Important Questions

Important Questions in Business Law

Long Answer Questions

Unit – I  

1. “All contracts are agreements but all agreements are not contracts.” Comment.
2. Define Consideration and state the exceptions to the rule “No Consideration No Contract.
3. Define Acceptance.  State the rules relating to Acceptance.
4. “Agreements in restraint of trade are void.  What are its exceptions?
5. What is an offer? State the rules of a valid offer.
6. Discuss the provisions of Indian Law relating to the capacity of parties to the contract.
7. Define a contract. Explain the essential of a valid contract.
8. Discuss the legal rules relating to minor’s agreements.

Unit – II

9. Define quasi contracts.  Enumerate the quasi contracts provided for in the Indian contract act.
10. State various remedies available to an aggrieved party in case of breach of contract.
11. Distinguish between a wagering agreement and contingent contract.  What are the rules relating to contingent contract?
12. Explain the term tender of Performance. What are the essentials of a valid Tender of performance?
13. State briefly the various ways in which a contract may be discharged.

Unit – III

14. What is contract of guarantee? Explain its essential features.
15. Explain the rights and obligations of finder of lost goods.
16. Define bailment and explain the requisites of bailment.
17. When is an agent personally liable to third parties?
18. Distinguish between contract of indemnity and contract of guarantee.
19. Explain the rights and duties of bailee in a contract of bailment.
20. Distinguish between General Lien and Particular Lien.  Who are entitled to a general lien?
21. What is meant by agency by Ratification? What are the essentials of a valid ratification?

Unit – IV

22. Explain the term delivery of goods and explain different methods of delivery of goods.
23. Define the term goods. What are the different types of goods?
24. Define a contract of sale and explain the features and conditions for valid sale.
25. What is meant by unpaid seller, explain the rights of an unpaid seller?
26. Distinguish between Sale and Agreement to Sale.
27. Explain the doctrine of Caveat Emptor and state the exceptions to it.
28. Explain the conditions and warranties under the sale of Goods act 1930?

Unit -V

29. Who cannot be appointed as a Director of a company?  When does the office of a director fall vacant?
30. Define winding up of a company.  What are the various modes of winding up?
31. Who is an official liquidator? What are his powers?
32. State the assumptions on which the doctrine of Indoor management is based. What are the exceptions to the application of this doctrine?
33. What is the Statutory Meeting? Explain the contents of the statutory report.
34. Discuss the qualification of a director.  How can he directors be removed?
35. What is Doctrine of ultravires? What are the exceptions to this doctrine?
36. Explain the position of the directors in a company.
37. Explain the various ways in which the directors may be appointed?
38. What is meant by Annual General Meeting? Explain the significance of the AGM.

Short Answer Questions

1. Undue Influence
2. Distinction between fraud and misrepresentation
3. Mercantile agent
4. Express and implied contracts
5. Coercion
6. Continues guarantee
7. Voidable contracts
8. Consensus – ad – idem
9. Liquidated damages
10. Bailee’ Lein
11. Vindictive Damages
12. Minutes and Proxy
13. Special resolution
14. Rights of indemnity holders
15. Unfair trade practices
16. Contributory
17. Objects of Essential commodities act
18. Explanatory statement
19. Consumer as per Consumer Protection Act
20. Del – Credere Agent


Flaws in Consent

Cost Accounting

Long Answer Questions

1. Define costing and explain the advantages and disadvantages of costing?
2. What are the essentials for installing costing system in a concern?
3. What do you understand by cost accounting?  Explain the significance of cost accounting.
4. Explain various methods of costing?
5. Explain the various methods of classification of costs?
6. State and explain the main differences between financial accounting and cost accounting?
7. Discuss the steps involved in installation of cost accounting system in a manufacturing concern.
8. Distinguish between cost accounting and management accounting.

Short Answer Questions

1. What is meant by cost sheet?
2. Cost accounting and cost accountancy?
3. Concept of cost.
4. ABC analysis
5. Define Job costing
6. What is meant by scrap, wastage and pilferage
7. Distinguish between marginal cost and marginal costing
8. Distinguish between standard costing and historical costing
9. What is standard cost and classify variance
10. What is cost centre
11. Explain the necessity of cost accounting
12. What is labour turnover and its methods
13. Methods of absorption of overheads
14. What is process waste
15. Break even point, margin of safety and contribution

Corporate Accounting

Long Answer Questions

1. Explain the need and uses for valuation of equity shares and also enumerate various methods for the valuation of shares?
2. What is meant by Goodwill? What are the factors influencing the goodwill and what are the different methods for valuation of goodwill.
3. Define Bonus shares and the procedure for issue of bonus shares?
4. What are the uses of accounting standards in Indian accounting
5. Explain the role of accounting standard board regarding issue and implementation of accounting standard.
6. Define purchase consideration? Explain the various methods of purchase consideration?
7. Explain the Difference between amalgamation in the nature of merger and amalgamation in the nature of purchase.
8. Define the following items as per life insurance accounts (a) Annuity (b) Premiums (c) Claims (d) Re – insurance ceded and accepted (e) valuation balance sheet
9. Explain the slip system of accounting under banking accounts.

Short Answer Questions

1. Depreciation Accounting As per Accounting standard 6
2. Valuation of Inventories as per AS 2
3. Pooling of interest and Purchase methods
4. Performing and non performing assets
5. Bonus in reduction of premium
6. Reserves for unexpired risk
7. Performing and non performing assets
8. Uses share premium
9. Treatment of Coporate Dividend Tax (CDT)
10. Reinsurance claims and premiums
11. Valuation balance sheet