AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
SUBJECT : Corporate Law
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COURSE : GDM 2nd Sem Total Marks : 80
- 1 In the following statements only one is correct statement. Explain Briefly?
i)An invitation to negotiate is a good offer.
Answer : Incorrect : – Its not an offer only an indication of a willingness to consider any offers and counter offers.
ii)A quasi-contract is not a contract at all.
Answer : Correct : A quasi contract is a fictional contract created by courts for equila not contractual purposes. A quasi – contract is not
- 2.A ship-owner agreed to carry to cargo of sugar belonging to A from Constanta to Busrah. He knew that there was a sugar market in Busrah and that A was a sugar merchant, but did not know that he intended to sell the cargo, immediately on its arrival. Owning to Shipment’s default, the voyage was delayed and sugar fetched a lower price than it would have done had it arrived on time. A claimed compensation for the full loss suffered by him because of the delay. Give your decision. Explain Briefly?
Answer : A can claim ordinary damages. Loss of profits is a special less and can be claimed only if the other party was aware of the possibility of such a loss. In the absence of any explicit communication, we have to infer what could have been in the
- 3.The proprietors of a medical preparation called the “Carbolic Smoke Ball” published in several newspapers the following advertisement:-“£ 1000 reward will be paid by the Carbolic Smoke Ball Co. to any person who contracts the increasing epidemic influenza after having used the Smoke Ball three times daily for two weeks according to printed directions supplied with each ball. £ 1000 is deposited with the Alliance Bank showing our sincerity in the matter. On the faith in this advertisement, the plaintiff bought a Smoke Ball and used it as directed. She was attacked by influenza. She sued the company for the reward. Will she succeed? Explain Briefly
Answer: She wire not succeed. The facts show that there was no binding contract between the parties. The case is not like, Williams v carwardine H.B Ad 621 where the money was to become payable on the performance of certain acts by the plaintiff, here
- 6. In each set of statements, only one is correct. State the correct statements & Explain briefly?
A) I)A bailed has a general lien on the goods bailed.
Answer : A bailed has a
ii)The ownership of goods pawned passes to the Pawnee.
Answer : The ownership of good pawns
iii)A gratuitous bailment can be terminated by the bailer even before the stated time.
Answer : A gratuitous bailment can be
B)I)A substituted agent is as good an agent of the agent as a sub-agent.
Answer : A substituted agent is as good an agent of the agent as a sub agent is incorrect statement. The general rule is that an agent can’t delegable his authority and appoint another agent. An agent being delegates cannot transfer in
ii) An ostensible agency is as effective as an express agency.
Answer : An ostensible agency is an effective as an ostensible authority exist where the principles words or conduct would lead a reasonable person in a 3rd party’s position to believe that the agent was authorized to act, even if the principles and the purported agent had never discussed such relationship for example, where one person appoints a
iii)A principal can always revoke an agent’s authority.
Answer : A principal can always revoke an agents authority is incorrect statement. However, principal cannot revoke agency coupled with
Q .8. X needs Rs. 10,000 but cannot raise this amount because his credit is not good enough. Y whose credit is good accommodates. X by giving him a promote made out in favor of X, though Y owes no money to X. X endorses the promoter to Z for value received. Z who is holder in due course the promoter to Z for value received. Z who is holder in due course demands payment from Y. Can refuse and plead the arrangement between him and X Explain briefly?
Answer : According to sec 120 of the negotiable instrument act, e stoppers against denying original validity of instrument, No maker of a
- 10. A promissory note was made without mentioning any time for payment. The holder added the words’ on demand on the face of the instrument. State whether it amounted to material alteration and explain the effect of such alteration. Explain briefly?
Ans :This is not note material alteration as a promissory note where no data of payment is specified will be treated as payable on demand. Hence adding the word “ on demand “ does not alter the business effect of the instrument.
- 11. State whether the following instruments are valid promissory notes:
I)I promise to pay Rs. 5000 to B on the dearth of ‘B’s uncle provided that D in his will gives me a legacy sufficient for the promise of payment of the said sum.
ii)I hereby acknowledge that I owe X Rs. 5,000 on account of rent due and I agree that the said sum will be paid be me in regular installments. I acknowledge myself indebted to B in Rs. 5000 to be paid on demand for value received.
Answer :
- It is not a promissory note because it does not contain an unconditional promise; the amount being payable only if uncle gives sufficient legacy.
- Again it’s not a valid
- 12. A Payee holder of a bill of exchange. He endorses it in blank and delivers it to B. B endorses in full to C or order. C without endorsement transfers the bill to D. State giving reasons whether D as bearer of the bill of exchange is entitled to recover the payment from A or B or C. Explain briefly?
Ans : D is the bearer and the holder of the bill in case of dishonor of the bill, D is entitled to receive payment or recover the money by suit from the drawer, acceptor and A who have endorsed the bill in blank. But D canon sue B or C as sec 55.
- 13. Write a short note on the Doctrine of Indoor Management? Explain briefly?
Answer : Memorandum of association and articles of association are two most important document needed for the incorporation of a company. The memorandum of a company is the constitution of that company. It sets out the (A) Object (B) Name Clause (C) Registered office clauses (D) Liability Clauses (E) Capital Clauses whereas the
- 14. The shareholders at an annual general meeting passed a resolution for the payment of dividend at a rate higher than that recommended by the Board of Directors. Examine the validity of the resolution. Explain briefly?
