BBA/B.Com Business and Allied Law Dec 2024

Description

Business and Allied Law

December 2024 Examination

 

 

1. Mr. X sees a book displayed in a shelf of a book shop with the price tag of Rs.35/-. Mr. X tenders Rs.35/- on the counter and ask for the book. The book seller refuses to sale saying that the book has already being sold to someone else and he doesn’t have another copy of the book in the stock. Under which section as per Indian Contract Act, 1872 is this case related to? Is the book seller bound to sell the book? (10 Marks)

Ans 1.

Introduction

The Indian Contract Act, 1872, governs the formulation, execution, and enforcement of contracts in India. It defines a contract as an agreement enforceable by law, emphasizing the essential elements like offer, acceptance, consideration, and mutual consent. In the given case, the issue revolves around whether the display of a book with a price tag constitutes an “offer” or merely an “invitation to offer.” The distinction is crucial, as it determines the rights and obligations of the parties involved. Mr. X’s tender of Rs. 35 to purchase the book and the

 

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2. Panorama Pharma was manufacturing a medicine to cure AIDS and advertised in international magazines, stating  that  whoever  consumes  the  medicine  will  not suffer from AIDS. Mrs. Zara read the advertisement, purchased the medicine, and later claimed the reward of 10 million pounds as compensation promised in the advertisement since despite taking the medicine she was infected with AIDS. Explain the term proposal as per the Indian Contract Act, 1872 along with an example. Based on this situation, will Mrs. Zara succeed in claiming the reward? (10 Marks)

Ans 2.

Introduction

The Indian Contract Act, 1872, lays down the foundation of agreements enforceable by law. A key element of a valid contract is a proposal or offer, defined under Section 2(a) of the Act. A proposal occurs when one person signifies their willingness to do or abstain from doing something to another, intending to obtain the latter’s assent. This case revolves around Panorama Pharma’s advertisement for a medicine claiming to cure AIDS, where Mrs. Zara relied on the advertisement, consumed the medicine, and later contracted the disease. The central question is whether the advertisement constitutes a valid proposal and if Mrs. Zara is entitled to claim

 

3. Anil, an infant obtains a loan from Bina.
4. Explain the leading case study based on this scenario. (5 Marks)

Ans 3a.

Introduction

Under the Indian Contract Act, 1872, an agreement with a minor is void ab initio, as minors lack the legal capacity to contract. This principle safeguards minors from exploitation due to their inability to fully comprehend contractual obligations. The case of Mohori Bibee v. Dharmodas Ghose is the leading precedent on contracts involving minors. It provides clarity on the enforceability of such agreements and addresses whether a minor is bound to repay borrowed

 

1. Is Anil obliged to repay the loan to Bina? (5 Marks)

Ans 3b.

Introduction

The Indian Contract Act, 1872, clearly states that minors are not legally competent to contract. This incapacity implies that agreements entered into by minors are unenforceable. In this scenario, Anil’s loan agreement with Bina is examined to determine whether Anil is obligated to repay the loan.

Concept and