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CA IPCC : Revision Test Paper (with Answers) - BUSINESS LAWS, ETHICS & COMMUNICATION Nov 2014

18 pages, 31 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 2: BUSINESS LAWS, ETHICS & COMMUNICATION QUESTIONS PART A: BUSINESS LAWS The Indian Contract Act, 1872 1. State the nature of the contract in the following cases with reasons: (a) A entered into an agreement with S to deliver him 500 bags of sugar to be manufactured in his factory in a month. The sugar could not be manufactured because of strike by the workers and as a consequence, A failed to supply the agreed number of sugar bags to S. Decide whether A can be exempted from liability under the provisions of the Indian Contract Act, 1872. (b) M owes money to N under a contract. It is agreed between M, N and O that N shall henceforth accept O as his debtor instead of M. Referring to the provisions of the Indian Contract Act, 1872, state whether N can claim payment from O? 2. (a) Mr. Anand, is employed as a cashier on a monthly salary of ` 2,000 by ABC bank for a period of three years. X gave surety for Mr. Anand s good conduct. After nine months, the financial position of the bank deteriorates. Then Mr. Anand agrees to accept a lower salary of ` 1,500/- per month from Bank. Two months later, it was found that Mr. Anand has misappropriated cash since the time of his appointment. What is the liability of X? (b) B owes C a debt guaranteed by A. C does not sue B for a year after the debt has become payable. In the meantime, B becomes insolvent. Is A discharged? Decide with reference to the provisions of the Indian Contract Act, 1872. The Negotiable Instruments Act, 1881 3. Discuss with reasons, in the following given conditions, whether X can be called as a holder under the Negotiable Instruments Act, 1881: (i) X who obtains a cheque drawn by Y by way of gift. (ii) X, the payee of the cheque, who is prohibited by a court order from receiving the amount of the cheque. (iii) X, finds a cheque payable to bearer, on the road and retains it. (iv) X, the agent of Y, is entrusted with an instrument without endorsement by Y, who is the payee. (v) X, steals a blank cheque of A and forges A s signature. 4. A Bill is drawn and payable at particular adddress but does not contain drawee s name. Mr. Vinay who resides at the mentioned address accepts the bill. Is it a valid Bill? The Institute of Chartered Accountants of India

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