Answer: Dividend : According to regulation 85 of Table A of the companies Act 1956, a company in general meeting may declare dividend recommended by the board of the director of the company. The share holders at an annual general meeting may reduce the amount of dividend , recommended by the board of direction of the of the
- 18. A insured his house against fire. Later while insure, A killed his wife, severely injured his only son, set fire to the house and died in the fire. The son survived and sued the insurer for the fire loss, advice the insurer. Explain briefly?
Answer :Because the fire was set deliberately they would not cover the cost. It was not accidental and as the son did not insure himself, if the insurance company will not pay out and I believe they would not because it was not a tenant, therefore,
- 21 Vanish booked his goods with Superfast Freight Carriers at Delhi for being carried to Firozabad. The goods receipt note mentioned that all the disputes would be subject to jurisdiction of the Mumbai Court. Vanish lodged a complaint for certain deficiency in service against the transporter in the District Forum at Delhi. Superfast Carriers contested that District Forum at Delhi had no jurisdiction to entertain the complaint as the head office of the transporter was at Mumbai and the jurisdiction has been clearly stated in the goods receipt not. Is the content nation of the transporter tenable? Explain briefly?
Answer : The contention of the transporter is not tenable. This is based on the facts in the pares vs. Rosh an freight carrier case, where in the national commission has ruled that the parties could not confer jurisdiction on a Court which had no jurisdiction. The agreement signed between the parties conferring exclusion jurisdiction on a particular court was of no avail. In the case at hand, Vanish had booked his goods with superfast freight carriers in Delhi for being carried to Firozabad. As per sec 11 (2) ©, a complain shall be instituted within the local limits of whose jurisdiction the cause of action arises, wholly or in part. In case of deficiency in service, Vanish is competent to lodge a complaint in Delhi.
- 22. With reference to the provisions of the Consumer Protection Act, 1986, decide the following giving reasons in support of your answer.
I)Such Duke Ltd. dispatched certain consignments of goods by road through Fastrack Roadways Ltd. The goods were unloaded and stored in a go down enrooted on the suggestion of consignee. A fire broke out in the neighboring go down spread to the go down and goods were destroyed. The Fastrack Roadways Ltd. claimed that there was neither negligence nor deficiency in service on their part and goods were being carried at “Owner risk” and since no special premium was paid, they were not responsible for the loss caused by fire. Whether Fastrack Roadways Ltd. is liable to pay damages to consignor?
ii)Life Insurance Corporation (LIC) formulated a scheme called ‘salary saving scheme’ under which employees of an organisation could buy an insurance policy. Premium due on each policy was collected by the employer from the salary of the employees nor did it issue any premium notice. When the widow of the deceased employee made a claim to LIC on the death of her husband, the LIC repudiated the claim on the ground that four installments of premium had not been paid. The widow was approached the consumer forum for redressed. Is the LIC liable for deficiency in service? Explain?
iii). Raman booked a ticket from Delhi to New York by Lufthansa Airlines. The airport authorities in New Delhi did not find any fault in his visa and other documents. However, at Frankfurt airport authorities instituted proceedings of verification because of which Raman missed his flight to New York. After necessary verification, Raman was able to reach New York by the next flight. The airline authorities’ tendered apology to Raman for the inconvenience caused to him and also paid as goodwill gesture a sum of Rs. 5,000. Raman intends to institute proceedings under the Consumer Protection Act, 1986 against Lufthansa Airlines for deficiency in service. Will he succeed?
Answer : I) The present problem is based on math bros exist international ltd. V best roadways ltd 2000 (2) scale 5ft, where the national commission dismissed the claim. The supreme court allowed the appeal and held that the liability of the carrier is that of an insurer and is absolute in terms in the sense that the carrier has to deliver the good, at destination indicated by the consignor safe, without causing any damage and without any loss to theme.
- 23.With reference to the provisions of the Consumer Protection Act, 1986, decide t he following giving reasons in support of your answer.
I)Son sent all relevant documents in an envelope regarding consignment of goods to a buyer in the USA through Fast Service Couriers. The documents did not reach the buyer as a consequence of which the buyer could not take delivery of the goods. By the time the duplicate copies of the document had been received by the buyer, the season of the goods was over. He claimed that he had suffered a loss of US $ 5,000 as a result of the negligence of the courier. The State Commission ordered the payment to be made by the Fast Service Couriers, but the National Commission in appeal reversed the order and ordered payment of US $ 100 only as per the receipt issued by the Fast Service Courier to the consignor at the time of the dispatch of the latter. Advise Shan.
ii)Mahesh purchased a machine from Astute Ltd. to operate it himself for earning his liver hood. He took the assistance of a person to assist him in operating the machine. The machine developed fault during the warranty period. He filed a claim in the consumer forum against the company for deficiency in service. Astute Ltd. alleged that Mahesh did not operate the machine himself but had appointed a person exclusively to operate the machine. Will Mahesh succeed?
iii)Pilli purchased a car by taking a loan from Kerala cooperative Bank Ltd. and gave post-dated cheques to the bank not only in respect of repayment of loan installments but also of premium of insurance policy for two succeeding years. On the expiry of the policy. Pilli’s car met with an accident. Will Pilli succeed in getting a claim against the Bank?
Answer: Shan sent all relevant documents in an envelope regarding consignment of goods to a trey in the U.S through fast service couriers. The documents did not reach the trey as a consequence of which the buyer could not delivery of the
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