Business Law is also known as Mercantile Law or Commercial Law. The sources of business law are judicial decision, customs and usages, Indian statute law. The terms used in Business Law are proposal, promise, consideration, agreement, contract and so on. Contract is an agreement enforced by law. The types of contract are as follows: Void contract, executed contract, executory contract, implied contract, quasi contract, contingent contract, voidable contract and specialty contract.
Here we present Business Law Practice Question Paper Set 5:
Q.1) Explain doctrine of constructive notice and doctrine of indoor management. – 8 marks
Q.2) State various types of mortgages and right of redemption. – 7 marks
Q.3) Define contract. Explain essential features of a valid contract. – 8 marks
Q.4) Explain various modes of dissolution of partnership firm. – 7 marks
Q.5) State types of insurance business in India and explain insurer, insurance agent, contract of business. – 8 marks
Q.6) Explain Caveat Emptor and its exceptions. – 7 marks
Q.7) Explain dishonor of cheque and various rules relating to it. – 8 marks
Q.8) Explain the following: – 7 marks
i) Excise duty
ii) Types of excise duties
iii) Excisable goods
iv) Objects of the customs act
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