This document contains a series of questions related to corporate law, corporate training management, and cost accounting management. For corporate law, there are 22 multiple choice and short answer questions related to topics like contracts, agency, negotiable instruments, and companies. For corporate training management, there are 10 questions asking to explain concepts like training design process, needs assessment, learning conditions, career paths, and more. For cost accounting management, there are 3 case studies providing production cost data and asking questions related to inventory control, pricing, and cost allocation across processes.
Paper6 laws, ethics and governance - june-2015Jaipal P
This document contains an academic syllabus and study notes on laws of contracts from The Institute of Cost Accountants of India. It includes sample questions and answers on various contract law topics. Specifically, it discusses the validity of different types of agreements, consideration for contracts, liability for defective goods, damages for breach of contract, and agency relationships between spouses for household purchases. The key points covered are the essential elements for a valid contract, exceptions for agreements that are against public policy or in restraint of trade, and when parties may claim compensation for losses arising from a breach of contract.
The document discusses remedies for breach of contract under Indian law. It outlines that parties suffering loss from a breach are entitled to compensation for losses arising naturally from the breach. Compensation is not awarded for indirect or remote losses. Where contracts stipulate penalties for breach, parties can receive reasonable compensation not exceeding the penalty amount. A party rescinding a contract rightfully is entitled to compensation for damages suffered due to non-fulfillment of the contract.
This document contains summaries of 8 case laws related to the Sale of Goods Act in India:
1) Rash Behari Singh vs Emperor: Appellants found guilty of conspiracy and theft for dishonestly consuming electrical energy.
2) Union of India vs Central India Machinery: Petition dismissed as raw materials purchased against 90% advance payment did not become property of purchaser under contract terms.
3) Badri Prasad vs State of Madhya Pradesh: Appeal fails as forest and trees vested in state and timber was not "ascertained goods" under contract for sale.
4) Antony Thomas vs Ayuppunni Mani: Appeal dismissed as stipulation regarding maximum bad
Assignment question in fulfillment of Business Law Paper for MBA Program- OPe...santhy govindasamy
The document provides a detailed analysis of the law on misrepresentation and the circumstances under which a contract can be considered voidable due to misrepresentation. It discusses that a misrepresentation is an untruthful statement of fact that induces a party to enter a contract. For a contract to be voidable, the misrepresentation must be regarding facts rather than opinions, and the misled party must not have had means to discover the truth. If a party chooses to void the contract due to misrepresentation, they must communicate this to the other party within a reasonable time, and both parties will be restored to their pre-contract positions.
ASSIGNMENT: Business Law (example of answer)Rofidah Azman
I got quite good mark for this assignment. I'd like to share with other fellow students the example of answers for the questions. There are of course rooms for improvement. Good luck!
This document contains a series of questions related to corporate law, corporate training management, and cost accounting management. For corporate law, there are 22 multiple choice and short answer questions related to topics like contracts, agency, negotiable instruments, and companies. For corporate training management, there are 10 questions asking to explain concepts like training design process, needs assessment, learning conditions, career paths, and more. For cost accounting management, there are 3 case studies providing production cost data and asking questions related to inventory control, pricing, and cost allocation across processes.
Paper6 laws, ethics and governance - june-2015Jaipal P
This document contains an academic syllabus and study notes on laws of contracts from The Institute of Cost Accountants of India. It includes sample questions and answers on various contract law topics. Specifically, it discusses the validity of different types of agreements, consideration for contracts, liability for defective goods, damages for breach of contract, and agency relationships between spouses for household purchases. The key points covered are the essential elements for a valid contract, exceptions for agreements that are against public policy or in restraint of trade, and when parties may claim compensation for losses arising from a breach of contract.
The document discusses remedies for breach of contract under Indian law. It outlines that parties suffering loss from a breach are entitled to compensation for losses arising naturally from the breach. Compensation is not awarded for indirect or remote losses. Where contracts stipulate penalties for breach, parties can receive reasonable compensation not exceeding the penalty amount. A party rescinding a contract rightfully is entitled to compensation for damages suffered due to non-fulfillment of the contract.
This document contains summaries of 8 case laws related to the Sale of Goods Act in India:
1) Rash Behari Singh vs Emperor: Appellants found guilty of conspiracy and theft for dishonestly consuming electrical energy.
2) Union of India vs Central India Machinery: Petition dismissed as raw materials purchased against 90% advance payment did not become property of purchaser under contract terms.
3) Badri Prasad vs State of Madhya Pradesh: Appeal fails as forest and trees vested in state and timber was not "ascertained goods" under contract for sale.
4) Antony Thomas vs Ayuppunni Mani: Appeal dismissed as stipulation regarding maximum bad
Assignment question in fulfillment of Business Law Paper for MBA Program- OPe...santhy govindasamy
The document provides a detailed analysis of the law on misrepresentation and the circumstances under which a contract can be considered voidable due to misrepresentation. It discusses that a misrepresentation is an untruthful statement of fact that induces a party to enter a contract. For a contract to be voidable, the misrepresentation must be regarding facts rather than opinions, and the misled party must not have had means to discover the truth. If a party chooses to void the contract due to misrepresentation, they must communicate this to the other party within a reasonable time, and both parties will be restored to their pre-contract positions.
ASSIGNMENT: Business Law (example of answer)Rofidah Azman
I got quite good mark for this assignment. I'd like to share with other fellow students the example of answers for the questions. There are of course rooms for improvement. Good luck!
This document contains questions from past exams on various subjects related to business law in India.
The questions cover topics like contract law, negotiable instruments law, payment of bonus act, employees' provident funds act, payment of gratuity act, and companies act. Sample questions test understanding of legal principles, ability to analyze case scenarios and apply relevant laws, and knowledge of key definitions and provisions in various business laws.
The document is a compilation of previous exam questions intended to help students prepare for certification exams by familiarizing them with the scope and level of questions typically asked.
This document is a group assignment submitted by three students for their Contract Law I class. It analyzes a question regarding whether a contract for the sale of land can be set aside if the purchaser, Stam, later discovers the land was formerly used for mining. The summary analyzes the validity of the contract under Section 10 of the Contracts Act and whether Kaka's assurance the land was not for mining amounts to fraudulent misrepresentation under Section 17, rendering the contract voidable and allowing rescission under Section 19. The summary concludes Stam has grounds to argue the contract is voidable due to Kaka's fraudulent misrepresentation.
The document discusses the definition of supply under Section 7 of the CGST Act. It provides details on the various types of transactions that are considered a supply, including all forms of sale, transfer, barter, license, rental, lease or disposal of goods and services. It also summarizes the activities listed in Schedules I, II and III of the Act that are treated as supply, with or without consideration. The document further explains concepts of composite supply and mixed supply, and provides examples to distinguish between the two. It clarifies issues related to free samples, buy-one-get-one offers, and principal-agent relationships in the context of what constitutes a supply.
The document discusses offer and acceptance in contract law. It provides definitions for key terms like offeror and offeree. It examines landmark cases that established important principles. Carlill v Carbolic Smoke Ball Co established that advertisements can constitute offers capable of acceptance. Bowerman v ABTA established that notices displayed by travel agents constituted offers. The document also discusses what does and does not constitute an offer, like negotiations being invitations to treat, and how long an offer remains open.
P delivered goods to Q on a 'sale or return' basis. Q then delivered the goods to R, and R delivered them to S. The goods were stolen while in R's custody.
