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ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
MERCANTILE LAW (460)
CHECK LIST
SEMESTER: AUTUMN, 2010
This packet comprises following material:-
1. Text book (one)
2. Assignment No.1 and 2
3. Assignment form (One set)
4. Schedule for submitting the assignments and tutorial meetings.
If you find anything missing, in this packet, please contact at the address given bellow;
Director,
Admission & Mailing,
Allama Iqbal Open University,
H-8, Islamabad.
051-9057611-12
Syeda Faiza Urooj
Course Coordinator
ALLAMA IQBAL OPEN UNIVERSITY, ISLAMABAD
(Department of Commerce)
1. PLAGIARISM OR HIRING OF GHOST WRITER(S) FOR SOLVING THE ASSIGNMENT(S) WILL DEBAR THE STUDENT FROM AWARD OF DEGREE/CERTIFICATE, IF FOUND AT ANY STAGE.
2. SUBMITTING ASSIGNMENTS BORROWED OR STOLEN FROM OTHER(S) AS ONE’S OWN WILL BE PENALIZED AS DEFINED IN “AIOU PLAGIARISM POLICY”.
Course: Mercantile Law (460) Semester: Autumn, 2010
Level: B.Com/ B.A Total Marks: 100
ASSIGHMENT NO.1
(Units 1 – 5)
Q.1. a) “All contracts are agreement but all agreements are not contract.” Justify with examples. (10)
b) Define the term offer. Discuss briefly the legal rules for a valid offer? (10)
Q.2. Explain how impossibility of performance is no excuse for non-performance of a contract. (20)
Q.3. a) Define Agency. Is a notice to agent considered as a notice to principal? Discuss. (10)
b) What are the resemblances or similarities between “Contract of Bailment” and “Sale.” (10)
Q.4. a) Indemnity is not necessarily given by repayment after payment. Indemnity requires that the party to be indemnified shall never be called upon to pay. Clarify the above statement. (10)
b) Describe the circumstances in which an agent can delegate to a sub-agent.
(10)
Q.5. a) Define an agreement to sell and briefly describe when an agreement to sell becomes a sale? (10)
b) When is breach of condition treated as a breach of warranty? (10)
ASSIGHMENT NO.2
(Units 6 – 9)
Q.1. X delivers some jewellery to Y on sale or return without specifying any time for its return. Y allows the jewellery to remain with himself without signifying his approval or refusal. After a month, burglary takes place in Y’s house and the jewellery is stolen. Can X sue Y for the price of the jewellery? Decide in the light of relevant provisions. (20)
Q.2. a) What do you understand by presentment of a negotiable instrument? (10)
b) Why do we discount a bill with a Bank before it matures? (10)
Q.3. a) Multiple choice questions (10)
(i) Select the correct answers
1) Promisee and Offeree are one and same party.
2) Offeree is a party who propose an agreement while promisee accepts it.
3) None of these.
(ii) Every agreement forbidding marriage of any adult person is void except of a minor:
1) Yes 2) No
3) Partly correct 4) None of these
(iii) Can a contract executed in Saudi Arabia be enforced in courts in Pakistan?
1)Yes 2) No
3)None of these
(iv) The effect of coercion on a contract is that the contract becomes:
1) Void 2) Voidable
3) Valid 4) None of these
(v) The members of partnership carrying out business of banking must not exceed:
1) 10 2) 20
3) 50 4) None of these
(vi) The minimum number of members required for forming private company is:
1) 1 2) 3
3) 5 4) None of these
(vii) The minimum number of members required for forming public company is:
1) 7 2) 50
3) 5 4) None of these
(viii) After its incorporation, the ordinary General Meeting of a company must be held within:
1) One year 2) The year of incorporation
3) Eighteen months from the date of incorporation
4) None of these
(ix) What type of tax is referred to in the sale of Goods Act, 1930?
1) Income tax 2) Wealth tax
3) Customs duty 4) Sales tax 5) None of these
(x) The carrier holds the goods in transit as:
1) Trustee 2) Agent
3) Bailee 4) None of these
b) What are the rights of the Pawnee in respect of the thing pledged? (10)
Q.4. a) Is it mandatory for all companies to issue and lodge a prospectus with the Securities and Exchange Commission when issuing securities? Discuss with reasons and indicate the main role of Securities and Exchange Commission of Pakistan in the issuing of a prospectus (10)
b) What are the reasons of winding up of companies? (10)
Q.5. What statutory restrictions are imposed on the alteration of articles of association of a company. (20)