MB0051–Legal Aspects of Business

SUMMER-2015

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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. Explain the performance of contracts.

Answer. Performance of a contract takes effect when the parties to the contract fulfill their obligations within the time and manner specified under the contract.

Sections 2 (d), 23-25 and 185 of the Indian Contracts Act deal with consideration. One of the essential elements of a valid contract is that it must be supported by consideration. In simple terms, consideration is what a promisor demands as the price for his/her promise. The term consideration is used in the sense of quid pro quo, i.e.,

Q2. Elaborate the rights of surety.

Answer. The rights of a surety are:

Rights against the creditor

In case of fidelity guarantee, the surety can direct a creditor to dismiss the employee whose honesty he/she has guaranteed, in the event of proven dishonesty of the employee. The creditor’s failure to do so will exonerate the surety

Q3. Discuss the termination of bailment.

Answer. Law relating to termination of bailment is discussed in Section. 153 and 162. However, these sections are not exhaustive. Hence ordinary rules regarding discharge or termination of contracts will also apply in the following cases:

1. When the period or purpose is over:

In case the bailment is for a specific period or purpose, it is terminated on the expiry of that period or on the completion of the purpose.

2. When the

Q5. Discuss the law related to the prohibition of anti-competitive agreements. (Explanation)

Answer. Section 3 provides for prohibition of entering into anti-competitive agreements. Accordingly, no enterprise or person or association of enterprises/persons shall enter into any agreement in respect of production, supply, distribution, storage, acquisition or control of goods or provision of services, which causes or is likely to cause an appreciable adverse effect on competition within India. Any agreement entered into in

Q6. Explain the need and types of meetings.

Answer. The need and types of meetings are

A company is an artificial person and therefore, must act through some human intermediary. The various provisions of law empower shareholders to do certain things. They are specifically reserved for them to be done in company’s general meetings. Section 291 empowers the Board of Directors to manage the affairs of the company. In this context, meetings of shareholders and directors become necessary. The Act has made provisions for following

SUMMER-2015

Get solved assignments at nominal price of Rs.120 each.

Mail us at: subjects4u@gmail.com or contact at

09882243490