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Old Sunday, August 30, 2009
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CE-2003
MERCANTILE LAW
COMPULSORY QUESTION

8. In each of the following clauses of this question only one statement is correct. Write down in your answer book only the correct statement of the following clauses. Do not write the whole clause.

(1) To what extent is a member of a company which is limited by guarantee personally liable for the companyís debts?
(c) His personally liability is limited to the amount set out in the memorandum on a winding up.


(2) Jamshed, a house painter, misreads his work under order and paints Salmanís house by accident while Salman sits inside watching. Which of the following is correct?
(d) a quasi-contract has been formed


(3) On 30-11-2003 A offered to buy one of the 10 tables of the same specification present in Bís shop for 500 rupees. B accepted the offer. It was agreed that the table would be delivered on 1-12-2003 while the price would be paid on 8-12-2003. It was not clear which of those tables was attributed to the contract. Which of the following is correct?
(c) The table will become the property of A on 8-12-2003 when he will pay the price.


(4) Akram sent a proposal to Banaras by post for the sale of his stall in the Sunday Market. Banaras accepted the offer by post. Banaras may revoke his acceptance at any time before:
(a) Akram receives the letter of acceptance


(5) A appoints B as his agent for buying him a house. B appoints C as his agent to arrange a house to be bought. C is liable to:
(a) B only



(6) Delivery of an insurance policy to the insured is:
(b) Essential to form a binding contract between the prties


(7) A partner may be expelled from a firm
(a) By the majority of the partners


(8) An order instrument may be negotiated by:
(b) Endorsement and delivery


(9) A cheque is always payable.
(b) On demand


(10) A sold some food stuff to B, a minor, on credit. If B refuses to pay:
(a) A can be paid out of the property of B



(11) If a contract has been fully performed by both parties, that contract would be described as:
(a) Executed contract


(12) An unregistered contract of sale of a computer is:
(c) Unenforceable


(13) A decision made by an arbitrator is:
(b) Appealable


(14) Each party to an arbitration agreement can appoint:
(a) Only one arbitrators


(15) Shahid and Hamid wished to form a company. On 1 December 2002 they filed all the required documents with the Register. On 10 February 2003 they received the Certificate of Incorporation dated 1 February 2003. The company was incorporated on:
(b) 1 February 2003


(16) A public limited company must have:
(b) Seven directors


(17) A listed public limited company must have:
(b) Seven directors


(18) A, aged 18 for whom a court has appointed a guardian, wants to make a contract. He can make a contract.
(b) After attaining the age of Twenty-one years


(19) A agrees to pay B 10,000 rupees if his (Bís) horse wins the race. The horse died one day before the race. The contract is:
(b) Void


(20) Abidís son has forged Majidís name to a pronote. Majid under threat of prosecuting Abidís son demanded that he should sell him his bungalow that is worth one billion rupees for one million only. Abid had no way except to agree with the proposal. The contract is:
(c) Voidable





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