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MERCANTILE LAW

Bachelor’s Degree Programme
(BDP)
ASSIGNMENT

TUTOR MARKED ASSIGNMENT
Course Code: ECO - 05
Course Title: Mercantile Law
Assignment Code: ECO – 05/TMA/2015-16
Coverage: All Blocks
Maximum Marks: 100



Attempt all the questions.
1. (a) All contracts are agreements, but all agreements are not contracts. Comment.

Contracts are agreements, but all agreements are not contracts. This is a common misconception and it can lead to some serious legal issues. For example, if you agree to mow my lawn for $50 per week, but you don't actually sign a contract, technically you are not obligated to follow through. This could lead to you being sued, and you may even lose money if you don't want to pay.

To be legally binding, a contract must include certain elements. These elements include an offer, acceptance, mutual consent, consideration, and an intent to be legally bound. All of these elements must be present for a contract to be formed. If any of these elements are missing, then the agreement is not a contract and cannot be enforced by a court.

It is important to remember that not all agreements are contracts. For example, if you ask me to do something for you and I agree, but I don't give you a formal written agreement, then our agreement is not a contract. However, if I agree to do something for you in exchange for something you promised to give me in the future, that is a contract.

(b) Define offer and distinguish between ‘offer’ and ‘invitation to offer’ with examples. (10+10)

An offer is a specific proposal to do something, usually in business or law. It is an affirmation that the person making the offer is willing to enter into a contract with another person, under specific terms that they have both agreed to. 

An invitation to offer, on the other hand, is not a specific proposal. It is simply an invitation for the other party to make a proposal. For example, when a company posts a job opening, they are not making a specific offer of employment. They are merely inviting applicants to make an offer of their qualifications and conditions of employment.

2. What is ‘fraud’? State its essentials and consequences. (6+14)

In simple terms, fraud is when someone deliberately deceives another person in order to gain an advantage. This could be done in a number of ways, including lying, cheating, or misrepresenting the truth.

Fraud can have serious consequences for both the victim and the perpetrator. For the victim, it can lead to financial loss, emotional distress, or even physical harm. For the perpetrator, it can result in criminal charges and a prison sentence.


3. Explain the following:
i. Stranger to a contract.
ii. Agency coupled with an interest. (10+10)
4. (a) ‘The liability of the surety is co-extensive with that of principal debtor’. Elucidate.


(b) An unregistered partnership firm is not illegal but its rights are not enforceable. Comment. 

An unregistered partnership firm is not illegal but its rights are not enforceable. This means that if you are in a partnership, and it is not registered, you may still be held liable for any debts or obligations of the partnership. However, you will not be able to enforce any rights you may have under the partnership agreement.

5. State the rules regarding transfer of ownership from seller to buyer in a sale of goods. (20)

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