Professional Documents
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Merchantile Law Papers
Merchantile Law Papers
Presented by:
103-104, Amber Estate,
Mohammad Rehan Siddiqui Main Shahrah-e-Faisal, Karachi
Phone: 021 – 4535712-3
Partner Fax: 021 – 4546291
E-mail: mim@mimandco.com
TABLE OF CONTENTS
1. PLANNING
INDICATIVE GRID
SYLLABUS OUTLINE
RECOMMENDED READING
- BASIC READINGS
- REFERENCE BOOKS
3. MISTAKES RECTIFICATION
6. CAVEATS
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PLANNING
INDICATIVE GRID
OBJECTIVE:
The Syllabus aims to enable the students to develop a professional approach towards
matters
Syllabus Content Area Weightage
1. Introduction to legal System
2. Contract Act 1872 40
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RECOMMENDED READING
BASIC READINGS
Bare Acts:
Bare Acts are the primary source and also contain a large variety of practical examples.
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RECOMMENDED READING
REFERENCE BOOKS
1. Elements of Mercantile Law by N.D Kapoor. This book covers the entire syllabus and
is written in simple language.
2. Mercantile Law by M.C. Kuchhal These books cover most of the syllabus
area.
3. Mercantile Law by M.C. Shukla.
This book covers most of the syllabus area
4. Mercantile Law by Luqman Baig.
Especially useful for the topic “Introduction to
Legal System”.
5. Business Law: Khalid Mehmood Cheema.
A concise book on mercantile law, recommended
6. Lectures on Business Law by for revision purposes.
Rehan Aziz Sherwani The book has been written in lecture form and will
be very beneficial for the studies
Supplementary Study Material
1. Mercantile Law Study Text and Revision Series by AT Foulks Lynch Pakistan.
2. Mercantile Law Study Text and Revision Series by Professional Business Publication (PBP).
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CONSIDERATION FOR REFERNECE BOOK
Try to cover the topic from a single book. Otherwise you may get confused
which would also reflect in your answers.
The key to selecting the right text book is consulting your teachers / senior
students
Again, as the question paper is set to cover the whole grid, you should not
resort to selective reading, otherwise, you would just end up with some
unanswered questions and would not be able to pass the examination.
It is important that you map the syllabus with the course material after
consulting senior students who have cleared the examinations.
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ATTEMPTING THE PAPER
5. Do not write long answer in the form of a paragraphs, which you may find difficult
to learn and retain
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ATTEMPTING SCENARIO BASED QUESTIONS
1. The reason for the introduction of these types of questions is to discourage rote
learning
2. It has been noted that most students only give the conclusions in such type of
questions
3. The most important aspect of asking such questions is to test whether you can
apply the knowledge of law to a practical situation
4. The key to such questions is the reasoning and not the conclusion.
5. The examiner is interested in the thought process that went into the conclusion.
6. You can conclude correctly with out any reasoning, by sheer guessing you have a
fifty percent chance of getting it right. ICAP knows this and therefore no marks for
guessing the conclusion – you must support it.
7. If you have logical reasoning that forms the basis for your conclusions you will get
pass marks even if your conclusion does not match with that of the examiner . 9
HOW TO RECTIFY YOUR MISTAKES
ANALYSIS OF MISTAKES
1. What was your total mark?
2. How many marks were lost because you did not understand the theory?
3. How many marks did you lose as a result of simple errors in your
responses?
4. How many marks were lost because you could not interpret a question or
you answered a different question from the one you were asked?
5. How many marks were lost because you ran out of time?
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HOW TO RECTIFY YOUR MISTAKES
(Contd…)
RECTIFICATION / CORRECTIONS
Step 1 – Attempt the paper which you did not pass again and mark your copy and get it
marked by an independent person e.g. teacher / senior. Do not refer text book prior
to attempting the paper if you want a realistic assessment
Step 2 – On the basis of your attempt identify your weak areas. Closely analyze your answers
to see drafting mistakes, grammatical mistakes and most importantly conceptual
mistakes.
Step 4 – After thoroughly revising the course, conduct mock examinations as discussed in
step-1 above.
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OBSERVATIONS AND STRONG
RECOMMENDATIONS
Some of the students are very elaborative while others extremely brief. It must
be mentioned here that only a balanced approach produces good results.
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UNDERSTANDING OF THE VERB USED
IN THE EXAMINATION QUESTION
A list of verbs that appear in the syllabus and in the examination paper should be understand
as under:
It is important that you answer the question according to the definition of the verb.
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UNDERSTANDING OF THE VERB USED
IN THE EXAMINATION QUESTION
(Contd…)
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EXAMINATION QUESTIONS
AUTUMN 2009
Marks-(07)
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EXAMINATION QUESTIONS
AUTUMN 2009 – COMMON MISTAKES
Ans.2
The requirement of the question was to “describe” and not just to “list down” the circumstances.
Without following the requirement(s) of the question, the students are not likely to get full marks on
the question.
Ans.2
1.Natural Love and affection: Agreement should be in writing and registered and made out of
natural love and affection between the parties standing in near relation to each other.
2.Past performance: a promise to compensate wholly or in part, a person who has already
voluntarily done something for the promisor, or something which the promisor was legally
compellable to do.
3.Time barred debt: A promise, made in writing and signed by the person to be charged
therewith, or by his agent generally or specially authorized in that behalf, to pay wholly or in part a
debt which is barred by the law for the limitation of suits. 17
EXAMINATION QUESTIONS
AUTUMN 2009 – COMMON MISTAKES
(Contd…)
Ans.2
4. Gift: any gift which is actually made as between the donor and the donee.
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
Q.5(b) Asim agreed to construct a bungalow for Ali at a cost of Rs. 50 million. However, it
was agreed that payment would only be made on completion of the project. Is this
a contingent contract under the Contract Act, 1872? Give reasons. Also list the
requisite characteristics of a contingent contract.
Marks-(03)
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
MISTAKES
Ans.5(b)
Contingent Contract
Yes, this is a contingent contract as the payment would be made on the completion of the
project.
(i) the performance of such a contract depends upon the happening or non-happening of some
future event;
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
STOP WASTING YOUR TIME
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EXAMINATION QUESTIONS
AUTUMN 2009 – SCENARIO BASED
STOP WASTING YOUR TIME
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EXAMINATION QUESTIONS
AUTUMN 2009
Q.6(a) The authority of a partner to bind the firm is called “Implied Authority.”
List the acts which cannot be exercised by a partner as his implied
authority.
Marks-(04)
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EXAMINATION QUESTIONS
AUTUMN 2009 – COMMON MISTAKES
Ans.6(a)
(a) arbitration;
(b) open a banking account ;
(c) compromise a claim;
(d) withdraw a suit ;
(e) admit any liability;
(f) purchased immovable property;
(g) sale immovable property; and
(h) enter into partnership.
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EXAMINATION QUESTIONS
AUTUMN 2009 – COMMON MISTAKES
Although in Q.6(a) the requirement of the question was just to list down the implied authority
of a partner, but it doesn’t mean that it should be reduced to such an extent that no meaning
can be derived from it.
For instance:
Arbitration: { Its not evident whether a partner can submit the disputes to arbitration
or not}
The students are not likely to get any marks on such vague answers.
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EXAMINATION QUESTIONS
AUTUMN 2009 – CORRECT ANSWER
In the absence of any usage or custom of trade to the contrary, the implied authority of a
partner does not empower him to:
(b) open a banking account on behalf of the firm in his own name,
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