Agreement between two parties is the foundation of business. In your opinion, what are the essentials of an agreement ? What types of agreement are not enforceable by law ?
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Question No 2
Every contract involves a price its equivalent for exchanging goods or services in a business. Define consideration with examples. What are exceptions to consideration ?
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Question No.3
A contract in a business must be entered in a transparent way without any mistake or misrepresentation. What is the difference between misrepresentation and mistake ?
Explain their key features in detail with examples.
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Question No.4
A contract can be completed by performing the mutually agreed duties or exchanging goods or services. What is meant by discharge of a contract ?
Explain different methods for discharging a contract
?
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Question No.5
What is bailment ? Explain in detail the rights and duties of bailer and bailee in a contract of bailment.
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This is the end of assignment no 1 of Mercantile Law
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