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(Essay type)
Subject Code – CT-29
Subject Title – Business Laws
Assignment Code – 29/Al/ET
Coverage: As specified in syllabus plan.

There are four Questions. You are expected to attempt any Three Questions on a
fullscape paper and send it to the Director of the institute. Mention your Name, Enrol
No., Subject Code, Subject Title & Date of submission on your answer sheet.
(For each answer use a separate fuliscape paper. Your answer should be written in at
least 200-300 wards for each question Causal and very short answers may be rejected.)

Q1. Write notes on followings

(a) Type of company
(b) Type of meetings
(c) Right of surety
(d) Functions of conciliator

Q2. (a) “Hire purchase is a mode of selling goods as well as financing the price of the
goods” Discuss.
(b) What is Prospectus? How it is different from an offer?

Q3. (a) What is a design? Discuss significance of trade mark and absolute grounds for
refusal of its registration.
(b) Write short note
(i) Difference between offer and invitation to offer
(ii) Wagering Contract.

Q4. (a) What do you mean by competition Act 2002? Explain its salient features.
(b) Discuss the fundamental principles of insurance.
(Objective Type)

1. The companies Act is administered by the state government.

2. A Private company is one which has a minimum paid-up capital of Rs. five lakh
3. Any person capable of entering into a contract can be a promoter of a company.
4. The memorandum of Association is the fundamental document of the company
containing the basic conditions on which the company is incorporated.
5. A prospectus is a general invitation to the public to subscribe to the capital of the
company on the conditions specified in the application form.
6. Shares are mainly of three kinds equity, debenture and preference.
7. A company is, though a legal person, but has no body or mind of its own.
8. The offer is the end point in the process of making an agreement
9. If the offeree remains silent, it means that he has accepted the offer.
10. Collateral transactions to a void agreement also become void.
11. Consideration must result in a benefit to the promisor and a detriment to
12. Term of policy means the duration for which the policy will cover the risk.
13. A contract of indemnity is one where by a person promises to save the other
from loss caused to him by the conduct of the promised himself or of any third
14. A verbal promise to pay a time barred debt is valid.
15. A patent is a statutory grant conferring certain monopoly rights on the patentee
for a fixed period.
16. A contract is void if one of the parties to the contract is under a mistake of fact.
17. Manager is a person employed to do any act or to represent another in dealings
with third persons.
18. When a Contract becomes void, any person who had received any advantage
under such contract must restore it.
19. Ordinary damages are available only when the contract provides therefore.
20. An agreement void ab-initio cannot be a quasi-contract.
21. Arbitration is a mode of settling dispute, by referring them to a nominated
person who decides the issue in a quasi-judicial manner alter hearing both sides.
22. A finder of goods may sue the owner for the award (if any offered on the lost
23. Arbitration is the means by which parties to a dispute get the same settled
through the intervention of a third person, followed by recourse to a court of
24. The main advantages of conciliation are more flexibility and minimum formality.
25. Partnership is the new form of business organization in India,
26. All industries which do not require an Industrial Licence are required to submit
an Industrial Entrepreneurs Memorandum to the Secretariat for Industrial
Assistance (SIA).
27. It is compulsory to have a partnership deed.
28. Every partner cannot take part in the conduct of the business.
29. Implied authority can be restricted or extended by mutual agreement.
30. Carriage of goods is an essential part of any business activity.
31. A minor cannot take part in the conduct of the firm’s business.
32. The common carrier has the right to refuse carriage of goods if the goods are of a
type other than what he professes to carry.
33. A contract of affreighment may take the form of a Charter Party where a
portion of ship is hired,
34. A hire-purchase agreement has an aspect of bailment of goods subjected to the
hire-purchase agreement, and an element of sale which fructifies when the option
to purchase is exercised by the intending, purchaser.
35. Implied Warranties include that the owner undertakes a warranty that the hirer
shall have and enjoy quiet possession of the goods.
36. Hire-purchase is a mode of selling goods as well as financing the price of the
37. The hirer has a right to assign his right, title and interest under the agreement,
with the consent of the owner.
38. The administration of service tax has been entrusted to the Central Excise
39. In case of fraud, the aggrieved party cannot sue for damages.
40. Failure to pay service tax, in accordance with section 68 is an offence.
41. A company is required to get its accounts audited by a qualified Cost Accountant
in practice or a firm of Cost Accountants, and obtain an audit report.
42. A contract where both the parties have fulfilled their respective obligations is
called an ‘Executory contract’.
43. Service Tax depends on income tax.
44. The insolvent is prohibited from dealing with his property except with the
permission of the Official Receiver.
45. Since partnership is a collection of individuals its registration is not compulsory.
46. After an insolvent is discharged he is a free man again, able to earn his
47. A ‘composition’ or a ‘scheme of arrangement’ is a settlement between the
insolvent and his creditors whereby the creditors agree to accept something less
than the amount actually due to them, in full settlement of their claims.
48. EPCG stands for Export Promotion Capital Goods.
49. Law recognises insurance as a system of sharing risk too great to be borne by
one individual.
50. The Right to information Act, 2005 primarily envisages to set out a practical
regime of right to information for citizens to secure access to information under
the control of public authorities.
51. A patent can be obtained only for an invention which is new and useful.
52. BIFR stands for Board of Industrial and Financial Reconstruction.
53. Trade mark depicts similarities of goods as regards their manufacture or quality,
dealt in by a particular person, company or firm, from similar goods
manufactured or dealt with by other persons, companies or firms.
54. Copyright ensures that any intellectual or artistic work, which often is
immeasurable in terms of money, belongs to its rightful owner or author, and
none else is able to derive any benefits by annexation of its fruits.
55. An agreement requiring a purchaser of goods, as a condition of such, purchase to
purchase some other goods is not related to restrictive trade practices.
56. Punch line is also known as trade mark.
57. Competition Act, 2002 approves abuse of dominant position by any enterprise.
58. W.e.f. 1.6.2000 foreign exchange transactions are governed by Foreign Exchange
Management Act, 1999.
59. Notice of revocation of agency must be given in all cases.
60. The contract of marine insurance is an agreement whereby the insurance is an
agreement whereby the insurer under takes to indemnity the assured in the
manner and to the extent agreed, against marine losses viz, losses incident to
marine adventure.