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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 i...

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. "All agreements are not contracts, but all contracts are agreements". Discuss the statement explaining the essential elements of a valid contract.                                                3+7 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? What remedies are available to an aggrieved party on the breach of a contract? Explain briefly                                                                                                                                     10 Distinguish between a contract of indemnity and a contract of guarantee, and explain the rights of a surety against the p...