BR Qbank

BUSINESS REGULATIONS QUESTION BANK
VI SEMESTER B.COM
BUSINESS REGULATIONS
QUESTION BANK SOLVED PAPERS 2020,2019,2018,2017,
PREPARED BY
PROF TAMIL SELVAN. V MBA,M.COM
ASST PROFESSOR,
DEPT OF COMMERCE AND MANAGEMENT
SNR DEGREE COLLEGE,JIGANI
SNR DEGREE COLLEGE,JIGANI Page 1

VI SEMESTER B.COM EXAMINATION NOV/DEC -2020

BUSIUNESS REGULATIONS TIME 3 HRS MARKS 70
I.SECTION A ANSWER ANY 5 SUB QUESTIONS 5 X 2 = 10
a.What is Business Law?
The term Business law is used to denote the aggreagate body of those legal rules which is
connected with trade Industry and commerce.
b.Who is Minor?
The term minor is used to refers to
According to section 11 of ICA, a minor is an incompetent person to enter into a contract.
Section 3 of Indian Majority Act 1875, defines a minor as “A minor is one who has not
completed the age of his or her 18th year”.
c.Expand TRIPS
TRIPS= Trade Related aspects of Intellectual Property Rights
d.Give any four examples of Environment Pollutant?

The four example of Environment pollutants are:
1.Lead 2.Carbon Monoxide 3.Nitrogen Oxides 4.SulphurDioxide
e.Define consumer as per COPRA?

Consumer sec 2(1)(d): Consumer means any person who buys any goods for a consideration,
paid or promised to be paid or partly paid or under any system of deferred payment.
f.Give the meaning of Quantum Meruit?

Quantum of meriut means as much as merited or as much as earned this principle of law
provides for payment of compensation in certain circumstances to a person who has rendered
goods or services to another person under a contract. which couldnot or has not been fully
performed.
g.What do you mean by offer?

Offer is nothing but the “Proposal”. The meaning of these two words is same i.e, signifying the
willingness to do or to abstain from doing any act.
According to Section 2(a) of ICA 1872, “When one person signifies to another his willingness to
do or to abstain from doing anything with a view to obtaining the assent of the other to such
act or abstinence”.

II. Section –B Answer any three questions. Each Question carries 6 Marks 3 X 6 =18
2.Discuss any six remedies of Breach of contract.
Remedies for breach of contract
1. Compensatory damages:
This is the most common breach of contract remedy. When compensatory damages are
awarded, a court orders the person that breached the contract to pay the other person
enough money to get what they were promised in the contract elsewhere.
2. Restitution:
When a court orders restitution, they tell the person that breached the contract to pay the
other person back. In the example above, the court would order the first cleaner to pay you
back $100, since that's what you paid him to clean your house.
3. Punitive damages:
This is a sum of money intended to punish the breaching party, and is usually reserved for
cases in which something morally reprehensible happened, such as a manufacturer
deliberately selling a retailer unsafe or substandard goods.
4. Nominal damages:
A court awards nominal damages when there has been a breach of contract but no party to
the contract suffered any harm.
5. Liquidated damages:
These are damages that the parties agree to pay in the event a contract is breached.
6. Quantum Meruit:
A court can award one party payment for what they deserve for any work that she performed
before the other party breached the contract. For example, if the cleaner in the example
above had cleaned half the house, and then you decided you didn't want him to finish, he can
demand $50 as quantum meruit. Translated from Latin, the term means "as much as he
deserved."
7. Remedies in Equity
A remedy in equity is when the court orders someone do something. This can also be called
"injunctive relief." In breach of contract cases, this can look like any of the following:
a. Cancellation: The court cancels the contract and decides that the parties are no longer
bound by it.
b. Specific Performance: This is when the court forces the breaching party to perform the
service or deliver the goods that they promised in the contract. This is typically reserved for
cases when the goods or services are unique and no other remedy will suffix.

3.Briefly write objectives of FEMA?

Objectives of FEMA:
1.To regulate dealings in foreign exchange and foreign securities
2.To regulate the regulations indirectly affecting foreign exchange
3.To regulate Import and Export of Currency and bullion
4.To converse the foreign exchange reserves of the country and to utilize the same in the
interests.
5.To regulate holding of immovable property outside India
6.To regulate employment of foreign Nationals.
4.Explain the sources of Business Law?

Sources of Business Law
A source of law in its narrow sense means the origins of law, i.e. the binding rules governing
human conduct. More generally, it means any premises of a legal reasoning. Such sources may
be international, national, regional or religious.
Major part of Indian Mercantile Law or Commercial Law is based on English Law
The main sources of Indian Mercantile Law are:
1. English Mercantile Law.
2. Statute Law.
3. Judicial Decisions.
4. Customs and Usage.
5. Expert opinions
6. Commercial treaty and agreements
1. English Mercantile Law
The English law is the most important source of Indian mercantile law. Many rules of English law
have been incorporated into Indian law through statutes and judicial decisions. The sources of
English law are:
a. Common Law
This law is known as judge made law. It is based upon customs and practices handed down from
generation to generation. It is the oldest unwritten law. The English Courts developed these
over centuries.
b. Equity
Equity is also unwritten law. It is based upon concepts of justice developed by the judges whose
decisions become precedents. It grew as a system of law supplementary to the common law
and covered the deficiencies of the common law. Its rules were applied in cases where the rules
of common law were considered harsh and oppressive.
The Judicature Acts of 1873 and 1875 abolished the distinction between Common Law and
Equity so that they are now applied to all cases.

c. Case Law
This is also an important source of the English mercantile law. It is built upon the decisions of
the Judges. It is based on the principle that what has been decided in earlier case is binding in
similar future case also unless that there is a change in the circumstances of the case.
d. A Lex Mercatorian or Law Merchant :It is also one of the important sources of English
mercantile law. A Lex Mercatorian or law merchant consists of legal principles based on customs
and usage. They developed first as a separate system of law and subsequently became part of
the common law.
2. Statute Law
A Bill passed by the parliament and signed by the President becomes a “Statute” or an Act. Most
of the Indian laws are embodied in the various Acts passed by the Central as well as State
legislators.
• The Indian contract act 1872 • The sale of goods act 1930
• The companies act 1956 • The Negotiable instrument act 1881
• The Indian partnership act 1932
3. Judicial Decisions
Judicial decisions are also called as case laws. They referred to as precedents and are binding on
all Courts having jurisdiction lower to that of the Court, which gave the judgment. The Courts in
deciding cases involving similar points of law also follow them.
4. Customs and Usage
Customs and usage plays an important role in regulating business transactions. A well-
recognized custom or usage can even override the statute law. Most of the business customs
and usage have been already codified and given legal sanctions in India. Some of them have
been ratified by the decisions of the competent Courts of law.
5. Experts opinion
The experts can help us to make good business rules. Our law makers take opinion and
guidelines from the exports before making business rules. If we have good business rules our
businessman can managed, regulate and lead business organization successfully. The experts
are the manufactures helping WTO create good business environment in the business
community so experts are considered as a source of business law.
6. Commercial treaty and agreement: - WTO, etc.
Commercial treaty and agreement are business understanding and compromise between or
among the organization and countries. After making business agreement all the members of
that follow its provisions as its business rules. Commercial agreement is always made with a
view to develop and extend business relation between or among the business organization or
countries. The member countries or organization should make business rules according to
provisions of that agreement. For example, member countries of WTO etc. should follow its
rules as their business rule. Therefore, it is also considered is a source of business law.

5.Write any six unfair trade practices Under COPRA?

"unfair trade practice" means a trade practice which, for the purpose of promoting the sale,
use or supply of any goods or for the provision of any service, adopts any unfair method or
unfair or deceptive practice including any of the following practices, namely; —
(i) Falsely represents that the goods are of a particular standard, quality, quantity, grade,
composition, style or model;
(ii) Falsely represents that the services are of a particular standard, quality or grade;
(iii) Falsely represents any re-built, second-hand, renovated, reconditioned or old goods as
new goods;
(iv) Represents that the goods or services have sponsorship, approval, performance,
characteristics, accessories, and uses or benefits which such goods or services do not have;
(v) Represents that the seller or the supplier has a sponsorship or approval or affiliation which
such seller or supplier does not have;
(vi) Makes a false or misleading representation concerning the need for, or the usefulness of,
any goods or services;
(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life
of a product or of any goods that is not based on an adequate or proper test thereof;
6.Explain the scope of Competition Act 2002.

1.It extends to the whole of India except the state of Jammu &Kashmir
2.It includes 66 sections.
3.It covers definitions ,anti –competitive agreement, abuse of Dominant position, competition
commissions of India etc.
4.It covers financial and administrative powers, duties ,powers and functions of commission.
5.It also covers selection of chairperson and members, their terms, resignation, removal
&suspension
6.It continues with the duties of directors general to investigate contraventions, offences and
penalties.
7.Entrust competition commission of India the responsibility of undertaking competition
advocacy, awareness and training about competition issues.

III.SECTION-C Answer any three questions, each question carries 14 marks 3X14=42
7.Define contract. Discuss the essential elements of a valid contract?
A contract is a voluntary arrangement between two or more parties that is enforceable by
law as a binding legal agreement.
Essentials elements of a valid Contract
1. Offer and Acceptance: Basically, a contract unfolds when an offer by one party is accepted
by the other party. The accepted offer should be without any qualification and be definite. An
offer needs to be clear, definite, complete and final. It should be communicated to the
offeree. A proposal when accepted becomes a promise or agreement. The offer and
acceptance must be ‘consensus ad idem’ which means that both the parties must agree on the
same thing in the same sense i.e. identity of wills or uniformity of minds.
Example: A say to B that he will sell his cycle to him for Rs.2000. This is an offer. If B accepts
this offer, there is an acceptance. A say to B that he will sell his cycle to him for Rs.2000. This is
an offer. If B accepts this offer, there is an acceptance.
2. Intention to Create Legal Relationship: The intention of the parties to a contract must be to
create a legal relationship between them. Agreements of social nature, as they do not
contemplate legal relationship, are not contracts. For instance, if a father fails to give his
daughter the promised pocket money, the daughter cannot sue the father, because it was
purely a domestic arrangement. Thus, it is clear that all agreements, which do not result in
legal relations, are not contracts.
Example:
1. A father promises to pay his son Rs.500 every month as pocket money. Later, he refuses to
pay. The son cannot recover as it is a social agreement and does not create legal relations.
2. A offers to sell his watch to B for Rs.200 and B agrees to buy it at the same price, there is a
contract as it creates legal-relationship between them.
3. Capacity to Contract: If an agreement is entered between parties who are competent
enough to contract, then the agreement becomes a contract.
Example:
1. M, a person of unsound mind, enters into an agreement with S to sell his house for Rs.2 lac.
It is not a valid contract because M is not competent to contract.
2. A, aged 20 promises to sell his car to B for Rs.3 Lac. It is a valid contract because A is
competent to contract.
4. Genuine and Free Consent: Free consent is another essential element of a valid contract. An
agreement must have been made by free consent of the parties. The contract would be void in
case of mutual mistakes. When consent is obtained by unfair means, the contract would be
voidable.
Example:
1. A compels B to enter into a contract on the point of pistol. It is not a valid contract as the
consent of B is not free.

