Business Laws - Past Exam analysis

Business Laws
Chapter as Per ICAI
Sub-Topic May-18 Marks Nov-18 Marks May-19 Marks Nov-19 Marks Nov-20 Marks Jan-21 Marks
1. Intention to create legal relationship ( Social/
Domestic agreements) a 3
2. Offer vs Invitation to Offer a 3
The Indian Contract Act, 1872 3. Modes of Revocation of offer a 5
(Nature of Contract - Unit 1 )
4. Acceptance and legal rules of acceptance a 7
5. Communication of Offer and Accpetance and time
limits for revocation a 6
1. Agreement without consideration is VOID / No
consideration - No contract a 5 a 2 a 5
The Indian Contract Act, 1872 2. Privity of Contract and Exceptions (Covenants of
(Consideration - Unit 2 ) land) a 4

3. Define consideration and Explain it's Legal rules a 7

1. Wagering vs Contract of Insurance a 2 a 5

2. Minor Related provisions a 2
3. Define Fraud / Whether mere silence amounts to
The Indian Contract Act, 1872 Fraud a 5 a 7
(Other essential elements of a Valid 3. Essentials of Undue Influence a 5
Contract - Unit 3 ) 4. Coercion and Its effects a 5
5. Agreement opoosed to public Policy & Agreement
in restrain of legal proceedings a 4
6. Fraud Vs Misrepresentation a 5 a 7
8. Traffic in relation to public offence a 4
1. Joint Promisor a 4
2. Supervening Impossibility a 4
The Indian Contract Act, 1872
(Performance of a Contract - Unit 4 ) 3. Contract performed using Personal skill of a person a 6
4. Appropriation of payments concept a 6
5. Reciprocal promise a 2

The Indian Contract Act, 1872 1. Consequences for breach of contract and types of
(Breach of contract and Remedies - Unit 5 ) damages a 6
2. Suit for specific perofrmance a 2
The Indian Contract Act, 1872 1. What is Contingent contract and explain the
(Contingent Contract and Quasi Contract - essentials of Contingent Contract a 7
Unit 6 ) 2. Quasi Contract ( Finder of Lost Goods) a 4
1. Delivery of goods and types of delivery a 4
The Sale of Goods Act,1930
(Formation of the Contract of sale - Unit 1)
2. Ascertained vs Unascertained Goods a 4

1. Doctrine of Caveat Emptor and It's Exceptions a 6 a 6 a 4

2. Implied Warranty a 4
The Sale of Goods Act,1930 3. Implied Condition ( Sale by sample) a 6
(Conditions and Warranties - Unit 2) 4. Condition Vs Warranty, when is condition treated
as warranty a 6
5. Implied condition ( Sale by sample as well as
description) a 6
1. Appropriation of goods and its essentials
(Unascertained Goods) a 6 a 4
The Sale of Goods Act,1930
2. Refusal to accept delivery of goods a 4
(Transfer of Ownership and Delivery of
3. Transfer of title and Exceptions to transfer of title
Goods - Unit 3)
by Non-owner a 6 a 6
4. Sale or return Basis a 6
1. Unpaid seller's Rights against Buyer a 6
The Sale of Goods Act,1930
2. Basic rights of an unpaid seller a 2 a 6
(Unpaid Seller - Unit 4)
3. Auction Sale a 4
 1. Conclusive evidence of partnership / True test of
partnership a 2 a 4
2. Circumstances when partnership is not considered
The Indian Partnership Act, 1930 between 2 or more parties a 2
(General Nature of Partnership - Unit -1 ) 3. Partnership at will a 2
4. Particular Partnership a 2
5. Nominal Partner a 2
6. KD Kamath ( Mutual agency ) a 4
1. Expulsion of Partner a 6 a 6 a 2
2. Minor as partner (ALL PROVISIONS ARE
IMPORTANT) a 8 a 6
3. Death of a partner a 3 a 6
4. Retirement of a partner a 3
5. Personal Profit earned by partner S.16 a 2
6. Effect of Notice of Acting partner S.24 a 2
The Indian Partnership Act, 1930
(Relations of Partners - Unit - 2 )
7. Partnership Property (Goodwill) S.14 a 2
8. Revocation of Continuing guarentee S.38 a 2
9. Insolvency of a partner a 4
10. Right of outgoing partner to carry on competing
business S. 36 a 3

