Dynamic Tutorials and Services

BUSINESS REGULATORY FRAMEWORK 2008

 

1. a) "All contracts are agreements but all agreements are not contract”. Explain the statement.                

                                                                                            Or, 

    b) Define bailment. Discuss the rights and responsibilities of a bailee.                                        

 

 2. a) What are the essential elements which must be presents to constitute a valid contract of sale? Give a brief explanation of the various essential elements. 

                                                                                                      Or 

    b) "No seller can give the buyer of goods a better title to the goods than he himself has”. Explain. Are there any exceptions to it?                                                                                                                                                           

 

 3. a) Who is said to be the ‘holder in due course’? distinguish between a ‘holder’ and ‘holder in due course’. 

                                                                                               Or 

   b) Define negotiable instrument. Discuss its characteristics.                                                                    

 

4. a) Who is a consumer as defined in consumer protection act, 1986? What are the rights of a consumer as given by the act?                                                                                                                                                                                      

                                                                                               Or 

   b) Is registration of a firm compulsory? What are the effects of non registration of a firm? Mention the rights which are not affected by non registration.                                                                                             

  

5. a) What is foreign exchange management act? State the salient features of the act.                                  

                                                                                            Or 

    b) Who is an authorized person under foreign exchange management act? State the power of Reserve Bank to issue directions to authorized person under the act.