5. Lawful Object: Objectives of an agreement should be lawful. It must not be illegal or

immoral or opposed to public policy. It is lawful unless it is forbidden by law. When the object
of a contract is not lawful, the contract is void.
Example: A promise to pay B Rs.5 thousand if B beats C. The agreement is illegal as its object is
unlawful.
6. Lawful Consideration: Something in return is Consideration. In every contract, agreement
must be supported by consideration. It must be lawful and real.
Example:. A agrees to sell his house to B for Rs.10 Lac is the consideration for A’s promise to
sell the house, and A’s promise to sell the house is the consideration for B’s promise to pay
Rs.10 Lac. These are lawful considerations.
7. Certainty and Possibility of Performance: The agreements, in which the meaning is
uncertain or if the agreement is not capable of being made certain, it is deemed void. T&C of
the contract should always be certain and cannot be vague. Any contracts that are uncertain .
are considered void. The terms of the agreement must also be capable of performance and
should not enforce impossible act.
Example:
A promised to sell 20 books to B. It is not clear which books A has promised to sell. The
agreement is void because the terms are not clear.
Possibilities of performance
Example: A agrees with B to discover treasure by magic, the agreement is not enforceable.
A agrees with B to put life into B’s dead brother. The agreement is void as it is impossible of
performance
8. Legal Formalities: Legal formalities if any required for particular agreement such as
registration, writing, they must be followed. Writing is essential in order to affect a sale, lease,
mortgage, gift of immovable property etc. Registration is required in such cases and legal
formalities in the relevant legislation should be strictly followed.
Example:
1. A Verbally promises to sell his book to y for Rs.200 it is a valid contract because the law does
not require it to be in writing.
2. A verbally promises to sell his house to B it is not a valid contract because the law requires
that the contract of immovable property must be in writing.
8.Explain consumer Redressal Agencies?
Consumer Redressal Agencies
Three Tier Consumer Grievances Machinery under the Consumer Protection Act!
1. District Forum:
District forum consists of a president and two other members. The president can be a retired or
working judge of District Court. They are appointed by state government. The complaints for
goods or services worth Rs 20 lakhs or less can be filed in this agency.

The agency sends the goods for testing in laboratory if required and gives decisions on the basis
of facts and laboratory report. If the aggrieved party is not satisfied by the jurisdiction of the
district forum then they can file an appeal against the judgment in State Commission within 30
days by depositing Rs 25000 or 50% of the penalty amount whichever is less.
2. State Commission:
It consists of a president and two other members. The president must be a retired or working
judge of high court. They all are appointed by state government. The complaints for the goods
worth more than Rs 20 lakhs and less than Rs 1 crore can be filed in State Commission on
receiving complaint the State commission contacts the party against whom the complaint is filed
and sends the goods for testing in laboratory if required.
3. National Commission:
The national commission consists of a president and four members one of whom shall be a
woman. They are appointed by Central Government. The complaint can be filed in National
Commission if the value of goods exceeds Rs 1 crore. On receiving the complaint the National
Commission informs the party against whom complaint is filed and sends the goods for testing
if required and gives judgment?
9. Explain the rights and duties of Buyer under sale of Goods Act 1930?
Rights and duties of Buyer
The following are the rights of a buyer:
1.Right to have delivery as per contract:
The first right of the buyer is to have delivery of the goods as per contract.
2.Right to reject the goods:
If the seller sends to the buyer a larger or smaller quantity of goods than he ordered, the
buyer may reject the whole ,accept the whole or accept the quantity to ordered and reject the
rest.
3.Right to Repudiate:
The buyer of goods has a right not to accept delivery thereof by installment.
4.Right to notice of insurance:
Unless otherwise agreed where goods are sent by the seller to the buyer by a sea route , the
buyer has a right to be informed by the seller so that he may get the goods insured.
5.Right to examine the goods:
The buyer has right to examine the goods which he has not previously examined before he
accepts them. If the buyer repudiates the contract the seller is entitle to damage from the
buyer.
6.Right to verify with sample:
Section 17 provides that when goods are sold by sample the buyer has right to verify the
supply of goods with sample.

7.Right to reject the goods:

The buyer entitled to reject the goods in the following cases
a. where the seller delivers lesser quantity than the contracted for
b. where the seller delivers larger quantity than that contract for
c. where the seller mixes the contracted goods with goods of a different description.
8.Right to have delivery goods
The buyer has right take delivery of goods on payment of price when delivery of goods and
payment of price are concurrent conditions in the contract of sale.
9.Right to repudiation on breach of contract:
As per section 12, the buyer may repudiate the contract if the seller breaks any conditions,
section 13 also entities him to treat it as a breach of warranty.
Under section 12 and section 59, the buyer may claim for damages or reduction of price in
case of breach of warranty by the buyer.
10.Right to notice of Insurance:
It is the duty of the seller to give notice to the buyer to enable him to insure the goods during
the sea transit. If he fails to do so the buyer is not liable for destruction of goods in transit.
Duties of Buyer:
The buyer in respect to the contract of sale has to perform the following duties.
1.Duty to treat breach of condition as a breach of warranty:
A buyer shall treat a breach of condition as a breach of warranty under certain circumstances.
2.Duty to accept unconditional appropriation
When there is assent of the seller, the buyer has to accept unconditional appropriation of
unascertained goods.
3.Duty to pay price and accept the goods:
It is the duty of the buyer to take the delivery of the goods and pay for them in accordance
with the terms of the contract.
4.Duty to apply for delivery:
The seller is not bound to deliver the goods to the buyer applies for delivery. In the absence of
any contract to the country.
5.Duty to demand delivery at a reasonable hour:
As per section 36(4)” Demand or Tender of delivery may be treated as ineffectual unless made
at a reasonable hour. What is reasonable hour is question of fact.
6.Duty against deterioration:
Unless otherwise agreed the buyer has to take risk of deterioration of the goods incidental to
the course of transit.
7.Duty to accept installment delivery and pay for it:
Where there is contract for the sale of goods to be delivered by stated installments which are
to be separately paid for , it is the duty of the buyer to accept the installment delivery and pay
for it.

8.Duty to intimate the seller when reject the goods:

Unless otherwise agreed it is duty of the buyer to inform the seller in case of he refuses to
accept the goods.
9.Duty to pay increased tax:
The buyer is liable to pay so much as will be equivalent to the amount paid or payable in
respect of such tax imposed or increase of Tax which may be chargeable at that time of sale in
the absence of any contract to country.
10.Duty to pay price:
Where under contract sale of property in the goods has passed to the buyer and the buyer
wrongfully neglects or refuses to pay the goods according to the terms of the contract, the
seller may sue him for the price of the goods.
11.Duty to pay damages for non acceptance:
Where the buyer wrongfully neglects or refuses to accept and pay for the goods the seller may
sue him for damages for non acceptance.
10.What is Environmental pollution? Explain the various types of Environmental Pollution.

Pollution is the introduction of contaminants into the natural environment that cause adverse
change. Pollution can take the form of chemical substances or energy, such as noise, heat or
light. Pollutants, the components of pollution, can be either foreign substances/energies or
naturally occurring contaminants.
Air pollution
Air pollution is the introduction of harmful substances in the air that results in detrimental
impacts to the environmental and humanity. Air pollution simply makes the air unclean or
contaminated. It occurs when harmful substances such as foreign gases, odours, dust, or
fumes are released in the air at levels that can harm the comfort or health of animals and
humans, or even destroy plant life.
Examples of air pollutants (substances that pollute the air) include hydrocarbons, organic
compounds, dust particles, carbon monoxide, sulfur oxides, and nitrogen oxides. Air pollution
results from both human and natural activities. Emissions from power plants present a perfect
example of human activities contributing to air pollution whereas volcanic eruptions and
forest fires are some of the natural aspects.
Water pollution
Water pollution is the act of contaminating water bodies including rivers, oceans, lakes,
streams, aquifers, and groundwater. It occurs when foreign harmful materials like chemicals,
waste matter, or contaminated substances are directly or indirectly discharged into water
bodies.
Land Pollution
Land pollution is the destruction or decline in quality of the earth’s land surfaces in term of
use, landscape and ability to support life forms. Many times, it is directly and indirectly caused
by human activities and abuse of land resources.

Land pollution takes place when waste and garbage is not disposed off in the right manner
thus, introducing toxins and chemicals on land. It also occurs when people dump chemical
products to soils in the form of herbicides, fertilizers, pesticides, or any other form of the
consumer by-products. Mineral exploitation equally leads to the decline in quality of the
earth’s land surfaces.
As such, it has grave consequences for human health, plant life, and soil quality. Acid rain,
construction sites, solid waste, mineral exploitation, and agricultural chemicals are the primary
causes of land pollution.
Soil Pollution
Soil pollution takes place when chemical pollutants contaminate the soil or degraded by acts
such as mining, clearance of vegetation cover, or topsoil erosion. Usually, it happens when
human activities directly or indirectly introduce destructive chemicals, substances, or objects
into the soil in a way that causes damage to the immediate earthly environment.
As a consequence, soil losses its value of natural minerals and nutrients compositions. Soil
degradation also contributes to soil pollution, and it occurs as a result of over-grazing, over-
farming, or mining activities. The notable causes of soil pollution include agricultural farming
activities, waste dumping on land, industrial activities, mining, and acid rain.
Noise Pollution
Noise pollution is mostly an undesirable sound or sound which generates horrible discomfort
on the ears. Noise pollution is defined as unpleasant and undesirable sound levels that cause
serious discomfort to all living things. It is measured in decibels (dB).
In the contemporary society, noise has become a permanent aspect owing to the daily
activities such as transportation, industrial manufacturing, and technology. In contrast to the
other types of pollution, noise pollution lacks the element of accumulation in the
environment.
It merely occurs when sounds waves of intense pressure reach the human ears and may even
affect the body muscles due to sound vibrations. Noise pollution similarly affects marine and
wildlife animals in the same manner it affects humans, and can even cause their death.
Thermal Pollution
Thermal pollution occurs when water bodies are degraded in terms of altering their
temperatures. Commonly, it happens when people or industries undertake activities that
suddenly decrease or increase the temperature of a natural water body which may include
lakes, rivers, oceans or ponds.
In the current era, thermal pollution is a huge menace and is mainly influenced by power
plants and industrial manufacturers that use water as a coolant.
Therefore, thermal pollution is one aspect of the wider subject of water pollution. The
alterations of natural water resource temperatures can have dire consequences on aquatic life
and the local ecosystems.

