Exam Notes

6689 words 27 pages
Biyani's Think Tank
Concept based notes

Business Laws
(MBA)

Lecturer Deptt. of Commerce & Management Biyani Girls College, Jaipur

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Think Tanks Biyani Group of Colleges

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First Edition : 2009

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Ans.: It is defined under section 18. It means any innocent or without intentional false statement or positive assertion of fact made by one party to the other during the course of negotiation of a contract is known as misrepresentation. Q.17 What is mistake? Ans.: It is defined under Section20 to 22, “It is an erroneous belief about something. When the consent of one or both the parties to a contract is caused by misconception or erroneous belief, the contract is said to be

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induced by mistake. It is mistake of law and mistake of fact. The mistake of Indian Law is enforceable not void but mistake of foreign law is void. When mistake made by a person it unilateral mistake and mistake is made by both the parties. It is bilateral mistake. Q.18 What is consideration. Ans.: It is quid-pro-quo means something in return. Hence, consideration is the price paid by promisee for the obligation of the promise. Q.19 What is doctrine of privity of contract? Ans.: A person who is not a party to the contract cannot sue upon it. Only the party to the contract can enforce the same. Q.20 What is Ex-Nudo-Pacto Nor-Oritur actio mean? Ans.: It means from bare promise, no right of action can arise. Q.21

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