Page 1 :
51, , Introduction toBusiness Lew's, of, for the main purpose, ertain stipulations are essential, and non-fulfilment, These are the root of the contract, , gooa., , TOunaaion, are not, 5ale, , of, , contract. These are known, , esgential,, , or goods,, , are, , contract of, , means losS, , conditions. Other stipulations,, , salo, , or Tne, which, , to the, , contract O, warranty. These are collateral, but the, of, warranty,, cannot be avoided for breach, , known, , A contract, , as, , a, , as, , aggrieved party can claim damages., , The sG Act requiress that goods transferred by the seller to the buyer must, t, ascertained and it should be an intention of the seller to pass such gooas, the buyer. The Act also deals with transfer of the tite of the goods by a person, , be, , who is not the, , owner, , of the, , goods, , The Act entrusts various duties and grants certain rights to both the buyer, ot tne, and the seller, e.g., it is the, of the seller to deliver the goods and, buyer to accept and pay for them in accordance with the terms of the contract, , duty, , or, 8ae., refuses, , are sold and property transferred to, goods, to pay for them, the only remedy available to, , the, , buyer, , and he or, , she, , the seller is to approac, , the court. The seller does not have the right to take forceful possession ot the, , goods irom the buyer once the property of goods is transferred to him. However,, , some rights have been given to the buyer, , ARBITRATION AND CONcILIATION ACT, 1996, The Arbitration and Conciliation Act, 1996 (A&C Act) has been enacted too, replace three previous laws dealing with the various aspects of arbitration. This, , legislation, , is based on the Model Law, , adopted by, , on, , International Commercial Arbitration, , the United Nations Commission on International Trade Law, , the, in 1985. The A&© Act has been consolidated into one, law relating to domestic arbitration, international commercial arbitration,, , statute,, , (UNCITRAL), , enlorcement of foreign arbitral awards and conciliation. It allows the contracting, and procedure of the arbitration proceedings., all arbitrations that take, The application of the A&C Act is mandatory for, place in India. Where a party to the dispute, which has been referred for, , parties, , to, , decide, , on, , the, , venue, , country, the, the parties have expressly o r impliedly, provision of the A&C Act applies, unless, such arbitration are contrary, rejected its applicability or the rules that govern, limited scope for an, to its provisions. Under the mandate of the Act, the:, arbitration, is Indian and the, , appeal being made, , venue, , of arbitration is, , to an arbitrator., , REVIEWQUESTIONS, 1., , Deline law., , 2., , What, , 3., , Define business law., , 4., , Define custom., , 6., , Define statue law., , are, , the branches of law., , outside the

Page 2 :
BusinesS Regulatio, is law merchant or maritime usages, .What, 7. Define equity., 8,, , 9., 10., , What is English common, What is supreme law?, What is subordination, , law?, , legislation, , PREVIOUS YEAR EXAMINATION QUESTIONS FROM THE CHAPTER, Section B, 1., , Explain, , the sources of, , business law., , (BU, B.Com., 2017)

