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Master of
Business Administration - MBA Semester 3
MB0051-Legal
Aspects of Business
(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. Narrate the exceptions to the
rule “No consideration no contract”. How is a contract discharged?
Answer. These exceptions are as
follows:
1. Natural Love and Affection
The
agreement which is expressed in writing and registered under the law and is
made on account of natural love and affection between the parties standing in a
near relation to each other is enforceable eve if there is no consideration.
The contract without consideration shall be valid if following conditions are
Q2. Narrate the rights and
liabilities of a surety in a contract of guarantee.
Answer. A 'contract of guarantee' is a contract to perform the promise,
or discharge the liability, of a third person in case of his default. The
person who gives the guarantee is called the ' surety' : the person in respect
of whose 'default the guarantee is given is called the ' principal debtor', and
the person to whom, the guarantee is given is called the ' creditor'.
1. Rights against Principal Debtor
Right to
give Notice: When ever creditor comes to surety, for the purpose of seeking
payment, surety can give a notice to principal debtor to settle the debt.
Q3. When and how is a partnership and
firm getting dissolved?
Answer. Dissolution of partnership
firm implies
discontinuation of the business of the partnership firm. According to the
Section 39 of Partnership Act, dissolution of partnership between all the partners
of a firm is called dissolution of partnership firm. Dissolution involves
winding up of business, disposal of assets and paying off the liabilities and
distribution of any surplus or borne of loss by the partners of the firm. As
per the Partnership Act 1932, a partnership firm may be dissolved in the
following manners:
Q4. Narrate the Latin maxim “Nemo dat
quod non habet” and its exceptions in sale of Goods Act 1930.
A sells certain goods to B and
promises to deliver the goods on the next day. But before delivery A sells and
delivers the goods to C who buys those in good faith and without knowledge of
the prior sale to B.
Explain B’s remedy in such
circumstances.
A, B and C are three brothers who
owned a 3-story building, each of them agreed to share a floor. The building
was constructed by the supervision of A, who had a general power of attorney
given by B and C. A, B and C contributed equally to the construction of the
property.
C was staying abroad and was supposed
to occupy his flat at a later date. Meanwhile A sells C’s flat to X by virtue
of the general power of attorney.
Give your comments.
Answer. B’s Remedy:
Q5. Section 16 of the Companies Act,
2013 provides the rules for alteration of Memorandum of Association. Explain
the rules.
Answer. Alteration of memorandum
1. Save as
provided in section 61, a company may, by a special resolution and after
complying with the procedure specified in this section, alter the provisions of
its memorandum.
2. Any
change in the name of a company shall be subject to the provisions of
subsections (2) and (3) of section 4 and shall not have effect except with the
approval of the Central Government in writing:
Q6. Narrate the prohibition of
anti-competitive agreements and abuse of dominant position as per Competition
Act, 2002.
Answer. Section 3 of the Act prohibits and
also declares the agreements between two or more enterprise or person or
association of persons, which have an appreciable adverse impact on the
competition as void. The section, further categorizes agreements into two
categories, namely:
1. Horizontal Agreements:
These kinds
of agreements are known as horizontal agreements because the parties to the
agreement are at the same level of production in the same market. According to
Section 3(3) certain agreements between enterprises, decisions by associations
of enterprise including cartels engaged in identical or similar trade of.
Winter-2015
Get solved
assignments at nominal price of Rs.125 each.
Mail us at: subjects4u@gmail.com or contact at
09882243490
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