MGT611 Midterm Past Papers by Rana Abubakar Khan

Rana Abubakar Khan

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on June 24, 2018 at 9:07am

Mgt611 - midterm - 24 June 2018 - first shift

Q1. Can a minor can be agent - 3 marks

Q2. Bailee duties - 3 marks

Q3. Wagering contract according to law , any 5 — 5 marks

Q4. Customary law is kindest law, define — 5 marks

Q5. If agent is misrepresent or fraud by third party , what principal can do . 5 marks

on June 27, 2015 at 11:30pm

What is the legal status of agreements that are regarded as ‘contingent on impossible events’? Cite an example that explains such agreements that are contingent on impossible events.

How an Express Agency is different from Implied Agency? Explain it briefly.

What role “consideration” plays in a “promise”? Elaborate with the help of an example. Consideration:

What is meant by a ‘single promise’? Who can demand performance in a Single Promise?

Discuss the rights and obligations of different parties in a Contract of Agency made as a result of Ratification.

on July 1, 2015 at 11:24pm

My Today's paper

Q1. Specific guarantee with example (3 marks)

Q2. Undue influence (5 marks)

Q3. define the wagering contract under the section 30 of the contract act 1872 (5 marks)

Q4. Discuss and explain the statement: “Agency refers to the relationship which exists between two persons, the Principal and the Agent.” (5 marks)

5. Don’t remember.

i think 12 mcqs from these quizzes

MTG611 TO DAY PAPER · Business and Labour Laws - MGT 611 · TOTAL Question 23 · 18 mcqs · 5 subjective · all mcqs from past papers · 5 subjective Question are · Consideration & essentials of contract 3

Consideration is a promise given by both parties as a price for entering into a contract. It can be anything of value which both parties of a legal contract must agree to exchange. Consideration is one of the vitals of valid contract. Without consideration, a contract is not binding. Consideration is all about give and take. It is doing something in return of something. It is doing or not doing something at all. Whatever you give in a contract to other party is your promise and whatever you get or take in return from the other party is consideration for you. Without consideration, a contract is not a binding contract.

Essentials of valid Contract:

These are outlined below: ƒ Offer and acceptance ƒ Legal relationship ƒ Legal consideration ƒ Competent parties ƒ Free consent of the parties ƒ Lawful Object ƒ Terms of agreement to be complete and certain ƒ Possibility of performance ƒ Contract to be got registered & in writing, wherever required ƒ Contract not declared void under the Act.

Void agreements....reciprocal promises 3

Agreements void, if considerations and objects unlawful in part.

Reciprocal promise: When a contract consists of reciprocal promises to be simultaneously performed, no Promisor need to perform his promise unless the Promisee is ready and willing to perform his reciprocal promise.

Performance & discharge of contracts 5

Performance and discharge:

A contract, being an agreement enforceable by law (Section. 2) creates a legal obligation, which exist until discharged. Performance of the promise or promises remaining to be performed is the principal and most usual mode of discharge.

A contract is said to be a discharged contract when the contract by the both parties is performed. When nothing is left to do in the contract everything is done then the contract is discharged or terminated. Modes of discharge of a contract:

A contract get discharged by

1. Performance (a contract is completely performed, nothing is left to be done so contract gets discharged)
2. By mutual agreement of parties (both parties mutually agree to terminate the contract)
3. Impossibility of performance (a contract is discharged when there is something impossible to do such as searching mine of gold with magic)
4. By operation of law (contract is terminated by law)
5. by breach of contract. (Contract is discharged due to breaking of contract between the parties as contract promises are not fulfilled well)