Under the Sale of Goods Act, the property in goods passes to the buyer when they signify their approval or acceptance of the goods. Here, Q accepted the goods from P, so the property passed to Q. When Q delivered to R, the property passed to R. As R was in possession when the goods were stolen, the loss must be borne by R.
- An offer must be accepted for a contract to be formed. Acceptance is usually communicated to the offeror. Silence is generally not considered acceptance unless the offer specifies that silence will constitute acceptance. A counteroffer rejects the original offer and a new offer is made instead of accepting the original. Acceptance can be through words or conduct demonstrating assent to the offer's terms.
The document provides a sample exam with multiple choice questions testing knowledge of contract law and sale of goods ordinance concepts. It includes 15 questions related to topics like contract formation, capacity to contract, implied conditions in contracts of sale, duties of buyers/sellers, and intellectual property law. The questions require identifying the most accurate answer from several options provided in the answer booklet.
The document discusses numerous cases related to the formation of contracts, specifically focusing on offer, acceptance, and termination of offers. Regarding offers, cases establish that displaying goods does not constitute an offer, advertisements are generally invitations to treat rather than offers, and bids can be withdrawn before acceptance. Regarding acceptance, cases show that counteroffers reject original offers, silence does not imply acceptance, and conduct can indicate acceptance. Regarding termination, cases demonstrate that offers can be revoked before acceptance.
The document discusses some issues faced by entrepreneurs in India related to the legal system and taxation system. It states that the complexity of these systems wastes creativity and talent of entrepreneurs. The author wishes for simplification of these systems so that ordinary entrepreneurs can understand them without expert help. The author also wishes for more people to become entrepreneurs rather than experts in avoiding taxation.
This case involved a dispute between Entores Ltd and Miles Far East Corporation over a contract for the purchase of copper cathodes. Entores attempted to sue Miles Far East in English courts, but could only do so if the contract was formed within England. The court had to determine whether the contract was formed when Miles Far East sent an acceptance from Amsterdam or when Entores received it in London. The judge ruled that for instantaneous communications like telex, the contract was formed upon receipt of the acceptance, so the contract was formed in London. Therefore, Entores was able to sue in English courts.
Rose & Frank Co v JR Crompton & Bros Ltd - The parties signed an agreement stating it was not a legal contract but a "gentlemen's agreement". When one party refused orders, the other sued but lost because there was no legally enforceable contract.
Foakes v Beer - A debtor agreed to pay off a debt in installments but the creditor could not sue to recover interest because allowing payment over time provided no new consideration for giving up the interest.
Hyde v Wrench - When one party offered to sell land for a price and the other counter-offered a lower price, the second response acted as a rejection and counter-offer rather than an acceptance, so no contract was
The document discusses 9 cases related to contract law principles of offer and acceptance:
1) Heathcote Ball v Barry established that the highest bid at an auction without reserve creates a binding contract.
2) Thornton v Shoe Lane Parking determined that terms posted after payment at a parking machine were not incorporated into the contract.
3) Entorres v Miles Far East ruled that acceptance of an offer is effective when received, not when sent.
4) Three additional cases addressed issues like battle of forms negotiations, option agreements, and certainty of terms.
5) Carlill v Carbolic Smoke Ball Company established that advertisements can form binding unilateral contracts when conditions are met.
6
Business Law - Sales of Goods Act Case StudiesNeville Chesan
The document discusses four legal cases related to sale of goods and consumer disputes:
1) Ravinder Raj vs Maruti Udyog involved a dispute over payment of increased excise duty on a car. The Supreme Court dismissed the petitioner's claim based on sections of the Sale of Goods Act.
2) JCL International vs Bharat Petroleum concerned fixing the price of LPG cylinders. The court ruled the provisional price could be revised based on the contract and Sale of Goods Act.
3) Ammireddy Oils vs Oriental Insurance involved an insurance claim for goods damaged in a fire. The court awarded partial payment based on the policy terms.
4) C.N.
Case Study: Adam vs Lindell (Malaysian Business Law)Afifah Nabilah
The document summarizes the case of Adams v Lindsell, which involved an offer by Lindsell to sell wool to Adams. Due to a misdirected letter, Adams' acceptance arrived two days late. The court held that a contract was formed when Adams posted his acceptance, making Lindsell liable for breaching the contract by selling the wool to someone else. The Islamic perspective is that acceptance is effective when received by the offeror. In this case, acceptance would not have been effective since Adams received it after the time for acceptance had passed.
The key difference referred to is between invitations to treat (ITT) and offers. Shop displays are generally considered ITTs while some advertisements can constitute offers. Under the common law, web advertisements are usually ITTs unless a clear offer is intended. Section 14 of the Electronic Transactions Act treats electronic communications similarly, not changing the common law rules. Website owners should be aware that general web advertisements are unlikely to form binding contracts, and clearly indicate if a communication is intended as an offer instead of ITT.
This document discusses several cases related to terms of contracts. It covers issues like whether oral statements became implied terms, when written terms took precedence over prior representations, conditions versus warranties, and implied terms. For example, it discusses a case where a statement about a motorcycle's model year was not considered a contractual term since it was not included in the later written agreement. It also examines cases focused on determining when exact compliance with a term was a condition allowing termination versus a warranty only permitting damages.
The document summarizes several common law cases dealing with mistakes in the formation of contracts:
1) Common mistake cases involve situations where there was a fundamental assumption or fact that was mistaken by both parties at the time of contract formation.
2) Unilateral mistake cases involve situations where one party was mistaken about a basic assumption when entering the contract, while the other party was not.
3) Mutual mistake cases involve situations where both parties were mistaken about the same fundamental assumption or fact when forming the contract.
The document provides brief summaries of several cases that exemplify each type of mistake.
Corporate Law - In the following statements only one is correct statement.docDivyapradeep20
This document contains 23 multiple choice and short answer questions related to corporate and business law. The questions cover a range of topics including contract law, agency law, negotiable instruments, company law, and consumer protection law. For each question, the document provides relevant facts or scenarios and asks the test taker to analyze the legal issues, explain their answer, and in some cases, advise on or decide a course of action.
Dear students
Call us at : 08263069601
Or
Mail us at “ help.mbaassignments@gmail.com ”
To get fully solved assignments
Send your semester & Specialization name to our mail id .
This document provides information about obtaining fully solved assignments from AEREN Foundation for an MBA course. Students are instructed to send their semester and specialization details to the provided email address or call the phone number to receive assignments. The assignments are for the 2nd semester GDM course with a total of 80 marks. AEREN Foundation is an ISO 9001:2008 certified international B-school.
The document contains 41 caselets related to legal aspects of business and contracts. Several key points are summarized below:
1) A consumer can claim damages from a retailer and milk company if a child died after consuming toxic milk purchased from the retailer. However, the exact compensation will be determined by the court.
2) For a contract involving the sale of a smartphone, the buyer is entitled to a replacement of the defective phone and compensation for the phone cost and lost profits from a cancelled contract.
3) An unpaid seller can exercise their right of stoppage in transit over goods, and a transport company must follow the seller's instructions rather than asserting their own lien.
This document contains questions from past exams on various subjects related to business law in India.
The questions cover topics like contract law, negotiable instruments law, payment of bonus act, employees' provident funds act, payment of gratuity act, and companies act. Sample questions test understanding of legal principles, ability to analyze case scenarios and apply relevant laws, and knowledge of key definitions and provisions in various business laws.
