The Institute of Chartered Financial Analysts of India University 2008 PCC – LAW - Question Paper

PCC MAY 2008 – legal regulations


NOTE:
Answers to ques. are to be provided only in English other than in the case of candidates who have chosen for Hindi medium. If a candidate who has not chosen for Hindi medium, answers in Hindi, his answers in Hindi will not be valued.


PART – I

ques. Nos. one and two are compulsory. Attempt any 8 ques. from rest.

1. (a) P appoints A as his agent to sell his estate. A, on looking over the estate before selling it, obtains the existence of a good quality GraniteMine on the estate, which is unknown to P. A buys the estate himself after informing P that he (A) wishes to buy the estate for himself but conceals the existence of GraniteMine.
P allows A to buy the estate, in ignorance of the existence of Mine. State giving reasons in brief the rights of P, the principal, against A, the Agent. What would be your ans if A had informed P about the existence of Mine before he purchased the estate, but after 2 months, he sold the estate at a profit of Rs. one lac? (05 Marks)


(b) (2X1=2 Marks)

(i) State with reasons whether the subsequent statements are accurate or incorrect:
(a) In a contract of guarantee, forbearance by the creditor to sue the Principal Debtor discharges the surety.
(b) A pledge of documents of title to goods by a mercantile agent is a valid pledge.

(ii) Pickup the accurate ans from the subsequent and provide reasons: (3X1=3)
(a) If time is the essence of the contract and there is a failure to perform the contract and there is to perform specified time, the contract:
(1) becomes voidable at the choice of the promisee
(2) becomes unenforceable
(3) becomes void
(4) remains valid.

(b) A contingent contract is
(1) valid
(2) void
(3) voidable
(4) illegal.

(c) A Promissorynote drawn jointly by X, a minor and Y, a major is
(1) void
(2) valid but not negotiable
(3) valid but can be enforced only against Y
(4) None of the above.




2. (a) MN Limited held its Annual General Meeting on 27th March, 2008. Mr. M, the Chairman of the stated meeting died on first April, 2008, when minutes of' the annual general meeting were not yet recorded and signed. How would you deal with the situation? Would your ans be various in case the meeting held on 27th March, 2008 was a Board meeting? (05 Marks)

(b)

(i) State whether the subsequent statements are actual or False and provide reasons. (2x1=2)
(a) A certificate of incorporation issued by the Registrar of Companies is not valid if all the signatures of the subscribers to memorandum of association have been forged.

Earning:   Approval pending.