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Summer 2013
Master of Business Administration- MBA
Semester 3
MB0051 –Legal aspects of Business -4
Credits
(Book ID: B1725)
Assignment- 60 marks
Note: Answer all questions. Kindly note that answers for 10
marks questions should be approximately of 400 words. Each question is followed
by evaluation scheme.
Q1. It is important for any person to
know law as ignorance of law is no excuse. Modern Indian law has been derived
from some sources. Discuss the primary and secondary sources of Indian law.
Answer : 1. Primary sources of law :
The primary sources of Indian law are: (a) customs, (b)
judicial precedents, (stare decisis) (c) statutes and (d) personal law.
(a)Customary Law:
Customs have played an important role in making the law and
therefore are also known as customary law. ‘Customary Law’, in the words of
Keeton, may be defined as “those rules of human action, established by usage
and regarded as legally binding by those to whom the rules are applicable,
which are adopted by the courts and applied as sources of law because they are
generally followed by the political society as a whole or by some part of it”.
(b) Judicial Precedents are an
Important Source of Law:
Judicial precedents are another important source of law. It
is based on the principle that a rule of law which has been settled by a series
of decisions generally should be binding on the court and should be followed in
similar cases. These rules of law are known as judicial precedents.
Q2. We all enter into many contracts in
a day knowingly or unknowingly. Explain the definition of a valid contract. How
are contracts classified?
Answer : Definition of a valid contract
:
A contract that results when the elements necessary for
contract formation (agreement, consideration, contractual capacity, and legal
purpose) are present.
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 them. The elements of a contract are
"offer" and "acceptance" by "competent persons" having
legal capacity who exchange "consideration" to create "mutuality
of obligation."
Classification of contracts :
(1)Contracts on the basis of creation:
a)
Express contract:
Express contract is one which is made by words spoken or written. Example : X says to Y, will you buy a car for
Rs. 100000? Y says to X, I am ready to buy you car for Rs. 100000. It is an
express contract made rally.
b)
Implied contract: An implied contract is one which is made
otherwise than by works spoken or written. It is inferred from the conduct of a
person or the circumstance of the particular case.
Q4. A contract comprises of reciprocal
promises. In a contract of sale who is an unpaid seller?
Discuss the remedies for breach of
contract under Sale
Answer : Unpaid seller :
Section 45 lays down that a seller is unpaid :
(1) When the whole of the price has not been paid or
tendered.
(2) When a negotiable instrument or a bill of exchange has
been received as conditional payment and the condition in which it was received
has not been fulfilled by reason of the dishonor of the instrument or
otherwise.
The seller remains as unpaid seller as long as any portion
of the price, however small, remain unpaid. Where the whole of price has been
Q5. The Companies Act, 1956 deals with
the formation and transaction of business of a company. Discuss the features of
a company. Also explain the process of formation of a company.
Answer : Features of a company :
1. An Association of Persons:
At least two persons or seven persons must come together to
form a private or a public company respectively. A single individual cannot
constitute a company. This is the reason why a company is called on Association
of Persons.
2. Incorporated Association:
A company comes into existence only after a certificate of
incorporation has been obtained from the Registrar of Joint Stock
Q3. The parties to bailment have
certain rights and duties. Discuss the duties of both parties i.e. the bailor
and bailee.
Answer : Duties of bailor :
1. Explain the Defect :-
It is the basic duty of the bailor that he should disclose
all the defects of the goods before delivering to bailee. If the bailor does
not disclose then he himself will be responsible for loss.
Example :- Mr. Wands hires a car from Mr. Zane. Car is
defective. Mr. Zane does not disclose facts that car is defective. Mr. Wands
drives a car and he is injured. Mr. Zane is responsible to Mr. Wands for
damage.
2. Warning to the Bailee :-
(b) Duties of bailee :
1. Care of Goods :-
It is the duty of the bailee that he should take as much
care of the goods as a man of ordinary prudence takes care about his own goods.
Process of formation of a company : According to the companies act ,1956 ,
following steps shows the process of formation of a company .
1.promoters of the company
2.lawful objective for which they associate themselves.
Q6. With Information Technology Act,
2000, India
Answer : Objectives of Information
Technology Act , 2000 :
1. It is objective of I.T. Act 2000 to give legal
recognition to any transaction which is done by electronic way or use of
internet.
2. To give legal
recognition to digital signature for accepting any agreement via computer.
3. To provide facility of filling document online relating
to school admission or registration in employment exchange.
Limitations of Informational Technology
Act , 2000 :
(1)The said step has come a bit late. With the phenomenon
growth of Internet which doubles approximately every 100 days, the said Act
should have been passed long time back.
.
Dear students get fully solved
assignments
call us at :- 08263069601
or
Send your semester &
Specialization name to our mail id
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Hi,It is Quite different from a corporation, failure to do this does not result with Business setup in Qatar in automatic dissolution. Thanks.....
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