business law bbs 3rd year model question solution 2078
bbs 3rd year business law model question 2079
Business Law BBS 3rd Year
Solution 2078
Brief Answer Question
1. What is Law?
Law is a system of rules and regulations that are created and enforced by governing authorities to regulate behavior within a society. It is a framework that defines rights, obligations and responsibilities of individuals and organizations.
2. List our any four sources of law.
The four sources of law are
- Legislation
- Precedent
- Customs
- Agreements
3. What is mistake in law?
When the parties to a contract mistook or misunderstood the facts of contract it is said to be caused by mistake.
4. State any two conditions of void agreement.
A void agreement is an agreement that is not legally enforceable and has no legal effects. The two conditions of void agreement includes :
- Agreement without consideration
- Agreement impossible to perform
5. What is common carrier?
A common carrier refers to a business or individual that offer a shipping services to a general public in exchange for a fee. Common carriers are typically regulated entitles that provide transportation for goods.
6. Define the term 'quantum meruit'.
Quantum meruit is a Latin phrase that translate to "as much as he deserved" or "as much as is deserved". It is a legal principle used to determine a reasonable value or compensation for services rendered when there is no specific contract or agreed-upon price.
7. What is negotiable instrument?
Negotiable instruments are legal documents that serve as a substitute for money and can be used as a form of payment or to transfer ownership of a specific amount of money. These instruments are generally transferable from one person to another by way of endorsement or delivery and are considered a valuable assets.
8. Define the term 'insolvency'.
Insolvency refers to a financial state in which an individual, organization or entity is unable to meet the financial obligations or pay its debts when they become due. It is a condition of financial distress where liabilities exceed assets or where the cash flow is insufficient to cover the financial obligations.
9. Who is an alien enemy?
Alien enemy is an international term used to describe a national or citizen of one country that is in the state of war or conflict with the other country. An alien enemy is considered an enemy of the state and may be subject to certain restriction such as seizure of property, internment or deportation.
10. Mention any two types of guarantee.
The two types of guarantee are :
- Guarantee for repayment of debt
- Guarantee for payment of price of goods sold on credit
Descriptive Answer Question
11. What is business? Explain the sources of Nepalese business law.
Business is an economic activity that involves the exchange, purchase, sale of goods and services with a motive to earn profits and satisfying the needs of a customer.
The sources of Nepalese business law are :
- Legislation : It is the process of enrolling, enacting or promulgating laws by a legislature, parliament or governing body. There are two types of legislation : supreme legislator and subordinate legislator. The parliament has the authority to make and ament any laws which are necessary to regulate the activities of human.
- Precedent : Precedent is the body of principles developed by the supreme court in the process of hearing and deciding the case. Precedent is the law itself and the decisions of the supreme court must be followed by all the inferior courts and all the governing bodies.
- Customs or Usages : Customs is the primary source of law and it is the oldest form of law making. In early society when there was no articulate system of law making customs is the only law we can discover. It has been said that customs is for the society where as law is for the state.
- Agreements or conventions : When two or more parties agrees to do or not to do something in a particular way, those agreements becomes law for that matter. Similarly when two or more nations agrees on certain area of conducts it becomes treaty or convention.
- Decision of foreign court : Sometimes in critical cases, the court may take reference from the decision decided by foreign courts. It often happens in the cases of constitutional conflict or most advance crimes or other business disputes.
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