Assignment – A
1. At a meeting of a company, only 15 shareholders were present. 9 voted for a special resolution and 2 against and 4 did not vote at all. No poll was demanded and the chairman declared the resolution to be carried. Is this a valid resolution? Give reasons. Explain different kinds of Meetings and resolutions of a company?

2. A company altered the objects clause of its Memorandum of Association according to the procedure laid down by law, i.e. by passing a special resolution. A copy of the resolution was filled with the Registrar 4 months after the passing of the resolution. Can the Registrar register the alteration? Give reasons. When and how MOA may be altered?

3. Joseph promises to his wife Eva to give her pocket money of Rs 1,000 per month. After 6 months, he stops making the payment. Can Eva claim damages from Joseph? Give reasons in the light of essentials of a valid contract.

4. No seller can give to the buyer a better title to the goods than he himself has”. Comment on the statement and also discuss the exceptions to this rule as per the Sale of Goods Act, 1930

5. Write short notes of the following.
     (a)      “A stranger to the consideration can enforce the contract”. Explain the exceptions in the following.
 (b)Anticipatory breach of Contract 

c) A private company has only 2 shareholders who are also the directors with equal rights of management and voting power. The company has made large profits, but there is a complete deadlock in the management of the company. One of the shareholders applied for the winding up of the company. Decide at what moment does a winding up by the court commence? 

(d)   What is a ‘Prospectus’? Is it obligatory for a company to file a prospectus or a statement in lieu of prospectus with the Registrar of Companies?

    (e)      What is meant by the rule of ‘Caveat Emptor’ and what are its exceptions?

6. Every Holder in due course is a holder, but every holder may not be a holder in due course. Explain the term ‘Holder’ and ‘Holder in due course’ under the Negotiable Instrument Act, 1881.
7. Explain the different types of Crossing of Cheque under the provisions of Negotiable Instrument Act, 1881. What are the penalties prescribed in the Negotiable Instrument Act, 1881 in case of dishonor of a cheque?
8. i). State with reasons whether the following statement is correct or Incorrect:
(a)  “Continuing guarantee is revoked by the death of the surety”.

 (b)  “A principal is liable for frauds of his agent”.

(ii). Explain the various modes of creation of Agency? Write note on agency be estoppel and holding out.
Ans:-
Assignment – B
Case Detail:  Read the case study given below and answer the questions given at the end
                                   Case Study – Bailor &Bailee
 
Sudarshan bails a certain quantity of “First Grade” petrol, to be stored safely till the end of March 2011. Raghman, without the consent of Sudarshan mixes the first grade petrol with his own “Second Grade” petrol on 1st April, 2011, when Sudarshan asked Raghman for his first grade petrol Raghman tells him to take the bailed quantity of petrol out of the mixed petrol. Sudarshan refused to take the mixed petrol and instead claims the prices of the “First Grade” petrol, which is higher than “Second Grade”. Raghman refuses to compensate Sudarshan for the above on the ground of impossibility of performance. 

Q .1 (Whether Raghman is liable to compensate Sudarshan for the loss?

Q .2 Can Raghman be held liable for bearing the expenses which might be incurred for the separation of the two kinds of goods? If it was not petrol but the goods which is capable of being separated?

Q .3 With regard to the provisions of the act explain the duties of bailor and bailee.
Assignment – c

Annual – general Meeting is required to be held---    

By a private company only
By a public company only
By a company limited by guarantee only
By all kinds of companies

An acceptance is complete and effective only when it has been---  

Communicated to the offerer
Merely mentally accepted
Externally manifested
Kept in the drawer

Name of a company can be changed by passing a special resolution and with the approval of

The company law tribunal
The Central Government
The Registrar of Companies
None of these

Which of the following is a mode of discharge of contract---  

By impossibility of performance
By lapse of time
By breach of contract
All of above

Limited liability means liability of its---  

Debtors is limited
Creditor is limited
Members is limited
Debenture holder is limited

In a contract of sale, property means
Raw-materials
Moveable goods
Ownership
Immovable property

The goods which are yet to be acquired by the seller, are called

Existing goods
Contingent goods
unascertained goods
future goods

A contract becomes voidable if it has been caused by---  
Coercion
Fraud
Undue influence
All of them

