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The Negotiable Instruments Act, 1881 Question 1.Define a Bill of Exchange. In what respect does ¡t differ from a cheque. (May 1998, 6 marks)ORPoint out the differences between a Cheque” and a “Bill of Exchange” under the Negotiable Instruments Act, 1881. (May 2011, 8 marks)Apswer:According to Section 5 of the Negotiable Instruments Act, 1881, a […]
Companies Act, 2013 – CA Foundation Business Law Study Material Question 1.What is meant by the lifting of the corporate veil? What are the instances in which the corporate veil may be lifted?ORThere are cases where company law disregards the principle of corporate personality or the principle that the company is a legal entity distinct […]
Limited Liability Partnership Act, 2008 – CA Foundation Business Law Study Material Question 1.What is meant by Limited Liability Partnership? What are its salient features/characteristics?Answer:An LLP is a new form of legal business entity with limited liability. It is a separate legal entity where LLP itself is liable to the third parties up to the […]
Registration of a Firm & Dissolution of a Firm – CA Foundation Business Law Study Material Question 1.What is the procedure of registration of the firm? Explain.Answer:The registration of a partnership is not compulsory. Therefore an unregistered firm is not an illegal association. But an unregistered firm suffers from certain disabilities and therefore registration is […]
General Nature of Partnership – CA Foundation Business Law Study Material Question 1.Define Partnership. Discuss the essential elements of Partnership.Answer:Section 4 of the Indian Partnership Act, 1932, lays down that “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them […]
Unpaid Seller – CA Foundation Business Law Study Material Question 1.What are the rights of the buyer against the seller in case of breach of contract by him, under the provisions of the Sale of Goods Act, 1930?Answer:A buyer has the following rights against the seller for breach of contract under the Sale of Goods […]
Transfer of Ownership – CA Foundation Business Law Study Material Question 1.What is the appropriation of goods under the Sale of Goods Act, 1930? State the essentials regarding appropriation of unascertained goods.Answer:Under Section 23(1), in a contract for the sale of unascertained or future goods by description, the property in the goods passes to the […]
Conditions & Warranties Question 1.Explain the condition as to merchantability ant! condition as to wholesomeness.Answer:Implied condition as to merchantability. – [Sec. 16(2)]Where goods are brought by description from a seller who deals in goods of that description, there is an implied condition that goods shall be of merchantable quality. Merchantable means that the goods are […]
Formation of Contract of Sale – CA Foundation Business Law Study Material Question 1.What is a contract of sale? What are the essentials of a valid contract of sale?Answer:According to Section 4(1) of the Sale of Goods Act, 1930, “a contract whereby the seller transfers or agrees to transfer the property in the goods to […]
Contingent & Quasi Contracts – CA Foundation Business Law Study Material Question 1.Define a contingent contract and explain its essentials.Answer:“A contingent contract is a contract to do or not to do something, if some event, collateral to such contract, does or does not happen” – [Section 31]. Contracts of insurance, indemnity and guarantee are examples […]