Industrial Pollution
Industrial pollution is the release of wastes and pollutants generated by industrial activities
into the natural environment including air, water, and land. The pollutants and wastes from
industries encompass air emissions, deposit of used water into water resources, landfill
disposal, and injection of toxic materials underground. Industrial pollution can adversely
damage plants, kill animals, cause ecosystem imbalance, and degrade the quality of life.
They release smoke, effluents, material wastes, toxic by-products, contaminated residues, and
chemical consumer products that eventually end up in the environment thereby causing
pollution.
Light Pollution
Light pollution occurs due to lengthened and excessive use of artificial lights, such that it
results in the brightening of the skies at night. As a consequence, it upsets the activities and
natural cycles of wildlife and also affects the welfare of humans. Whenever artificial lights are
used where they are not intended, it causes a nuisance.
Light pollution is also referred to as luminous pollution or photo pollution. The types of light
pollution include glare, light trespass, and sky glow.
11.What is infringement of patent rights? What are the remedies available to the patentee
in case of infringement of patent rights?
Patent infringement is the commission of a prohibited act with respect to a patented invention
without permission from the patent holder.
In other words the terms of the claims inform the public of what is not allowed without the
permission of the patent holder.
Remedies /reliefs provided:
1.Administartive Remedy:
The patent owner can reach the collector of customs and prohibit the entry of these goods
into the Indian Market. The patent owner must provide the name of the exporter,
consignee,port of entry, name of the ship etc details.
2.civil Remedies:
3.Injections:
When there is a prima facie case and balance of convenience is in the favour of the plaintiff:
Interim injunctions granted. Whereas after the complete trial permanent injunction are
granted.
4.Damages or accounts of Profits is granted if it is established that on the date of the
infringement: the defendant was aware of the prior existence of the patent.


a.What is statute Law?

legislators.
• The Indian contract act 1872 • The sale of goods act 1930 • The companies act 1956
• The Negotiable instrument act 1881 • The Indian partnership act 1932
b.What is an agreement?
According to section 2 of the Indian contract Act an agreement is defined as “every promises,
forming the consideration for each other is an agreement.”
c.What is Misrepresentation?
Meaning: the word representation means a statement made by one party to another. This
may be added before or at the time of contract. It may be made with regard to some existence
fact or past event which may materially include the other party to enter into a contract.
d.What is price as per Sale of Goods Act?

Section 2(10) Price means the money consideration for a sale of goods.
e.What is Cartel?
Cartel includes an association of producers, sellers, distributors, traders or service providers
who by mutual agreement limit control or try to control the production, Distribution,sale or
price or trading in goods or providing services.
f.Define Consumer Dispute

According to sec 2 (1)(e) Consumer dispute means a dispute, where the person against whom
a complaint has been made denies or disputes the allegations contained in the complaint.
g.Who is an Occupier?
Occupier sec 2(f) It means a person who has control over the factory and also includes the
person who is in possession of the substance.

2.What is coercion? Distinguish between coercion and Undue influence
In simple words coercion means a threat or force used by one party against another for
compelling him to enter into an agreement.
Example: X says to Y “ I shall kill your son or I shall not return the documents of their title
relating to your wife’s property, unless you agree to sell your house to me for rs5000. Y says all
right. I shall sell my house to you for Rs 5000. Don’t kill my son and don’t do my wife’s
property.
Undue influence is the domination of one person who is having strong mind will over
another who is having weak mind or weak will.
Coercion Undue influence

1.It involves physical pressure or force 1.It involves mental or moral pressure or
force
2.Parties to a contract may or may not be 2.Parties to a contract are related to each
related other under some sort of relationship
3.Consent is obtained by giving a threat of an 3.Consent is obtained by dominating the will
offence or committing an offence.
4.It can be exercised even by a stranger to 4.It can be exercised only by a party to a
the contract contract and not by a stranger.
5.The party committing the crime may be 5.It does not involve any criminal liability
punishable under IPC
6.The aggrieved party has to restore the 6.The party avoiding the contrast may or may
benefit received under section 64 not return the benefit under section19A
3.What is contract of Sale? Write any four difference between sale and agreement to sell
Difference between sale and agreement to sell
Nature SALE AGREEMENT TO SELL
OWNERSHIP Ownership is immediately Ownership is not transferred to
transferred to the buyer immediately the buyer
Nature It is an executed contract It is executor contract
Right It creates right in Rem It creates right in personem
Breach The seller can sue the buyer for The seller can use the buyer for
the price the damages, if the buyer refuses
to pay the price and take the
delivery

Resale If the seller resell the goods, the In case of resale the buyer can
buyer can claim damages for only claim damages
conversion and has the right to
recover the goods from the third
party.
Destruction The buyer shall bear the loss, if The seller shall bear the loss if the
the goods are destroyed by goods are destroyed by accident.
accident
Insolvency of buyer If the buyer becomes insolvent If the buyer becomes insolvent
the seller must claim the price the seller may refuse to deliver
due from the official receiver of the goods to the buyer.
the buyer
Insolvency of seller If the seller is insolvent the buyer In such case the buyer who has
can recover the goods from the paid the price can only claim
official receiver. rebate dividend.
Goods Here we get existing and specific Here we get future and
goods contingent goods
Sales Tax Here the seller is liable for sales Here the seller is not liable for
tax sales tax.
4.What are the rights of the consumers as per consumer protection Act 1968?
Under the section 6 consumer Protection Act, Consumer has following rights:
1.Right to protection against hazardous goods:
Consumer has the right to be protected against marketing of such goods and services as are
hazardous to health, life and property. There are several Fake ,adulterated ,inferior,defective
,ineffective and dangerous goods available in market. So consumer has the right to safety from
all such goods.
2.Right to access variety of goods and at competitive prices:
Under the right consumer can choose any from among the variety of goods and services
available in the market. One finds in the market goods from different brand ,quality ,shape
,size, design and price produced by the different manufacturer. The consumer must have
assured access to variety of goods and services at competitive prices as far as possible.
3.Right to consumer Information:
Consumer has right to get all necessary information on the basis of which he may decide to
buy the good or service. He has therefore the right to be informed about the quality
,quantitiy, purity, standard, price of the goods.
4.Right to due attention at appropriate Forums:
Consumer has the right to present before the appropriate forum or authorities all those
matters which effect his interest. This right included the right to make protect and file
complaints. This right implies that matters of interest to the consumer will receive duwe
consideration at appropriate forums. So that he is encouraged to express his problems,

complaints and unjust treatment meted out to him.
5.Right to seek redressal against unscrupulous exploitation, restrictive and unfair trade
practices:
Consumer has the right to get his claims and complaints settled against the manufacturers and
sellers. This right provides the consumer freedom from unfair trade practice or unscrupulous
exploitation by the trader, besides . it helps him secure compensation.
6.Right to consumer Education
Under this right consumer is entitled to get information or education about those things which
are necessary for him. Such an education creates awareness about his rights and and he comes
to know when to approach for the redressal of his grievance and exploitation. This helps the
consumer to protect himself against fraudulent, deceptive and misleading advertisement and
poor negligent services.
7.Right to Healthy Environment:
As in the right to a physical environment that will enhance the quality of life. It includes
protection against environmental dangers over which the individual has no control. It
acknowledges the need to protect and improve the environment for present and future
generations.
5.Write the salient features of Competition Act 2002.

Main features of Competition Act 2002: / Component of Competition Act
1. Anti – competitive agreements between enterprises (Section 3)
There are two a types of agreements in anti-competitive agreements. They are as follows;
- Horizontal agreement: Agreements between enterprises at the same stage of production,
services, etc.
- Vertical Agreements: agreements between enterprise at different stage of production,
distribution etc. Agreement includes arrangement or understanding, oral, or in writing, not
necessarily enforceable by law.
Unfair trade practices: Any trade practice whose harm outweighs its benefits. It can be
defined as using various deceptive, fraudulent or unethical methods to obtain business. Unfair
trade practices include misrepresentation, false advertising, tied selling and other acts that are
declared unlawful by statute. It can also be referred to as deceptive trade practices.
Restrictive trade practices: Any trade practice that tends to block the flow of capital into
production and also bring in conditions of delivery to affect the flow of supplies leading to
unjustified cost.
2. Abuse of Dominance (Section 4)
Dominance means a position of strength enabling an enterprise to operate independently of
competitive pressure and to appreciably affect the relevant market, competition and
consumers.

Abuse of dominant position –

1 No enterprise or group shall abuse its dominant position.
2 There shall be an abuse of dominant position – under sub-section (1), if an enterprise or a
group- o Directly or indirectly imposes unfair or discriminatory
Condition in purchase or sale of goods or service. Price in purchase or sale of goods and
services. o Limits or restricts –
3 Production of goods or provision of services or market therefore.
4 Technical or scientific development relating to goods or services to the prejudice of
consumers. o Indulges in practice or practices resulting in denial of market access.
o Makes conclusion of contracts subject to acceptance by other parties of supplementary
obligations which, by their nature or according to commercial usage, have no connection with
the subject of such contracts.
3. Mergers and Acquisitions : (Section 5&6) Regulation of combination:
Combination definition: Combination under the competition Act means acquisition of control,
shares, voting rights or assets, acquisition of control by a person over an enterprise where
such person by a person over an enterprise where such person has direct or indirect control
over another enterprise engaged in competing businesses and mergers and amalgamations
between or amongst enterprises when the combining parties exceed the thresholds set in the
act.
Types of combination:
- Horizontal Combinations: these are those that are between rivals and are most likely to
cause appreciable adverse effect on competition.
- Vertical combinations: these are those that are between enterprises that are at different
stages of the production chain and are less likely to cause appreciable adverse effect on
competition.
- Conglomerate Combinations: These are those that are between enterprises not in the same
line of business or in the same relevant market and are least likely to cause appreciable
adverse effect on competition.
4. Competition Advocacy: (Section 49)
The aim of competition advocacy is to foster conditions that will lead to a more competitive
market structure and business behavior without the direct intervention of the Competition
Law Authority, namely CCI For promotion of competition advocacy and creation of awareness
about competition issues, the commission may take suitable measures to:
- Promote competition advocacy
- Create public awareness
- Impart training about competition
The commission shall render opinion on a reference from the Central Government on
policy/law on competition. CCI is required to give opinion in 60 days.

