Business Regulatory Framework Quiz

Business Regulatory Framework

Unit – I: Contract Act 1872

• A contract is an agreement between two or more parties that is legally binding and enforceable
• Essential elements of a contract: offer, acceptance, capacity of parties to contract, free consent, and consideration
• Capacities of parties to contract: Minors, Lunatics, and Drunkards
• Free consent: absence of coercion, undue influence, fraud, and misrepresentation
• Expressly void agreements: wagering agreements, agreements in restraint of trade, and agreements in restraint of marriage

Unit – II: Breach of Contract and Remedies

• Breach of contract: failure to perform a contractual obligation
• Remedies for breach of contract: damages, specific performance, and injunction
• Indemnity contract: a promise to compensate for loss or damage
• Guaranteed contract: a promise to answer for the debt of another

Unit – III: Special Contracts

• Bailment: delivery of goods by one person to another for a specific purpose
• Pledge: a bailment that involves the delivery of goods as security for a loan
• Agency: a relationship between two parties where one party represents the other in business transactions

Unit – IV: Indian Partnership Act 1932

• Definition of partnership: a relationship between two or more persons who carry on business together
• Features of partnership: mutual agency, sharing of profits and losses, and unlimited liability
• Rights and liabilities of partners: jointly and severally liable for all debts and obligations
• Partnership deed: a written agreement between partners that outlines the terms and conditions of the partnership

Unit – V: Negotiable Instruments Act 1881

• Definition of negotiable instrument: a document that can be transferred from one person to another
• Features of negotiable instruments: payable to order or to bearer, and transferable by delivery
• Types of negotiable instruments: promissory note, bill of exchange, and cheque
• Crossing of cheque: a direction to the bank to pay the cheque only to the named person or to the bearer
• Types of crossing: general crossing, special crossing, and restrictive crossing
• Dishonor and discharge of negotiable instrument: when a bank refuses to pay a cheque and when a negotiable instrument is discharged

Consumer Protection Act 1986

• Definition of consumer: a person who buys goods or services for personal use
• Consumer grievance: a complaint or dissatisfaction with a product or service
• Redressal machinery: a system to resolve consumer grievances
• District forum: a consumer court that deals with consumer grievances at the district level
• State commission: a consumer court that deals with consumer grievances at the state level
• Central forum: a consumer court that deals with consumer grievances at the national level

Foreign Exchange Management Act (FEMA) 2000

• Objective: to regulate and manage foreign exchange in India
• Main features: regulation of foreign exchange transactions, monitoring of foreign exchange transactions, and penal provisions for violating foreign exchange regulations

Test your knowledge of Business Regulatory Framework with this quiz based on the syllabus of B.Com 1st Sem. (Hons.). Covering topics such as the Contract Act 1872, breach of contract, and remedies for breach of contract, this quiz will assess your understanding of the subject.