3 Discuss the general principles of the Law of Contract. What is an agreement?
Answer : Contract: An agreement between two or more parties to perform or to refrain from some act now or in the future. A legally enforceable agreement.
Requisites for Contract Formation (Elements)
– Agreement: One party must offer to enter into an agreement, and the other party must accept the terms of the offer
– Consideration: Something of value received or promised, to convince a party to agree to the deal;
– Contractual Capacity/
4 Write short notes on:
a) Letter of credit
Answer : A letter of credit is a promise to pay. Banks issue letters of credit as a way to ensure sellers (and sometimes even buyers) that they will get paid as long as they do what they’ve agreed to do.
Letters of credit are common in international trade, but they are also used in domestic transactions. Either way, a bank acts as an uninterested party between buyer and seller and guarantees that a payment will be made if certain conditions are met.
Students, Get Completely solved SMU MBA Spring 2014 assignments from authorized organization www.smumbaassignment.com
Send your semester & Specialization name to our mail id : “ kvsude@gmail.com ”
or Call us at : +91 9995105420
These are just questions for reference . To check samples see our latest uploads in blog archive or search assignments
The concept of a letter of credit can be
b) Export financing
Answer : Export finance refers to financial assistance extended by banks and other financial institutions to businesses for the shipping of products outside a country or region. Export financing enables MSMEs to expand its reach to a global audience.
An exporter should first gain understanding of some documents commonly required by export finance institutions. These documents are mandatory requirements for most types of export finance assistance.
