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ECO-5: Mercantile Law

BACHELOR'S DEGREE PROGRAMME


Term-End Examination


June, 2010


ELECTIVE COURSE: COMMERCE


ECO-5: Mercantile Law


Time: 2 hours                                                                            Maximum Marks: 50


Note: Attempt any Five questions, All questions carry equal marks.

  1. "All agreements are not contracts, but all contracts are agreements". Discuss the statement explaining the essential elements of a valid contract.                                               3+7



  1. What are the various types of mistakes? What is the effect of a mistake on an agreement? When does the unilateral mistake make the contract void?

  2. What remedies are available to an aggrieved party on the breach of a contract? Explain briefly                                                                                                                                    10

  3. Distinguish between a contract of indemnity and a contract of guarantee, and explain the rights of a surety against the principal debtor.                                                                      6+4



  1. Briefly explain the conditions and warranties implied by law in a contract for the sale of goods. 10

  2. What is the difference between the dissolution of a partnership and dissolution of a firm? What are the various circumstances in which a firm is, or may be, dissolved?                              2+8

  3. Explain the duties of an agent.                                                                                       10

  4. Explain the following:                                                                                                     5+5



  • Discharge by breach of contract.

  • Duties of bailee


9.  Answer the following problems, with reasons for your answer:                                             5+5

  • A makes an offer to sell his house to B. A dies. B accepts the offer and does not know about the death of A. Is acceptance valid? Can B sue the legal representatives of A.



  • A, purporting to act as an agent of B, but without authority of B, accepted an offer by C. C subsequently withdraws the offer, but B ratified

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