The document is a compilation of previous exam questions intended to help students prepare for certification exams by familiarizing them with the scope and level of questions typically asked.
This document is a group assignment submitted by three students for their Contract Law I class. It analyzes a question regarding whether a contract for the sale of land can be set aside if the purchaser, Stam, later discovers the land was formerly used for mining. The summary analyzes the validity of the contract under Section 10 of the Contracts Act and whether Kaka's assurance the land was not for mining amounts to fraudulent misrepresentation under Section 17, rendering the contract voidable and allowing rescission under Section 19. The summary concludes Stam has grounds to argue the contract is voidable due to Kaka's fraudulent misrepresentation.
The document discusses the definition of supply under Section 7 of the CGST Act. It provides details on the various types of transactions that are considered a supply, including all forms of sale, transfer, barter, license, rental, lease or disposal of goods and services. It also summarizes the activities listed in Schedules I, II and III of the Act that are treated as supply, with or without consideration. The document further explains concepts of composite supply and mixed supply, and provides examples to distinguish between the two. It clarifies issues related to free samples, buy-one-get-one offers, and principal-agent relationships in the context of what constitutes a supply.
The document discusses offer and acceptance in contract law. It provides definitions for key terms like offeror and offeree. It examines landmark cases that established important principles. Carlill v Carbolic Smoke Ball Co established that advertisements can constitute offers capable of acceptance. Bowerman v ABTA established that notices displayed by travel agents constituted offers. The document also discusses what does and does not constitute an offer, like negotiations being invitations to treat, and how long an offer remains open.
P delivered goods to Q on a 'sale or return' basis. Q then delivered the goods to R, and R delivered them to S. The goods were stolen while in R's custody.
Under the Sale of Goods Act, the property in goods passes to the buyer when they signify their approval or acceptance of the goods. Here, Q accepted the goods from P, so the property passed to Q. When Q delivered to R, the property passed to R. As R was in possession when the goods were stolen, the loss must be borne by R.
- An offer must be accepted for a contract to be formed. Acceptance is usually communicated to the offeror. Silence is generally not considered acceptance unless the offer specifies that silence will constitute acceptance. A counteroffer rejects the original offer and a new offer is made instead of accepting the original. Acceptance can be through words or conduct demonstrating assent to the offer's terms.
The document provides a sample exam with multiple choice questions testing knowledge of contract law and sale of goods ordinance concepts. It includes 15 questions related to topics like contract formation, capacity to contract, implied conditions in contracts of sale, duties of buyers/sellers, and intellectual property law. The questions require identifying the most accurate answer from several options provided in the answer booklet.
The document discusses numerous cases related to the formation of contracts, specifically focusing on offer, acceptance, and termination of offers. Regarding offers, cases establish that displaying goods does not constitute an offer, advertisements are generally invitations to treat rather than offers, and bids can be withdrawn before acceptance. Regarding acceptance, cases show that counteroffers reject original offers, silence does not imply acceptance, and conduct can indicate acceptance. Regarding termination, cases demonstrate that offers can be revoked before acceptance.
The document discusses some issues faced by entrepreneurs in India related to the legal system and taxation system. It states that the complexity of these systems wastes creativity and talent of entrepreneurs. The author wishes for simplification of these systems so that ordinary entrepreneurs can understand them without expert help. The author also wishes for more people to become entrepreneurs rather than experts in avoiding taxation.
This case involved a dispute between Entores Ltd and Miles Far East Corporation over a contract for the purchase of copper cathodes. Entores attempted to sue Miles Far East in English courts, but could only do so if the contract was formed within England. The court had to determine whether the contract was formed when Miles Far East sent an acceptance from Amsterdam or when Entores received it in London. The judge ruled that for instantaneous communications like telex, the contract was formed upon receipt of the acceptance, so the contract was formed in London. Therefore, Entores was able to sue in English courts.
Rose & Frank Co v JR Crompton & Bros Ltd - The parties signed an agreement stating it was not a legal contract but a "gentlemen's agreement". When one party refused orders, the other sued but lost because there was no legally enforceable contract.
Foakes v Beer - A debtor agreed to pay off a debt in installments but the creditor could not sue to recover interest because allowing payment over time provided no new consideration for giving up the interest.
Hyde v Wrench - When one party offered to sell land for a price and the other counter-offered a lower price, the second response acted as a rejection and counter-offer rather than an acceptance, so no contract was
The document discusses 9 cases related to contract law principles of offer and acceptance:
1) Heathcote Ball v Barry established that the highest bid at an auction without reserve creates a binding contract.
2) Thornton v Shoe Lane Parking determined that terms posted after payment at a parking machine were not incorporated into the contract.
3) Entorres v Miles Far East ruled that acceptance of an offer is effective when received, not when sent.
4) Three additional cases addressed issues like battle of forms negotiations, option agreements, and certainty of terms.
5) Carlill v Carbolic Smoke Ball Company established that advertisements can form binding unilateral contracts when conditions are met.
6
Business Law - Sales of Goods Act Case StudiesNeville Chesan
The document discusses four legal cases related to sale of goods and consumer disputes:
1) Ravinder Raj vs Maruti Udyog involved a dispute over payment of increased excise duty on a car. The Supreme Court dismissed the petitioner's claim based on sections of the Sale of Goods Act.
2) JCL International vs Bharat Petroleum concerned fixing the price of LPG cylinders. The court ruled the provisional price could be revised based on the contract and Sale of Goods Act.
3) Ammireddy Oils vs Oriental Insurance involved an insurance claim for goods damaged in a fire. The court awarded partial payment based on the policy terms.
4) C.N.
Case Study: Adam vs Lindell (Malaysian Business Law)Afifah Nabilah
The document summarizes the case of Adams v Lindsell, which involved an offer by Lindsell to sell wool to Adams. Due to a misdirected letter, Adams' acceptance arrived two days late. The court held that a contract was formed when Adams posted his acceptance, making Lindsell liable for breaching the contract by selling the wool to someone else. The Islamic perspective is that acceptance is effective when received by the offeror. In this case, acceptance would not have been effective since Adams received it after the time for acceptance had passed.
The key difference referred to is between invitations to treat (ITT) and offers. Shop displays are generally considered ITTs while some advertisements can constitute offers. Under the common law, web advertisements are usually ITTs unless a clear offer is intended. Section 14 of the Electronic Transactions Act treats electronic communications similarly, not changing the common law rules. Website owners should be aware that general web advertisements are unlikely to form binding contracts, and clearly indicate if a communication is intended as an offer instead of ITT.
This document discusses several cases related to terms of contracts. It covers issues like whether oral statements became implied terms, when written terms took precedence over prior representations, conditions versus warranties, and implied terms. For example, it discusses a case where a statement about a motorcycle's model year was not considered a contractual term since it was not included in the later written agreement. It also examines cases focused on determining when exact compliance with a term was a condition allowing termination versus a warranty only permitting damages.
The document summarizes several common law cases dealing with mistakes in the formation of contracts:
1) Common mistake cases involve situations where there was a fundamental assumption or fact that was mistaken by both parties at the time of contract formation.
2) Unilateral mistake cases involve situations where one party was mistaken about a basic assumption when entering the contract, while the other party was not.
