IGNOU ECO 05 Solved Assignment 2022-23 , ECO 05 MERCANTILE LAW Solved Assignment 2022-23 Download Free : ECO 05 Solved Assignment 2022-2023 , IGNOU ECO 05 Assignment 2022-23, ECO 05 Assignment 2022-23 , ECO 05 Assignment , ECO 05 MERCANTILE LAW Solved Assignment 2022-23 Download Free IGNOU Assignments 2022-23- B.COM 2022-23 Gandhi National Open University had recently uploaded the assignments of the present session for B.COM Programme for the year 2022-23. IGNOU B.COM stands for Bachelor’s in Commerce. IGNOU B.COM courses give students the freedom to choose any subject according to their preference. Students are recommended to download their Assignments from this webpage itself. Study of Political Science is very important for every person because it is interrelated with the society and the molar values in today culture and society. IGNOU solved assignment 2022-23 ignou dece solved assignment 2022-23, ignou ma sociology assignment 2022-23 meg 10 solved assignment 2022-23 ts 6 solved assignment 2022-23 , meg solved assignment 2022-23 .
IGNOU ECO 05 Solved Assignment 2022-23
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Important Note – IGNOU ECO 05 Solved Assignment 2022-2023 Download Free You may be aware that you need to submit your assignments before you can appear for the Term End Exams. Please remember to keep a copy of your completed assignment, just in case the one you submitted is lost in transit.
Submission Date :
- 31st March 2033 (if enrolled in the July 2033 Session)
- 30th Sept, 2033 (if enrolled in the January 2033 session).
All questions are compulsory.
1. Explain the law relating to commnicutation of offer and acceptance and their revocation.
To create a legally enforceable contract there must be a proposal which has to be accepted by the other party. Once a proposal is accepted by the other party and it is properly communicated to the party who made the proposal it becomes a binding contract, provided the object and consideration is not illegal and the parties do have an intention to create a legal relationship. Once it becomes a binding contract the parties cannot go back on their respective commitments.
The parties can revoke the proposal or acceptance any time before the communication of the same is complete against the other party. Let us examine the revocation of proposal, revocation of acceptance and requirements of communication in detail.
Communication of proposal and acceptance
When the proposal is accepted it creates legal relations between the two parties. Effective communication and a clear understanding of it is important to avoid misunderstanding between all the parties. When the parties are talking face-to-face the communication happens in real time and the offer and acceptance can be communicated on the spot, creating no confusion. But often in business the communication occurs via letters and emails etc. So, in this case, the timeline of communication is vital.
Mode of Communication
All communication should be according to the prescribed mode. If no mode is prescribed, the communication must be through an acceptable mode. If the offer is not accepted according to the prescribed or usual mode, the offer lapses provided the offeror gives notice to the offeree within a reasonable time that the acceptance is not according to the mode prescribed.
Revocation of Proposal
The party who has made the proposal can withdraw the proposal any time before the communication of acceptance is complete as against the proposer. The communication of acceptance of a proposal is complete against the proposer when it is put in a course of transmission to him, so as to be out of the power of the acceptor (Sec 4, Indian Contract Act 1872). The proposing party must communicate the revocation to the other party before the other party accepts the offer.
Once the revocation has been communicated to the other party, the original proposal stands cancelled and the other party cannot legally accept the proposal as the proposal is not in existence anymore. Revocation comes into effect as soon as it has been communicated to the relevant party.
In Byrne & Co. v Leon Van Tienhoven & Co (1880) LR 5 CPD 344, Common Pleas Division the court held that withdrawal of an offer by telegram is only valid if the telegram is received before the offer is accepted.
Section 5 of the Indian Contract Act deals with the revocation of the proposal. A proposal can be revoked by giving a notice of revocation to the other party.
Communication of revocation can be direct or indirect and can be made by a third party. If the communication is indirect, it needs to be clear, unambiguous and understood by a “reasonable person” and should be communicated by a reliable source.
