Question 1

Where was the first Lok Adalat organized?

Accepted Answer

Lok Adalats, known as people's courts settle dispute through conciliation and compromise. The First Lok Adalat was held in Una city in Junagarh district of Gujarat in 1982. Generally, Lok Adalat accepts cases pending in the regular courts within their jurisdiction which could be settled by conciliation and compromise.

Question 2

With reference to Lok Adalats, which of the following statements is correct?

Accepted Answer

Lok Adalat is one of the modes of Alternative Dispute Resolution. The Lok Adalat Mechanism is available throughout the State through the Legal Services Authorities/Committees for amicable settlement. It is a very effective institution of alternative dispute resolution, where the cases pending in the court of law or at pre-litigation stage are settled amicably. The decision or decree of Lok Adalat is final and binding like a civil court. It consists of a sitting or retired judicial officer and other persons.

Question 3

In India, new All India Services can be created __________.

Accepted Answer

Article 312 makes provisions for All India Services. It lays down that the Parliament can create new All India Services.

Question 4

Explain the concept of 'inflationary gap'. Also explain the role of 'legal reserves' in reducing it.

Accepted Answer

Excess demand or inflationary gap is the excess of aggregate demand over and above &#10;its level required to maintain full employment equilibrium in the &#10;economy. It implies two things-1) Planned aggregate demand in the economy happens to exceed its full employment level.2) The level of aggregate demand surpasses the level of aggregate supply even when the available factors are fully utilized.Legal reserve ratio or cash reserve ratio refers to the percentage of total demand &#10;deposits of the commercial banks which they must keep as cash reserves &#10;with the RBI.In order to control excess demand, the central bank &#10;must increase CRR so the credit creation capacity of &#10;the commercial banks and the money supply in an economy get decreased. &#10;As a result aggregate demand will also fall.

Question 5

Who was the first Chairman of the Planning Commission?

Accepted Answer

Planning Commission was an institution of government of India which formulated five year plans as well as did many other functions Jawaharlal Nehru was the first chairman of Planning Commission. Now, it has been replaced by a new institution named NITI Aayog.

Question 6

The Sarkaria Commission was appointed ___________________.

Accepted Answer

The Sarkaria Commission was founded in June 1983 by the Government of India.It was set p yo examine the relationship and balance of power between central government and state government.

Question 7

Choose the correct answers from the alternatives givenA finder of goods has the same responsibility as a

Accepted Answer

Liability of bailee making unauthorised use of goods bailed.&#8212;If the bailee makes any use of the goods bailed which is not according to the conditions of the bailment, he is liable to make compensation to the bailor for any damage arising to the goods from or during such use of them.

Question 8

Choose the correct answer from the alternatives given.X undertakes to paint a picture for V. He dies before he paints the picture. The contract

Accepted Answer

Toppr Ask Answer

Question 9

solve:Example: State whether the seller is an unpaid seller or not in each of the following alternative cases:Case (a) X sold some goods to Y for Rs. 10,000. Y paid Rs.9,900 but failed to pay the balance.Case (b) X sold some goods to Y for Rs. 10,000 and received a cheque for the full price as conditional payment. On presentment, the cheque was dishonoured by the Bank.Case (c) X sold some goods to Y for Rs. 10,000 on a credit of one month. One month has not yet expired. Case (d) X sold some goods to Y for Rs. 10,000 on a credit of one month and one month has expired and the price remains unpaid. Case (e) X sold some goods to Y for Rs. 10,000 on a credit of one month. Y became insolvent during the period of credit.

Accepted Answer

Solution:Case (a): X is an. unpaid seller because the full price has not been .paid.Case (b): X is an unpaid seller because the cheque received as conditional payment has been dishonoured.Case (c): X is not an unpaid seller because the credit period has not yet expired and the buyer has not yet become insolvent.Case (d): X is an unpaid seller because the price remains unpaid even after the expiry of credit period.Case (e): X is an unpaid seller because the buyer has become insolvent

Question 10

Choose the correct answer from the alternatives given.A creditor agrees with his debtor and a third party to accept that third party as his debtor. The contract is discharged by _________.

Accepted Answer

A creditor agrees with his debtor and a third party to accept that third party as his debtor. The contract is discharged by waiver.