Page 3 :
The Indian Contract Act, 1872, , 121, , 4, , A Wagering agreement, , 6, , In, subject, a wagering, matter agreement, the parties, , amount, , is void, , where as, , ement except the winning, wager. In other words, a, wagerng agie, This is, , ot the, , ot chance., , not so in case of, , a, , SUMMARY, , s valid., , contingent contract, have no other interest, , a, , or, , losing, , in the, ot the, , contingent conia, , Contingent Gonracts are the contracts, which are conditionai o, event happeung not happening and are enforceable when the, or loss occurs. (Section 31), or, , futurG, , Ov, , RULES FOR ENFORCEMENT, (a) If it 15 Contingent on the happening of a future event, it is enforceable wnen, , the, , event nappens., , The contract becomes void if the event, , impossiDe, or the event does not happen till the expiry of time becom, nxea 1o, happening ot the event., , (b) If, , it 15, , on a future event not, It can be enorcea, happening ot that event becomes impossible or it does not happen at the, , COnnngent, , happening., , wa, , expiry ot time ixed for non-happening of the event., , () f the future event is the act of a living person, any conduct of that person, which prevents the event haPpening within a definite time renders the event, , impossible., (d) If the future event is impOssible at the time of the contract is made, the, contract is void ab initio., , Quasi Contracts arise where obligations are created without a contract., The obligations which they give rise to are expressly enacted:, , (a) If necessaries are supplied to a person who is incapable of contracting, the, Supplier is entitled to claim their price from the property of such a person., , (b) A person who is interested in the payment of money which another is bound, to pay, and who therelore pays 11, is entitled to be reimbursed by the other., , (c) A person who enjoys the benefit of a non-gratuitous act is bound to make, , compensation., (d) A person who finds lost property may retain it subject to the responsibility, of a bailee., , (e) If money is paid or goods delivered by mistake or under coercion, the, , recipient, , must, , repay, , or, , make restoration., , REVIEW QUESTIONS, . W h a t do you mean by contract?, , 2., , What do you, , mean, , by, , an, , agreementr, , What do you mean by enforceability of an agreement?, 4., , What are the essential elements oI valid contract? Only name.

Page 4 :
122, , siness Regulate, , by valid contract?, 5. What do you, What do you mean by void contract?, contractr, do, mean, , you mean by executed, W h a t do you mean by executor contract, S., what do you mean by express, contrac, , The, , What, 10., , What do you mean by implied contractr, , 1, , 11., , What is void, agreement?, 12. What is voidable contract?, 13. What is an, , illegal, , 14., What, 15. What, , do you, is, , 2, , contractr, unenforceable contract?, , mean, , by, , Quais-contract?, , 1., , 16. Define offer., 17. What is, general offer?, , 18, What do you understand by lawful abject?, 19. Give the, meaning of coercion., , 20. Define acceptance., 21. Define consideration., 22. Who is minor?, , 23. What do you mean, 24. Define consent., , 6., , by consent?, , 25. What is coercion?, 26. What do you mean, 27. Describe, , by undue influence?, , reciprocal promises., , 28. What is a fraud?, 29., , What is consensus ad idem?, 30. What is the contractual, capacity of convicts?, 31. What do you mean by, performance of contract?, 32. What are joint, promises?, 33. What is breach of contract?, 34. What do you mean by, anticipatory breach?, 35. What is Quantum meruit?, 36., , Who must perform contracts?, 37. What is an injunction?, 38. What do you mean by, 39. What, 40., , are, , the, , assignment, , requisites, , What do you mean by, , of a, , of a contract?, valid Tender?, , joint-promises?, , 41. What do you mean by, reciprocal promises?, 42. VVhat do you mean by breach, of contract?

Page 5 :
ne Indian Contract Act, 1872, , 123, , PREVIOUS YEAR EXAMINATION QUESTIONS FROM THE CHAP ER, Section B, ., , What, , is Coercion?, , Distingulsh, , Distinguish between Coercion, , between, , Condition, , and, , and Undue, (BU, B.Com., 2019)), , Warranty., , intiue, , (BU, B.Com., 2018), , Section C, 1., , What do you, to the, , mean, , by Breach, , ag99rieved party, , in, , of Contract? Explain the remedies, case of Breach of a Contract., , Explain various implied conditions and warranties., , What, , avaa, , (BU, B.Com., 2019), , (BU, B.Com, 2019), , is breach of contract? What are the remedies, for the, , breach, , of, , contracr, , (BU, B.Com., 2018), , 4, , Explain the provisions for revocation of an offer., , 5., , Explain the remedies for breach of contract., , 6, , Explain the essentials of a valid contract., , (BU, B.Com., 2018), (BU, B.Com., 2017, , (BU, B.Com, 2017)