ECO-05 IGNOU IMPORTANT QUESTION AND SELECTED QUESTIONS 2016 [ Mercantile Laws ]
IGNOU - ECO:5 (MERCANTILE LAWS) Selected Questions and Study Plan for Upcoming Exam
BACHELOR'S DEGREE PROGRAMME
Important Questions for June’ 2016 Examination
ELECTIVE COURSE: COMMERCE ECO-5: Mercantile Laws
Time: 2 hours
Maximum Marks: 50
You have to attempt only five out of total nine questions. No Question is compulsory
It is advisable to complete at least 3 blocks and current year assignment.
Indian Contract Act Important Questions for June’ 2015 Exam (3 Questions are expected from this)
1. "All agreements are not contracts, but all contracts are agreements". Discuss the statement explaining the essential elements of a valid contract.
2. What do you mean by discharge of a contract? Discuss the "Discharge by breach" with examples.
3. What do you mean by “Breach of Contract”? Explain the remedies available to an aggrieved party on breach of a contract.
4. Who is a minor? When can a minor enter into a valid contract? What happens if a minor misrepresents his age?
5. What is mistake? What are the various types of mistakes? Is the contract valid in case of a mistake?
6. Define Consideration. Are there any cases where a contract without consideration is valid? Explain with examples. (ASKED IN DEC’ 2014)
7. Who are competent to contract? Briefly explain the position of minor under Indian law.
8. Define the term coercion and undue influence. What are the essentials for coercion?
9. Distinguish between:
(a) Coercion and under influence
(b) Misrepresentation and fraud
(c) Void and Illegal agreements (ASKED IN DEC’ 2014)
(d) 'Void agreements' and 'voidable contracts'.
10. What is the difference between void and voidable contracts, and express and implied contracts? Mention at least six void agreements.
11."An agreement in restraint of trade is Void". Comment on this statement mentioning the exceptions if any.
Sale of Goods Act (Two Questions are expected from this)
1. Explain the rule of "Caveat Emptor". What are the exceptions to this rule?
2. Who is an unpaid seller? Explain his rights as against the goods and the buyer. (ASKED IN DEC’ 2014)
3. What is “Sale” and “Agreement to sale”? Distinguish between them. (ASKED IN DEC’ 2014)
4. Discuss expressed and implied conditions in a contract of sale.
5. What is condition and warranty? Distinguish between them. In what cases condition can be treated as warranty?
6. "No seller can pass a better title than he himself has". Explain this rule. Are there any exceptions to this rule? Explain.
7. State briefly the rules regarding the transfer of ownership of goods from seller to the buyer.
Indian Partnership Act (Two Questions are expected from this)
1. What is partnership? What are its essentials?
2. How will you determine whether a group of persons constituted partnership? Explain with examples.
3. Explain the procedure for registration of partnership firm. What are the consequences of non registration?
4. What is the difference between dissolution of a partnership and dissolution of a firm? What are the various circumstances in which a firm is, or may be, dissolved?
5. What are the rights and duties of partners under Indian Partnership Act?
6. Can a minor be a partner in a partnership firm? Explain his rights and liabilities (Position) under the law of partnership. (ASKED IN DEC’ 2014)
Some other most important questions (Two Questions are expected from this)
1. Distinguish between a contract of Indemnity and a contract of Guarantee.
2. Discuss the rights of the surety.
3. Discuss the circumstances under which surety is discharged from his liability.
4. How agency can be terminated.
5. Differentiate between bailment and pledge. Discuss the duties of a bailee and bailor.
6. Define bailment. What are the rights and obligations of finder of goods? (ASKED IN DEC’ 2014)
7. Explain the circumstances when the agent becomes personally liable on the contracts entered into by him on behalf of his principal. (ASKED IN DEC’ 2014)