Icwai revisionary test paper intermediate for dec 2011 term of examination paper 6 commercial and industrial law and auditing sample question amp answer: q. �x’ stands surety for ‘y’ for any amount which ‘z’ may lend to y from time to time during the next three months subject to a maximum of rs. Referring to the provisions of the indian contract act, 1872 decide whether ‘x’ is discharged from all the liabilities to ‘z’ for any subsequent loan. What would be your answer in case ‘y’ makes a default in paying back to ‘z’ the money already borrowed i.e. M completed the work, but did not return the car to s within reasonable time, though s repeatedly reminded m for the return of car.

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In the meantime a big fire occurred in the neighborhood and the car was destroyed. Decide whether m can be held liable under the provisions of the indian contract act. The fact that b later changed his mind does not amount to acceptance but a counter offer of b. 2.the problem as asked in the question is based on the provisions of the indian contract act 1872, as contained in section 130 relating to the revocation of a continuing guarantee as to future transactions which can be done mainly in the following two ways: 1. by notice. A continuing guarantee may at any time be revoked by the surety as to future transactions, by notice to the creditor. The death of the surety operates, in the absence of any contract to the contrary, as a revocation of a continuing guarantee, so far as regards future transactions.

The liability of the surety for previous transactions however remains.thus applying the above provisions in the given case, x is discharged from all the liabilities to z for any subsequent loan.answer in the second case would differ i.e. 5,0 on default of y since the loan was taken before the notice of revocation was given to z. The problem asked in the question is based on the provisions of section 160 and 161 of the indian contract act 1872. Accordingly, it is the duty of the bailee to return or deliver the goods bailed according to the bailor’s directions, without demand, as soon as the time for which they were bailed has expired, or the purpose for which they were bailed for any loss, destruction of the goods from that time section 161 , notwithstanding the exercise of reasonable care on his part. Therefore, applying the above provisions in the given case, m is liable for the loss, although he was not negligent, but because of his failure to deliver the car within a reasonable time.

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The problem as asked in the question is based on one of the essentials of a valid contract.accordingly, one of the essential elements of a valid contract is that the agreement must not beone which the law declares to be either illegal or void. Institute of cost and works accountants of india offer the cwa course, which denotes cost and works accountancy course. This is a professional course that can pave way for candidates to find jobs in the position of cost accountant of an organization. about intermediate course: cwa course is conducted in different stages like foundation, intermediate and final, for seeking admission to the intermediate course, candidates will have to clear the foundation course after their higher secondary. On the other hand, candidates, who have completed their degree course need not take up the foundation course and they can directly apply to the intermediate course if they are not less than 18 years of age. papers in the intermediate group i of cwa examination: the intermediate stage is further divided into two groups and the group i of the intermediate course includes the following subjects: applied direct taxes commercial and industrial laws and auditing financial accounting syllabus of commercial and industrial laws and auditing exam: the commercial and industrial laws and auditing exam is the paper 6 of the icwai course.

This paper is divided into two parts with 50 marks for part a and 50 marks for part b. The content of the subject in both these parts are: part a: commercial and industrial law o law of contracts o laws relating to sale of goods download icwai intermediate mock test papers june 2015, download cwa/cma inter mock yest papers june 2015. hi friends today we provide icwai intermediate mock test papers. These mock test papers are help for batter preparation of icwai intermediate exam.

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