3) Mutual mistake cases involve situations where both parties were mistaken about the same fundamental assumption or fact when forming the contract.
The document provides brief summaries of several cases that exemplify each type of mistake.
Corporate Law - In the following statements only one is correct statement.docDivyapradeep20
This document contains 23 multiple choice and short answer questions related to corporate and business law. The questions cover a range of topics including contract law, agency law, negotiable instruments, company law, and consumer protection law. For each question, the document provides relevant facts or scenarios and asks the test taker to analyze the legal issues, explain their answer, and in some cases, advise on or decide a course of action.
Dear students
Call us at : 08263069601
Or
Mail us at “ help.mbaassignments@gmail.com ”
To get fully solved assignments
Send your semester & Specialization name to our mail id .
This document provides information about obtaining fully solved assignments from AEREN Foundation for an MBA course. Students are instructed to send their semester and specialization details to the provided email address or call the phone number to receive assignments. The assignments are for the 2nd semester GDM course with a total of 80 marks. AEREN Foundation is an ISO 9001:2008 certified international B-school.
The document contains 41 caselets related to legal aspects of business and contracts. Several key points are summarized below:
1) A consumer can claim damages from a retailer and milk company if a child died after consuming toxic milk purchased from the retailer. However, the exact compensation will be determined by the court.
2) For a contract involving the sale of a smartphone, the buyer is entitled to a replacement of the defective phone and compensation for the phone cost and lost profits from a cancelled contract.
3) An unpaid seller can exercise their right of stoppage in transit over goods, and a transport company must follow the seller's instructions rather than asserting their own lien.
Remedies for the Breach iof Contract.pptxAastha758807
The document discusses various remedies available for breach of contract, including:
1. Rescission of contract, which allows the non-breaching party to treat the contract as cancelled.
2. Suit for damages, which provides monetary compensation for losses suffered. Damages can be ordinary, special, or nominal.
3. Suit for specific performance, which requires the breaching party to fulfill their contractual obligations.
4. Injunction to prevent breaches of negative obligations.
5. Quantum meruit, which allows recovery of payment for work already performed if the contract is discharged due to breach.
The document discusses the Indian Contract Act 1872's provisions on novation and Section 62 regarding discharge of original contracts. It provides explanations and examples of different types of novation:
1) Change in terms of the original contract where the parties remain the same but new altered terms substitute the old contract.
2) Complete substitution of parties where a new party takes responsibility of an obligation in place of the original party, with consent of all parties.
It also discusses provisions of Section 63 allowing a promisee to dispense with performance, accept alternate satisfaction, or extend time for performance without consideration. Key requirements and case laws are presented.
ACT 5744Fall 2013Pick the best answer.1. Carl.docxoreo10
ACT 5744
Fall 2013
Pick the best answer.
1. Carlton executed and delivered to Raymond a $1,000 negotiable note payable to Raymond or bearer. Raymond then negotiated it to Fred and endorsed it on the back by merely signing his name. Which of the following is a true statement?
a. The instrument is bearer paper, and Fred can convert it to order paper by writing “pay to the order of Fred” above Raymond’s signature.
b. Raymond’s endorsement was a special endorsement.
c. The instrument was initially bearer paper and cannot be converted to order paper.
d. Raymond’s endorsement was necessary to Fred’s qualification as a holder.
2. Under the Secured Transactions Article of the UCC, which of the following remedies is available to a secured creditor when a debtor fails to make a payment when due?
Proceed Obtain a General
against the Judgment against
Collateral__
the Debtor_
a. Yes Yes
b. Yes No
c. No No
d. No Yes
3. On July 27, 2011 Summerson sent Fallson a letter offering to sell Fallson a vacation home for $150,000. On August 2, 2011 Fallson replied by mail agreeing to buy the home for $145,000. Summerson did not reply to Fallson. Do Summerson and Fallson have a binding contract?
a. Yes, because Summerson’s silence is an implied acceptance of Fallson’s letter.
b. No, because Fallson failed to sign the letter that was sent by Fallson.
c. No, because Fallson’s letter was a counteroffer.
d. Yes, because Summerson’s offer was validly accepted.
4. Cindy, Odsen Corp.’s agent, needs a written agency agreement to
a. Hire an attorney to collect a business debt owed Odsen.
b. Purchased an interest in undeveloped land for Odsen.
c. Retain an independent general contractor to renovate Odsen’s office building.
d. Enter into a series of sales contracts on Odsen’s behalf.
5. A party who filed a financing statement covering inventory on April 1, 2010 would have a superior interest to which of the following parties?
a. A holder of .
1. Carlton executed and delivered to Raymond a $1,000 .docxvrickens
1. Carlton executed and delivered to Raymond a $1,000 negotiable note payable to Raymond or bearer. Raymond then negotiated it to Fred and endorsed it on the back by merely signing his name. Which of the following is a true statement?
a. The instrument is bearer paper, and Fred can convert it to order paper by writing “pay to the order of Fred” above Raymond’s signature.
b. Raymond’s endorsement was a special endorsement.
c. The instrument was initially bearer paper and cannot be converted to order paper.
d. Raymond’s endorsement was necessary to Fred’s qualification as a holder.
2. Under the Secured Transactions Article of the UCC, which of the following remedies is available to a secured creditor when a debtor fails to make a payment when due?
Proceed Obtain a General
against the Judgment against
Collateral__
the Debtor_
a. Yes Yes
b. Yes No
c. No No
d. No Yes
3. On July 27, 2011 Summerson sent Fallson a letter offering to sell Fallson a vacation home for $150,000. On August 2, 2011 Fallson replied by mail agreeing to buy the home for $145,000. Summerson did not reply to Fallson. Do Summerson and Fallson have a binding contract?
a. Yes, because Summerson’s silence is an implied acceptance of Fallson’s letter.
b. No, because Fallson failed to sign the letter that was sent by Fallson.
c. No, because Fallson’s letter was a counteroffer.
d. Yes, because Summerson’s offer was validly accepted.
4. Cindy, Odsen Corp.’s agent, needs a written agency agreement to
a. Hire an attorney to collect a business debt owed Odsen.
b. Purchased an interest in undeveloped land for Odsen.
c. Retain an independent general contractor to renovate Odsen’s office building.
d. Enter into a series of sales contracts on Odsen’s behalf.
5. A party who filed a financing statement covering inventory on April 1, 2010 would have a superior interest to which of the following parties?
a. A holder of a mechanic’s lien whose lien was filed on M.
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship
The document discusses some issues faced by entrepreneurs in India related to the legal system and taxation system. It states that the complexity of these systems wastes the creativity and talent of entrepreneurs and forces them to adopt unfair means. It aims to simplify topics like the Indian Contract Act for entrepreneurs to understand without expert help. It provides download links to other materials on related legal topics for entrepreneurs.
Competing for Limited FundingIn todays reality of shrinking b.docxmaxinesmith73660
Competing for Limited Funding
In today's reality of shrinking budgets, states continue to look for money that is not being effectively spent. State legislatures want to ensure they are getting the most for their limited dollars. The legislature has requested you to present an overview of an effective juvenile justice alternative sentencing program that you are aware of from the text or your research, and explain why it is effective and why it should be funded. What is the intended population? What standard are you using to measure the effectiveness? Why do you think it is effective and worthy of continued funding?
