BUSINESS REGULATORY FRAMEWORK 2008
1. a) "All contracts are agreements but all agreements are not
contract”. Explain the statement.
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
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’.
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?
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.
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.