Amity B. Com. 3 Sem Business Laws/ Legal Aspects of Business
Q1. At a meeting of a company, only 15 shareholders were present. 9 voted for a special resolution and 2 against and 4 did not vote at all. No poll was demanded and the chairman declared the resolution to be carried. Is this a valid resolution? Give reasons. Explain different kinds of Meetings and resolutions of a company?
Q2.A company altered the objects clause of its Memorandum of Association according to the procedure laid down by law, i.e. by passing a special resolution. A copy of the resolution was filled with the Registrar 4 months after the passing of the resolution. Can the Registrar register the alteration? Give reasons. When and how MOA may be altered?
Q3. Joseph promises to his wife Eva to give her pocket money of Rs 1,000 per month. After 6 months, he stops making the payment. Can Eva claim damages from Joseph? Give reasons in the light of essentials of a valid contract.
Q4. “No seller can give to the buyer a better title to the goods than he himself has”. Comment on the statement and also discuss the exceptions to this rule as per the Sale of Goods Act, 1930.
Q5. Write short notes on any three of the following.
(a) “A stranger to the consideration can enforce the contract”. Explain the exceptions in the following.
i Supervening Impossibility
(b)Anticipatory breach of Contract
(c) A private company has only 2 shareholders who are also the directors with equal rights of management and voting power. The company has made large profits, but there is a complete deadlock in the management of the company. One of the shareholders applied for the winding up of the company. Decide at what moment does a winding up by the court commence?
(d) What is a ‘Prospectus’? Is it obligatory for a company to file a prospectus or a statement in lieu of prospectus with the Registrar of Companies?
(e) What is meant by the rule of ‘Caveat Emptor’ and what are its exceptions?
Q6. Every Holder in due course is a holder, but every holder may not be a holder in due course. Explain the term ‘Holder’ and ‘Holder in due course’ under the Negotiable Instrument Act, 1881.
Q7. Explain the different types of Crossing of Cheque under the provisions of Negotiable Instrument Act, 1881. What are the penalties prescribed in the Negotiable Instrument Act, 1881 in case of dishonor of a cheque?
Q8. (i). State with reasons whether the following statement is correct or Incorrect:
(a) “Continuing guarantee is revoked by the death of the surety”.
(b) “A principal is liable for frauds of his agent”.
(ii). Explain the various modes of creation of Agency? Write note on agency be estoppel and holding out.
Case Detail :
Read the case study given below and answer the s given at the end
Bailor & Bailee
Sudarshan bails a certain quantity of “First Grade” petrol, to be stored safely till the end of March 2011. Raghman, without the consent of Sudarshan mixes the first grade petrol with his own “Second Grade” petrol on 1st April, 2011, when Sudarshan asked Raghman for his first grade petrol Raghman tells him to take the bailed quantity of petrol out of the mixed petrol. Sudarshan refused to take the mixed petrol and instead claims the prices of the “First Grade” petrol, which is higher than “Second Grade”. Raghman refuses to compensate Sudarshan for the above on the ground of impossibility of performance.
Q1. Whether Raghman is liable to compensate Sudarshan for the loss?
Q2. Can Raghman be held liable for bearing the expenses which might be incurred for the separation of the two kinds of goods? If it was not petrol but the goods which is capable of being separated?
Q3. With regard to the provisions of the act explain the duties of bailor and bailee.
1 Annual – general Meeting is required to be held
2 An acceptance is complete and effective only when it has been
3 Name of a company can be changed by passing a special resolution and with the approval of
4 Which of the following is a mode of discharge of contract-
5 Limited liability means liability of its—
6 In a contract of sale, property means-
7 The goods which are yet to be acquired by the seller, are called-
8 A contract becomes voidable if it has been caused by—
9: If the goods have perished, the contract of sale of such specific goods, will become—
10: Articles can be altered by—
11 A contract entered into between the parties by words is called—
12 Acceptance of an offer is complete as against the offeror as soon as–
13 If a company fails to pay its debts suit can be filed against the—
14 A contract with a minor is—
15 Who is liable for the supply of necessaries to a minor–
16 A prospectus is issued—
17. When, before the contract becomes due for performance, the promisor declares his intention of not performing his promise, it is called—
18 a bailment cannot be made about—
19 The damages which arise in the usual course of things happening from the breach of contract, are called—
20 When a person is employed to represent another in dealings with third person, it is a contract of—
21. Which of the following is not an essential element of a contract of sale—
22 In return for a new television, Raju agrees to give his old television valued at Rs. 3,000 and an amount of cash worth Rs. 5,000 to Ganesh. This is a-
23 Which of the following rights is held by an unpaid seller—
24 Which of the following is not a remedy for breach of contract—
25 A contract by which one party promises to save the other from loss is called—
26 Surety’s liability is—
27 Crossed cheques payable to bearer are negotiated by—
28 In a contract of sale, which of the following is treated as implied condition—
29 Consideration must move at the desire of—
30 Which of the following does not relate to ‘termination of agency by operation of law’–
31 Which of the following sentence is a valid promissory note—
32 A stipulation collateral to the main purpose of the contract, is called a—
33 A person who receives a negotiable instrument for consideration, before maturity, and in good faith, is called—
34 A director must vacate his office if he fails to obtain qualification shares within—
35 Which of the following rights are available to a finder of goods–
36 A director must vacate his office if he fails to obtain qualification shares within—
37 A private company has at least—
38 A cheque payable to order may be negotiated—
39 Which of the following endorsements is invalid—
40 When a cheque bears across its face an addition of the words “&” between two parallel transverse lines, it is called—
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