Very Short Question Answer 1. Define negotiable instruments. The word ‘Negotiable’ means transferable from one person to another in return for consideration and ‘Instrument’ means a written documents by which a right can be created infavour of some person. Thus, a negotiable instrument is a document which entitles a person to a sum of money […]
Chapter 5: Contract of Carriage
Very Short Question Answer 1. What is meant by carriage of goods? Carriage of goods refers to the act of transporting or carrying goods, roughly speaking, the people from one place to another by the different means of within the country or beyond the country. In fact, it is the act of transportation of goods […]
Chapter 2: General Law of Contract Bailment
Very Short Question Answer 1. When a consent is treated as free? A consent is treated as free in the following situations: If the consent has been given knowingly and freely. If the consent is not caused by coercion, undue-influence, misrepresentation, fraud or mistake. 2. When an agreement is enforceable by law? When an agreement […]
Chapter 3: Contract of Agency
Very Short Question Answer 1. State any two essentials of agency. A contract between two parties amounts a contract of agency if it fulfills the following at essentials: Universal declaration of the principal to be bound by the act of his agent. Intention of the agent to act on behalf of the principal 2. Who […]
Chapter 1: Introduction to Law and Business Law
Very Short Question Answer 1. State any two nature of law. Law consists of a rule. Law is backed by sanction/ punishment. 2. Give any two differences between substantive law and procedural law. The differences between substantive law and procedural law can be stated as follows: Substantive Law Procedural Law It creates and defines the […]
Chapter 4: Contract of Sales of Goods
Very Short Question Answer 1. What is meant by goods? The term goods refers all the movable properties other than the land and attached to the land. Therefore, growing crops is not goods but when harvested it amounts a goods. A living tree is not goods but it is severed from the land amounts to […]
Chapter 15: Strategic Control and Evaluation
Very Short Question Answer 1. What is premise control ? Premise control is designed to check methodically and constantly whether the premises on which a strategy is grounded on are still valid. If it is discovered that an important premise is no longer valid, the strategy may have to be changed. 2. What is special […]
Chapter 14: Strategy Implementation
Very Short Question Answer 1. What do you mean by strategy implementation? Strategy implementation is the process by which strategies and policies are to put into action through the development of programs, budgets and procedures. This is the most important component of strategic management. 2. What is simple structure? The simple structure has a very […]