Mercantile Law, 1984

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Got a hand on this old paper, thought of sharing it here for guidance of the members...

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FEDERAL PUBLIC SERVICE COMMISSION

COMPETITIVE EXAMINATION, 1984 FOR RECRUITMENT TO
POSTS IN GRADE 17 UNDER THE FEDERAL GOVERNMENT.

MERCANTILE LAW

TIME ALLOWED: 3 HOURS

MAXIMUM MARKS: 100

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NOTE: Answer FIVE questions. All questions carry equal marks.

1. Explain what 'Agreements' are 'contracts' and enumerate 'void agreements'.

2. Define 'contract of guarantee'. Under what circumstances a 'continuing guarantee' is revoked?

3. (a) Compare 'condition' with 'warranty'. When condition can be treated as warranty?

(b) A purchased 100 bales of yarn from B on the conditiion that A would take the delivery within 10 days on the payment of the price. A failed to take the delivery within stipulated period but came to perform his part of contract on 15th day.

4. Who is 'unpaid seller' and what are his rights? Discuss.

5. (a) Write essential elements of 'Promissory Note'.

(b) Which of the following instruments duly signed are promissory notes?

i. "I promise to pay Rs.500 seven days after my marriage with C".
ii. "I promise to pay B or order Rs.700".
iii. "I promise to pay Rs.600 first deducting thereon any money which he may owe me".
iv. "I acknowledge myself to be in debt to B in Rs.9000 to be paid on demand for value received".

6. Enumerate various types of 'meetings' held under Company's Act and discuss the purpose of each meeting.

7. What do you understand by 'limited liability'? Discuss the ways of limiting the liability under the Act.

8. What are the rights and liabilities of a 'minor', when he is admitted to the benefits of Partnership?

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Regards