ECO-05 Solved Assignment For IGNOU
Course Title: Mercantile Law
Following questions are answered in this solution:
Q. 1. (a) “A contract with a minor is void ab-initio” Explain? Can a minor become an agent and a partner?
(b) Define consideration. Are there any cases where a contract without consideration is valid? Explain with examples.
Q. 2. (a) Distinguish between fraud and misrepresentation. What are their effects on the validity of a contract?
(b) Point out the difference between a contract of indemnity and a contract of guarantee.
Q. 3. (a) What is an agency? When an agent is personally liable?
(b) What are the grounds on which a partnership firm is dissolved? Explain.
Q. 4. (a) Distinguish between ‘Bailment’ and ‘pledge’. Can “non-owners create a valid pledge”? Explain.
(b) Who is an unpaid Seller?
Q. 5 (a) Distinguish between ‘generallien” and ‘particular lien’.
(b) Explain the different remedies available to an aggrieved party for breach of a contract.