Important
Questions in Business Law
Long Answer
Questions
Unit –
I
- “All contracts are agreements but all
agreements are not contracts.” Comment.
- Define Consideration and state the exceptions
to the rule “No Consideration No Contract.
- Define Acceptance. State the rules relating to Acceptance.
- “Agreements in restraint of trade are
void. What are its exceptions?
- What is an offer? State the rules of a
valid offer.
- Discuss the provisions of Indian Law
relating to the capacity of parties to the contract.
- Define a contract. Explain the essential
of a valid contract.
- Discuss the legal rules relating to
minor’s agreements.
Unit – II
- Define quasi contracts. Enumerate the quasi contracts provided
for in the Indian contract act.
- State various remedies available to an
aggrieved party in case of breach of contract.
- Distinguish between a wagering agreement
and contingent contract. What are
the rules relating to contingent contract?
- Explain the term tender of Performance.
What are the essentials of a valid Tender of performance?
- State briefly the various ways in which
a contract may be discharged.
Unit – III
- What is contract of guarantee? Explain
its essential features.
- Explain the rights and obligations of
finder of lost goods.
- Define bailment and explain the
requisites of bailment.
- When is an agent personally liable to
third parties?
- Distinguish between contract of
indemnity and contract of guarantee.
- Explain the rights and duties of bailee
in a contract of bailment.
- Distinguish between General Lien and
Particular Lien. Who are entitled
to a general lien?
- What is meant by agency by Ratification?
What are the essentials of a valid ratification?
Unit – IV
- Explain the term delivery of goods and
explain different methods of delivery of goods.
- Define the term goods. What are the
different types of goods?
- Define a contract of sale and explain
the features and conditions for valid sale.
- What is meant by unpaid seller, explain
the rights of an unpaid seller?
- Distinguish between Sale and Agreement
to Sale.
- Explain the doctrine of Caveat Emptor
and state the exceptions to it.
- Explain the conditions and warranties
under the sale of Goods act 1930?
Unit -V
- Who cannot be appointed as a Director of
a company? When does the office of
a director fall vacant?
- Define winding up of a company. What are the various modes of winding
up?
- Who is an official liquidator? What are
his powers?
- State the assumptions on which the
doctrine of Indoor management is based. What are the exceptions to the
application of this doctrine?
- What is the Statutory Meeting? Explain
the contents of the statutory report.
- Discuss the qualification of a
director. How can he directors be
removed?
- What is Doctrine of ultravires? What are
the exceptions to this doctrine?
- Explain the position of the directors in
a company.
- Explain the various ways in which the
directors may be appointed?
- What is meant by Annual General Meeting?
Explain the significance of the AGM.
Short Answer
Questions
- Undue Influence
- Distinction between fraud and
misrepresentation
- Mercantile agent
- Express and implied contracts
- Coercion
- Continues guarantee
- Voidable contracts
- Consensus – ad – idem
- Liquidated damages
- Bailee’ Lein
- Vindictive Damages
- Minutes and Proxy
- Special resolution
- Rights of indemnity holders
- Unfair trade practices
- Contributory
- Objects of Essential commodities act
- Explanatory statement
- Consumer as per Consumer Protection Act
- Del – Credere Agent
- Flaws in Consent
Cost Accounting
Long Answer
Questions
- Define costing and explain the
advantages and disadvantages of costing?
- What are the essentials for installing
costing system in a concern?
- What do you understand by cost
accounting? Explain the
significance of cost accounting.
- Explain various methods of costing?
- Explain the various methods of
classification of costs?
- State and explain the main differences
between financial accounting and cost accounting?
- Discuss the steps involved in
installation of cost accounting system in a manufacturing concern.
- Distinguish between cost accounting and
management accounting.
Short Answer
Questions
- What is meant by cost sheet?
- Cost accounting and cost accountancy?
- Concept of cost.
- ABC analysis
- Define Job costing
- What is meant by scrap, wastage and
pilferage
- Distinguish between marginal cost and
marginal costing
- Distinguish between standard costing and
historical costing
- What is standard cost and classify
variance
- What is cost centre
- Explain the necessity of cost accounting
- What is labour turnover and its methods
- Methods of absorption of overheads
- What is process waste
- Break even point, margin of safety and
contribution
Corporate Accounting
Long Answer
Questions
- Explain the need and uses for valuation
of equity shares and also enumerate various methods for the valuation of shares?
- What is meant by Goodwill? What are the
factors influencing the goodwill and what are the different methods for
valuation of goodwill.
- Define Bonus shares and the procedure
for issue of bonus shares?
- What are the uses of accounting
standards in Indian accounting
- Explain the role of accounting standard
board regarding issue and implementation of accounting standard.
- Define purchase consideration? Explain
the various methods of purchase consideration?
- Explain the Difference between
amalgamation in the nature of merger and amalgamation in the nature of
purchase.
- 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
- Explain the slip system of accounting
under banking accounts.
Short Answer
Questions
- Depreciation Accounting As per
Accounting standard 6
- Valuation of Inventories as per AS 2
- Pooling of interest and Purchase methods
- Performing and non performing assets
- Bonus in reduction of premium
- Reserves for unexpired risk
- Performing and non performing assets
- Uses share premium
- Treatment of Coporate Dividend Tax (CDT)
- Reinsurance claims and premiums
- Valuation balance sheet