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CA IPCC : Question Paper (with Answers) - BUSINESS LAWS, ETHICS & COMMUNICATION Nov 2011

14 pages, 29 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 AND COMMUNICATION Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Question 1 (a) State, in brief, the grounds on the basis of which a contract is discharged under the provisions of the Indian Contract Act, 1872. (5 Marks) (b) What is the law and procedure for issuing a duplicate share certificate under the provisions of the Companies Act, 1956 in case the original share certificate is lost or destroyed? (5 Marks) (c) State with reasons whether the following statements are correct or incorrect: (1) Business ethics helps to promote public reputation. (2) A nation should satisfy its social and economic requirements without damaging the interest of future generations. (2 2 = 5 Marks) (d) What do you understand by ethical communication ? What are its elements (5 Marks) Answer (a) Discharge of Contract : A contract under the provisions of Indian Contract Act, 1872, may be discharged in any of the following ways: (1) Discharge by performance: Discharge by performance will take place when there is : (i) Actual performance (parties fulfilling obligations within time and in the manner prescribed); or (ii) Attempted performance (promisor offers to perform but promisee refuses to accept it). This is also known as tender. (2) Discharge by mutual agreement: Discharge also takes place where there is substitution [novation], rescission, alteration and remission. In all these cases old contract need not be performed. (3) Discharge by impossibility of performance: A situation of impossibility may have existed at the time of entering into the contract or it may have transpired subsequently (also known as supervening impossibility). Situations are destruction of the subject-matter, incapacity, declaration of war etc. (4) Discharge by lapse of time: Performance of contract has to be done within certain prescribed time. In other words it should be performed before it is barred by law of limitation. In such a case there is no remedy for the promisee. For example where the debt is barred by law of limitation. The Institute of Chartered Accountants of India

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