6.Breifly write the scope and objectives of FEMA.

Objectives of FEMA:
1.To regulate dealings in foreign exchange and foreign securities
2.To regulate the regulations indirectly affecting foreign exchange
3.To regulate Import and Export of Currency and bullion
4.To converse the foreign exchange reserves of the country and to utilize the same in the
interests.
5.To regulate holding of immovable property outside India
6.To regulate employment of foreign Nationals.
Scope of FEMA
The act shall be applied to the whole of India. It shall also apply to all branches, offices and
agencies outside India owned or controlled by a president in India.
The Act has 49 sections which are divided into 7 chapters. The first 3 chapters deal with
operational part, and the next 4 chapters deal with penalties, adjudications, Appeals and
Miscellaneous provisions.
Chapter1: has titles ,scope and applications and important provisions.
Chapter2: has provisions regarding regulations and management of foreign exchange.
Chapter3: Deals with authorization of Authorized persons by Reserve Bank of India to deal
with foreign Exchange.
Chapter 4: Has penal provisions
Chapter 5: Deals with Adjudication, Authority and Special Directors(Appeal)
Chapter 6: has provisions for establishment of Directorate of Environment and their Powers.
Chapter 7: has miscellaneous provisions related to powers of central Government to frame
rules and regulations and repeal and suspend operations of FERA of 1973
7.What do you mean by Breach of Contract? Explain the remedies available to the aggrieved
party in case of Beach of a contract?
Breach of contract
“When on party to the contract ,fails to perform his obligation under the contract or does an
act which makes the performance of the contract impossible known as breach of contract.”
Definition of Breach of Contract
1. An unjustifiable failure to perform terms of a contract.
2. A violation of contract through failure to perform, or through interference with the
performance of the contractual obligations.

2. Restitution:
4. Nominal damages:
6. Quantum Meruit:
deserved."
bound by it.
8.Explain various implied conditions and Warranties.

Conditions and Warranty:
The term condition is defined in section 12 (2) of the sale of Goods Act which reads as under
“A condition is a stipulation essential to the main purpose of the contract, the breach of
which gives rise to a right to treat the contract as repudiated”
Example:
Ram consults shyam a motor car dealer for a car suitable for touring purposes to promote the
sale of his product, shyam suggests Maruti car and shyam accordingly buys it from shyam buys
a new car consults buys it from shyam. If the car is not suitable for ytouring purpose so ram
can reject the car and have refund the price.

Warranty:
The term warranty is defined in section 12 (3) of the sale of Goods Act which reads under
“ A warranty is a stipulation collateral to the main purpose of the contract, the breach of
which gives rise to a claim for damages but not a right to reject the goods and treat the
contract as repudiated.”
Example: A buys a Maruti car from showroom and the car is guaranteed against any
manufacturing defect under normal usage for a period of 1 year from the date purchase. If
after six months ram finds horn of the car is not working he cannot terminate the contract.
Implied Conditions and Warranties:
Implied conditions and warranties are those which are implied by law in every contract of sale
of goods unless a contrary intention appears from the terms of the contract.
1.Conditions as to title section 14 (a):
It is an important implied condition in every contract of sale. It is presumed that the seller has
a valid titled to the goods.
Example: A bought a secondhand car from B a car dealer. After a few months the car was
taken by the police as it was stolen one . and A was forced to return the car to the true owner.
It was held that A could recover the full price from B. in this case there was a breach of
condition as to title as B has no right to sell the car.
2.Condition incase of sale by description section 15:
In a sale by description there is an implied condition that the goods shall correspond with the
description and if the sale is by sample as well as by description the goods must not only
correspond with the sample but also with description.
Example: A at Calcutta sells to B twelve bags of waste silk on its way from murshidabad to
Calcutta. There is an implied condition that the silk shall be such as is known in the market as
waste silk if it not, B is entitled to reject the goods.
3.Condition in case of sale by sample section 17:
A contract of sale is a contract for sale by sample where there is a term in the contract express
or implied to that effect. Incase of contract for sale by sample there is an implied condition
that . 1.The Bulk shall correspond with the sample as regards quality. 2. Buyer can compare
the bulk with sample.
Example:
X bought from Y certain quantity of worsted coating equal to sample. The coating was equal to
sample but due to a latent defect. The cloth was found to be unfit for making coats. The buyer
has entitled to reject the goods because the defect contained in the sample was not apparent
on reasonable examination of the sample.
4.Condition incase of sale by description and sample sec 15

Where the goods are sold by sample as well as by description, the implied condition is that the
bulk of the goods supplied must correspond with both the sample as well as description.

Example: A agreed to sell to B. some cotton which was describd as Long staple cotton the
sample was also shown to B. A delivered the cotton which was of the quality of sample. But B
found that the cotton was not Long staple but only western madras cotton. It was held by the
buyer could reject the goods.
5.Condition as to quality or fitness sec 16(1)
Ordinarily there is no implied conditions as to the uality or fitness for any particular purpose of
goods supplied to the buyer under a contract sale. In other words. The buyer must satisfy
himself about the quality as well as the suitability of the goods.
Example: A bought a set of false teeth from B a dentist. But the set was not fit for A ‘s mouth.A
rejected the set of teeth and claimed the refund of Price.It was held that A was entitled to do
so as the only purpose for which he wanted the set of teeth was not fulfilled.
6.Condition as to merchantable quality sec 16 (2)
The expression merchantable quality means that the quality and condition of goods must be
such that a man of ordinary prudence would accept them as the goods of that description.
Goods may be free from any latent or hidden defects.
Example: Where the gloves supplied contained certain chemicals which could cause skin
disease to a person wearing them next to skin. It was held that because of such a defect the
gloves were not merchantable quality and the buyer was entitled to reject the goods.
7.Condition as to wholesomeness:
Incase the case of eatables and provisions in addition to the implied condition that the goods
shall be wholesome. Condition as to wholesomeness means that shall be fit for human
consumption.
Example: X bought a Milk from Y’s Dairy. The milk contained typhoid terms. X’s wife consumed
milk became infected and died. Y was liable for damages because the milk was not fit for
human consumption.
8.Condition implied by custom sec16(3)
According to section 16 (3)”an implied condition as to quality or fitness for a particular
purpose may also be as to usage of trade or according to the customs”.
Example:
X sold certain drugs by action to Y. incase of sale by auction there was trade custom to declare
any sea damage in the goods. But the goods were sold without such declaration. Such goods
were found to be sea damaged. It was held Y could reject the goods and claim the refund of
the price because the sale without such declaration meant that the goods were free from any
sea damage.
Implied warranties:
1.warrenty as to possession sec 14(b)
In every contract of sale unless there is a contrary intention. There is an implied warrenty that
the buyer’s shall have and enjoy quiet possession of the goods.
Example: Ram sold a second hand scooter to shyam spent RS100 on the repairs of this scooter.
The scooter was seized by the police as it was stolen one. Shyam filled case against Ram for

the recovery of damages for breach of warrenty of quite possession including the cost of
repairs.
2.Warrenty of freedom from encumbrances sec14( C)
The buyer is entitled to a further warranty that the goods shall be free from any charge or
encumbrance infavour of any third party not declared or known to buyer before or at that
time when the contract is made.
Example: Ram takes Loan from shyam and hypothecated his scooter with shyam as
security.Later on Ram sold this scooter to Arun who bought in good faith. Here Arun can claim
damages from Ram because his possession is distributed by shyam having a charge.
3.Warrenty as to quality or fitness for a particular purpose annexed by usage of trade sec
16(3)
An implied warranty as to quality or fitness for a particular purpose may be annexed by the
usage of trade.
9.What is a patent? Explain in detail the procedure for obtaining patent in our country?
Patents: A patent is a form of intellectual property. A patent gives its owner the right to
exclude others from making, using, selling, and importing an invention for a limited period of
time, usually twenty years. The patent rights are granted in exchange for an enabling public
disclosure of the invention.
Steps involved in the patent process in India
The procedure for obtaining a patent in India starts even before a patent application is filed
with the patent office in India.
Step 1 – Decision on doing it yourself or engaging a professional
Before you proceed with the patent application process, you need to decide if you will be
using the assistance of a patent professional or undertaking the patent process yourself.
Considering the number of deadlines and the impact of these deadlines, it is highly
recommended that you engage a patent professional / firm who has years of experience in the
patent field.
Step 2 – Check the Patentability of the invention by performing a search for similar
technologies
Before filing a patent application in India or in any other country, the first step (optional but
recommended) in the patent registration process is to perform a detailed to determine the
chances of getting a patent. The search should ideally be performed for both patent and non-
patent references.
Step 3 – Drafting a patent application (Provisional or Complete)
Once, you have made up your mind to go forward with the patent application process, the
next step is to prepare an Indian patent application (Form 1). Each patent application has to be
mandatorily accompanied by a patent specification (Form 2). Based on the state of the
invention, you can either file a provisional patent application or a complete patent application
(also known as Non-provisional in some countries).

Step 4 – Filing the patent application in India

Patent filing in India can happen in the following scenarios:
First filing in India – Once the patent application is drafted, the next step is to file the patent
application in India and secure the filing date. In case you are filing a provisional application
first, you need to file the complete application within 12 months from the provisional filing
date.
filed with the Indian patent office needs to be accompanied by the forms provided below:
Form 1 – Application for grant of a patent
Form 2 – Provisional/Complete specification)
Form 3 – Statement and undertaking regarding foreign application under section 8 (only
required if a corresponding patent application is filed in another country)
Form 5 – Declaration as to inventor ship (only to be filed along with the complete application)
Form 26 – Form for authorization of a patent agent (only required if you are using a patent
agent to help you file the application)
Form 28 – To be submitted by startup or small entity (only required if you are claiming startup
or small entity status)
Priority documents – In case you are claiming priority from a foreign patent application and
entering India, you may be required to provide the priority document as well.
Step 4 – Publication of patent application
o When is it published? – Every patent application which is filed with the Indian patent office is
kept as a secret until the time it is published in the official patent journal. Indian patent office
will publish patent applications ordinarily after 18 months. This is an automatic event and you
need not make any request. However, if you wish to get your application published earlier,
you can make a request for early publication (Form 9) and your application will ordinarily be
published within 1 month of the request.
Step 5 – Examination of the patent application
Every patent application which is filed for protection has to be substantively examined before
a patent is finally granted. The examination process is where your patent application . will
finally be examined on merits of the invention as described and claimed in the patent
specification.
Step 6 – Final decision on grant of patent
Once, the patent application overcomes all the objections, the patent will be granted and
published in the patent gazette.
7– Renewal
After the patent has been granted, it has to be renewed every year by paying the renewal fee.
A patent in India can be renewed for a maximum period of 20 years from the patent filing
date.

