1. Explain the concept “No consideration no contract” and discuss the exceptions to this rule.
Or
What is meant by a ‘breach of contract’? What remedies are provided in law to an injured party in case of breach of contract?
2. Distinguish between conditions and warranties. Give a brief description of various conditions as given is Sale of Goods Act.
Or
Who is an unpaid seller? Discuss the rights of an unpaid seller against the goods and the buyer.
3. When a Bill of Exchange is said to be dishonoured? What are the steps which a holder Of negotiable instrument may take to protect his interest when the instrument is dishonoured?
Or
Write short notes on:
(a) Holder and holder in the due course
(b) Different types of crossing of a cheque.
4. Discuss briefly about the redressal machineries functioning under Consumer Protection Act.
Or
How can a minor become a partner of a partnership firm? Discuss the rights and liabilities of a minor partner before and after attaining majority.
5. What are the objectives of enacting Foreign Exchange Management Act, 1999? Mention the reasons for repealing Foreign Exchange Regulation Act.
Or
Write a note on powers of Reserve Bank of India to regulate and manage foreign exchange under Foreign Exchange Management Act.