Business Laws — DU B.Com. (Hons.) Previous Year Question Papers

1. (a) "Insufficiency of consideration is immaterial, but an agreement without consideration is void." Comment on this statement and state the exceptions to the rule "No consideration, No contract." (9) (b) Define the term 'offer under the Indian Contract Act, 1872. Also state the legal rules regarding a valid offer. (9) (c) Devavrat, being a minor, falsely representing himself to be a major, enters into an agreement with Rudra and borrowed from him a sum of Rs. 20,00,000 to be paid within the next five years by way of five equal annual instalments, including 24% p.a. interest thereof. Out of this sum received, the minor buys a second-hand sports car for Rudra sues him for recovery of the original sum and interest. Can he succeed? Decide this case and discuss provisions related to the minor's agreement. (9) (d) What is undue influence? How is it different from coercion under the Indian Contract Act, 1872? 2. (a) Ms. Smitha, a singer, agreed to sing at Mr. Reddy's concert for a certain period, and she further agreed that she would not sing at any other concert during the prescribed period. Before the expiry of the specified period, Ms. Smitha contracted with Mr. Moorthy to sing at his concert and refused to sing at Mr. Reddy's concert. Can Ms. Smitha be compelled to sing at Mr. Reddy's concert or restricted from singing at Mr. Moorthy's concert? Discuss. Also, explain the various remedies available to the aggrieved party in case of breach of contract. (9) (b) What do you understand by actual and attempted performance? State the provisions related to the discharge of the contract by mutual agreement. (c) What is supervening impossibility under the Indian Contract Act, 1872? Discuss the cases not covered under supervening impossibility. (9) (d) "Agreements in restraint of trade are void". Discuss this statement, giving the exceptions to this rule, if any. (9) 3. i (a) Explain the various implied conditions under the Sale of Goods Act, 1930. Also, briefly discuss the circumstances when a breach of condition can be treated as a breach of warranty. (9) (b) Define the term 'Goods' under the Sales of Goods Act, 1930. Also, explain the different types of goods, giving relevant examples. (9) (d). Who is an 'unpaid seller' under the Sale of Goods Act, 1930? Discuss the rights of an unpaid seller against the goods. (9) 4. (a) "LLP is a hybrid business structure" Do you agree?: Differentiate between LLP and a Partnership firm. (9) (b) What is meant by 'Designated Partners'? Discuss the provisions of the LLP Act, 2008, regarding eligibility conditions for the appointment of Designated Partners. (9) (c) What are the various steps involved in the incorporation of an LLP under the LLP Act, 2008? (d) Discuss the procedure and effects of converting a traditional partnership firm into an LLP under the LLP Act, 2008. (9)