10.Write a detailed note on the competition commission of India.

Competition Commission of India (CCI)
The Competition Act provides for adjudicating relief machinery Competition Commission of
India is a statutory body of the Government of India responsible for enforcing The Competition
Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect
on competition in India. It was established on 14 October 2003. It became fully functional in
May 2009 with Dhanendra Kumar as its first Chairman.
(The Commission comprises a Chairperson and six members. Devender Kumar Sikri is the
current Chairperson of the CCI.2018)
The following are the objectives of the Commission.
1. To prevent practices having adverse effect on competition.
2. To promote and sustain competition in markets.
3. To protect the interests of consumers and
4. To ensure freedom of trade
Functions of Competition Commission:
1.It acts the Duty of the CCI to eliminate such practice that have adverse effect on
competition.
2.It is mandated to promote and sustain competition while protecting the interests of the
Consumers.
3.CCI ensure freedom of trade in the Indian Market.
4.The commission also gives opinion on competition issues when asked by a statutory
authority which is established under law.
5.It also required to undertake competition advocacy.
6.The CCI also creates public awareness and imparts training on competition Issues.
7.CCI is therefore fully empowered to carry out the mandated functions.
Duties of CCI:
1.To promote and term sustain an enabling competition culture through engagement and
enforcement which would inspire businessss to fair ,competitive and innovative.
2.TO enhance the consumer Welfare
3.TO support Economic Growth.
4.Ensuring fairness and equity in market place transactions.
5.Protecting opportunities for small and medium business.

11.Explain the role of the central government in the prevention, control and abatement of
the environmental pollution?
POWER OF CENTRAL GOVERNMENT TO TAKE MEASURES TO PROTECT AND IMPROVE
ENVIRONMENT
(1) Subject to the provisions of this Act, the Central Government shall have the power to take
all such measures as it deems necessary or expedient for the purpose of protecting and
improving the quality of the environment and preventing controlling and abating
environmental pollution.
(2) In particular, and without prejudice to the generality of the provisions of sub-section (1),
such measures may include measures with respect to all or any of the following matters,
namely: --
(i) co-ordination of actions by the State Governments, officers and other authorities—
(a) under this Act, or the rules made there under, or
(b) under any other law for the time being in force which is relatable to the objects of this Act;
(ii) planning and execution of a nation-wide programme for the prevention, control and
abatement of environmental pollution;
(iii) laying down standards for the quality of environment in its various aspects;
(iv) laying down standards for emission or discharge of environmental pollutants from various
sources whatsoever:
Provided that different standards for emission or discharge may be laid down under this clause
from different sources having regard to the quality or composition of the emission or
discharge of environmental pollutants from such sources;
(v) restriction of areas in which any industries, operations or processes or class of industries,
operations or processes shall not be carried out or shall be carried out subject to certain
safeguards;
(vi) laying down procedures and safeguards for the prevention of accidents which may cause
environmental pollution and remedial measures for such accidents;
(vii) laying down procedures and safeguards for the handling of hazardous substances;
(viii) examination of such manufacturing processes, materials and substances as are likely to
cause environmental pollution;
(ix) carrying out and sponsoring investigations and research relating to problems of
environmental pollution;
(x) inspection of any premises, plant, equipment, machinery, manufacturing or other
processes, materials or substances and giving, by order, of such directions to such authorities,
officers or persons as it may consider necessary to take steps for the prevention, control and
abatement of environmental pollution;
(xi) establishment or recognition of environmental laboratories and institutes to carry out the
functions entrusted to such environmental laboratories and institutes under this Act;
(xii) collection and dissemination of information in respect of matters relating to
environmental pollution;


a.What is consent?
According to Sec 14 consent is said to be free when it is not caused by any of the following
1.Coercion 2.Undue influence 3.Fraud 4.Misrepresentation 5.Mistake
b.Define “ Sale” under sale of Goods Act?

A contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the
property in goods to the buyer for price. There may be contract of sale between one part-
owner and another.
c.What is Environment?
Environment (sec2(a)): It includes water, air and land and the interrelationship which exists
between water ,air and land and human being, other living creatures ,plants, micro organisms
and property.
d.Define Defect under COPRA Sale of Goods Act?

Deficiency or defect means any fault, imperfection, shortcoming or inadequacy in the quality
nature and manner of performance which is required to be maintained under any law for the
time being in force.
Example: Wrongful dishonor of a customer’s cheque by a banker negligently.
e.EXPAND FEMA
Foreign Exchange Management Act
f.Give the meaning of IPR?

Intellectual Property Rights are the rights given to persons over the creations of their minds.
They usually give the creator an exclusive right over. The use of his/her creation for a certain
period.
g.What is Business Law?

The term Business law is used to denote the aggregate body of those legal rules which is
connected with trade Industry and commerce.

2.Distinguish between condition and Warranty
Conditions and Warranty:
The term condition is defined in section 12 (2) of the sale of Goods Act which reads as under
“A condition is a stipulation essential to the main purpose of the contract, the breach of
which gives rise to a right to treat the contract as repudiated”
Example:
Ram consults shyam a motor car dealer for a car suitable for touring purposes to promote the
sale of his product, shyam suggests Maruti car and shyam accordingly buys it from shyam buys
a new car consults buys it from shyam. If the car is not suitable for touring purpose so ram can
reject the car and have refund the price.
Warranty:
The term warranty is defined in section 12 (3) of the sale of Goods Act which reads under
“ A warranty is a stipulation collateral to the main purpose of the contract, the breach of
which gives rise to a claim for damages but not a right to reject the goods and treat the
contract as repudiated.”
Example: A buys a Maruti car from showroom and the car is guaranteed against any
manufacturing defect under normal usage for a period of 1 year from the date purchase. If
after six months ram finds horn of the car is not working he cannot terminate the contract.
Distinguish between Condition and Warranty
Condition Warranty
1.A requirement or event that should be A warranty is an assurance given by the
performed before the completion of seller to the buyer about the state of the
another action, is known as Condition product, that the prescribed facts are
genuine.
2.The party can bring the contract to an The party can only claim damages.
end.
3.The party can only claim damages. It is a subsidiary provision related to the
object of the contract.
4.A condition has a direct link with the A breach of warranty may not be treated
essential party of the contract. as a breach of condition.
5.Violation of condition can be regarded Violation of warranty does not affect the
as a violation of the warranty. condition.
6.A breach of condition can also be A breach of warranty cannot be
considered as a breach of warranty. considered as a breach of condition

3.Write the features of FEMA,1999

FEMA STANDS FOR Foreign Exchange Exchange management Act. The parliament enacted this
act in 1999 to replace the Foreign Exchange Regulation Act 1973.
Features of FEMA are as follows:
1.To facilitate external trade and payment and promote the orderly development and
maintenance of foreign exchange market in India.
2.To introduce more liberal provisions in keeping with the requirements of liberalized regimes.
3.To facilitate external trade and payments.
4.To promote the orderly development and maintenance of foreign exchange market.
5.To deal in foreign Exchange.
6.To regulate import and export of currency.
7.To regulate acquisition holding etc, of immovable property in India by Non-Residents.
8.To regulate certain payments.
9. To regulate Employment of foreign nationals.
10.To conserve the foreign exchange resources of the country and to the utilize the same in
the interest of the economic development of the Country.
4.What are the rights of the consumers as per consumer protection Act 1968?
Rights of Consumer under the Act
all such goods.
3.Right to consumer Information:
Consumer has right to get all necessary information on the basis of which he may decide to
buy the good or service. He has therefore the right to be informed about the quality ,quantity,
Purity, standard, price of the goods.

practices:
are necessary for him. Such an education creates awareness about his rights and he comes to
know when to approach for the redressal of his grievance and exploitation. This helps the
generations.
5.State the objectives of Competition Act 2002.

Objective of the act
Competition Act 2002 notified in January 2003. Stated objective in preamble is to provide “for
establishment of a commission”.
1. To ensure fair competition in India
2. To eliminate practices having adverse effect on competition.
3. To prohibit Trade Practices Which causes adverse effect on Competition in markets within
India.
4. To promote and sustain competition in markets.
5. To protect consumers interests.
6. To ensure freedom of trade carried on by other participants in markets, in India.
7. To curb negative aspects of competition through the competition commissions of India
(CCI).
6.Mention the objectives of Environment Protection Act 1986
The Environment protection act 1986 came into force from 19 th Novemeber1986.
The main objectives of the Act are as follows:
1.To protect and improve the environmental quality.
2.To establish an authority to study, plan and implement long term requirements of
environmental safety.
3.To give directions and to coordinate system of adequate response to emergency situations
threatening the environment.
4.To create an authority with the purpose of Environmental protection, regulation of discharge
of pollutants and handling of harmful substances.

5.To coordinate the activities of various regulating agencies.

6.To cover all the problems relating to environment comprehensively.
7.What do you mean by Breach of Contract? Explain the remedies available to the aggrieved
party in case of Beach of a contract?
Breach of contract
2. Restitution:
4. Nominal damages:
6. Quantum Meruit:
deserved."
bound by it.

8.Who is unpaid seller? Explain the rights of unpaid seller.