Selling an item to someone else is considered a legal revocation so long as the original offeree is notified of the sale before they accept the offer. In Dickinson v. Dodds (1874 ) the court opines that “If an offer has been made for the sale of property, and before that offer is accepted, the person who has made the offer enters into a binding agreement to sell the property to somebody else, and the person to whom the offer was first made receives notice in some way that the property has been sold to another person, can he after that make a binding contract by the acceptance of the offer? I am of opinion that he cannot.” This case further establishes that the party making the offer can communicate the revocation through a third party.
In Payne v. Cave (1789): The defendant withdrew his bid which was the highest in the action sale, before the fall of the auctioneer’s hammer. It was held that the defendant was not bound to purchase the goods. His bid amounted to an offer which he was entitled to withdraw at any time before the auctioneer signified acceptance by knocking down the hammer.
Offers made through a publication are something of a special case. These offers can be revoked by a notice in that publication without specifically contacting the offeree.
The communication of revocation is dealt with in section 4 of the Act.
The communication of a revocation is complete:
- as against the person who makes it, when it is put into a course of transmission to the person to whom it is made, so as to be out of the power of the person who makes it;
- as against the person to whom it is made, when it comes to his knowledge.
Communication of Acceptance
In communication of acceptance, there are two factors to consider, the mode of acceptance and then the time of acceptance. Acceptance can be by an act which includes communication by words, oral or written through phone, letters, e-mails, fax, etc. or by conduct like boarding a bus etc.
When is Acceptance complete? Time of acceptance
A proposal can be accepted by the offeree any time before the communication of revocation is complete against him. Once accepted by the offeree the communication of acceptance is complete:
- as against the proposer, when it is put in a course of transmission to him, so as to be out of the power of the acceptor;
- as against the acceptor, when it comes to the knowledge of the proposer.
Revocation of Acceptance
There can be instances where a proposer makes an offer and the acceptor accepts the proposal and communicates the same to the proposer. Can the acceptor revoke/cancel this acceptance? Yes, the acceptor can cancel this acceptance before the communication of acceptance reaches the proposer. That is before the communication of acceptance is complete as against the acceptor. If the revocations of acceptance reached the proposer before the acceptance comes to the knowledge of the proposer there can be a valid revocation of acceptance. The Revocation of Acceptance is complete only at any time before the communication of acceptance is complete as against the acceptor, but not afterwards.
Communication of Revocation of Acceptance
The communication rules for revocation of offer will be applicable to revocation of acceptance as well. The communication is complete against the proposer when it comes to is knowledge.
Where the communication of acceptance is instantaneous, the contract is effective when the acceptance is received (Entores Ltd v. Miles Far East Corp ). The court held the postal rule does not apply to instantaneous forms of communication. As a result, in the case of instantaneous communications (including by telex) acceptance occurs when and where received. Lord Justice Denning concluded that the rule about instantaneous communications between the parties is different from the rule about the post. The contract is only complete when the acceptance is received by the offeror; and the contract is made at the place where the acceptance is received.
2. a) “Silence as to the facts is not fraud” comment
b) What are contingent contracts? Stats the rules regarding enforcement of such contracts with examples.
3. a) “Delegatus non potest delegare”. Discuss the implication of this in relation to agency and state the exceptions to this rule.
b) Explain the rights and liabilities of partners on dissolution of partnership firm.
4. a) Explain the circumstances when a person other than the owner can make a valid pledge.
b) Discuss the legal rules for valid consideration with examples.
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IGNOU ECO 05 Solved Assignment 2022-23
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5 What is meant by delivery of goods? What are the rule relating to delivery of goods?
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IGNOU Instructions for the ECO 05 MERCANTILE LAW Solved Assignment 2022-23
IGNOU ECO 05 Solved Assignment 2022-2023 Download Free Before attempting the assignment, please read the following instructions carefully.
- Read the detailed instructions about the assignment given in the Handbook and Programme Guide.
- Write your enrolment number, name, full address and date on the top right corner of the first page of your response sheet(s).
- Write the course title, assignment number and the name of the study centre you are attached to in the centre of the first page of your response sheet(s).
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- Write the relevant question number with each answer.
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GUIDELINES FOR IGNOU Assignments 2022-23
IGNOU ECO 05 Solved Assignment 2022-23 You will find it useful to keep the following points in mind:
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