.10) There are various levels of judiciary in India
different types of courts, each with varying powers
depending on the tier and jurisdiction bestowed upon
them. They form a strict hierarchy of importance, in line
with the order of the courts in which they sit, with the
Supreme Court of India at the top, followed by High
Courts of respective states with district judges sitting in
District Courts
Q.12) A contract has six important elements so that it will
be valid which is offer, acceptance, consideration,
intention to create legal relation, certainty and capacity If
the main elements are not in contract it would be an
invalid contract.