FYBBA - BUSINESS LAW

Unit Test ( 30 Marks )

Q.1 Fill in te !lanks ( 10 Marks )
1) An offer and acceptance constitute an ____________
") Consideration is ________ at which a __________ is bought.
3) A minors agreement is _________
#) When two or more parties agree to the same things in the same sense, they are said
_________
$) All agreements are contracts if they are made for lawful %%%%%%%and %%%%%%%%%%%.
&) Discharge amounts to __________of a contract.
') Specific performance is granted by the courts only if __________compensation is found
to be inadequate.
() nder Sale of !oods Act, goods refers to __________
)) __________ is a stipulation essential to a contract whereas in case of ________ the
stipulation is %%%%%%%%%%
10) An unpaid seller can e"ercise rights both against _______ as well as the __________
Q." State *eter Tr+e ,r False. ( 10 Marks )
#$ Social obligation will crate legal relations.
%$ Consideration may be past , present or future.
&$ 'inors property can be liable for necessaries.
($ An act amounting to coercion must be forbidden by the A)C.
*$ Agreements against public policy are +oid.
,$ Discharge on account of change in terms as well as parties is called no+ation.
-$ .n/ection may be temporary or permanent.
0$ .n sale, ownership is not transferred.
1$ Conditions as well as warranties may be e"press or implied.
#2$ An unpaid seller can as3 the buyer for price and4or damages, and4or interest.