Your colleague has made a presentation to the state legislature, and now it is your turn. You are the director of an intervention strategy (before your colleagues program) or a re-entry program (after your colleague's program) that is also being looked at to help fund other priority legislative programs. The legislature believes the juvenile justice system is too soft on crime and we need to get tough on crime. For this discussion, you may support either the rehabilitation camp or the get tough on crime camp as you prepare your answer. Make sure you address the social justice arguments based on your position. Build the case for one of the following:
a. Ensure that your program is a complimentary program to that of your classmate’s, but both programs are serving separate and distinct critical populations. Both must be funded.
b. That the synergistic effect of the two programs together will result in both programs being more effective in the long run, and, therefore, enhancing social justice.
c. That your program is much more cost effective; it should be funded at the expense of the program outlined by your colleague.
Your initial post should be at least 250 words in length
Connecting the Dots - What is an Effective Program?
In Chapter 10, the text addresses primary, secondary and tertiary prevention programs. What are these levels? Give an example of an effective program in each level. Give a brief description of each program, its intended purpose, and target juvenile population. Why do you think they are effective?
When responding to one of your classmates, address one of the programs with a focus on one of the text’s questions below concerning prevention programs. Select one bullet below and present the positives and the negatives for the issue addressed:
a. Does every juvenile who has been arrested need treatment? Should all juveniles arrested receive the same treatment services? Why or why not?
b. Should prevention programs be given to everyone, and if so, where? Should we consider ethnicity, race, education, socio-economic standing?
c. Are the services worth the taxpayer costs? Consider both financial and social costs.
d. Should we mandate prevention for school aged children, their parents, or for both? What if the parents refuse to participate?
e. What role does the state have in addressing pre-criminal, status offens.
1) B offered to sell his house to A for Rs. 50,000. A accepted the offer by post. On the next day, A sent a telegram withdrawing the acceptance.
2) If the telegram reaches B before the letter, the revocation of acceptance is valid as there is no binding contract until acceptance is received.
3) If the letter and telegram arrive simultaneously, the validity of acceptance or revocation depends on specific circumstances and jurisdiction's laws. Courts would consider factors like timing of actions and mode of communication.
1. Honor Code Statement. By selecting True” I am stating that I.docxSONU61709
1. Honor Code Statement. By selecting “True” I am stating that I will receive no assistance from any outside source, including notes, texts or other persons, while taking this final exam.
1) True
2) False
2. Which of these contracts must be in writing to be enforceable according to the Statute of Frauds?
1) Sale of an interest in land
2) Sale of goods greater than $500
3) Employment contract longer than 1 year.
4) All of the above
3. Under the UCC which of the following must be included in a confirming memo sent after conclusion of verbal negotiations in order to satisfy the Statute of Frauds requirement?
1) Price term
2) Delivery terms
3) Quantity of goods
4) All of the above
4. Merchant A and Merchant B are negotiating in good faith for the sales of widgets. Merchant B accepts the terms of Merchant A’s offer, but adds to the bottom of the form “interest rate at 2% for unpaid balance as usual.” Merchant A does not object. Under these facts and UCC 2-207:
1) A contract is formed on the original terms.
2) No contract is formed; they are still negotiating.
3) Contract is formed including the interest rate for unpaid balance.
4) No contract because B’s acceptance is not a mirror image of A’s offer.
5. Bob Cratchit, who has been an employee-at-will with the firm of Scrooge & Marley, was laid off on Christmas Eve after 24 years and within several months of his receiving his full pension. The employee manual that was in effect when Bob began his employee stated that seniority would be given great weight in any layoffs. The manual was changed during Bob’s last year of employment in order to delete mention of any seniority rights. The HR department told him upon discharge that his seniority was not figured in their decision. Under these facts, which of the types of contracts below is the best theory of recovery for his suit for breach of contract?
1) Express contract
2) Implied contract
3) Executory contract
4) Restitution contract
6. Plaintiff and Defendant entered into a written contract for the sale Defendant’s land, a sunny stretch of acreage judging by the pictures and verbal representations Defendant had made. Plaintiff felt glad to have made a deal for it, that is, until he discovered that most of the land was over a toxic waste site. What best describes the situation with respect to the enforcement of the contract given that the defendant misrepresented the land and possibly defrauded the plaintiff?
1) The contract is void from the beginning.
2) The contract is voidable if the Defendant wants out of the deal.
3) The UCC will not allow this contract to be enforced.
4) The contract is voidable at the sole discretion of the Plaintiff.
7. Farmer A leased over 5,000 acres of farm land in northern Ohio for one year. Subsequently he signed a second 1 year lease. During each year he harvested the crops and prepared the land for the next season’s crops. During negotiations for the next lease, he began prepar ...
This document provides a study guide for the BUS 415 final exam, including two sets of multiple choice questions and answers. It directs students to a website for additional study materials and classes. The questions cover topics like stare decisis, alternative dispute resolution, corporations as legal persons, the relationship between law and ethics, and other business law concepts.
Breach of contract presentation of legal environment , by Ankit Rana , MBA student in University school of management, Kurukshetra university, Kurukshetra
Please find below1)In general, what is the effect o.docxlorindajamieson
Please find below:
1)
I
n general
,
what
i
s the effect of o
n
e party being mistaken about the subject matter of
a
c
ontract?
a.
The m
i
staken party can rescind t
h
e
c
ontract
.
b.
Either pa
r
ty ca
n r
esc
i
nd the cont
r
act
,
and the mistaken party can recover damages.
c.
Neither party
c
an rescind the co
n
tract or recover damages
.
d.
E
i
the
r
par
t
y can resc
i
nd the cont
r
act and
/
or recove
r
damages.
e.
Either party
c
an rescind the contract
.
2)
I
n Krysa v. Pa
in
e
,
whe
r
e Pai
n
e
'
s Car Company was found to have committed fraud
i
n the sa
l
e of a t
r
uck to Krysa
,
what did the court ru
l
e regard
i
ng the punitive damages
award?
a.
Punit
i
ve dama
g
es are a
l
lowed at 9
:
1 in cases involving persona
l
injury but
i
n
c
on-
tracts m
u
st adhe
r
e to a 3
:
1
r
atio.
b.
P
u
nitive damages a
r
e
l
imited to 9:1
i
n all cases.
c.
Punit
i
ve damages should
n
eve
r
have a cap or their funct
i
on as a dete
r
rent and punish-
ment would be
l
ost
.
d.
Punitive damages a
r
e not ava
il
ab
l
e
i
n a fraud act
i
on based on a contract
.
e.
Pun
i
t
i
ve damages of 27:
1
are perm
i
tted in cases of extreme fraud
.
3)
The k
n
ow
l
edge of a statement
'
s
f
a
l
sity
,
or the
"
gu
i
lty mind
,"
in a fraud in the induce-
ment case is a
l
so known as:
a.
paro
l
knowledge.
b.
just
i
f
i
ance
.
c.
reliance
.
d.
scienter.
e.
gui
l
ty inte
n
t
.
4)
Andre has made a statement that the average pe
r
son would realize
i
s puffery. And
r
e
is guilty of:
a.
duress
.
b.
fraud
.
c.
innocent misrepresentat
i
on
.
d.
undue
i
nfluence.
e.
nothing
.
5)
In Wilson v. Western Nationa
l
Life
I
nsu
r
ance Company,
i
nvolving the party who lied
allegedly regarding prior drug abuse in order to obtain life insurance, what was
the holding of the court when the pa
r
ty
l
ater died from a drug overdose?
