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assignments for Rs.150 each
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Fall-2013
Master of
Business Administration - MBA Semester 3
MB0051–Legal
Aspects of Business-4 Credits
(Book ID:
B1725)
Assignment
(60 Marks)
Note: Answers
for 10 marks questions should be approximately of 400 words. Each question is
followed by evaluation scheme. Each Question carries 10 marks 6 X 10=60.
Q1. Write short notes with examples:
a) Offer and acceptance
b) Capacity to contract.
Answer. (a) Offer and acceptance are elements required for the
formation of a legally binding contract: the expression of an offer to contract
on certain terms by one person (the "offeror") to another person (the
"offeree"), and an indication by the offeree of its acceptance of
those terms. The other elements traditionally required for a legally binding
contract are
Q2. Discuss the rights and
liabilities of a surety.
Answer. Rights and liabilities of
co-sureties:
1.
Co-sureties have liabilities among themselves under Sec. 132: Where two persons
contract with a third person to undertake a certain liability, and also
contract with each other that one of them shall be liable only on the default
of the other, the third party not being a party to such a contract, the
liability of
Q3. How is an agency formed? Discuss
the classification of agents.
Answer. Agency Formation:
1. An agency
is created by express appointment when the principal appoints the agent by
express agreement with the agent. This express agreement may be an oral or
written agreement between the principal and the agent.
2. Contract
law principles apply to an agency agreement. An agent may agree to act in
consideration for a reward. On the other hand, an agency is gratuitous if the
agent agrees to act for no consideration.
3. The general
Q4. Discuss the registration of firm
under section 58 of Indian Partnership Act, 1932. Explain what partnership deed
is.
Answer. Procedure for Registration of
a Partnership Firm:
1. The law
relating to a partnership firm is contained in the Indian Partnership Act,
1932. Under Section 58 of the Act, a firm may be registered at any time by
filing an application with the Registrar of Firms of the area in which any
place of business of the firm is situated or proposed to be situated.
2. Application shall contain:-
Ø Name of the firm
Ø Place or principal place of business
Q5. What do you mean by negotiable
instruments? What are the various types of negotiable instruments recognized by
the negotiable instruments act, 1881?
Answer. A negotiable instrument is a document guaranteeing the
payment of a specific amount of money, either on demand, or at a set time.
Negotiable instruments are often defined in legislation. For example, according
to the Section 13 of the Negotiable Instruments Act, 1881 in India, a negotiable
instrument is a promissory note, bill of exchange or cheque payable either to
order or to bearer.
Q6. Who is a consumer? Examine the
rights of a consumer enshrined under the consumer protection act, 1986.
Answer. 'Consumer'
has been defined as:
·
Any
person who buys goods for consideration, and any person who uses goods with the
approval of the purchaser.
·
Any
person, who hires any service for a consideration and any beneficiary of such
services, provided the service is availed with the approval of the person who
had hired the service for a consideration.
Solved
assignments for Rs.150 each
08627023490
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