BBA 1st Semester Business Low Short Type Question Notes
BBA 1st Semester Business Low Short Type Question Notes :- In this post BBA 1st semester business low Section-A Very short type question with Answer. Question type Quasi contracts, Discuss the two types of Quasi contract, Contract of guarantee,Define pledge, and More BBA business low Notes Chapter wise question With Answer. Section-B Distinguish between a contract of indemnity and a contract of Guarantee, Define bailment, money deposited and valuables put in bank locker type Question with answer in this website Bscnotes.com BBA, MBA, B Com, B Sc, 10th, 12th Notes and Question paper are available. thanx to read the artical,
Very short Answer Question
Q1. What are quasi contracts ?
Ans : Quasi contracts are contracts in law but not infact, being the subject matter of a fictitious extension of the sphere of the contract to cover obligations which do not in reality fall within it.
Q2. Discuss the two types of quasi contracts.
Ans : (a) Supply of necessaries to incapacitated person.
(b) obligation of person enjoying benefit of a non-gratuitous Act.
Q3. What is meant by contract of guarantee ?
Ans : According to Sec. 126 ‘contract of guarantee’ is a contract to perform the promise or discharge the liability of a third person in case of his default .
Q4. Define pledge.
Ans : According to Sec. 172 of the Indian contract Act, 1872 define pledge as. “The bailment of goods as security for payment of a debt or performance of a promise.
Q5. Discuss the two important differences between sub-agent and substituted agent
Ans : (a) An agent is liable to the principal for the acts of the sub-agent. An agent is not liable to the principle for the acts of the substituted agent.
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(b) A sub-agent connot ask for his remuneration from the principal. A substituted agent can ask for his remuneration from the principal.
Section – B
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Q1. Distinguish between a contract of indemnity and a contract of guarantee.
Ans : Distinguish between a contract of indemnity and a contract of Guarantee
|S. No.||Basis of Difference||Contract of Indemnity||
Contract of Guarantee
|1.||Meaning||A person promises to compensate another person from a loss caused to him by the conduct of himself or any other person.||A person promises to perform a promise or to discharge a liability for and on behalf of a third party. If he fails to do so.
|2.||Parties||There are only two parties :
|There are three parties :
(i) Surety (ii) Principal debtor. (iii) creditor.
|3.||Number contracts||There is only one contract between indemnifier and indemnified.
|There are three contracts :
(i) Between principal debtor and creditor. (ii) between creditor and surety. (iii) Between principal debtor and surety.
|4.||Liability of promisor||Liability of promisor is primary. He is himself to discharge the obligation.||Liability of promisor is secondary. He is to discharge the obligation only when principal debtor fails to do so.
|5.||Contractual capacity||Both the indemnifier and indemnified must have capacity to contract.||Principal debtor may be a minor. In such case. The surety will be liable.
|6.||Nature of liability||One party under takes to indemnify the other party from loss.
|One party undertakes to discharge the liability of other party. If he fails to do so.
|7.||Termination of liability||Terminates on the completion of contract of indemnity.||Liability of surety terminates on the discharge of liability by principal debtor.
Q2. Define bailment.
State the meaning of bailment.
Ans : when one person transfers the possession of some goods to another person for a particular period and a particular purpose on the condition that, when the purpose is accomplished, these goods will be returned or disposed off, it is called bailment. The person who delivered goods, is called bails. According to section 148 “A bailment is the delivery of goods by some person to another for some purpose, upon a contract that they shall when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the persons delivering them.”
Example : You go to college and put your bicycle at stand. You pay certain certain charges and get your bicycle back while returning from college. This is a bailment. (ii) You lend your book to your friend for three days. This is a bailment.
Q3. Is the money deposited and valuables put in bank locker, a bailment ?
Ans : (a) Bank Deposit and Bailment : Bank deposit does not amount to bailment, for following reasons :
- A bailment can be of movable property only and movable property does not include money. Thus, bailment cannot be made about money.
- An essential feature of bailment is that the specific goods’ should be returned to bailor after specific period or purpose. Since, the bank is not bound to return the identical (some) currency notes or coins which were deposited, bank deposit cannot amount to bailment.
- In case of bailment, bailor can specify the purposes for which the goods bailed may be by bank. Therefore, bank deposit cannot amount to bailment.
Thus, the relationship between bank and customer is that of debtor and creditor and not that of bailee and bailor.
(b) Bank Locker and Bailment : A customer occupies a bank locker, puts his valuables in it and pays rent for it. There are two keys of bank locker-one remains with customer and another remains with bank. Whenever he wants to put his valuables in locker or to withdraw them. He goes to bank and operates the locker, no one else, other than him, can operate it, the same things are returned to him. Thus the valuables put in a bank locker amount to bailment even. Notes or coins put in bank locker amount to bailment.
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