If the goods have perished, the contract of sale of such specific goods, will become---  
Voidable
Void 
Illegal
None of these

Articles can be altered by
Ordinary resolution
Special resolution
Resolution requiring special notice      
Unanimous resolution

A contract entered into between the parties by words is called---  
An express contract
An implied contract
A quasi contract
An excited contract

Acceptance of an offer is complete as against the offeror as soon as
The offerer knows about it
The letter of acceptance is posted
The letter of acceptance is signed by offeree
The letter is handed over to a delivery person

If a company fails to pay its debts suit can be filed against the---  

Directors
Members
Officers
Company

A contract with a minor is

Illegal
Valid
Void
Voidable

Who is liable for the supply of necessaries to a minor---  

His guardian
His manager
His property
He himself

A prospectus is issued--- 

By a private limited company
By a public limited company 
By a company limited by guarantee
None of these

When, before the contract becomes due for performance, the promisor declares his intention of not performing his promise, it is called---  

Remission
Waiver
Alteration
Anticipatory breach

A bailment cannot be made about---  

Car
Furniture
Money
Television

The damages which arise in the usual course of things happening from the breach of contract, are called---  

Remote damages
Ordinary damages
Special damages
Nominal  damages

When a person is employed to represent another in dealings with third person, it is a contract of---  

Bailment
Guarantee
Agency
Pledge

Which of the following is not an essential element of a contract of sale---  
Goods as a subject matter
Transfer of property in goods
Price
Railway recipt
In return for a new television, Raju agrees to give his old television valued at Rs. 3,000 and an amount of cash worth Rs. 5,000 to Ganesh. This is a---
Barter
Exchange
Contract of sale of goods
Sale of approval

Which of the following rights is held by an unpaid seller---  
Right of lien
Right of stoppage in
Right of resale
All of these

After exercising the right of lien, the seller can resell the goods of perishable nature---  
After giving 7 days notice of resale to buyer
After giving 1 days notice of resale to buyer
Without giving any notice
None of these

Which of the following is not a remedy for breach of contract---  

Rescission of the contract
Restitution of benefit
Suit for damages
Alteration of the contract

A contract by which one party promises to save the other from loss is called---  
Contract of guarantee
Contract of indemnity
A quasi contract
None of these

Surety’s liability is

Primary
Secondary
Absolute
None of these

Crossed cheques payable to bearer are negotiated by

Endorsement and delivery
Delivery
Assignment
None of these

In a contract of sale, which of the following is treated as implied condition

That the seller has title to goods
That goods are similar to description
That goods are according to sample shown
All of these

Consideration must move at the desire of---  

The promisor
The promise
A third party
None of them

Which of the following does not relate to ‘termination of agency by operation of law’

Death of principal
Insolvency of principal
Destruction of subject-matter
Revocation of authority by the principal

Which of the following sentence is a valid promissory note---  

I promise to pay Mohan or order Rs. 1,000.
I promise to pay HariRs. 2,000 worth of shares
I promise to pay Naraynan in East India Bonds
I promise to pay Rakesh Rs. 5,000 and to deliver 50 kg of sugar.

A stipulation collateral to the main purpose of the contract, is called a---  

Condition
Warrenty
Guarantee
None of these

A person who receives a negotiable instrument for consideration, before maturity, and in good faith, is called
Holder for value
Holder
Holder in due course
None of these

A director must vacate his office if he fails to obtain qualification shares within
1 week
2 week
1 month
2 month

Which of the following rights are available to a finder of goods---
Right of lien
Right to file a suit for reward
Right of sale of goods
All of these

A private company has at least---  
7 members
3 members
3 director
2 member

A cheque payable to order may be negotiated---  
By delivery    
By endorsement    
By endorsement and delivery    
None of these

Which of the following endorsements is invalid---    
Restrictive endorsement    
Conditional endorsement    
Special endorsement    
Partial endorsement

When a cheque bears across its face an addition of the words “&” between two parallel transverse lines, it is called---  
Special crossing
Restrictive crossing
general crossing
double crossing
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