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Winter-2014
Master of
Business Administration- MBA Semester 3
MB0051–Legal
Aspects of Business-4 Credits
(Book ID:
B1725)
Assignment (60 Marks)
Note: Answer
all questions (with 300 to 400 words each) must be written within 6-8 pages.
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: Service Positioning: 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. According to Sections 73-75
of the Contracts Act, a contract may be discharged in several modes.
Q2. Explain the meaning
of Power of Attorney, its types and clause related to registration.
Answer: Power
of Attorney: A power of attorney is an instrument containing an
authorization for one to act as the agent of the principal that terminates at
some point in the future either by its terms or by operation of law such as
death of the principal or agent. They are also called letters of attorney. The
person appointed is usually called an Attorney-in-Fact.
Q3. Explain the
procedure of registration of partnership firms.
Answer: Procedure
of Registration:
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 ( not merely at the time of its formation but subsequently
also ) 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.
Q4. What are the
circumstances under which breach of condition is treated as breach of warranty?
Answer: Breach of Contract:
This type of contract is a common ingredient in everyday
business matters. Contracts serve to formalize and secure business dealings.
Contracts also protect the parties in the agreement, because the contract
obligations are legally binding. This means that, if a party fails to complete
his or her obligations under the contract, legal ramifications will result.
Q5. Explain the procedure for filing a complaint and admission of complaint
in consumer protection act.
Answer: Filing a complaint:
We have attempted to give simple information and key
pointers, but you may consult the Consumer Protection Act for further details.
1. Jurisdiction:
If the relief claimed in the complaint is less than Rs. 20, 00,000/-, then the
complaint must be filed before the District Consumer Forum. If the relief
claimed is between Rs. 20, 00,000/- and Rs. 1, 00, 00,000/-, then the complaint
must be filed before the State Commission. When the relief claim exceeds Rs. 1,
00, 00,000/- then the complaint must be filed before the National Commission at
New Delhi.
history. The matters discussed include which shares have been
taken up, what money has been received, what contracts have been entered into,
what sums have been spent on preliminary expenses, etc. The members of the
company present at the meeting may discuss any other matter relating to the
formation of the Company or arising out of the statutory report also, even if
no prior notice has been given for such other discussions but no resolution can
be passed of which notice have not been given in accordance with the provisions
of the Act.
A notice of at least 21 days before the meeting must be given
to members unless consent is accorded to a shorter notice by members, holding
not less than 95% of voting rights in the company. A statutory meeting may be
adjourned from time to time by the members present at the meeting.
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08894344452
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