BBA301 – Legal and Regulatory Framework

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Summer 2013

Bachelor of Business Administration- BBA Semester 3

BBA301 – Legal and Regulatory Framework - 4 Credits

(Book ID: B1595)

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.Discuss how important are the essentials of a contract.

(explanation of the essentials of a contract- 10 marks)(7 10 marks

Answer : An agreement must contain four essential elements to be regarded as a contract. If any one of them is missing, the agreement will not be legally binding.

Offer

There must be a definite, clearly stated offer to do something. For example: A quotation by sub-contractor to the main contractor and an offer to lease.

Q2.Differentiate between condition and warranty . (differences-10 marks)10 marks

Answer : CONDITION :-

It is defined in the following words, "A condition is stipulation essential breach to the main purpose of the contract, the breach of which give rise to a right to treat the contract as repudiated."

So according the above definition it is clear that condition is very essential for the performance of a contract. The breach of condition will be regarded as the breach of the whole contract.

Q3.Distinguish between the characteristics of Partnership and company.

(explanation of differences between Partnership and Company-10 marks)10 marks

Answer : Many proposed start-ups find it difficult to decide whether to incorporate a company or a partnership concern. Understanding the differences between the two would solve this problem.

The major difference between companies and partnerships may be considered under the following headings:

Formation:

Q4.Discuss the differences between FERA and FEMA.

(explanation of differences between FERA and FEMA-10 marks)10 marks

Answer : FERA (Foreign Exchange Regulation Act) was passed in 1947 which was amended in 1973. The new FERA came into force from 1.1.1974. The objective was the conservation of India’s Foreign Exchange reserves, judicious use of foreign exchange, using mainly in these sector which require foreign technol­ogy.

Transactions in foreign exchange were

Q5.What is the difference between Environment pollution and Environment Pollutant?

(differences-10 marks)10 marks

Answer : Pollution is the introduction of contaminants into the natural environment that cause adverse change. Pollution can take the form of chemical substances or energy, such as noise, heat or light. Pollutants, the components of pollution, can be either foreign substances/energies or naturally occurring contaminants. Pollution is often classed as point source or nonpoint source pollution.

 

Pollution and Pollutants

Pollution is defined as an 'undesirable change in the

Q6.What are the objectives for enactment of the Information Technology Act, 2000. What is its relevance to any organisation.

(objectives- 4 marks; importance -3 marks; significance-3 marks)10 Marks

Answer : Until recently, many information technology (IT) professionals lacked awareness of an interest in the cyber crime phenomenon. In many cases, law enforcement officers have lacked the tools needed to tackle the problem; old laws didn’t quite fit the crimes being committed, new laws hadn’t quite caught up to the reality of what was happening, and there were few court precedents to look to for guidance? Furthermore, debates over

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Send your semester & Specialization name to our mail id :

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