AIBE IV — December 2012 — Q.38 | AIBE Prep

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Q.38

Contract, Specific Relief, Property & NI Act Medium Section in Options

The term ‘Negotiable Instrument’ is defined in the Negotiable Instruments Act, 1881,

A Section 12

✓ Section 13 Answer

C Section 13A

D Section 13B

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Explanation & Strategy

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Under the Companies Act, a company is a separate legal entity (Salomon v. Salomon). It has perpetual succession, can own property, sue and be sued. The corporate veil can be lifted for fraud/sham.

1 Check the referenced provision in the relevant Act to verify the answer.

At a Glance

Subject Contract, Specific Relief, Property & NI Act

Difficulty Medium

Answer (B) Section in Options

Paper AIBE IV — December 2012

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