The essential elements of valid contract are: certainty, legal relationship, proposal and acceptance, consideration, free consent, agreement should not be expressly declared void, possibility of performance, enforceable by law. The essentials of acceptance are as follows: acceptance must be absolute and unqualified; acceptance must be by a certain person, mental acceptance is not sufficient in law, acceptance must be given within a reasonable time, acceptance of proposal is acceptance of all terms.
Here we present Business Law Practice Question Paper Set 6:
Q.1) Explain how a contract is discharged. – 8 marks
Q.2) Define consideration and explain “no consideration, no contract” – 7 marks
Q.3) Explain caveat emptor with its exceptions. – 8 marks
Q.4) explain when and how risk passes from seller to buyer. – 7 marks
Q.5) State how and when negotiable instrument and parties to N.I. are discharged. – 8 marks
Q.6) State special presumption as to negotiable instrument. – 7 marks
Q.7) Define memorandum and explain its various clauses. – 8 marks
Q.8) State advantages of doing business in the form of a company. – 7 marks
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