The l
i
fe insurance company had to pay the proceeds because if the plaintiff's medical
records had been consulted, the drug abuse would have been discovered.
a.
The
li
fe
i
nsurance d
i
d not have to pay the proceeds only because the deceased's wife
was unaware of the misrepresentation.
b.
The l
i
fe insurance had to pay the proceeds because the deceased's wife actually paid
the premiums.
c.
The life insurance company had to pay the proceeds because the plaintiff was not
using drugs during the time the application for insurance was made.
d.
The l
i
fe insurance company did not have to pay the proceeds because of the conceal-
ment of the drug abuse
.
6)
Undue
i
nf
l
uence is characterized by one party being put at a disadvantage in a con-
tract due to:
a.
a party taking advantage of superior knowledge about the subject matter in a contract
.
b.
a party taking advantage of a fiduciary relat
i
onship
.
c.
a party taking advantage of the other party's legal circumstances.
d.
a party taking advantage of economic advantage in a transaction.
UMUC - The Undergraduate SchoolBusiness and Professional Program.docxmarilucorr
UMUC - The Undergraduate School
Business and Professional Programs
BMGT 380 - Final Exam – Fall 2017
GOOD LUCK!!
Exam Instructions:
Open book exam: may use textbook, class notes/lectures, class conferences (do not use the internet as many legal sources are inaccurate; you do not need any material other than the textbook, class notes/lectures, class conferences to complete the exam).
No time limit on exam.
Submit exam preferably in word doc to assignment folder under “Final Exam”. ALLOW EXTRA TIME TO POST PROPERLY. YOU ARE ENTIRELY RESPONSIBLE FOR CHECKING THAT EXAM POSTS PROPERLY AND that you posted the correct file.
The exam is worth a total of 100 points.
Section I. Multiple Choice: 30 questions/60 points
USE THE ANSWER SHEET included at the bottom of this page for answers; copy and paste it as is, no changes, please. Please do not copy Multiple Choice questions to the answer sheet.
Put letter of correct answer on the answer sheet at the bottom of this page. There is only one correct answer to each question.
Each question is worth 2 points.
This is an application-oriented exam; you will not find the answer to questions verbatim in the text. If you believe a question is not covered in any of the assigned materials, you have missed the issue and need to re-think.
1. Farmer grows grain on his farm in Nebraska for feed for the chickens that he raises on that same farm. He later sells the chickens to meat packing companies within the state of Nebraska. The production of grain on the farm:
A. Affects interstate commerce and, therefore, can be subject to federal regulation.
B. Only indirectly affects interstate commerce and, therefore, can be subject to state, but not federal, regulation.
C. Only indirectly affects interstate commerce, and thus is not subject to federal regulation under the commerce clause.
D. Directly affects intrastate commerce, but more indirectly affects interstate commerce and, therefore, can be subject to federal regulation under the commerce clause.
2. Which of the following would typically take place in an appellate court?
A. Direct examination of witnesses by attorneys.
B. Choosing a jury.
C. Testimony of witnesses.
D. None of the above.
3. Larry, an Oregon resident, inherited land in Missouri. Through a Missouri attorney, Larry sold the land to Will, a Missouri resident, under a valid written sales contract. Larry later refused to go through with the sales deal, so Will sued Larry in a Missouri court.
Larry claimed the Missouri court had no jurisdiction over him because has never been in Missouri or had any other contacts with Missouri. Assume that the Missouri court has subject matter jurisdiction in this case. Does the Missouri court otherwise have jurisdiction to hear this case?
A. No, because there is diversity of citizenship in the case, only a federal court has jurisdiction to hear the case.
B. Yes, because the Missouri court can claim in rem (property) jurisdiction over Larry in ...
1. Farmer grows grain on his farm in Nebraska for feed for the ccareyshaunda
1. Farmer grows grain on his farm in Nebraska for feed for the chickens that he raises on that same farm. He later sells the chickens to meat packing companies within the state of Nebraska. The production of grain on the farm:
A.
Affects interstate commerce and, therefore, can be subject to federal regulation.
B.
Only indirectly affects interstate commerce and, therefore, can be subject to state, but not federal, regulation.
C.
Only indirectly affects interstate commerce, and thus is not subject to federal regulation under the commerce clause.
D.
Directly affects intrastate commerce, but more indirectly affects interstate commerce and, therefore, can be subject to federal regulation under the commerce clause.
2
. Which of the following would typically take place in an appellate court?
A.
Direct examination of witnesses by attorneys.
B.
Choosing a jury.
C.
Testimony of witnesses.
D.
None of the above.
3.
Larry, an Oregon resident, inherited land in Missouri. Through a Missouri attorney, Larry sold the land to Will, a Missouri resident, under a valid written sales contract. Larry later refused to go through with the sales deal, so Will sued Larry in a Missouri court.
Larry claimed the Missouri court had no jurisdiction over him because has never been in Missouri or had any other contacts with Missouri. Assume that the Missouri court has subject matter jurisdiction in this case. Does the Missouri court otherwise have jurisdiction to hear this case?
A.
No, because there is diversity of citizenship in the case, only a federal court has jurisdiction to hear the case.
B.
Yes, because the Missouri court can claim
in rem
(property) jurisdiction over Larry in this case as the owner/seller of the Missouri property.
C.
Yes, because the Statute of Frauds applies to the sale of land, and the contract was written, the Missouri court has personal jurisdiction over Will, and Larry.
D.
No, because although the Missouri court has property jurisdiction over Will, the court does not have the necessary property jurisdiction over Larry in this case.
4.
Jonah hired Marty, who is 16 years old, as his agent to buy up to a maximum of 50 used Dell 101 model laptops at a price of $200 each, or less. Marty bought 30 used Dell 101 model laptops for $100-200 using a written contract. Jonah was pleased with the laptops and accepted the contract and paid for the 20 laptops.
Marty then bought 25 more Dell 101 model laptops for $150 each on Jonah’s behalf. Marty signed a written contract for the purchase of these 25 laptops with the seller, Used Tech, Inc. Jonah refused to accept and pay for these 25 laptops. What reason would justify Jonah’s refusal to pay for the laptops and honor the contract with Used Tech, Inc.?
A.
The contract with Used Tech is illegal because Marty is a minor.
B.
There is no justification, the contract with Used Tech is valid because Marty signed a contract with Used Tech for the purchase of the 25 laptops.
C.
...
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Isbm cost & management accounting.corporate training.corporate law
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CORPORATE LAW
Q.1. In the following statements only one is correct statement. Explain Briefly?
(5 Marks)
i) An invitation to negotiate is a good offer.
ii) A quasi-contract is not a contract at all.
iii) An agreement to agree is a valid contract.
Q.2. A ship-owner agreed to carry to cargo of sugar belonging to A from Constanza 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? (5 Marks)
Q.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
(5 Marks)
Q.4. Fazal consigned four cases of Chinese crackers at Kanpur to be carried to Allahabad on the 30th
May,
2. 1987. He intended to sell them at the Shabarat festival of 5th June 1987. The railway discovered that
the consignment could not be sent by passenger train and asked Fazal either to remove them or
authorize their dispatch by goods train. He took no action and the goods arrived at Allahabad a
month after they were booked.
