MB0051- Legal Aspects of Business

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Master of Business Administration- MBA Semester 3

MB 0051: “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. What are the sources of Indian law? Discuss any one important source of law and justify why it is important. 5+5 = 10 marks

Answer : Many renowned jurists have attempted to give a precise definition of Law. Law, in the broadest and most complete sense means a set of regulations and rules and a set of prototype of deeds to which every individual of the society has to be conventional to. Another often quoted, although not widely believed, definition of Law is of

Q2. What is a contract? Which test would you apply to ascertain whether an agreement is a contract? 5+5=10 marks

Answer : A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between or among them. The elements of a contract are "offer" and "acceptance" by "competent persons" having legal capacity who exchange "consideration" to create "mutuality of obligation."

Q3. Write short notes on:

a. Agent and agency

Answer : Expressed simply, an agent is one who acts. The power granted or effected through that action is the quality of agency. The OED gives for "agency:" "The faculty of an agent or of acting; active working or operation; action, activity;" and for "agent:" "Acting, exerting power, as opposed to patient" (OED online, 2005). A simple enough concept when put in these terms, but the conceptual, theoretical,

b. Baylor and bailed 5+5= 10 marks

Answer :Definition of 'Baylor'

An individual who temporarily relinquishes possession but not ownership of a good or other property under a bailment. The bailer entrusts the possession of the good or property to another individual, known as the bailed. A bailment is usually a contractual agreement between the bailer and the bailed that specifies the terms and purpose of the change in possession.

               

Q4. What is the meaning of dissolution of firm? Is it different from dissolution of partnership? 6+4=10 marks

Answer : Dissolution of partnership and Dissolution of firm are two different terms.

Dissolution of partnership means termination of existing partnership agreement and the formation of a new agreement which can be due to any reason like admission of a new partner or death or retirement of an old partner. In the case of dissolution of partnership the remaining partners may agree to carry on the business under a new agreement.

Whereas Dissolution of Partnership firm means that the firm is closing down its business. In the case of dissolution of firm the Assets of the business are sold, Liabilities are paid off and the accounts of the partners are settled out of

Q5. What do you mean by negotiable instruments? Explain the difference between bill of exchange and promissory note. 10 marks

Answer : A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. Negotiable instruments are often defined in legislation. For example, according to the Section 13 of the Negotiable Instruments Act, 1881 in India, a negotiable instrument is a promissory note, bill of exchange or cheque payable either to order or to bearer. Cheque also

Q6. Discuss the provisions of Right to information act, 2005 and information technology act, 2000.

10 marks

Answer : The Information Technology Act 2000 (also known as ITA-2000, or the IT Act) is an Act of the Indian Parliament (No 21 of 2000) notified on October 17, 2000. This act is being opposed by Save Your Voice campaign and other civil society organizations in India

Specifics of the Act

Information technology Act 2000 consisted of 94 sections segregated into 13 chapters. Four schedules form part of the

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