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