ECO 05 Solved Assignment 2023-24
MERCANTILE LAW
ECO 05 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
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Assignment Code: ASST/ ECO 05/2023-24
Marks: 100
Attempt all the questions.
Q1. Define contract.
Explain the essentials of a valid contract.
A contract is a
legally binding agreement between two or more parties that creates obligations
enforceable by law. It involves an exchange of promises or commitments between
the parties, and when one party fails to fulfill their obligations, the other
party may seek legal remedies. For a contract to be considered valid, it must
meet certain essential elements. These essentials are as follows:
Offer and
Acceptance (Mutual Consent): There must be a clear and unequivocal offer by one
party and an equally clear and unequivocal acceptance by the other party. Both
parties must agree on the terms of the contract.
Intention to
Create Legal Relations: The parties must intend for the agreement to have legal
consequences. Social and domestic agreements are often presumed not to have
this intention unless there is evidence to the contrary.
Legal Capacity:
Both parties must have the legal capacity to enter into a contract. This means
they must be of sound mind and not under the influence of substances that
impair their ability to understand the terms.
Lawful Object:
The purpose of the contract must be legal. Contracts with illegal objectives or
that involve illegal activities are void and unenforceable.
Certainty and
Possibility of Performance: The terms of the contract must be clear and
certain, and it must be possible to perform the obligations specified in the
contract. Vague or ambiguous terms can render a contract unenforceable.
Consideration:
Each party must provide something of value (consideration) to the other. This
ensures that both parties are bound by the contract and have given up something
in exchange for the promises made.
Not Expressly
Declared Void or Prohibited by Law: The contract must not be expressly declared
void by law, and it should not involve activities that are prohibited by law.
Free Consent:
The consent of the parties must be free, voluntary, and not obtained through
fraud, misrepresentation, duress, undue influence, or mistake.
Possibility of
Performance: The terms of the contract must be such that it is possible to
perform them. If the obligations are impossible to fulfill, the contract may be
void.
Legal
Formalities: Some contracts require specific formalities, such as being in
writing or meeting certain statutory requirements. For example, contracts for
the sale of land or agreements that cannot be performed within a year may need
to be in writing to be enforceable.
These
essentials collectively contribute to the validity of a contract, and if any of
these elements are missing or defective, the contract may be unenforceable or
voidable.
Q2. State the various
modes of discharge of a contract. Explain with examples.
Q3. Examine the duties
and rights of a bailor.
Q4. Distinguish between:
a) Partnership and
Co-ownership
b) Partnership and
Joint Hindu Family
Q5. Define and
distinguish ‘condition’ and ‘warranty’. Discuss in detail.
ECO 05 Solved
Assignment 2023-24 : All assignments are in PDF format which would be send
on email/WhatsApp (9958676204) just after payment.
ECO 05 Solved
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