Unpaid seller
When the seller of goods did not receive its whole price or receives part payment of its price
then he is called an unpaid seller.
Definition:
A seller or his agent is called as unpaid seller when
a) The full price has not been paid
b) A bill of exchange or any other negotiable instrument has been given as a conditional
payment but it has been dishonoured.
The rights of unpaid seller are briefly explained below:
I. Right of unpaid against the goods.(when the property in goods has passed to the
buyer)
1) Right of lien: Sec.47 to 49 . Lien is aright to retain the possession of gods until the price is
paid, If the goods are partly delivered he can use this right on the remaining goods except
when the part delivery made is to indicate that he has given up this right.(Sec.48)
This right he can use on the whole of goods in his possession and only for the recovery of
the price of the goods sold but not for the recovery of warehouse charges or godown rent.
The right he can use only:
a) When the unpaid seller has the possession of goods
b) When the goods have been sold on credit.
c) When the credit period is over and the price is not paid.
d) When the buyer becomes insolvent. Sec.47(1).
Sec.49: This lien right is lost or he cannot use the right.
a) When the unpaid seller delivers the goods to a carrier or other bailee for the purposes
of taking them to the buyer.(but without reserving the right of disposal)
b) When the buyer or his agent lawfully gets the possession of the goods.
c) When the unpaid seller has given up his right of lien.
2)Right of stoppage of goods in transit: Sec.50 to 52. This is the right of the unpaid seller to
stop the goods when they are in transit. (i.e.in journey).
When the seller has parted with the possession of goods, he may regain such possession by
stopping the goods in transit before it is delivered to the buyer.(Sec.50)
This right is available:
a) When the goods are in transit and
b) When the buyer becomes insolvent.
3) Right of resale(Sec.54) The unpaid seller can re sell the goods:
a) When the goods are perishable (without notice to buyer)

b) When the goods are not perishable with notice to the buyer of his intention to re sell
and Effect of notice of resale to the buyer.
i) When the unpaid seller makes any profit on resale, he can retain the profit of such
resale, if he has given the notice of resale.
ii) He can claim damages for breach of contract from the original buyer for any loss on the
re sale price)
If he does not give such notice of re sale, to the buyer, he must pay back the
surplus(profit) to the original buyer, and shall himself bear the loss.
(When the property in goods has not passed)
4. Right of with holding the delivery Sec.46(2)
The unpaid seller can withhold the delivery of goods when the property in goods has not
passed to the buyer.
9.Explain the Establishment, Jurisdiction and Composition of state commission and National
commission under COPRA 1986.
Consumer Redressal Agencies
Three Tier Consumer Grievances Machinery under the Consumer Protection Act!
1. District Forum:
1.Constitution: It is set by the State Govt one in each district.
2.Composition: it shall have a president and 2 members one of whom must be women
3.Appointment: They are appointed by state Government.
4.Qua;lification: The president of the district forum must be qualified District Judge
5.Period of the office : Every member of the District forum shall hold office for a period of 5
years and there shall be no re appointment.
6.Terms and conditions: The salary and terms and conditions of the service of the members
may be prescribed by the State Government.
7.Jurisdiction: Its jurisdiction is based on the amount of compensation. The jurisdiction is
limited to the extent of compensation value of up to RS 20 Lakhs.
8.Who shall give Complaint: the consumer to whom such goods are sold or services
rendered, any recognisded consumer association, state Govt .
9.Treatment of complaint:
Complaint regarding the goods: complaint regarding the services
10.Powers:
1. To replace the goods with new goods
2.To remove the defect in the goods or services pointed out by the lab report.
3.To repay the price to the complaint
4.To discontinue unfair trade practices.
5.To stop the sale of hazardous goods.
6.To pay the compensation to the consumer for any loss suffered due to the negligence
of the opposite party.

11.Appeal: The aggrieved party can appeal against the order of the state commission within
30 days from the date of order in the National Commission.
2. STATE COMMISSION:
1.Constitution: It is set by the State Govt by notification.

4.Qualification: The president of the district forum must be qualified High court Judge
limited to the extent of compensation value of Above 20 lakhs and upto 1 crore.
rendered, any recognized consumer association, state Govt .
10.Powers:
It has the power of civil court. It can call for records and issue an appropriate order in any
consumer dispute pending before it and also the dispute decided by any District Forum within
state .It can issue an order to the opposite party to do one or more things refereed under sec
14.
Appeal: The aggrieved party can appeal against the order of the state commission within 30
days from the date of order in the National Commission.
1.Constitution: It is set by the Central Government by notification.
3.Appointment: They are appointed by the central government with the chief justice of
supreme court and other members are appointed by selection committee.
4.Qualification: The president of the National forum must be qualified supreme court Judge
appointed by Central Government
5.Period of the office : Every member of the National forum shall hold office for a period of 5
7.Place of Office: The office of this commission must be in the state of Delhi


limited to the extent of compensation value of Above 1 crore.
9.Treatment of complaint: same as in case of District forum .
11.Powers:
14.
30 days from the date of order.
10.Explain the different types of pollution under Environment Protection Act.

Pollution is the introduction of contaminants into the natural environment that cause adverse
change. Pollution can take the form of chemical substances or energy, such as noise, heat or
light. Pollutants, the components of pollution, can be either foreign substances/energies or
naturally occurring contaminants.
Air pollution
Air pollution is the introduction of harmful substances in the air that results in detrimental
impacts to the environmental and humanity. Air pollution simply makes the air unclean or
contaminated. It occurs when harmful substances such as foreign gases, odours, dust, or
fumes are released in the air at levels that can harm the comfort or health of animals and
humans, or even destroy plant life.
Examples of air pollutants (substances that pollute the air) include hydrocarbons, organic
compounds, dust particles, carbon monoxide, sulfur oxides, and nitrogen oxides. Air pollution
results from both human and natural activities. Emissions from power plants present a perfect
example of human activities contributing to air pollution whereas volcanic eruptions and
forest fires are some of the natural aspects.
Water pollution
Water pollution is the act of contaminating water bodies including rivers, oceans, lakes,
streams, aquifers, and groundwater. It occurs when foreign harmful materials like chemicals,
waste matter, or contaminated substances are directly or indirectly discharged into water
bodies.
Land Pollution
Land pollution is the destruction or decline in quality of the earth’s land surfaces in term of
use, landscape and ability to support life forms. Many times, it is directly and indirectly caused
by human activities and abuse of land resources.
Land pollution takes place when waste and garbage is not disposed off in the right manner
thus, introducing toxins and chemicals on land. It also occurs when people dump chemical

products to soils in the form of herbicides, fertilizers, pesticides, or any other form of the
consumer by-products. Mineral exploitation equally leads to the decline in quality of the
earth’s land surfaces.
As such, it has grave consequences for human health, plant life, and soil quality. Acid rain,
construction sites, solid waste, mineral exploitation, and agricultural chemicals are the primary
causes of land pollution.
Soil Pollution
Soil pollution takes place when chemical pollutants contaminate the soil or degraded by acts
such as mining, clearance of vegetation cover, or topsoil erosion. Usually, it happens when
human activities directly or indirectly introduce destructive chemicals, substances, or objects
into the soil in a way that causes damage to the immediate earthly environment.
As a consequence, soil losses its value of natural minerals and nutrients compositions. Soil
degradation also contributes to soil pollution, and it occurs as a result of over-grazing, over-
farming, or mining activities. The notable causes of soil pollution include agricultural farming
activities, waste dumping on land, industrial activities, mining, and acid rain.
Noise Pollution
Noise pollution is mostly an undesirable sound or sound which generates horrible discomfort
on the ears. Noise pollution is defined as unpleasant and undesirable sound levels that cause
serious discomfort to all living things. It is measured in decibels (dB).
In the contemporary society, noise has become a permanent aspect owing to the daily
activities such as transportation, industrial manufacturing, and technology. In contrast to the
other types of pollution, noise pollution lacks the element of accumulation in theenvironment.
It merely occurs when sounds waves of intense pressure reach the human ears and may even
affect the body muscles due to sound vibrations. Noise pollution similarly affects marine and
wildlife animals in the same manner it affects humans, and can even cause their death.
Thermal Pollution
Thermal pollution occurs when water bodies are degraded in terms of altering their
temperatures. Commonly, it happens when people or industries undertake activities that
suddenly decrease or increase the temperature of a natural water body which may include
lakes, rivers, oceans or ponds.
In the current era, thermal pollution is a huge menace and is mainly influenced by power
plants and industrial manufacturers that use water as a coolant.
Therefore, thermal pollution is one aspect of the wider subject of water pollution. The
alterations of natural water resource temperatures can have dire consequences on aquatic life
and the local ecosystems.
Industrial Pollution
Industrial pollution is the release of wastes and pollutants generated by industrial activities
into the natural environment including air, water, and land. The pollutants and wastes from
industries encompass air emissions, deposit of used water into water resources, landfill

disposal, and injection of toxic materials underground. Industrial pollution can adversely
damage plants, kill animals, cause ecosystem imbalance, and degrade the quality of life.
They release smoke, effluents, material wastes, toxic by-products, contaminated residues, and
chemical consumer products that eventually end up in the environment thereby causing
pollution.
Light Pollution
Light pollution occurs due to lengthened and excessive use of artificial lights, such that it
results in the brightening of the skies at night. As a consequence, it upsets the activities and
natural cycles of wildlife and also affects the welfare of humans. Whenever artificial lights are
used where they are not intended, it causes a nuisance.
Light pollution is also referred to as luminous pollution or photo pollution. The types of light
pollution include glare, light trespass, and sky glow.
11.Explain the provisions for revocation of an offer.

Mode of revocation of an offer
Sec:6 of contract Act deals with various modes of revocation of an offer in all these cases offer
comes to an end.
1.Revocation of offer by communication of notice by offerer to offeree before acceptance.
2.Revocation by lapse of time. For example college stipulated march 18 to accept the offer,
and the bilal couldnot send acceptance letter till march 18. This offer is revocked.
3.Revocation by failure to fulfill a condition precedent to acceptance. For example Ramu
agree to sell his house to Raju . If he pays half of the price till march 11.Anas could not pay the
offer is revoked.
4.Revocation by death or insanity of the offerer.
5.Revocvatio by cross offer. For example RAMU agrees to sell his house to RAJA for rs 500000
Anas replied I will buy it for 4,75,000. The offer from RAMU is revoked by this counter offer.
6.Revocation by failure to accept according to the prescribed mode.
Rejection of Offer by the offeree:
Offeree may be reject the offer.Once he has rejected, he cannot subsequently accept it.
Rejection may be expressed or implied
Express : by words spoken or written
Implied: by counter offer or conditional offer.
Rules governing procedure of revocation of offer by the offeree
1. Offeree can revoke the offer at any time before the communication of its acceptance is
complete as against the offerer but not afterwards.
2. Revocation takes place when it is actually communicated to the offeree.
Rules governing the procedure of revocation of offer by the offerer
1. Offerer can revoke the offer at any time before the offer is accepted by the offeree.
2. If offerer has agreed to keep the offer open for a certain period, he can revoke it before
expiration period if there is no consideration for keeping the offer open.


a.What do you mean by invention?
The discovery or creation of a new materials, a new process, a new use for an existing
materials or any improvements of any of these is called invention
b.Define the term Contract

Sir Fredrick Pollock defines a contract as “ Every agreement and promise enforceable by law”
According to the section 2 (h) of the Act, contract is an agreement enforceable law.
c.Give the meaning of Conditions and Warranty

Section 12 (2) : Condition is a term in a contract of sale which is essential to the main purpose
of the contract.
Sec 12 (3) : Warranty is a term in a contract of sale which is not essential to the main purpose
of the contract.
d.Who can file a complaint under COPRA Act 1986?

The consumer can file a case under consumer protection act 1986 only if
1.He has suffered a loss or Damage as a result of any unfair trade practices adopted by trader
2.The goods and services mentioned in the complaint suffer one or more defects
3.A trader.
e.What is foreign Exchange under FEMA Act 1999.?

