The different types of contracts are : 1) according to enforceability, 2) according to formation, 3) according to performance. Valid contract is an agreement enforceable by law. All the parties to the valid contract are legally responsible and the contract can be enforced through the court also. Voidable contract is an agreement which is enforceable by law at the option of one or more of the parties thereto, but not at the option of others, is avoidable. Void contract is a contract which cannot be enforced by either party.
Here we present Business Law Practice Question Paper Set 8:
Q.1) Explain Caveat Emptor as per sale of goods act. – 15 marks
Q.2) Explain doctrine of ultra vires as per Companies Act, 1956. – 15 marks
Q.3) Explain ‘District Forum’ as per Consumer Protection Act. – 8 marks
Q.4) Define Promissory note and Bills of Exchange and distinguish between the two. – 7 marks
Q.5) State various rights and duties of the partners. – 15 marks
Q.6) Define the following: – 15 marks
b) Document of title to the goods
e) Restrictive trade practice
h) Consideration as per Indian Contract Act.
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