Law
1. Define company? How many kinds of companies? Distinguish between private Ltd. and public Ltd. company.
2. What is Memorandum of Association? What are the elements of Memorandum of Association? What are the stages in the formation of a company?
3. What is capital? Describe briefly the source of companies’ capital? Define share? Describe briefly the classification of share?
4. Define contract? Describe briefly the essential elements of contract? Define Law? Describe briefly the classification of law?
5. Define partnership? The essential elements of partnership? Classes of partners and classes of partnership?
6. Short Notes:
a) Article of Association.
b) Difference between Memorandum of Association and Article of Association.
c) Authorized Capital.
d) Paid-up capital.
e) AGM
f) EGM.

Q: What is contract? Describe the elements of contract?
Ans. Section 2(h) of the Contract Act, 1872 provides that, “An agreement enforceable by law is a contract.”Therefore, in a contract there must be (1) on agreement and (2) the agreement must be enforceable by law. Agreements which are not enforceable by law they are not contract.
Elements of contract: The essential elements of a contract are explained below: (1) Offer and acceptance: There must be a lawful offer by one party and a lawful acceptance of the offer by the other party or parties. “Lawful” implies that the offer and acceptance must conform to the rules laid down in the contract act 1872. (2) Intention to create legal Relationship: There must be an intention that the agreement shall result in or create legal relations. An agreement to dine at a friend’s house is not a contract because it does not intend to create any legal relationship. But to buy and sell goods or an agreement to marry are contracts because they are intended to create legal relationship. (3) Lawful consideration: To