MB0051-Legal Aspects of Business

Spring-2016

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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. a) Indicate the sources of Indian Law.

b) Write notes on:

i) Ignorance of Law

ii) Lex Mercantoria

a) Sources of Indian Law - 4

b) Write notes on :

i) Ignorance of Law - 3

ii) Lex Mercantoria - 3

Answer. Sources of Indian Law:

(A) Sources of Indian Law Customs:

Customs are oldest source of law. It is the outcome of habits. When a particular habit is followed for a long time by the people regularly and habitually, the custom comes into being. When written laws were more conspicuous by their absence in the primitive society, it was customary laws that regulated human conduct in the primitive society. It is said that kings have no power to create custom and perhaps less to destroy it. Customs largely influence the legal system of a state and the state gets rid of the bad customs like Sati, Polygamy, and Dowry etc. only by means of legal impositions.

Q2. Narrate the facts and judgement in the case:

i. Harvey Vs. Facey

ii. Peek Vs. Gurney

iii. Ranganayakamma Vs. Alwar Setty

i. Harvey Vs. Facey - 4

ii. Peek Vs. Gurney - 4

iii. Ranganayakamma Vs. Alwar Setty - 2

Answer. i. Harvey Vs. Facey:

'Harvey v Facey [1893] UKPC 1, [1893] AC 552 is a contract law case decided by the United Kingdom Judicial Committee of the Privy Council which in 1893 held final legal jurisdiction over most of the British Caribbean. Its importance in case law is that it defined the difference between an offer and supply of information. The Privy Council held that indication of lowest acceptable price does not constitute an offer to sell. Rather, it is considered an offer to treat (i.e., to enter into negotiations).

Q3. “A negotiable instrument may be dishonoured either by non-acceptance or by nonpayment” Enumerate referring to the rules as laid down in the Act.

Modes of dishonour of a negotiable instrument as laid down in the Act. - 10

Answer. Dishonour means failure to honour a negotiable instrument. This may be by non-acceptance, when a bill of exchange is presented for acceptance and this is refused or cannot be obtained or by non-payment, when the bill is presented for payment and payment is refused or cannot be obtained.

(a) Non-acceptance

A bill is said to be dishonoured by non-acceptance.

(i) When it is presented to the drawee for acceptance and he does not accept it within 48 hours from the time of presentment for acceptance.

Q4. Who is an unpaid seller? What are the rights of an unpaid seller under extant provisions of law?

Who is an unpaid seller? - 2

What are the rights of an unpaid seller under extant provisions of law? - 8

Answer. Unpaid Seller Is A Person:-

It means payment is not made or without payment.

In simple words, "Unpaid seller" means a person who has sold the goods for a price but price has not been paid to him.

Sales act defines the "unpaid seller" in the following words:

i. To whom the whole price has not been paid or tendered.

ii. And where a bill of exchange or other negotiable instruments has been accepted by him as a condition on which it was received has not been fulfilled by reason of dishonor of the instrument or otherwise.

Q6. Enumerate the steps to float a limited company. The company being an artificial person, how are the affairs of a company managed?

Procedure for floating a limited company - 5

Procedure of company management - 5

Answer. The following documents are required to be executed (signed) before they are submitted to the ROC:

1. MOA and AOA - These are required to be executed by the promoters in their own hand in the presence of a witness in quadruplicate stating their full name, father's name, residential address, occupation, number of shares subscribed for, etc.

2. Form No. 1 - This is a declaration to be executed on a non-judicial stamp paper of INR 20 by one of the directors of the proposed company or other specified persons such as Attorneys or Advocates, etc. stating that all the requirements of the incorporation have been complied with.

Spring-2016

Get solved assignments at nominal price of Rs.125 each.

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

09882243490