11. Liability of firm for Misapplication by partner s.27 a 4

12. Liability of partner for acts of firm S. 26 a 4

The Indian Partnership Act, 1930 1. Dissolution of firm vs dissolution of Partnership a 2 a 4

(Registration and Dissolution of a firm -
Unit - 3 ) 2. Consequences of Non-registration of firm a 4 a 4 a 4
3. Dissolution of firm by the court a 4
1. Doctrine of Ultra Vires a 4
2. OPC and related provisions a 6 a 4
3. Limitation of Doctrine of Indoor Management
(Exception to DOIM) a 3
4. S.8 Company a 4 a 3 a 6
5. Lifting of Corporate Veil and Exceptions a 6 a 3
6. Doctrine of Indoor Management a 3 a 4 a 6
The Companies Act 2013.
7. Conditions for obtaining license for S.8 Company a 3

8. Holding company and Subsidiary company a 3

9. MOA and its contents a 6
10. Associate Company a 4
11. Foreign Company a 3
12. Private company limits a 4
12. Government company a 3
1. Essential elements of an LLP a 5 a 2
2. Steps to Incorporate LLP a 3

3. how is LLP different from other forms with respect

LLP Act, 2008 to Limited Liability and Flexibility of Partnership a 4
4. Liability of LLP for acts of partner and cases when
LLP is not liable a 5
 Expected Questions for June/July 21 exams
Chapter as Per ICAI Business Laws
Topic Sub-Topic Expected In June/July 21 exams
1. Types of Contract and difference between them.
2. Classification of offer
3. Essentials of a valid Offer including statement of price is not offer and invitation to
The Indian Contract Act, 1872
offer concept.
(Nature of Contract - Unit 1 )
4. Modes of Revocation of offer.
5. Time limits for revocation of offer and acceptance (Question might repeat from Jan
21).
The Indian Contract Act, 1872 1. Doctrine of Privity of Contract and exceptions (Very Important for July 21 attempt)
(Consideration - Unit 2 ) 2. Legal Rules of consideration and definition of consideration.
1. Mistake concept (Important)
2. Minor Related provisions (Important)
3. agreement against public policy
The Indian Contract Act, 1872
4. Wagering agreement and examples of wager
(Other essential elements of a Valid Contract - Unit 3 )
5. when does silence not amount to fraud?
6. Agreement in restraint of Trade
7. Essentials of Undue influence
1. Discharge of a Contract
2. Sucession vs assignment
3. Time and place of performance of promise S. 46 to 50.
The Indian Contract Act, 1872
4. Contracts which need not be performed, with the consent of both the parties (Any
(Performance of a Contract - Unit 4 )
point as a case question)
5. By whom contract may be performed and liability of Joint promisors
6. S.55 Time is essence of contract
1. Pre Fixed Damages ( Penalty vs Liquidated damages)
The Indian Contract Act, 1872
2. Ordinary / special Damages
(Breach of contract and Remedies - Unit 5 )
3. Suit upon Quantum Meruit / Vindictive or exemplary damages
The Indian Contract Act, 1872 1. Contingent Contract Vs Wagering Contract
(Contingent Contract and Quasi Contract - Unit 6 ) 2. Quasi Contract ( Any point as a case question)
1. Types of Goods and definition of goods
The Sale of Goods Act,1930 2. Sale vs Agreement to sell difference ( Very Important)
(Formation of the Contract of sale - Unit 1) 3. Perishing of Goods at different time S. 7 and S.8
4. Ascertainment of Price S. 9 and S.10
1. Sale by wholesomeness or merchantability (Important)
The Sale of Goods Act,1930
2. Implied Warranty all points (Important)
(Conditions and Warranties - Unit 2)
3. Condition as to Quality or fitness concept
1. Passing of property in case of specific or ascertained goods
