T.Y.B. Com. Semester –V 351 Business Regulatory Framework Questions Bank
UNIT - 1: The Indian Contract Act, 1872
Short Answer Questions
1. What do you mean by an agreement and the legal obligation?
2. Briefly explain the validity of agreement without consideration.
3. Write a short note on the discharge of contract by mutual consent or agreement.
4. Who can perform the contracts?
5. What are the provisions regarding the appropriation of payments in a contract?
Long Answer Questions
1. Describe the essential elements of a valid contract.
2. Explain the legal requirements of a valid consideration.
3. Evaluate the agreements that have been ‘expressly declared’ to be void by the
Indian Contract Act.
4. Explain the categories of reciprocal promises in detail.
5. ‘Whenever there is breach of a contract, the injured party becomes entitled to
any one or more of the remedies against the guilty party’. Discuss these remedies
in detail.
UNIT - 2: The Indian Partnership Act, 1932
Short Answer Questions
1. What are the rights of partners according to the Indian Partnership Act, 1932?
2. What is the procedure of registration of a firm?
3. What are the modes of dissolution of a firm?
4. Briefly explain the advantages of Limited Liability Partnership.
5. What are the provisions regarding the assignments and transfer of partnership
rights in the Limited Liability Partnership Act, 2008?
6. Under what circumstances a limited liability partnership wound up by the Court?
Long Answer Questions
1. Discuss the essential elements of constituting a partnership.
2. Describe the duties of partners according to the Indian Partnership Act, 1932.
3. Describe the consequences of dissolution of firms.
4. Explain the salient features of the LLP Act 2008.
5. Discuss the differences between LLP and partnership firm in detail.
6. Describe all the provisions related to the designated partners.
UNIT - 3: The Sale of Goods Act, 1930
Short Answer Questions
1. What are the essential characteristics of a contract of sale of goods?
2. What are the different modes of delivery of goods?
3. Briefly explain the rights of unpaid seller against the goods.
Long Answer Questions
1. Discuss the main points of distinction between a ‘sale’ and ‘an agreement to
sell’.
2. Describe the rules regarding the transfer of property in detail.
3. Explain the rules regarding delivery of goods.
UNIT - 4: Arbitration and Conciliation
Short Answer Questions
1. Write a short note on the concepts of arbitration and conciliation.
2. What are the provisions under the Sections 78 and 79 under the Arbitration and
Conciliation Act, 1996?
3. Briefly explain the conciliation proceeding according to the Arbitration and
Conciliation (Amendment) Act, 2021.
Long Answer Questions
1. Discuss the types of arbitration as laid down by the Arbitration and Conciliation
Act, 1996.
2. Explain the essentials of a valid and binding arbitration agreement.
3. Describe the procedure for conciliation according to the Arbitration and
Conciliation Act, 1996.
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