CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
JAN2016
ASSESSMENT_CODE MB0051_JAN2016
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
17444
QUESTION_TEXT
Explain the essentials of valid contract.
SCHEME OF
EVALUATION
Section 10 of the Contracts Act provides that all agreements are
contracts if they are made by free consent of parties competent to
contract for a lawful consideration with a lawful object and are not
expressly declared by law to be void. To constitute a contract, there must
be an agreement between two or more parties. One cannot enter into a
contract with oneself. An agreement is composed of two elements – offer
or proposal by one party and acceptance by the other party.
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
73278
QUESTION_TEXT
Who is a surety? Explain the surety rights?
Surety meaning - 1M
SCHEME OF EVALUATION

Rights against the creditor

Rights against the principal debtor

Rights against co-sureties
3M each with explanation
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
125995
QUESTION_TEXT
Explain the characteristics of Bailment and also explain the kinds
of Bailment.
Characteristics:
SCHEME OF
EVALUATION
1.
Delivery off goods
2.
Based on contract
3.
Return of goods
4.
Ownership of goods
Kinds:
1.
Deposit
2.
Commodatum
3.
Hire
4.
Pawn
5.
Delivery of goods
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
125997
QUESTION_TEXT
What are the grounds under which court may dissolve the firm?
1.
Unsound mind of partner
2.
Permanent incapacity of a partner
3.
Misconduct of partner
4.
Transfer of interest
5.
Business at a loss by a partner
6.
Just and equitable grounds
SCHEME OF EVALUATION
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
125998
QUESTION_TEXT
Briefly explain the duties of a bailor and a bailee
BAILOR
1.
To disclose known faults in goods(section 150)
2.
To bear liasility for breach of warranty as to tittle
3.
To bear expenses in case gratuitous bailment
4.
To bear expenses in case of non-gratuitous bailment
5 marks: ( Carrying 1 mark each except for 4th point which
carries 2 marks)
SCHEME OF
EVALUATION
(With Example)
BAILEE
1.
To take care of goods bailed(sec.151)
2.
Not to make unauthorized use of goods(sec.154)
3.
Not to mix bailor’s goods with his own (sec.155-157)
4.
To return goods bailed without demand(sec.160)
5.
To return any accretion to goods bailed(sec.163)
5 marks carrying one mark each for each points
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
168322
QUESTION_TEXT
Write a short note on regulation of insurance sector.
1.
Insurance Act 1938
2.
LIC
3.
General Insurance
4.
Insurance regulatory and development authority
SCHEME OF EVALUATION