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Master of
Business Administration- MBA Semester 3
MB0051-Legal
Aspects of Business-4 Credits
Note: Answer
all questions must be written within 300 to 400 words each. Each Question
carries 10 marks 6 X 10=60.
Q1. What is fiduciary relationship in
a contract of guarantee? Explain the kinds of guarantees.
Answer. Special relationship of trust and
confidence which, in the words justice Benjamin Nathan Cardozo (1870-1938; US
Supreme court judge from 1932 to 1938) is "something more than the
ordinary honor of the marketplace, the very punctilio of honesty and
forthrightness." Fiduciary relationships exist between
Q2. i) Do you think contract with a
minor is valid? Narrate with the help of the facts and judgement in the case:
Mohori Bibee v. Dharmodas Ghose.
ii) Explain the rules and remedies
for discharge of contract by breach
Answer.
According to Section 2(B) of the Indian Contract Act, 1872, when the
person to whom the proposal is made signifies his assent thereto, the proposal
is said to be accepted. A proposal, when accepted, becomes a promise.
Q3. I.) Narrate the facts and
judgment in the case Howell vs. Coupland.
ii) Who is an unpaid seller? What are
the rights enjoyed by an unpaid seller under the extant provisions of law?
Answer. Case study: Howell vs. Coupland
The
“principle” in Howell v Coupland
1. It is generally thought that section
7 of the Act was formulated in reliance on the decision of the CA in Howell v
Coupland (1876) 1 QBD 258.D agreed to sell 200 tons of potatoes to be grown on
a particular field. The crop failed so that the defendant was able to deliver
only 80 tons. It was held that he was relieved of the obligation to deliver the
further 120 tons by reason of impossibility of performance. The CA
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SET 2
Q1. The Banking Regulation Act, 1949,
provides various methods of regulation of the banking business. Elaborate the
key areas of regulation.
Answer. Regulation of business
The Banking
Regulation Act, 1949 is legislation in India that regulates all banking firms
in India. Initially, the law was applicable only to banking companies. But,
1965 it was amended to make it applicable to cooperative banks and to introduce
other changes.
Q2. Explain the nature and scope of
complaints under the Consumer Protection Act?
Answer. Consumer Protection Act, 1986 is an
Act of the Parliament of India enacted in 1986 to protect the interests of
consumers in India. It makes provision for the establishment of consumer
councils and other authorities for the settlement of consumers' disputes and
for matters connected therewith also.
Consumer
Protection Councils are established at the national, state and district level
to increase consumer awareness.
The Central
Govt. shall by notification establish with effect from (w.e.f) such date as it
may specify in such
Q3. a) Differentiate between a holder
and a holder in due course.
b) Explain the privileges enjoyed by
a holder in due course
Answer. Holder: Holder is the person who is
entitled in his own name to the possession of a negotiable instrument.
• Normally a payee or endorsee is a
holder.
FALL-2017
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