Business Law Pyq 2022

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Paper-2: Business Laws and Business Correspondence and Reporting. Study Material · Relevant Amendments for Sec-A: Business Laws for November, 2023 examination

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Questions for Long Answers and Short Notes. 1) Who is Unpaid Seller? What are his rights? 2) What is offer? Explain the features of valid offer.

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BUSINESS LAWS AND ETHICS. 1. Directorate of Studies, The Institute of Cost . Discuss your answer with the appropriate examples and reference to the law. (b).

Revocation means withdrawal.

Offer can be revoked any time before a valid acceptance becomes effective as per rules.
Acceptance can be revoked before it comes to knowledge of offeror (typical exam point).
Revocation must be communicated to be effective.

Any three consumer rights are:

Right to safety.
Right to be informed.
Right to choose.

(Other rights: right to be heard, right to seek redressal, right to consumer education.)

Bailment is delivery of goods by bailor to bailee for a purpose, with an obligation to return/dispose goods after the purpose is completed. Example: giving a watch for repair.

Pledge is a special type of bailment where goods are delivered as security for payment of debt or performance of a promise. Example: pledging gold to bank for loan.

Basis	Bailment	Pledge
Purpose	for some purpose	security for debt/performance
Right to sell	bailee has no right to sell	pledgee can sell after giving notice on default
Interest	return after purpose	retention until debt paid

Rights of pledgee (pawnee):

Right to retain goods until debt/interest/expenses are paid.
On default, right to sue for debt while retaining goods.
On default, right to sell pledged goods after giving reasonable notice.

Therefore, pledge is bailment with the additional element of security, giving pledgee special rights.

Revocation means withdrawal.

Offer can be revoked any time before a valid acceptance becomes effective as per rules.
Acceptance can be revoked before it comes to knowledge of offeror (typical exam point).
Revocation must be communicated to be effective.

Any three consumer rights are:

Right to safety.
Right to be informed.
Right to choose.

(Other rights: right to be heard, right to seek redressal, right to consumer education.)

Bailment is delivery of goods by bailor to bailee for a purpose, with an obligation to return/dispose goods after the purpose is completed. Example: giving a watch for repair.

Pledge is a special type of bailment where goods are delivered as security for payment of debt or performance of a promise. Example: pledging gold to bank for loan.

Basis	Bailment	Pledge
Purpose	for some purpose	security for debt/performance
Right to sell	bailee has no right to sell	pledgee can sell after giving notice on default
Interest	return after purpose	retention until debt paid

Rights of pledgee (pawnee):

Right to retain goods until debt/interest/expenses are paid.
On default, right to sue for debt while retaining goods.
On default, right to sell pledged goods after giving reasonable notice.

Therefore, pledge is bailment with the additional element of security, giving pledgee special rights.

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