Exam Notes

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Biyani's Think Tank Concept based notes Business Laws (MBA) Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur For more details: - http://www.gurukpo.com 2 Published by : Think Tanks Biyani Group of Colleges Concept & Copyright : ©Biyani Shikshan Samiti Sector-3, Vidhyadhar Nagar, Jaipur-302 023 (Rajasthan) Ph : 0141-2338371, 2338591-95 • Fax : 0141-2338007 E-mail : acad@biyanicolleges.org Website :www.gurukpo.com; www.biyanicolleges.org First Edition : 2009 While every effort is taken to avoid errors or omissions in this Publication, any mistake or omission that may have crept in is not intentional. It may be taken note of that neither the publisher nor the author will be responsible for any damage or loss of…show more content…
Q.22 What is Champerty? Ans.: It is a bargain where by one party agrees to assist the other in recovering property. Q.23 What is wagering Agreement? Ans.: It is an agreement involving payment of a sum of money upon the determination of an uncertain event. Q.24 What do you mean by Agreement against public policy? For more details: - http://www.gurukpo.com 8 Ans.: It simply mean whenever an agreement is harmful or injurious to public interest and welfare it is said to be against public policy. It is harmful to the social, political, economic and other interest and welfare of the public is called agreement opposed to public policy. Q.25 What is Contingent contract? Ans.: It is a contract in which the promisor undertakes to perform the contract upon the happening or non happening of a specified future uncertain event, which is collateral to the contract (Section 32). Q.26 What is Appropriation of payments? Ans.: In case of a debtor owes several distinct debts to the same creditor, he makes payment which is insufficient to satisfy all the debts. In such a situation a question arises as to which particular debt the payment is to be appropriated. Q.27 What is Novation? Ans.: Novation means substitution of a new contract in place of an existing one with the consent of all the parties to the contract. Q.28 What is Rescission? Ans.: It is cancellation of a contract by the consent of all the parties to it or by the aggrieved party to it. Q.29 Explain Remission. Ans.:

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