Indira Gandhi National Open University (IGNOU) 2010-1st Year B.Com Mercantile Law - Question Paper
No. of Printed Pages : 4 ECO-5
BACHELOR'S DEGREE PROGRAMME O' . . p'- Term-End Examination
O
O 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 3+7 are agreements". Discuss the statement explaining the essential elements of a valid contract.
2. 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 ? 4+2+4
3. What remedies are available to an aggrieved party i Q on the breach of a contract ? Explain briefly.
4. Distinguish between a contract of indemnity and 6+4 a contract of guarantee, and explain the rights of
a surety against the principal debtor.
5. Briefly explain the conditions and warranties implied by law in a contract for sale of goods.
6. What is the difference between 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
10
5+5
5+5
7. Explain the duties of an agent.
8. Explain the following :
(a) Discharge by breach of contract.
(b) Duties of bailee
9. Answer the following problems, with reasons for your answer :
(a) 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.
(b) 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 A's acceptance. Is C bound ?
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