IMPORTANT QUESTIONS OF BUSINESS LAW SUBJECT FOR FINAL EXAM 1) Define and explain Promissory Note and Bill

of Exchange 2) State True or False (a) All Negotiable Instruments are governed by Negotiable Instruments Act (b) A Bill of Exchange can be crossed (c) A cheque is always payable on demand (d) Generally, every holder of Negotiable Instrument is presumed by law to be holder in due course (e) An unstamped Neg. Instr. Signed, but blank in some respect, is called inchoate instrument (f) Crossing a cheque amounts to material alteration 3) Write Notes on : (a) Crossing of Chq (b) Section 138 of Neg. Instr. Act 4) What is Contract of Sale of Goods? Distinguish between Sale, Bailment, Gift, Pledge, Mortgage 5) Write Notes on : (a) Earnest Money (b) Caveat Emptor (c) Unpaid Seller 6) Discuss Conditions and Warranties under Sale of Goods Act 7) State True or False : (a) No consideration no contract (b) Contract and Agreement mean the same (c) All Agreements are Contracts (d) If there is no legal obligation there is no contract (e) Agreement entered into by minor cannot be enforced by law (f) All contracts have to be in writing to become an enforceable contract 8) Decide the Cases : (a) Ramesh promises his wife to bring a beautiful saree if she sings a song. The wife obliges and sings a song. But Ramesh refuses to buy the saree for her. His wife wants to sue her husband for this failure. Decide. (b) Srinivas agrees to pay Rs. 50,000/- to Mahesh if the latter brings God before him. Mahesh agrees to pay the same amount in event of his failure. This agreement is executed on stamp paper in front of 2 witnesses. Mahesh has failed to perform. Srinivas plans to go to court for recovering the amount. Decide. 9) Write Notes : (a)Coercion (b) Undue influence (c) Fraud (d) Misrepresentation (e) Mistake 10) True or False : (a) A company is a distinct person from its own independent identity. (b) Common seal is the signature of the company (c) A person who assumes the task of promotion of the company is called the promoter (d) A pvt. Co. is allowed to raise funds from the public (e) The Certificate of Incorporation can be cancelled by ROC when it is found irregular (f) In the eyes of the law shareholders of the company are part owners 11) Define Company. Write essential features of a company 12) Discuss the case of Solomon v/s Solomon & Co. Ltd.