2011 (November)
Commerce (General/Speciality)
Course: 102
Full marks: 80
Time: 3 hours
1.
Write true or false: (1x8=8)
(i)
Indian Contract act was passed in 1872. True
(ii)
A contract dependent on happening or
non-happening of a future uncertain event is a contingent contract. True
(iii)
An agreement to sell is call executed
contract. False, Executory Contract
(iv)
An unpaid seller obtains right against goods
only.
(v)
A promissory note is payable on demand or after
a definite period of time. True
(vi)
Bill of exchange has three parties. True, Drawer, Drawee and Payee.
(vii)
District forum can entertain complaints where
the value of goods/ services and the compensation, if any, exceeds rupees
twenty lakhs. False, District Forum upto 20 lakhs, State Forum above 20 lakhs upto 1 crore, National Forum above 1 crore.
(viii)
FEMA 2000 deals with export of goods and
services only. True
(a)
Voidable contract
(b)
Caveat emptor
(c)
Special crossing of a cheque
(d)
Objectives of Consumer Protection act
Or
(b) Explain the various modes of discharge of a contract. 11
Or
(b) Distinguish
between condition and warranty. Illustrate when a condition is treated as
warranty. 4+7=11
Or
(b)
Explain the difference between Promissory note and bill of exchange. 11
6. (a) Who is
complainant under Consumer Protection Act? Explain the word “Consumer” under
this act. (5+6=11) Click here for answer
Or
(b)
Describe District Forum and its composition. (4+7=11)
7.
(a) Illustrate: (6x2=12)
(a)
Capital account transaction
(ii)
Current account transaction
Or
(b) State
the obligations of exporter of goods and services under FEMA 2000. 12