Foreign exchange means foreign currency and includes
1.Deposits,credits and balance payable in any foreign currency.
2.Drafts ,travelers cheque,letter of credit or bills of exchange, expressed or drawn in Indian
currency but payable in any foreign currency.
3.Drafts,Travellers cheques,letter of credit or bills of exchange drawn by banks, institutions or
persons outside of India but payable in Indian Currency.
f.What do you meant by environment pollutant under environment protection Act 1986?
Environmental pollutant sec 2 (b): It means any solid ,liquid or gaseous substance present in
such concentration as may be injurious to Environment. Now Noise has also accepted as an
environment pollutant
g.Mention the scope of Business Law

There is wide and varied scope of Business law . it includes laws relating to contract.
partnership, sale of goods, Negotiable Instruments, companies, insolvency, insurance, Carriage
of goods etc. 1,Indian contract Act 1872, 2.Indian Sale of Goods Act 1930 3. The
competition Act 2002 4.FEMA 199 5.The competition Act 2002
2.Explain the rights of the Buyer.
all such goods.
3.Right to consumer Information: Consumer has right to get all necessary information on the
basis of which he may decide to buy the good or service. He has therefore the right to be
informed about the quality ,quantitiy, purity, standard, price of the goods.
practices:
are necessary for him. Such an education creates awareness about his rights and the comes to
know when to approach for the redressal of his grievance and exploitation. This helps the
generations.

3.State the provisions relating to establishment and Composition of Competition

commission of India.
Composition Law 2003 aims at curbing negative effect of competition by establishing CCI
Establishment.
Central Government with effect from such date by giving notification have established CCI.The
commission is a body corporate which shall have head office at place decided by central
Government. It may establish offices at other places in India.
Composition:
Commission consists of a chairperson and not less than 2 and not more than 10 other
members (Whole time)appointed by the central Government. The chairperson and every other
members should be a person of ability ,integrity and standing who is qualified to be a judge of
High Court or has special knowledge and professional experience of not less than 15 years in
International trade, Economies, Business and any other matters prescribe by central
Government. Term of office of the chairperson is 5 years and he should not be above of 67
years.
Duties, Powers and Functions:

The commission should eliminate practices having adverse effect on competition, Promote
and sustain competition, protect the interest of consumers and ensure freedom of Trade
carried on by other participants in Indian Markets.
For this purpose, Commission should conduct detail enquiry into a) certain agreements and
dominant position of Enterprises. b)Combination: for this purpose commission may take the
help of benches also.
Orders of Commission:
After enquiry if the commission is of the opinion that combination has adverse effect. It can
give directions/suggest modifications to be implemented within 30or 90 working days or
specified further period as per the provisions. Orders can be passed even with regard to acts
taking place outside of India but having an effect on competition in India. Any mistakes in the
order passed can be amended by the commission. Order should be executed as if it is the
order of high court or Principal Court.
Appeal: Any aggrieved person by any order of the commission may file an appeal with
supreme Court with 60 days from the date of Communication or Order.

4.Define the term consumer dispute defect and Unfair Trade practices under COPRA Act
1986.
"consumer dispute" means a dispute where the person against whom a complaint has been
made, denies or disputes the allegations contained in the complaint.
"unfair trade practice" means a trade practice which, for the purpose of promoting the sale,
use or supply of any goods or for the provision of any service, adopts any unfair method or
unfair or deceptive practice including any of the following practices, namely; —
(i) Falsely represents that the goods are of a particular standard, quality, quantity, grade,
composition, style or model;
(ii) Falsely represents that the services are of a particular standard, quality or grade;
(iii) Falsely represents any re-built, second-hand, renovated, reconditioned or old goods as
new goods;
(iv) Represents that the goods or services have sponsorship, approval, performance,
characteristics, accessories, and uses or benefits which such goods or services do not have;
(v) Represents that the seller or the supplier has a sponsorship or approval or affiliation which
such seller or supplier does not have;
(vi) Makes a false or misleading representation concerning the need for, or the usefulness of,
any goods or services;
(vii) gives to the public any warranty or guarantee of the performance, efficacy or length of life
of a product or of any goods that is not based on an adequate or proper test thereof;
5.Explain the sources of Business Law

A source of law in its narrow sense means the origins of law, i.e. the binding rules governing
human conduct. More generally, it means any premises of a legal reasoning. Such sources may
be international, national, regional or religious.
Major part of Indian Mercantile Law or Commercial Law is based on English Law
The main sources of Indian Mercantile Law are:
1. English Mercantile Law.
2. Statute Law.
3. Judicial Decisions.
4. Customs and Usage.
5. Expert opinions
6. Commercial treaty and agreements
1. English Mercantile Law
The English law is the most important source of Indian mercantile law. Many rules of English law
have been incorporated into Indian law through statutes and judicial decisions. The sources of
English law are:

a. Common Law
This law is known as judge made law. It is based upon customs and practices handed down from
generation to generation. It is the oldest unwritten law. The English Courts developed these
over centuries.
b. Equity
Equity is also unwritten law. It is based upon concepts of justice developed by the judges whose
decisions become precedents. It grew as a system of law supplementary to the common law
and covered the deficiencies of the common law. Its rules were applied in cases where the rules
of common law were considered harsh and oppressive.
The Judicature Acts of 1873 and 1875 abolished the distinction between Common Law and
Equity so that they are now applied to all cases.
c. Case Law
This is also an important source of the English mercantile law. It is built upon the decisions of
the Judges. It is based on the principle that what has been decided in earlier case is binding in
similar future case also unless that there is a change in the circumstances of the case.
d. A Lex Mercatorian or Law Merchant :It is also one of the important sources of English
mercantile law. A Lex Mercatorian or law merchant consists of legal principles based on customs
and usage. They developed first as a separate system of law and subsequently became part of
the common law.
2. Statute Law
legislators.
• The Indian contract act 1872 • The sale of goods act 1930
• The companies act 1956 • The Negotiable instrument act 1881
• The Indian partnership act 1932
3. Judicial Decisions
Judicial decisions are also called as case laws. They referred to as precedents and are binding on
all Courts having jurisdiction lower to that of the Court, which gave the judgment. The Courts in
deciding cases involving similar points of law also follow them.
4. Customs and Usage
Customs and usage plays an important role in regulating business transactions. A well-
recognized custom or usage can even override the statute law. Most of the business customs
and usage have been already codified and given legal sanctions in India. Some of them have
been ratified by the decisions of the competent Courts of law.
5. Experts opinion
The experts can help us to make good business rules. Our law makers take opinion and
guidelines from the exports before making business rules. If we have good business rules our
businessman can managed, regulate and lead business organization successfully. The experts

are the manufactures helping WTO create good business environment in the business
community so experts are considered as a source of business law.
6. Commercial treaty and agreement: - WTO, etc.
Commercial treaty and agreement are business understanding and compromise between or
among the organization and countries. After making business agreement all the members of
that follow its provisions as its business rules. Commercial agreement is always made with a
view to develop and extend business relation between or among the business organization or
countries. The member countries or organization should make business rules according to
provisions of that agreement. For example, member countries of WTO etc. should follow its
rules as their business rule. Therefore, it is also considered is a source of business law.
6.Mention the objectives of Environment Protection Act 1986.

The main objectives of the Act are as follow:
1.To protect and improve the environmental quality.
2.To establish an authority to study plan and implement long term requirements of
Environmental safety.
3.To give directions and to coordinate system of adequate response to emergency situations
threatening the environment.
4.To create an authority with the purpose of environmental protection. regulation of discharge
of pollutants and handling of harmful substances.
5.To coordinate the activities of various regulating agencies.
6.To cover all the problems relating to environment comprehensively.
7. Explain the remedies of Beach of a contract?
Breach of contract
2. Restitution:

4. Nominal damages:
6. Quantum Meruit:
deserved."
bound by it.
8.Explain the composition and jurisdictions of State and National commission?
1. District Forum:
1.Constitution: It is set by the State Govt one in each district.
4.Qua;lification: The president of the district forum must be qualified District Judge
limited to the extent of compensation value of up to RS 20 Lakhs.
rendered, any recognisded consumer association, state Govt .

Complaint regarding the goods: comkpalaint regarding the services

10.Powers:
1. To replace the goods with new goods
2.To remove the defect in the goods or services pointed out by the lab report.
3.To repay the price to the complaint
4.To discontinue unfair trade practices.
5.To stop the sale of hazardous goods.
6.To pay the compensation to the consumer for any loss suffered due to the negligence
of the opposite party.
30 days from the date of order in the National Commission.
2. STATE COMMISSION:
1.Constitution: It is set by the State Govt by notification.

4.Qualification: The president of the district forum must be qualified High court Judge
limited to the extent of compensation value of Above 20 lakhs and upto 1 crore.
rendered, any recognized consumer association, state Govt .
10.Powers:
14.
Appeal: The aggrieved party can appeal against the order of the state commission within 30
days from the date of order in the National Commission.

1.Constitution: It is set by the Central Government by notification.
3.Appointment: They are appointed by the central government with the chief justice of
supreme court and other members are appointed by selection committee.
4.Qualification: The president of the National forum must be qualified supreme court Judge
appointed by Central Government
5.Period of the office : Every member of the National forum shall hold office for a period of 5
7.Place of Office: The office of this commission must be in the state of Delhi
limited to the extent of compensation value of Above 1 crore.
9.Treatment of complaint: same as in case of District forum .
11.Powers:
14.
30 days from the date of order.
9.Explain the provisions relating to revocation of patents.

