Professional Documents
Culture Documents
2 Mark Questions
1)
2)
3)
Whereas, the display of goods, marked with prices on them, quotations, catalogues,
Advertisements in newspaper to sell an article, circulars sent to potential
customers, the goods sold in a self service system and tenders are called as
invitation to offer.
In an offer, the person who offers becomes a Promisor. In the invitation to offer, the
person who invites the offer wanted the other person to be a Promisor and he
wanted himself to be an acceptor and promisee.
4)
When two parties make identical offers to each other, without knowing or in
ignorance of each others offer, the offers are called as cross offers. In such a case
court shall consider that there is no concluded contract.
5)
6)
This means the parties to the agreement must have agreed about the subjectmatter of the agreement in the same sense and at the same time. If there is no
consensus ad idem there can be no contract.
7)
8)
9)
A quasi-contract has been defined as a situation in which law imposes upon one
person on grounds of natural justice, an obligation similar to that which arises from
a true contract although no contract, express or implied has in fact been entered
into by them.
b)
Difference as to breach: If there is a breach of the condition, the aggrieved
party can treat the contract as repudiated. But the breach of a warranty can lead
only to a claim and the aggrieved party can not repudiate/ cancel the contract.
c)
Difference as to treatment: A breach of a condition may be treated as a breach
of warranty. This can happen only when the aggrieved party is contented with
damages only. But breach of a warranty can not be treated as a breach of a
condition.
13)
Guarantee is connected with the protection and of risk management in dealing with
borrowing and lending or in identifying the responsible persons in case of default of
promises.
person for whom it is given is called as principal debtor and the person to whom it is
given is called as creditor.
ii)
A bill of exchange or other negotiable instrument has been received as
conditional payment and the condition on which it was received has not been
fulfilled by reason of the dishonor of the instrument or otherwise.
Rights of an unpaid seller:
a) Right of lien; b) Right of stoppage in transit; c) Re-Sale; d) Withhold the delivery;
e) Suit for price; f) Suit for damages; g) Repudiation of the contract of sale; h) Suit
for interest;
If a person claims to be an agent, can bind the principal and make him answerable
to a third person by bringing him into legal relations, we can be sure that the
agency exists.
The existence of a privity of contract between a principal and his agent is known by
the legal binding of the principal for the acts of his agent.
20)
What is Law?
Law is those principles applied by the state in the administration of justice.
2)
Business law refers to those rules and regulation which govern the formation
and execution of business deals made by various people in the society.
3)
Mercantile law is that branch of civil law dealing with rights and obligations
of mercantile persons arising out of mercantile transactions in respect of mercantile
property.
4)
Commercial law can be defined as, the rights and obligations of commercial
persons who deals with commercial transactions in respect of commercial property.
5)
6)
minor
7)
i)
ii)
iii)
Define contract?
8)
9)
b)
Consideration
c)
Competency to contract
d)
Free consent
e)
Lawful object
Performance of contract means the carrying out of obligations under it. The
parties to contract must either perform or offer to perform their respective promises
unless such performance is dispensed with or excused under the provisions of the
Indian Contract Act, or some law
10)
11)
13)
2)
3)
4)
5)
14)
15)
16)
It is the duty of the seller to deliver the goods and of the buyer to accept
and pay for them, in accordance with the terms of sales contracts.
19)
Define Negotiation?
20)
21)
Liability of Drawer
2)
3)
4)
Liability of Endorser
5)
Holder in due course means any person who for consideration and
in good faith become the processor of a promissory note, bill of exchange or cheque
if payable to bearer, or the payee or indorsee thereof, if payable, to order before the
amount mentioned in it become payable.
22)
23)
2)
3)
4)
Define agency?
24)
Auctioneer
2)
Banker
3)
Broker
4)
Factor
5)
6)
Commission agent
7)
Indentor
8)
Insurance agent
25)
26)
By act of parties
ii)
By operation of Law.