Business Laws and Business Correspondence and Reporting - November 2018

X and Mr. Y entered into a contract on 1‘ August, 2018, by which 4 Mr. X had to supply 50 tons of sugar to Mr. Y at a certain price strictly within a period of 10 days of the contract. Mr. Y also paid an amount of % 50,000 towards advance as per the terms of the above contract. The mode of transportation available between their places is roadway only. Severe flood came on 2™ August, 2018 and the…

Contract ? Discuss the essentials of Contingent 7 Contract as per the Indian Contract Act, 1872. (b) Explain the essential elements to incorporate a Limited Liability 5 Partnership and the steps involved therein under the LLP Act, 2008.

3. (a) “Though a minor cannot be a partner in a firm, he can nonetheless be admitted to the benefits of partnership.” (Referring to the provisions of the Indian Partnership Act, 1932, 4 State the rights which can be enjoyed by a minor partner. MCQS-H Accountants of India (3) | MCQS-H Marks (II) A. — State the liabilities of a minor partner both : 2 (i) Before attaining majority and (ii) After attaining majority. B. State the legal position of…

4. (a) What is the Doctrine of “Caveat Emptor” ? What are the exceptions to the Doctrine of “Caveat Emptor” ? (b) (i) Mr. A, Mr. B and Mr. C were partners in a partnership firm 3 M/s ABC & Co., which is engaged in the business of trading of branded furniture. The name of the partners was clearly written along with the firm name in front of the head office of the firm as well as on letter-head of…

(a) Mr. G sold some goods to Mr. H for certain price by issue of an 6 invoice, but payment in respect of the same was not received on that day. The goods were packed and lying in the godown of Mr. G. The goods were inspected by H’s agent and were found to be in order. Later on, the dues of the goods were settled in cash. Just after receiving cash, Mr. G asked Mr. H that goods should…

6. (a) Explain the modes of revocation of an offer as per the Indian Contract 5 Act, 1872. (b) State any four grounds on which Court may dissolve a partnership firm 4 in case any partner files a suit for the same. (c) Mr. X had purchased some goods from M/s ABC Limited on credit. A 3 credit period of one month was allowed to Mr. X. Before the due date Mr. X went to the company and wanted to…

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