KSOU - LEGAL ASPECTS OF BUSINESS

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LEGAL ASPECTS OF BUSINESS
EMB 109

Answer any five questions


Q. 1. Give the presumptions as to negotiable instruments of consideration.            

Answer:A presumption is a rule of law that is used by courts or juries from where they obtain  a particular inference from a particular fact or evidence, unless and until the truth of such an inference is disproved. [i] It is only an inference as to the existence of one fact from the existence of some other fact, founded upon a previous experience of their connection.[ii] The three classes of presumptions include:

·         Presumptions of law
·          
·          


Q. 2. Explain the use of law along with its criticisms.

Answer:In its most general sense, a fair use is any copying of copyrighted material done for a limited and “transformative” purpose, such as to comment upon, criticize, or parody a copyrighted work. Such uses can be done without permission from the copyright owner. In other words, fair use is a defense against a claim of copyright infringement. If your use qualifies as a fair use, then it would not be considered an illegal infringement.

So what is a “transformative” use? If this definition seems ambiguous or vague, be aware that millions of dollars in legal fees have been spent attempting to define what qualifies as a fair use. There are no hard-and-fast rules, only general rules and varied court decisions, because the judges and lawmakers who created the fair use exception did not want to limit its definition. Like free speech, they wanted it to have an expansive meaning that could be open to interpretation.





Q. 3. Explain the various stages of Customer Protection Act, 1986.

Answer:Consumer Protection Act, 1986 is an Act of the Parliament of India enacted in 1986 to protect interests of consumers in India. It makes provision for the establishment of consumer councils and other authorities for the settlement of consumers' disputes and for matters connected therewith.Consumer Protection Councils are established at the national, state and district level to increase consumer awareness.

The Central Consumer Protection Council

It is established by the Central Government which consists of the



Q. 4. State the purpose of Memorandum of Association

Answer:The very basic purpose of a MEMORANDUM OF ASSOCIATION of a company, is to make aware its reader (that is generally its stakeholder or investor) of the objects of a company, which are permitted under the law. This particular thing has been discussed in one of the acknowledged case Cotman v Brougham [1918] AC 514.

A Company can not act beyond the above said purpose, unless approved under the law, otherwise it would lead to an ultra vires action of the company.




Q. 5. What are the other aspects of Factories Act with respect to health and hygiene, safety, and working conditions of employees?

Answer:

Q. 6. Describe the powers & duties of the Directors.

Answer:Understanding your roles and responsibilities should be your first task when appointed. The board of directors is appointed to act on behalf of the shareholders to run the day to day affairs of the business. The board are directly accountable to the shareholders and each year the company will hold an annual general meeting (AGM) at which the directors must provide a report to shareholders on the performance of the company, what its future

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