CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
JULY15
ASSESSMENT_CODE BBA301_JULY15
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
19806
QUESTION_TEXT
Explain the various types of contracts in detail.
SCHEME OF
EVALUATION
Types of Contract
1. According to enforceability by law (5*1=5 marks)
i.Valid contract : A contract or an agreement between two parties
becomes valid and enforceable by law when it fulfils all the essential
elements of a valid contract.
ii.Voidable contract : A contract that can be nullified at the option of an
authorised party is called a voidable contract.
iii.Void contract : ‘Void’ means ‘not binding in law’. ‘Void contract’ is
a contract which as no legal validity.
Iv.Unenforceable contract : An unenforceable contract is one which is
valid in itself, but is not capable of being enforced in a court of law.
v.Illegal or unlawful contract : A contract which violates the law of the
land is considered void ab-initio.
2. According to the mode of creation (4*1=4 marks)
i.Express contract : When both the offer and the acceptance constituting
an agreement enforceable by law are made in spoekn, or written words,
they form an ‘Express Contract’.
ii.Implied contract : Where both the offer and acceptance constituting
an agreement enforceable by law are made other than in words i.e., by
acts and conduct of the parties, it is an implied contract.
iii.Constructive or Quasi contract : When the law infers or recognises a
contract under certain special circumstances even though the parties
have not made an agreement, express or implied, it is called a Quasi or
constructive Act.
iv.Wagering and Contingent contract - A wager is abet. Wagering
contract promises to give money or money’s worth upon the
determination of an uncertain event like a lottery.
3. According to the extent of execution (2* 1/2 =1 marks)
i.Executed contract : When both the parties to a contract have
completely performed their share of obligations, the contract is said to
be executed.
ii.Executory contract : A contract is said to be executory when all the
obligations and terms have not yet been fully carried out by either or
both the parties to a contract
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
19808
QUESTION_TEXT
What is share capital? Explain different types of share capital.
SCHEME OF
EVALUATION
Meaning of Share Capital
Share capital refers to the capital issued by a company by the issue of
shares. There share capital of a company may be classified as follows :
(1*1=1 marks)
1.Authorised capital : It is the capital which is stated in companies’
memorandum of association with which the company intends to be
registered. It is called the nominal and registered capital. It is the
maximum amount of share capital which a company is authorised to
raise by issuing the shares.
2. Issued capital : It is that part of the authorised capital which is actually
offered (issued) to the public for subscription. Therefore, the issued
capital can never be more than the authorised capital. It can at the most
be equal to the nominal capital. The balance of nomianl capital
remaining to be issued is called ‘unissued capital’.
3. Subscribed capital : It is that part of the issued capital which has been
actually subscribed by the public. The amount of subscribed capital
cannot exceed the amount of issued capital. This is because the company
cannot seek subscription on an amount greater than the isused amount.
4. Caled up capital : It is that part of nominal value of issued capital
which has been called up or dermanded by the company. Normally, a
company does not collect the full amount on shares it has allotted. It
collects it in instalments known as application money, allotment money,
first call, second call and so on.
5. Paid up capital : It is that part of the called up capital which has
actually been received from the shareholders.
6. Reserve capital : It is that part of the uncalled capital which cannot be
called by the company, except in the event of its winding up. (6*1.5=9
marks)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
72706
QUESTION_TEXT
Explain the remedies available for breach of contract.
1.
2.
SCHEME OF EVALUATION 3.
4.
5.
Rescission
Suit for damages
Suit for specific performance
Suit upon quantum meruit
Suit for an injunction
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
124876
QUESTION_TEXT
What are the essential elements of Promissory note?
1.
Writing
2.
Promised to pay
3.
Definite and unconditional
4.
Signed by the maker
5.
Certain parties
SCHEME OF EVALUATION 6.
Certain sum of money
7.
Promised to pay money only
8.
Formalities
9.
Payable on demand
10.
Cannot be payable to bearer on demand
(1 mark each)
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
124880
QUESTION_TEXT
Explain any five essentials of valid contract.
Student may write any five (2 Mark Each any Five points)
1.
Proper offer and acceptance
2.
Intention to create legal relationship
3.
Free consent
SCHEME OF EVALUATION 4.
Capacity to contract
5.
Consideration for promise
6.
Lawful object
7.
Agreement not declared void
8.
Certainty of meaning
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
124882
What is meant by trade mark? List out features of Trade Mark Act 1999.
QUESTION_TEXT
( Meaning 2 marks; 8 features 1 marks each)
Meaning: - A graphical representation along with logo type which forms a trade
mark of a commercial brand
Features:-
SCHEME OF
EVALUATION
1.
Multi class application allowed in India
2.
Classification of goods and services according to
trademark
3.
Prior use of trade mark is not mandatory for filing. Therefore application can
be filed though an agent
4.
Power of attorney is required provided it is filed
through an agent
5.
A trade mark may b subject to removal on the grounds of non use , if it is not
used for a continuous period of five years
6.
The registration is valid for 10 years from the date of application and can be
subsequently renewed after every 10 years by a payment of renewal fees