Business Law

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NMIMS Global Access

School for Continuing Education (NGA-SCE)

Business Law

Internal Assignment Applicable for June 2016 Examination

Assignment Marks: 30

Instructions:

·         All Questions carry equal marks.

·         All Questions are compulsory

·         All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.

·         All answers to be written individually. Discussion and group work is not advisable.

·         Students are free to refer to any books/reference material/website/internet for attempting theirassignments, but are not allowed to copy the matter as it is from the source of reference.

·         Students should write the assignment in their own words. Copying of assignments from otherstudents is not allowed.

Question. 1. Miss Priya sold gold jewellery to Mr.Ravil worth 6 Lacs and received a cheque for thefull amount . On presentment, the cheque was dishonoured by the bank. Thus , Miss Priyais an unpaid seller. As an unpaid seller what are the rights of Priya against the goods andagainst Mr Ravil.(Explain any of the five rights + five examples) (10 Marks)

Answer:  As per Sales of Goods Act, 1930, the five rights of Priya as an unpaid seller against the goods and against Mr.Ravil are -

(1) Subject to the provisions of this Act and of any law for the for the time being in force, notwithstanding that the property in the goods may have passed to the buyer, the unpaid seller of goods, as such, has by implication of law.

(a) A lien on the goods for the

Question. 2. Alfa enters into a contract to sale 200 bags of wheat Mr. Gamma at a price of Rs 20000. In every contract there are certain conditions & warranties .Such conditions & warranties can be express as well as some times are implied. State any of the five conditions which are implied in every contract of sale of good unless the circumstances of the contract show a different intention. (10 Marks)

Answer:  Five conditions which are implied in every contract of sale of good unless the circumstances of the contract show a different intention are –

i) Condition as to title -- In every contract of sale, unless the circumstances of the contract are such as to show a different intention, there is an implied condition on the part of the seller, that :

In case of a sale, he has a right to sell the goods, and

Question.3. Amman, Namman ,Dhavaan , are three friends just passed their BBA exams now , theyare planning to start a new business . Amman, Namman are interested to start the businessin the form of partnership firm but Dhavaan suggests that they should start as a company.Amman, Namman consulted with some of their seniors and come to a conclusion that it’sbetter to start with a partnership firm keeping all the factors in mind.

a)Suggest certain points which can differentiate between the two form of business thatis partnership and company and on the basis of such points give the conclusion that it’sbetter to start as a partnership firm. (5 Marks)

Answer: Amman, Namman, Dhavaan, are basically three friends who just passed their BBA exams now.So, when they planto start a new business, they should use the knowledge and education to make their business better in partnership. There is a conflict of interest in this case because Amman, Namman are clearly interested in starting the partnership business firm but Dhavaangives his suggestions about the start as a company. After all kinds of discussion, they came to the final decision of preferring partnership

b)Suppose, Namman also agrees, that let’s start with the partnership firm and design thepartnership deed first, what should be the various clauses that should be incorporated inthe partnership deed by them. (5 Marks)

Answer:If Namman also aggress on the decision of starting partnership firm then all three friends Amman, Namman, Dhavaan will have to proceed to the next step of the partnership firm opening process. The step is the designing of partnership deed.

Company is independent entity a different individual according to the law though organization firm is not a different element. Tax collection for both the substance will contrast. Further Companies needs to take after Companies Act, 2013 and there will part of guidelines and regulations to be taken after as for going of resolutions documenting of the same likewise recording of yearly returns and different structures each

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