Fazal filed a suit against Railways for damages due to late delivery of the goods which deprived him
of the special profits at the festival sale. Decide & explain briefly ?
(5 Marks)
Q.5. ‘Lifeoy’ Soap company advertised that it would give a reward of Rs. 2000 who contracted skin
disease after using the ‘Lifeoy’ soap of the company for a certain period according to the printed
directions. Mrs. Jacob purchased the advertised ‘Lifeboy’ and contracted skin disease inspite of
using this soap according to the printed instructions. She claimed reward of Rs. 2000. The claim is
resisted by the company on the ground that offer was not made to her and that in any case she had
not communicated her acceptance of the offer. Decide whether Mrs. Jacob can claim the reward or
not. Give reasons. Explain briefly? (5 Marks)
Q.6. In each set of statements, only one is correct. State the correct statements & Explain briefly?
a) i) A bailee has a general lien on the goods bailed.
ii) The ownership of goods pawned passes to the pawnee.
iii) A gratuitous bailment can be terminated by the bailor even
before the stated time.
b) i) A substituted agent is as good an agent of the agent as a subagent.
ii) An ostensible agency is as effective as an express agency.
iii) A principal can always revoke an agent’s authority. (5 Marks)
Q.7. A, an unpaid seller, sends goods to B by railway. B becomes insolvent
And A sends a telegram to Railway authorities not to deliver the goods to B. B. goes to the Parcel
office of Railway Yard and by presenting R. R. (Railway Receipt) takes delivery of the goods and
starts putting them in the cart. Meanwhile the Station Master comes running with the telegram in
hand and takes possession of the goods from B. Discuss the rights of A and B to the goods in
possession of Railway authorities. (5 Marks)
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 pronote made out in favour of X, though Y owes
no money to X. X endorses the pronote to Z for value received. Z who is holder in due course the
pronote 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?
(5 Marks)
Q.9. Will C has the right of further negotiation in the following cases: (B signs the endorsements)
Explain briefly? (5 Marks)
i) ‘Pay C for my use’
ii) ‘Pay C’)
iv) ‘Pay C or order for the account of B’
Q.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? (5
Marks)
3. Q.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.
iii) I acknowledge myself indebted to B in Rs. 5000 to be paid on demand for value received.
(5 Marks)
Q.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?
(5 Marks)
Q.13. Write a short note on the Doctrine of Indoor Management? Explain briefly?
(5 Marks)
Q.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? (5
Marks)
Q.15. In a prospectus issued by a company the Managing Director stated that the company had paid
dividend every year during 1921 – 27, which was a fact. However, the company had sustained losses
during the relevant period and had paid dividends out of secret reserves accumulated in the past.
Examine the consequences of the observation made by the Managing Director. Explain briefly?
(5 Marks)
Q.16. In a prospectus issued by a company the Managing Director stated that the company had paid
dividend every year during 1921-27, which was a fact. However, the company had sustained losses
during the relevant period and had dividends out of secret reserves accumulated in the past. Examine
the consequences of the observation made by the Managing Director. Explain briefly?
(5 Marks)
Q.17. A buys from B 400 shares in a company on the faith of a share certificate issued by the company. A
tender to the company a transfer deed duly executed together with B’s share certificate. The
company discovers that the certificate in the name of B has been fraudulently obtained and refuses to
register the transfer. Advise A. Explain briefly? (5 Marks)
Q.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? (5 Marks)
Q.19. a) Satrang Singh admitted his only infant son in a private nursing home. As a result of strong dose
of
medicine administered by the nursing attendant, the child has become mentally retarded. Satrang
Singh wants to make a complaint to the District Forum under the Consumer Protection Act, 1986
seeking relief by way of compensation on the ground that there was deficiency in service by the
nursing home. Does his complaint give rise to a consumer dispute? Who is the consumer in the
instant case? Explain briefly?
b) Smart booked a motor vehicle through one of the dealers. He was informed subsequently that the
procedure for purchasing the motor vehicle had changed and was called upon to make further
4. payment to continue the booking before delivery. On being aggrieved, Smart filed a complaint with
the State Commission under the Consumer Protection Act, 1986. Will he succeed? Explain briefly?
c) Brittle and Company, a small-scale industry, sought nursing and financing facilities from its bankers
by means of grant of further advances and adequate margin money in anticipation of good demand
for its products. In failing to obtain this and having become sick, it proceeds against its bankers
under the Consumer Protection Act, 1986, Will it succeed? Explain briefly?
(5 Marks)
Q.20. X who was working as a truck driver had taken a general insurance policy to cover the risk of
injuries for a period from 1.11.1998 to 30.11.1999. He renewed the policy for a further period of one
year on 10.11.1999. On the same day, he met with an accident and suffered multiple injuries
including fractures. X submitted the claim along with documents to the insurance company. The
insurance company repudiated the claim on the ground that the premium for the renewed policy was
received in the office only at 2.30 p.m. on 10.11.1999, while the accident had taken place at 10.00
a.m. on that day and hence there was no policy at the time of accident. Will X succeed if he files a
complaint against the insurance company for this claim? Explain briefly?
(5 Marks)
Q.21. Avinash booked his goods with Superfast Freight Carriers at Delhi for being carried to Ferozabad.
The goods receipt note mentioned that all the disputes would be subject to jurisdiction of the
Mumbai Court. Avinash 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 contention of the transporter
tenable? Explain briefly? (5 Marks)
Q.22. With reference to the provisions of the Consumer Protection Act, 1986, decide the following giving
reasons in support of your answer.
i) Sukh Dukh Ltd. dispatched certain consignments of goods by road through Fastrack Roadways Ltd.
The goods were unloaded and stored in a godown enroute on the suggestion of consignee. A fire
broke out in the neighbouring godown spread to the godown 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 redressal. 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?
(10 Marks )
5. Q.23. With reference to the provisions of the Consumer Protection Act, 1986, decide the following giving
reasons in support of your answer.
i) Sohn 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 Sohan.
ii) Mahesh purchased a machine from Astute Ltd. to operate it himself for earning his liverhood. 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) Pillai 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 instalments but also of premium of
insurance policy for two succeeding years. On the expiry of the policy. Pillai’s car met with an
accident. Will Pillai succeed in getting a claim against the
Bank ? (10 Marks)
CORPORATE TRAINING MANAGEMENT
1. Explain in detail “Training Design Process”.
2. If you had conduct needs assessment for a new job at a new plant, describe the method you would
use.
3. What learning condition do you think is most necessary for learning to occur? Which is least
critical? Why?
4. What is repurposing? How does it affect use of new technologies in training?
5. Discuss reasons why many managers are reluctant to coach their employees.
6. What are some potential legal issues that a trainer should consider before deciding to run an
adventure learning program?
7. How will you define “Career”?
8. What are the three components of career motivation? What is more important? What is least
important? Why?
9. Give an example of dual career path system and explain it?
10. What are the characteristics of an effective dual career path?
6. COST ACCUNTING MANAGEMENT
CASE STUDY : 1
Materials X and Y are used as follows :
Minimum usage — 50 units each per week
Minimum usage — 150 units each per week
Normal usage — 100 units each per week
Ordering quantities x = 600 units
Y = 1000 units
Delivery period x = 4 to 6 weeks
Y = 2 to 4 weeks
Calculate for each material
a) Minimum level
b) Maximum level
c) Order level
d) Explain importance of inventory controls?
