Business Law Questions and Answer Pattern

Here you can find Business Law questions and answer Pattern for your reference purpose only. We have given the model example questions in business law and the answer pattern. Act that are covered under this is Indian Contract Act, Sale of Goods Act, Consumer Protection Act, Negotiable Instruments Act. This model questions on Business Law/ Commercial Law/ Legal Aspects of business is given with answers by which the students the understand the answer pattern. This will be helpful for students of MBA, BBA, BCOM and Law. This Business Law questions and answer pattern is just an example, only based on the authors vast academic experience.

For securing good marks students are suggested to add introduction, Diagram and conclusion for all the questions where ever applicable.

Contract Act Questions:

What is a contract of Agency and explain the rules regarding termination of Agency ?

Hint for Answers:

  • Meaning of Contract
  • Meaning of contract of Agency.
  • Termination of Agency.

Explain the meaning of Discharge of Contract and also the ways in which a contract can be discharged.

Hint for Answers:

  • Meaning of Contract
  • Meaning of Discharge of contract
  • Ways of Discharge of Contract.

What is a contract as per Indian Contract Act and also explain the essentials of Valid Contract ?

Hint for Answers:

  • Introduction to Indian Contract Act
  • Define Contract.
  • Essentials of valid contract (all 9 points)
  • Conclusion.

Explain the concept of Contract of Agency. What are the ways in which an Agency can be created ?

Hint for Answers:

  • Introduction to contract of Agency
  • Explain the agent and principal relations
  • Ways in which an agency can be created (with diagram)
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Questions on Sale of Goods Act

Explain the nature of a contract of sale of goods and Differentiate Sale and Agreement to Sell with suitable examples.

Hint for Answers:

  • Introduction to sale of goods act
  • Define goods as per sale of goods Act
  • Meaning of Sale
  • Meaning of agreement to sell
  • Differentiate the two
  • Differentiate in tabular form (optional)
  • Differentiate with examples

What are the provisions relating the rule “caveat emptor” under Sale of goods Act. Explain the circumstances in which the rule of Caveat Emptor is not applicable ?

Hint for Answers:

  • Concept of sale of goods Act
  • Concept of Caveat Emptor
  • Rules regarding Caveat Emptor
  • Exemptions.

Explain the concept of Conditions and Warranties. Also state how you differentiate them?

Hint for Answers:

  • Introduction to sale of goods Act
  • Meaning of Conditions
  • Meaning of Warranty
  • Differentiate the two
  • Differentiate with examples.

Explain the concepts Implied and expressed Conditions and Warranty.

Hint for Answers:

  • What is Conditional & Warranty
  • Implied and Expressed Condition
  • Implied and Expressed Condition

Who is an unpaid seller? What are the rights available to an unpaid seller?

Hint for Answers:

  • concept of unpaid seller
  • who is not an unpaid seller
  • Rights of an unpaid seller

Questions on Negotiable Instruments Act

Brief the different types of endorsements. And also explain the Privileges available for a holder in due course.

Hint for Answers:

  • Meaning of endorsement
  • Types with specimen
  • Concept of HIDC
  • Privileges for HIDC

Explain the provisions related to bill of Exchange and differentiate it with that of the cheque.

SEE ALSO:  Negotiable Instruments Act 1881 Notes

Hint for Answers:

  • What is Bill of exchange (provisions)
  • Specimen
  • Differentiate it with cheque.

Define Negotiable Instruments? Discuss the types of Negotiable Instruments.

Hint for Answers:

  • Define Negotiable Instruments
  • Promissory note
  • Bill of exchange
  • cheque

How and when the Dishonour of Negotiable Instruments Happens? What is noting and protesting?

Hint for Answers:

  • What is Negotiable Instruments
  • Dishonour of negotiable instruments
  • concept of noting and protesting
  • rules of noting & protesting

What is an Endorsement? Explain the various Types of Endorsement with illustrations.

Hint for Answers:

  • Explain the concept of endorsement
  • Types of endorsements
  • also illustrate it with diagrams

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