Commercial Law: B.Com. EXAMINATION June 2011 Vardhaman Mahaveer Open University Question Paper

Vardhaman Mahaveer Open University
ECO-05
B.Com. EXAMINATION, June, 2011
COMMERCIAL LAW
Paper-ECO-05
(Commercial Law)
Time allowed : Three hours
Maximum marks : 35

Part-A

Attempt all the three questions from Part-A. Each question contains an internal choice. Each question carries 7 marks. The answer of each question should not exceed 500 words.

1. "If the parties to an agreement do not intend to create legal relations, there is no contract." Explain and discuss the elements of a valid contract. 2+5

Or

What is consideration ? What are its types ? Describe the main elements of a consideration. 2+2+3

2. Explain the position of a minor in a partnership firm. What are his rights and liabilities ? Clarify. 2+5

Or

State the nature of contract of indemnity. Describe the rights of indemnity holder when sued. 3+4

3. Discuss the rules regarding passing of property from seller to buyer in a contract of sale. 7

Or

What is meant by bills of exchanges ? Discuss various forms of bills of exchanges giving examples. 2+5

Part-B

Attempt any four questions from Part-B. Each question carries 3½ marks. The answer of each question should not exceed 150 words.

4. State the various types of agreements.

5. "Mental acceptance is no acceptance." Comment.

6. What are quasi-contracts ? Discuss its types.

7. Explain the term 'continuous guarantee'.

8. State the powers of an arbitrator.

9. Clarify the implied conditions in a contract of sale of goods.

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