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Summer-2013
Master of
Business Administration- MBA Semester 1
MB0051–Legal
aspects of Business-4 Credits
(Book ID:
B1725)
Assignment
(60 Marks)
Note: Answer
all questions (with 300 to 400 words each) must be written within 6-8 pages.
Each Question carries 10 marks 6 X 10=60
Q1. It is important for any person to
know law as ignorance of law is no excuse. Modern Indian law has been derived
from some sources. Discuss the primary and secondary sources of Indian law.
Answer. Primary Sources:
A statement
of the law itself from a governmental entity, such as a court, legislature,
executive agency, President or Governor. Primary sources can include
Ø Interviews, diaries, letters,
journals, speeches, autobiographies, and witness statements
Ø Articles containing original
research, data, or findings never before shared
Ø Original hand-written manuscripts
Ø Government documents and public
records
Ø Art, photographs, films, maps,
fiction, and music
Ø Newspaper and magazine clippings
Ø Artifacts, buildings, furniture, and
clothing
Q2. We all enter into many contracts
in a day knowingly or unknowingly. Explain the definition of a valid contract.
How are contracts classified?
Answer. A valid contract is a law binding agreement which will
be signed by both parties. This contract will be valid. It is an agreement
enforceable by law made between at least two parties by which rights are
acquired by one and obligations are created on the part of another. If the
party fails to do something on which it had agreed, then the other party has a
remedy.
Q3. The parties to bailment have
certain rights and duties. Discuss the duties of both parties i.e. the bailor
and bailee.
Answer. The person delivering the goods is
called the bailor. It is the
bailor's duty to disclose to the bailee all faults in the goods bailed. The
person to whom the goods are delivered is called the bailee. The bailee's duty is to take care of the goods bailed to
him.
Duties of the Bailor:-
Ø Explain the Defect:-
Q4. A contract comprises of
reciprocal promises. In a contract of sale who is an unpaid seller?
Discuss the remedies for breach of
contract under Sale of Goods Act, 1930.
Answer. Definition of unpaid seller:
According to
Sec 45, the seller of goods is deemed to be an unpaid seller.
(i) When the
whole of the price has not paid or tendered.
(ii) When a
bill of exchange or other negotiable instrument has been received as a condition
payment and the condition on which it has been received remains unfulfilled by
reason of dishonor of the instrument or otherwise.
Q5. The Companies Act, 1956 deals
with the formation and transaction of business of a company. Discuss the
features of a company. Also explain the process of formation of a company.
Answer. The following are the main
characteristics and distinctive features of a company form of enterprise:
1. An Association of Persons:
At least two
persons or seven persons must come together to form a private or a public
company respectively. A single individual cannot constitute a company. This is
the reason why a company is called on Association of Persons.
Q6. With Information Technology Act,
2000, India has a set of cyber laws to provide legal infrastructure for e
commerce. Discuss the objectives and limitations of this Act.
Answer. The main objectives of the Information Technology Act 2000 is to
provide legal recognition for transactions carried out by means of electronic
data interchange and other means of electronic communication, commonly referred
to as E-commerce, which involve the use of alternatives to paper-based methods
of communication and storage of information to facilitate electronic filing of
documents with the government agencies.
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