Spring-2015
Get solved
assignments at nominal price of Rs.120 each.
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Master of
Business Administration- MBA Semester 3
MB0051–Legal
Aspects of Business-4 Credits
(Book ID:
B1725)
Assignment (60 Marks)
Note: Answer
all questions must be written within 300 to 400 words each. Each Question
carries 10 marks 6 X 10=60
Q1. Legal constraints tend to control or
limit the discretion of businesses on the grounds that absolute rights cannot
be conferred in the modern society. Comment.
Answer. Legal Constraints tend to Control or Limit the
Discretion of Business
Let
us discuss the legal environment of business. Laws are almost a universal human
need. No society can exist without legal order. We need institutions and a
framework of rules and regulations to provide concreteness to our mutual
relations. Without laws, there would be anarchy in society. For this reason,
rules of laws are essential to the modern civilized society. It also emphasizes
equality before law and equal conformity to law by
Q2. What is a contract? What test would
you apply to ascertain whether an agreement is a contract?
Answer. A contract is an agreement made between two or more parties that
is enforceable by law. The enforcement aspect of a contract is important,
because without the ability to enforce an agreement, neither party is required
to honor the contract. Determining whether an agreement is enforceable is
relatively simple.
A
contract 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, which had agreed to do something, fails to do that, then
the
Q3. “Power of Attorney is considered as
an important concept in Business Law”. Explain
Answer. Power of Attorney: Meaning and Definition according to
Business Law:-
Meaning
and definition of Power of attorney: it
is defined by Section 2(21) of the Stamp Act as including “any instrument not
chargeable with a fee under the law relating to court fees for the time being
in force,” that empowers “a specified person to act for and in the name of the
person executing it”. It is the Powers of Attorney Act, 1882, that deals with
the
Q4. “A cheque is a bill of exchange
drawn on a banker”. Comment
Answer. Bills of Exchange
A
bill of exchange is an instrument in writing, an unconditional order signed by
the maker directing to pay a certain sum of money only to or to the order of a
certain person or to the bearer of the instrument. The bill is written by the
seller (creditor), called payee, to the purchaser (debtor), called drawee.
Also, the drawee has to write the word ‘Accepted’ on the bill and sign under
it. Only then it legally binds him to pay his debt. Without the drawee
accepting the bill, it would be useless. The bill may also be prepared by
somebody else than payee i.e. the drawer may be different from payee. The bills
can be transferred from one to another; the payee can
Q5. Explain the nature and scope of
complaints under the Consumer Protection Act?
Answer. When the Consumer Protection Act was initially
enacted in 1986, goods purchased for commercial purpose (excluding those
purchase for earning one’s livelihood) were excluded from the purview of the
Act. Yet, surprisingly services availed or hired for commercial purposes were
amenable to the jurisdiction of the consumer courts. To remove this anomaly,
the CP Act was amended in the year 2003, so that services for commercial
purposes (except those availed of for earning one’s livelihood) stood excluded
from the purview of the CP Act. This amendment was made with the objective of
excluded commercial disputes, as the CP Act
Q6. Explain the need and types of
meetings
Answer. NEEDS OF
MEETING
Meetings
are the most misused tool in a leader's communications toolkit. In most
instances, meetings are used by executive leadership as a first response to
most situations unnecessarily. X has just happened so we need to call a
meeting, or we need to meet to talk about Y. If leaders took the time to peruse
their communications toolkits they would discover they have a number of tools
that would be much more effective than having a meeting.
Spring-2015
Get solved
assignments at nominal price of Rs.120 each.
09882651000, 08894387490
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