2. Rules regarding delivery of goods (Any concept here can be a separate case question)
The Sale of Goods Act,1930
- Very Important
(Transfer of Ownership and Delivery of Goods - Unit 3)
3. Reservation of right of disposal concept or transfer of property in goods in case of
unascertained goods
1. Right's of Unpaid seller against Buyer
The Sale of Goods Act,1930
2. Rights of Buyer against the seller (Very Important)
(Unpaid Seller - Unit 4)
3. Right of Lien vs Right of Stoppage in Transit ( Important)
 1. Cases where there is no Partnership (SC Case : Santiranjan Das Gupta Vs. Dasryan
Murzamull)
The Indian Partnership Act, 1930
2. Partnership vs ANY other form of entity ( will be tested if paper is very easy) focus on
(General Nature of Partnership - Unit -1 )
Club / HUF / Co-ownership.
3. Types of partners
1. Subsequent Profits of the Partner S.37
2. Implied Authority of a partner (Entire concept) S. 18 , S.19 and S.22
3. Acts done in case of emergency u/s 21 and also read S.25
The Indian Partnership Act, 1930
4. Right of the conduct of business S.12
(Relations of Partners - Unit - 2 )
5. rights of transferee of a partner's interest S.29
6. Minor S.30 ( All concepts are Important)
7. Retirement of a Partner ( SC Case : Vishnu chandra vs chandrika prasad)
1. Mode of settlement of Partnership Accounts S.48
The Indian Partnership Act, 1930 2. Liability for partner act after dissolution S.45
(Registration and Dissolution of a firm - Unit - 3 ) 3. Dissolution of firm by the court S.44
4. Payment of Firm debts and separate Debts S.49
1. AOA and concept of entrenchment provision
2. Dormant Company (V. important)
3.Small Company (Amendment area) - Important
4. Definition of Public Financial institution
5. Incorporation Process
The Companies Act 2013. 6. Effect of registration
7. Doctrine of Ultra Vires
8. Lifting of corporate veil exceptions
9. OPC / S.8 Company ( Any one small concept as a separate question)
10. Doctrine of Indoor Management / Conbstructive notice ( Less important as tested 3
times already, but have a quick look)
1. Financial Disclosures ( Annual return and statement of Account and Solvency)
2. Effect of registration S.14
3. Partners and their relations S. 24 and S.25
LLP Act, 2008
4. whistle blowing S.31
5. Name clause related provisions S.15 to 17
6. Partner by holding out S. 29
Sub-Topic Expected In Nov 20 exams Marks
2. No Consideration - No Contract exceptions 2
1. Misrepresentation / Mistake concept 4
4. Agreements opossed to Public Policy 4
6. Wagering agreement and examples of wager 2
3. Performance or Reciprocal promise (Any one point as a case question) 2
3. Suit upon Quantum Meruit / Suit for Specific Performance 2
1. Passing of property in case of goods sent on sale or return basis 6
3. Transfer of title and Exceptions to transfer of title by Non-owner 6
1. Subsequent Profits of the Partner S.37 3
5. Liability to Third parties S. 25 to 27 4
4. Associate / Government company conepts 4
9. OPC / S.8 Company ( Any one small concept as a separate question) 6
5. Circumstances in which LLP may be wound up by Tribunal S. 64 5
Total 50

Similarly in Jan 21 exams 55

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2. Business Laws - Past exam 3. Business Laws in Detail for

1. Business Laws - Quick questions,RTP,MTP and July 21 Exams
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 DISCLAIMER
The analysis provided here is prepared based on past attempts and prediction of the faculty
based on experience, please do not study only these topics, for your exam, you can give
more importance to these areas.