BUSINESS LAW

Summary of Marking Key

Certificate in Accounting and Finance – Spring 2022

Note regarding marking scheme:

The marking scheme is given as a guide. Markers also award marks for alternative approaches to
a question and relevant/well-reasoned comments/explanations. Moreover, the available marks in
answer may exceed the total marks of a question.

Mark(s)
A.1 01 mark for each correct answer 15.0

A.2  01 mark for explaining each difference between civil law and criminal law 4.0
 0.5 mark for identifying each criminal law enforced in Pakistan 1.0

A.3 (a) Discussing the possibility of executing the proposals presented by Salman:
 if Akmal agrees with proposal no. (i) only 3.0
 if Akmal agrees with proposal no. (ii) only 3.0

(b)  Discussing the type of partnership suitable for Zara 1.0

 0.5 mark for discussing each statutory right/duty of Zara and Zaheer
which can be restricted/extended in Zara’s favour in respect of Zareer
Bridals 7.0

A.4 (a)  Discussing that XBL will be liable towards the true owner of the cheque 2.0
 Identifying that if cheque was altered and funds were transferred by XBL
in good faith and without negligence then XBL will not be liable 1.0

(b) Discussing that RNBL will be not held liable for receiving funds from XBL 2.0

(c) 01 mark for each circumstance 3.0

A.5 (i)  Discussing that BT will be held liable towards IL 1.5

 Discussing that AB will be held liable towards BT 1.5

(ii)  Identifying that contract comprise of alternative promises and is partly

valid 1.5
 Discussing the legal and illegal part of the contract 1.5

(iii)  Discussing that BT’s excuse is not valid by providing justification 2.0
 Identifying OL is not bound to accept machines imported from Taiwan 1.0

(iv)  Discussing contract was established under coercion without free consent 2.0
 Identifying that the contract is voidable at the option of BT 1.0

(v)  Identifying that agreement is void due to uncertainty of price 2.0

 Discussing that BT cannot be held liable towards HL 1.0

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 BUSINESS LAW
Summary of Marking Key
Certificate in Accounting and Finance – Spring 2022

Mark(s)
A.6 (a)  Describing contingent contracts 1.0
 Up to 01 mark for identifying each circumstance 4.0

(b) 0.5 mark for explaining each aspect of such situation in which a person may be
restricted from carrying on a business 2.0

A.7 (a)  Up to 01 mark for explaining each situation in which a person may be held
accountable for a money laundering offence 4.0
 Discussing possible consequences when a person is proven guilty 1.0

(b) Defining the term ‘critical infrastructure’ 3.0

(c) 01 mark for listing each practice 5.0

A.8 (a) Discussing that Danish can recover the loan of Rs. 600,000 from Noman 2.0

(b) Discussing that Danish can recover the loan from legal representatives jointly 2.0

(c) Identifying that Farhan can be held liable for the loan towards Noman and
Salman irrespective of being released by Danish 2.0

A.9 (a) 01 mark for discussing each remedy available to NIL 3.0

(b)  Discussing that PF’s offer of performance is not valid 1.5

 Identifying NIL’s right to accept part performance and that it will be
considered remission of contract 2.5

A.10 (a)  Describing constructive contracts 0.5

 Up to 01 mark for identifying each circumstance 4.5

(b) Up to 1.5 marks for explaining each circumstance 5.0

(THE END)

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