CASE STUDY : 2
A company presently sells an equipment for Rs 35,000. Increase in prices of labour and
material cost are anticipated to the extent of 15% and 10% respectively, in the coming
year. Material cost represents 40% of cost of sales and labour cost 30% of cost sales.
The remaining relate to overheads. If the existing selling price is retained despite the
increase in labour and material prices. The company would face a 20% decrease in the
existing amount of profit on the equipment.
Question :
1) You are required to arrive at a selling price so as to give the same percentage of
profit on increased cost of sales, as before.
2) Prepare a statement of profit / loss per unit, showing the new selling price and cost
per unit in support of your answer.
3) What is the anticipated amount of increased material and labour cost.
4) What policy changes should the company make for maintaining the profits.
CASE STUDY : 3
A product passes through two processes. The output of process, I becomes the input of
process II and the output of process II is transferred to wearhouse. The quantity of raw
materials introduced into process I is 20000 Kg at Rs 10 per kg. The cost and output
data for the month under review are as under.
Process I Process II
Direct Materials (Rs) 60,000 40,000
Direct Labour (Rs) 40,000 30,000
Production overheads (Rs) 39,000 40,250
Normal loss 8 5
Output 18000 17400
Loss realization of Re/unit 2.00 3.00
The company’s policy is to fix the selling price of end product is such a way as to
yield a profit of 20% on selling price.
Required :
1) Prepare the process account
7. 2) Determine the selling price per unit of the end product.
3) What are the advantages for preparation of an process account?
4) What is the output of Process I and Process II?
CASE STUDY : 4
A factory manufactures a chemical product with three ingredient chemicals A, B
and C as per standard data given below.
Chemical Percentage of total input Standard Cost per Kg
A 50% 40
B 30 60
C 20 95
There is a process loss of 5% during the course of manufacture.
The management gives the following details for a certain week.
Chemical consumed Quantity Purchased Actual Cost
& issued (Rs)
A 5200 Kg 2,34,000
B 3600 Kg 2,19,600
C 1700 Kg 1,58,100
Output of finished product : 10200 Kg
Calculate all the relevant variances
a) Total material cost variances
b) Material price variance
c) Material mix variance
d) Yield variance
e) Usage variance & give the chart Standard cost of a Chemical product
Cost and Management Accounting
1. X is the manufacture of Mumbai purchased three chemicals A, B and C from U.P.The bill gave the
following information:
Chemical A: 6000 kgs @ Rs. 4.20 per kg Rs 25,200
Chemical B: 10000 kgs @ Rs. 3.80 per kg 38,000
Chemical C: 4000 kgs @ Rs. 4.75 per kg 19,000
VAT 2,055
Railway Freight 1,000
Total Cost 85,255
A shortage of 100 kgs in chemical A, of 140 Kgs in chemical B and Of 50 kgs in chemical C was noticed
due to breakages. At Mumbai, the manufacture paid octroi duty @ 0.20 kg. He also paid hamali, Rs 20
for the chemical a, Rs 58.12 for chemical B and Rs 35.75 for chemical C. Calculate the stock rate that you
would suggest for pricing issue of chemicals assuming a provision of 4 % towards further deterioration
and also show the quantity (kgs) of chemicals available for issue.
8. 2. ABC Ltd has collected the following data for its two activities. It calculates activity cost rates based
on cost driver capacity.
Activity Cost driver Capacity Cost
Power Kilowatt hours 50000 hrs Kilowatt Rs 200000
Quality Inspection Numbers of inspection 10000 inspection Rs 300000
The Company makes three products, A, B and C.For the year ended March 31, 2004, the following
consumption of cost drivers was reported:
Product Kilowatt-hours Quality Inspection
A 20000 7000
B 40000 5000
C 30000 6000
Compute the costs allocated to each product from each activity
Calculate the cost of unused capacity for each activity.
3. Reliable company wishes to discontinue the sale of one of the products in vew of unprofitable
operations. Following details are available with regard to turnover, cost and activity for the
current year ending 31st
March.
Products
P Q R S
Sales Turnover Rs.600000 Rs.1000000 Rs.500000 Rs.900000
Cost of sales 350000 800000 370000 480000
Storage area (square meters) 40000 60000 70000 30000
Number of cartons sold 200000 300000 150000 350000
Number of bills raised 100000 120000 80000 100000
Overhead costs and basis of apportionatement are:
Fixed Expenses
Basis of Apportionatement
Administration wages & salaries Rs.100000 Number of bill raised
Salesmen salaries a & expenses 120000 Sales turnover
Rent and insurance 60000 Storage area
Depreciation 20000 Number of cartons
Unfixed Expenses
Commission 3 % of sales
Packing material & wages Re 1 per carton
Stationery Re 0.50 per bill
You have to prepare
1. Staement showing summary of Selling & Distribution Costs to the products
2. Profit & Loss Statement showing contribution and profit or loss of each of the products to enable the
Company take an appropriate decision on discontinuance of the sale of a product.
9. 4. The Tata Infrastructure Co. is involved in two contracts Contract 69 & Contract 96 during the
current year. The following information relates to these contracts, which were started on January
1 and July 1, respectively.
Contracts
A B
Contract Price Rs.300000 Rs.400000
Direct material issued 55000 40000
Material returned to store 1500 2500
Direct Labour 36000 22000
Wages accrued on Dec 31 2000 2500
Plant installed (at cost) 30000 40000
Establishment Charges 20000 15000
Direct Expenses 20000 30000
Direct expenses accrued, December 31 2000 3000
Work certified by architect 320000 120000
Cost not work not yet certified 10000 30000
Material on site, 31 December 11000 5500
Cash received from contractees 60000 150000
Depreciation of plant p.a 12 % 34%
Prepare Contract & Contractees Account for Contract 69 & Contract 96.
5. A company manufactures a product which involves two processes, namely, pressing and
polishing. For the months of January, the following information is available:
Pressing Polishing
Opening Stock
Inputs of unit in process 1200 1000
Units completed 1000 750
Unit under process 200 250
Material Cost Rs.69000 Rs.17500
Conversion Cost 328500 82500
For incomplete unit in process, charge material costs at 100% and conversion costs at 60% in the
pressing process and 50 % in the polishing process. Prepare a statement of cost and calculate the selling
price per unit which will result in 25 % on the sale price.
6. M/s Modern Company Ltd furnishes the following summary of Trading & Profit and Loss account
for the current year ending March 31.
To Raw Material 140000 By sales (12000 units) 510000
To direct wages 72000 By finished stock (200 units) 6000
To production overheads 45000 By work in Process
To selling & distribution overheads 43500 Material 26800
To administration overheads 41010 Wages 11786
To Preliminary Expenses w/off 3250 Production overheads 8000 46586
To Goodwill w/off 2541 By interest on securities (gross) 5000
To dividend (net) 4000
10. To income-tax 5870
To net profit 210415
567586 567586
The Company manufactures a standard unit. The scrutiny of cost records for the same period shows
that-
1. factory overheads have been allocated to production at 20 percent on prime cost
2. Administration overheads have been charged at Rs.3 per cent on units produced
3. Selling & distribution expenses have been charged at Rs.4 per unit on unit sold.
You are required to prepare a statement of cost, to work out profit as per cost accounts, and to reconcile
the same with that shown in the financial accounts.
CASE STUDY ANSWERS
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