Contract is an agreement enforceable by law. Contract generally consists of 2 elements which is 1) an agreement and 2) the agreement should be enforceable by law. Agreement is defined as every promise and every set of promise forming the consideration for each other. In an agreement, there should be 2 or more persons because a person cannot enter into an agreement with himself.
Here we present Business Law Practice Question Paper Set 7:
Q.1) Define the following: 15 marks
1) Condition
2) Warranty
3) Consideration
4) Restrictive Trade Practice
5) Unfair Trade Practice
6) Contract
7) Promissory Note
Q.2) State the facts in Baldry V Marshall and relevant provisions of sale of Goods act. – 8 marks
Q.3) Explain State Forum in Consumer Protection Act. – 7 marks
Q.4) State provisions relating to dishonor of cheque. – 8 marks
Q.5) State various modes of dissolution of partnership. – 7 marks
Q.6) State essential features of a valid contract. – 15 marks
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