BUSINESS LAW ASSIGNMENT BCOC-133(IGNOU)
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Section-A
Q.1 What is a contract? Explain the essentials of a valid contract.Q.2 What is breach of contract? Explain the remedies available to an aggrieved party on the breach of contract.
Q.3 Discuss the various ways by which a contract of agency can be terminated.
Q.4 Can a minor be admitted to a partnership? If so, what are his rights and liabilities during minority and after he has attainted majority?
Q.5 Explain the rules relating to delivery of goods.
Section-B
Q.1 Define fraud. What are the effects of fraud?Q.2 Describe particular lien and general lien of a Bailee.
Q.3 Discuss briefly the circumstances when a partnership firm is dissolved by the order of the court.
Q.4 Define condition in a contract of sale. When can a breach of condition be treated as a breach of warranty?
Q.5 Discuss the essential characteristics of a promissory note.
Q1 what
is a contract? Explain the essential of a valid contract?
Ans. Contract is an official agreement. It could be written or even in oral. It is a promise made between two or more parties that which allows the court to make judgment. A contract has following element to make it a valid.
1 Offer -. An offer or a promise or an agreement needs to be in contract because if there is no offer than there will be not contract. The first element in a contract is legally valid or acceptable. In a contract ,it is very important that a party would make an offer.
2. Acceptance -. After having an offer in the contract, there should be acceptance for a contract to be made there should be acceptance from the other party is clear with the offer, there would make an acceptance once they are clear with the rules and regulations being offer in the contract.
3. Consideration – it is also a very important element in the contract. Consideration in a contract would mean the other person would be giving back something in return. It would be consider as an exchange which would be made between the promise and promisor. Therefore should be a consideration in a contract so that it would be legally valid.
4. Attention to create legal relations-. It is essential to have this element in a contract. It is a necessity of the intention to create legal relations although the contract act 1950 is silent on the intention to create legal relations as one of the requirements of a valid contract. This element would have an agreement which is not a contract in the strict sense unless it is the common intention of the parties that it should be legally enforceable.
5. Certainty-. Another main element. In a contract would be certainty. The terms and regulations being made in a contract should be stated regularly and understood by the parties of the contract. If the agreement is not certain, it would be no longer valid.
6 capacity-. Capacity in a contract is the parties to the contract must have the legal capacity to do so. 18year old is stated as the age of a major. Minor who are people below the age of 18 have no capacity to enter into contracts. Therefore ,insane people or people with unsound mind also cannot enter into any valid contract. Therefore it is important to have the main element in a contract. Only if there are all the main element in a contract it would be legally valid to make a contract.
Q2. What is breach of contract? Explain the remedies available to an aggrieved party on the breach of contract?
Ans. When a promise or agreement is broken by any of the parties we call it a breach of contract. So when either of the parties does not keep their end of agreement or does not fulfil their obligations as per the terms of the contract, it is a breach of contract. There are a few remedies for breach of contract available to party.
1. Recession of contract-. When one of the parties to a contract does not fulfil his obligations ,then the other party can rescind the contract and refuse the performance of his obligations the party that rescind the contract must restore any benefits he got under the said agreement. The party is entitled to receive damage.
2. Sue for damages-. Section 13 clearly stated that party who has suffered , since the other party has broken promises , can claim compensation for loss or damage caused to them in the normal course of the business . Such damages will not be payable if the loss is obtained in nature ,not in the ordinary course of the business.
3. Sue for specific performance- this means the party in breach will actually have to carry out his duties according to the contract . In a certain cases ,the court may insist that party carry out the agreement. So if any of the parties fail to perform his contract, the court may order them to do so.
4. Injunction -. An injunction is basically like a decree for specific performance but for a negative contract. So court may grow an injunction to stop a party of a contract from doing something he promised not to do. It will stop the continuance of an act that is unlawful
5. Quantum meruit-. It literally translate to as much is earned. At times when one party of the contract is prevented from finishing his performance of the contract by the other party, he can claim Quantum meruit.
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