Subject to the provisions contained in this Act , a patyent, whether granted before or after the
commencement of this act may on the petition of any person interested or of the central
Government or on a Counter claim in a suit for infringement of the present be revoked by the
High court on any of the following grounds that is to say.
1.That the invention so far as claimed in any claim of the complete specification was claimed in
a valid claim of earlier priority date contined in the complete sdpecification of another patent
granted in India.
2.That the patent was obtained on the wrongfullyin contravention of the righits of the
petitioner or any person under or through whom he claims
3.That the subject of any claim of the complete specification is not an invention within the
meaning of this Act.
4.That the patent was granted on the application of a person not entitled under the provisions
of this Act apply thereafter: provided that a patent granted under the Indian patents and

designs Act 1911 shall not be revoked on the ground that the applicant was communicate or
importer of the Invention in India.and therefore not entiled to make an application for the
grant of a patent Under this Act.
5.That the invention so far as claimed in any claim of the complete specification is not new,
having regard to what was publicly known or publicly used in India before the priority date of
the claim or to what was published in India or elsewhere in any of the documents referred to
in section 13; provided that in relation to patents granted under the Indian Patents and
Designs Act, 1911, this cause shall have effect as if the words “or elsewhere” had been
omitted.
6. That the invention so far as claimed in any claim of the complete specification is obvious or
does not involve any inventive step, having regard to what was publicly known or publicly used
in India or what was published in India or elsewhere before the priority date of the claim:
Provided that in relations to patents granted under the Indian Patents and Designs Act, 1911,
this clause shall have effect as if the words “or elsewhere” had been omitted;
7.That the invention, so far as claimed in any claim of the complete specification, is not useful;
8.That the complete specification does not sufficiently and fairly describe the invention and
the method by which it is to performed, that is to say that he description of the method or the
instructions for the working of the invention as contained in the complete specification are not
by themselves sufficient to enable a person in India possessing average skill in , and average
knowledge of, the art to which the invention relates, to work the invention, or that it does not
disclose the best methods of performing it which was known to the applicant for the patent
and for which he was entitled to claim protection;
9.that the scope of any claim of the complete specification is not sufficiently and clearly
defined or that any claim of the complete specification is not fairly based on the matter
disclosed in the specification;
10. That the patent was obtained on a false suggestion or representation;
11. That the subject of any claim of the complete specification is not patentable under this Act;
12. That the invention so far as claimed in any claim of the complete specification was secretly
used in India, otherwise than as mentioned in sub-section (3), before the priority date of the
claim;
13. That the applicant for the patent has failed to disclose to the Controller the information
required by section 8 or has furnished information which in any material particular was false
to his knowledge;
14. That the applicant contravened any direction for secrecy passed under section 35 or made
or caused to be made an application for the grant of a patent outside India in contravention of
section 39;
15. That leave to amend the complete specification under section 57 or section 58 was
obtained by fraud.

10.Explain the provisions relating to offences and penalties for contraventions under FEMA
Offences under FEMA:

1.Details in Foreign Exchange:
i)only a person authorized by Reserve bank of India can deal in Foreign exchange.
ii)No one can make a payment to a person resident outside of India, without the permission of
Reserve Bank
iii)No one receives any payment from person resident outside of India, without permission of
Reserve Bank.
iv)A person resident in India cannot deal; in foreign exchange, foreign security or any
immovable property situated outside of India without permission of Reserve Bank.
v)Similarly a person resident outside India cannot acquire immovable property in india without
permission of Reserve Bank of India.
2.Exporter of goods and services:
Every exporter of goods and services is under an obligation to give details to Reserve Bank
regarding value of Export, Mode of Payment,Amount of Payment received etc.
3.Repatriation of Foreign Exchange:
Where any amount of foreign exchange has become due or accrued to any person who is a
resident in India , He shall realize and repatriate (bringback) such amount, within the time
specified by Reserve bank.
Penalties Under FEMA:
1.When and how much penalty can be imposed?
Any person contravenes any provision rules or regulation, penalty is 3 times the amount
Involved.
2.If the amount of contraventation is not ascertainable?
Maximum Penalty can be up to Rs 2,00,000.
3.If contravention is continuing one?
A penalty up to Rs 5000 per day for every day after the 1st day during which contravention
continues.
4.What is adjucating officer can do?
He can confesticate any currency, security or property in addition to imposed penalty.
5.If penalty is not paid within 90 days?
Person can able liable to civil imprisonment.
6.where the appearance is not made pursuant to a notice issued and served under subsection
(1)the Adjucating Authority may issue a warrant for the arrest of the defaulter.

11.Explain the essentials of a valid contract

Essentials elements of a valid Contract
1. Offer and Acceptance: Basically, a contract unfolds when an offer by one party is accepted
by the other party. The accepted offer should be without any qualification and be definite. An
offer needs to be clear, definite, complete and final. It should be communicated to the
offeree. A proposal when accepted becomes a promise or agreement. The offer and
acceptance must be ‘consensus ad idem’ which means that both the parties must agree on the
same thing in the same sense i.e. identity of wills or uniformity of minds.
Example: A say to B that he will sell his cycle to him for Rs.2000. This is an offer. If B accepts
this offer, there is an acceptance. A say to B that he will sell his cycle to him for Rs.2000. This is
an offer. If B accepts this offer, there is an acceptance.
2. Intention to Create Legal Relationship: The intention of the parties to a contract must be to
create a legal relationship between them. Agreements of social nature, as they do not
contemplate legal relationship, are not contracts. For instance, if a father fails to give his
daughter the promised pocket money, the daughter cannot sue the father, because it was
purely a domestic arrangement. Thus, it is clear that all agreements, which do not result in
legal relations, are not contracts.
Example:
1. A father promises to pay his son Rs.500 every month as pocket money. Later, he refuses to
pay. The son cannot recover as it is a social agreement and does not create legal relations.
2. A offers to sell his watch to B for Rs.200 and B agrees to buy it at the same price, there is a
contract as it creates legal-relationship between them.
3. Capacity to Contract: If an agreement is entered between parties who are competent
enough to contract, then the agreement becomes a contract.
Example:
1. M, a person of unsound mind, enters into an agreement with S to sell his house for Rs.2 lac.
It is not a valid contract because M is not competent to contract.
2. A, aged 20 promises to sell his car to B for Rs.3 Lac. It is a valid contract because A is
competent to contract.
4. Genuine and Free Consent: Free consent is another essential element of a valid contract. An
agreement must have been made by free consent of the parties. The contract would be void in
case of mutual mistakes. When consent is obtained by unfair means, the contract would be
voidable.
Example:
1. A compels B to enter into a contract on the point of pistol. It is not a valid contract as the
consent of B is not free.
5. Lawful Object: Objectives of an agreement should be lawful. It must not be illegal or
immoral or opposed to public policy. It is lawful unless it is forbidden by law. When the object
of a contract is not lawful, the contract is void.

Example: A promise to pay B Rs.5 thousand if B beats C. The agreement is illegal as its object is
unlawful.
6. Lawful Consideration: Something in return is Consideration. In every contract, agreement
must be supported by consideration. It must be lawful and real.
Example:. A agrees to sell his house to B for Rs.10 Lac is the consideration for A’s promise to
sell the house, and A’s promise to sell the house is the consideration for B’s promise to pay
Rs.10 Lac. These are lawful considerations.
7. Certainty and Possibility of Performance: The agreements, in which the meaning is
uncertain or if the agreement is not capable of being made certain, it is deemed void. T&C of
the contract should always be certain and cannot be vague. Any contracts that are uncertain .
are considered void. The terms of the agreement must also be capable of performance and
should not enforce impossible act.
Example:
A promised to sell 20 books to B. It is not clear which books A has promised to sell. The
agreement is void because the terms are not clear.
Possibilities of performance
Example: A agrees with B to discover treasure by magic, the agreement is not enforceable.
A agrees with B to put life into B’s dead brother. The agreement is void as it is impossible of
performance
8. Legal Formalities: Legal formalities if any required for particular agreement such as
registration, writing, they must be followed. Writing is essential in order to affect a sale, lease,
mortgage, gift of immovable property etc. Registration is required in such cases and legal
formalities in the relevant legislation should be strictly followed.
Example:
1. A Verbally promises to sell his book to y for Rs.200 it is a valid contract because the law does
not require it to be in writing.
2. A verbally promises to sell his house to B it is not a valid contract because the law requires
that the contract of immovable property must be in writing.

BR Qbank

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BR Qbank

Uploaded by

Copyright:

Available Formats

BUSINESS REGULATIONS QUESTION BANK

QUESTION BANK SOLVED PAPERS 2020,2019,2018,2017,

SNR DEGREE COLLEGE,JIGANI Page 1

VI SEMESTER B.COM EXAMINATION NOV/DEC -2020

d.Give any four examples of Environment Pollutant?

e.Define consumer as per COPRA?

f.Give the meaning of Quantum Meruit?

g.What do you mean by offer?

SNR DEGREE COLLEGE,JIGANI Page 2

SNR DEGREE COLLEGE,JIGANI Page 3

3.Briefly write objectives of FEMA?

4.Explain the sources of Business Law?

SNR DEGREE COLLEGE,JIGANI Page 4

SNR DEGREE COLLEGE,JIGANI Page 5

5.Write any six unfair trade practices Under COPRA?

6.Explain the scope of Competition Act 2002.

SNR DEGREE COLLEGE,JIGANI Page 6

SNR DEGREE COLLEGE,JIGANI Page 7

5. Lawful Object: Objectives of an agreement should be lawful. It must not be illegal or

SNR DEGREE COLLEGE,JIGANI Page 8

SNR DEGREE COLLEGE,JIGANI Page 9

7.Right to reject the goods:

SNR DEGREE COLLEGE,JIGANI Page 10

8.Duty to intimate the seller when reject the goods:

10.What is Environmental pollution? Explain the various types of Environmental Pollution.

SNR DEGREE COLLEGE,JIGANI Page 11

SNR DEGREE COLLEGE,JIGANI Page 12

SNR DEGREE COLLEGE,JIGANI Page 13

VI SEMESTER B.COM EXAMINATION NOV/DEC -2019

a.What is statute Law?

d.What is price as per Sale of Goods Act?

f.Define Consumer Dispute

SNR DEGREE COLLEGE,JIGANI Page 14

Coercion Undue influence

SNR DEGREE COLLEGE,JIGANI Page 15

consideration at appropriate forums. So that he is encouraged to express his problems,

5.Write the salient features of Competition Act 2002.

SNR DEGREE COLLEGE,JIGANI Page 17

Abuse of dominant position –

SNR DEGREE COLLEGE,JIGANI Page 18

6.Breifly write the scope and objectives of FEMA.

SNR DEGREE COLLEGE,JIGANI Page 19

8.Explain various implied conditions and Warranties.

SNR DEGREE COLLEGE,JIGANI Page 20

4.Condition incase of sale by description and sample sec 15

SNR DEGREE COLLEGE,JIGANI Page 21

SNR DEGREE COLLEGE,JIGANI Page 22

SNR DEGREE COLLEGE,JIGANI Page 23

Step 4 – Filing the patent application in India

SNR DEGREE COLLEGE,JIGANI Page 24

10.Write a detailed note on the competition commission of India.

SNR DEGREE COLLEGE,JIGANI Page 25

SNR DEGREE COLLEGE,JIGANI Page 26

VI SEMESTER B.COM EXAMINATION NOV/DEC -2018

b.Define “ Sale” under sale of Goods Act?

d.Define Defect under COPRA Sale of Goods Act?

f.Give the meaning of IPR?

g.What is Business Law?

SNR DEGREE COLLEGE,JIGANI Page 27

SNR DEGREE COLLEGE,JIGANI Page 28

3.Write the features of FEMA,1999

SNR DEGREE COLLEGE,JIGANI Page 29

5.State the objectives of Competition Act 2002.