LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034.
DEPARTMENT OF COMMERCE (Self Supporting Course)
SNAP TEST
CO 3500 - BUSINESS LAW – I
Time : 1.00 Hour
Date : 13/10/2003.
Marks : 20
SECTION – A
(Without Choice)
State whether the following statements are (True / False)
( 10 x 1 = 10 marks )
( 3 x 1 = 3 marks )
1.
The event in a contingent contract may be certain (or) uncertain.
2.
Tender means actual performance is involved.
3.
In case of Several Joint Promissors, the promisee can demand the performance from anyone (or) more of
joint promisors.
Match the following
(4 x 1 = 4 marks)
4.
(i)
Rescission
(a) Relinquishment of rights
(ii)
Remission
(b) Substitution of new contract
(iii) Waiver
(c) accepting lesser fulfillment of promise
(iv)
(d) Cancellation of Contract.
Novation
Choose the Correct Answer
( 3 x 1 = 3 marks)
5.
Anticipatory breach involves (occurs)
a)
b)
c)
d)
6.
Payment of interest at compound rate is
a)
b)
c)
d)
7.
After the performance is due
before the performance is due
at the time of performance
None of these
a penalty
not a penalty
Payment of higher rate of interest (compound) is a penalty
both (b) and (c)
Quasi – contracts include
a)
b)
c)
d)
Right to recover the Price of necessaries supplied
Right to recover for non-gratuitous act.
Responsibility of finder of goods.
All the above.
SECTION - B
Answer any FIVE of the following;
8.
9.
10.
11.
12.
13.
14.
( 5 x 2 = 10 marks )
What is wagering agreement?
Define “Restitution”.
Write a note on reciprocal promise.
What do mean by supervening impossibility?
What is meant by liquidated damage?
What is quantum Merit?
“Actual Breach of Contract” – Explain the concept.
$$$$$$$$$$$$