FALL-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. “Discharge refers to the
termination of contractual relationship between the parties”. Explain the
statement along with different modes of discharging a contract.
Answer. The duties under a contract are
discharged when there is a legally binding termination of such duty by a
voluntary act of the parties or by operation of law. Discharge refers to the
termination of contractual relationship between the parties. The contract
ceases to operate, i.e., when the rights and obligations under the contract
ends.
Q2. Explain the meaning of Power of
Attorney, its types and clause related to registration.
Answer. Power of Attorney
A legal
document giving one person (called an "agent" or
"attorney-in-fact") the power to act for another person (the
principal). The agent can have broad legal authority or limited authority to
make legal decisions about the principal's property and finance. The power of
attorney is frequently used in the event of a principal's illness or disability,
or when the principal can't be present to sign necessary legal documents for
financial transactions.
Q3. Explain the procedure of
registration of partnership firms.
Answer. Registration of partnership
of Firms (Sections 58-59)
Application for registration
Section 58
lays down the procedure for registration of partnership firms. A partnership
firm may be registered at any time by post, or delivering to the Registrar of
Firms of the area in which the business of the firm is situated or proposed to
be situated, a statement in the prescribed form and accompanied by the
prescribed fee, stating:-
• Date when each partner joined the
firm
• Names in full and addresses of the
partners, and
Q4. What are the circumstances under
which breach of condition is treated as breach of warranty?
Answer. Repudiation of Contract before due
date : Where either party to a contract of sale repudiates the contract before
the date of delivery, the other may either treat the contract as subsisting and
wait till the date of delivery, or he may treat the contract as rescinded and
sue for damages for the breach.
Consequences of Breach of Warranty:
1. A breach
of warranty gives rise to a claim for damages but not to a right to reject the
goods and treat the contract as repudiated.—Sec. 12(3).
2. Under
certain circumstances a ‘condition’ is to be treated as ‘warranty’.—Sec. 13(1)
and 13(2).
Q5. Explain the procedure for filing
a complaint and admission of complaint in consumer protection act.
Answer. Procedure for filing a
complaint
The complaint
can be sent by post to the appropriate Forum/ Commission. The complaint should
be addressed to the President of the Forum/Commission. There is no fee for
filing a complaint before any of the aforesaid bodies. The complainants or
their authorized agent can present the complaint in person.
A complaint
should contain the following information:-
Q6. Write short notes on:
a) Shares and its classification
b) Meetings and its classification
Answer. a) Shares and its
classification
Section
2(46) defines a share “as a share in the share capital of a company and
includes stock except where a distinction between stock and share is expressed
or implied”. Section 83 requires that each share in a company having a share
capital must be distinguished by its appropriate number. The Companies
(Amendment) Act, 1999, amended Section 82 to the effect that for the word
‘shares’, the words ‘shares and debentures’ shall be substituted.
The most
common classes of shares are:
• Preference
• Equity or
Ordinary
• Deferred
or Founders’
A public
company and a private company that is a subsidiary of a public company may not
issue shares other than equity, preference and Cumulative Convertible
Preference Shares (CCPS).
FALL-2015
Get solved
assignments at nominal price of Rs.125 each.
Any issues
mail us at: subjects4u@gmail.com or contact at
09882243490
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