BCOM/III/CC/10 Student's Copy
2 0 1 8
CBCS
3rd Semester
COMMERCE
Business Regulatory Framework
Full Marks 75
Time 3 hours
PART A—OBJECTIVE
Marks 25
The figures in the margin indicate full marks for the questions
SECTION—A
Marks 10
Choose the correct answer and write its code in the brackets provided 1×5=5
1. The contract which is inferred from the acts or conduct of the parties or
from the circumstances of the cases is
Implied contract Explicit contract
Written contract Express contract
2. The maker of a bill of exchange is called the
holder drawer
payee drawee
3. Where a complaint is found to be frivolous or vexatious, the complainant
shall pay to the opposite party such cost, not exceeding
R 25,000 R 15,000
R 10,000 R 20,000
/48 1 Contd.
4. A person legally entitled to receive money due on a negotiable instrument
is
drawer drawee
receiver holder
5. partner is one who does not take active part in the business of the
firm.
An incoming A dormant
An outgoing A working
State whether the following statements are True or False by putting a
Tick mark in the brackets provided 1×5=5
6. A valid contract is a contract which ceases to be enforceable by law.
T F
7. The buyer is deemed to have accepted the goods when he intimates to the
seller that he has accepted them. T F
8. Every bill of exchange bearing a date may not be made or drawn on such
date. T F
9. A consumer means any person who buys goods for a consideration.
T F
10. There is no difference between working partners and dormant partners as
regards liability to third parties. T F
SECTION—B
Marks 15
Write short notes on the following 3×5=15
1. Consideration
OR
Guarantee
BCOM/III/CC/10/48 2 Contd.
2. Doctrine of caveat emptor
OR
Sale by auction
3. Partnership deed
OR
Types of partnership
4. Negotiation
OR
Cheque
5. State Commission for consumer disputes redressal
OR
Public Information Officer
PART B—DESCRIPTIVE
Marks 50
The figures in the margin indicate full marks for the questions
UNIT—I
1. What is a contract? Discuss the essential elements for formation of a valid
contract. 3+7=10
OR
2. What are indemnity and guarantee? Distinguish between contract of
indemnity and contract of guarantee. 4+6=10
BCOM/III/CC/10/48 3 Contd.
UNIT—II
3. Discuss the rules which determine when ownership of property passes
from the seller to the buyer. 10
OR
4. What do you mean by an agreement to sell? What are the distinctions
between sale and agreement to sell? 5+5=10
UNIT—III
5. Define partnership. Explain the duties of partners. 3+7=10
OR
6. What do you mean by dissolution of a firm? Explain the different grounds
of dissolution of a firm. 3+7=10
UNIT—IV
7. Define promissory note. What are the essential elements of a promissory
note? 4+6=10
OR
8. What is bill of exchange? Explain discounting of bill of exchange and
endorsement of bill of exchange.
UNIT—V
9. Discuss the composition and functions of the Consumer Protection
Councils. 10
OR
10. What is the Right to Information Act? What are the basic objects of the RTI
Act, 2005? 3+7=10