P-6-Set-2.pdf - LAWS AND ETHICS Paper-6 Syllabus-2016 Set-2 Answer of Postal test Paper Set-2 www.globalcma.in [email protected] Sol 1(a MCQ i A ii C

P-6-Set-2.pdf - LAWS AND ETHICS Paper-6 Syllabus-2016 Set-2...

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LAWS AND ETHICS Paper-6 [email protected] Answer of Postal test Paper Set-2 Syllabus-2016 Set-2
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LAWS AND ETHICS Sol. 1 (a) MCQ i. A ii. C iii. A iv. C v. D vi. D vii. B viii. C ix. C x. A xi. D xii. D xiii. C xiv. D xv. B xvi. D xvii. A xviii. B xix. C xx. D Sol. 1 (b) Match The Following Column A Column B 1. Implied Contract Person entering metro station 2. Maternity Benefit Three months 3. Ostensible Partner Who is engaged in the conduct of the business. 4. Small Company Section 2(85) 5. DIN Director Identification Number Sol.2 (a)
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LAWS AND ETHICS Sol. 2 (b) The seller of the goods is deemed to be ‘unpaid seller’ within the meaning of this Act - • when the whole of the price has not been paid or tendered; • when a bill of exchange or other negotiable instrument has been received as conditional payment, and the condition on which it was received has not been fulfilled by reason of the dishonour of the instruments or otherwise; Section 45(2) defines the term ‘seller’ as including any person who is in the position of a seller as an agent of the seller to whom the bill of lading has been endorsed or a consignor or agent who has himself paid, is directly responsible for the price. An unpaid seller’s right against the goods are: (a) A lien or right of retention (b) The right of stoppage in transit. (c) The right of resale. (d) The right to withhold delivery Sol. 2 (c) The endorsement of a negotiable instrument can be (i) blank (ii) full (iii) restrictive endorsement or (iv) conditional endorsement As per section 16(1), if the endorser signs his name only, the endorsement is said to be “in blank”, and if he adds a direction to pay the amount mentioned in the instrument to, or to the order of, a specified person, the endorsement is said to be “in full”, and the person so specified is called the “endorsee” of the instrument. Section 49 of the Act provides the mechanism of conversion of a blank endorsement into a full endorsement. As per section 49 the holder of a negotiable instrument indorsed in blank may, without signing his own name, by writing above the endorser’s signature a direction to pay to any other person as endorsee, convert the endorsement in full; and the holder does not thereby incur the responsibility of an endorser. Sol. 3 (a) Eligibility for bonus Section 8 provides that every employee shall be entitled to receive bonus from his employer in an accounting year. For this he has to work in the establishment for not less thirty workings days in that accounting year. An employee suspended but subsequently reinstated with full back wages cannot be treated to be ineligible for bonus for the period of suspension as held in ‘Project Manager, Ahmadabad Project, ONGC V. Sham Kumar Senegal’ –(1995) 1 LLJ 863.
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