MB0051 - LEGAL ASPECTS OF BUSINESS

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ASSIGNMENT

DRIVE	SPRING 2016
PROGRAM	MBA
SEMESTER	III
SUBJECT CODE & NAME	MB 0051 - LEGAL ASPECTS OF BUSINESS
BK ID	B1725
CREDITS	4
MARKS	60

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.

Question.1 a) Indicate the sources of Indian Law.

Answer:The phrase “source of law” has several connotations. It may be the authority which issues rules of conduct which are recognized by Courts as binding. In this context, ‘source of law’ means ‘the maker of law’. It may mean the social conditions which inspires the making of law for the governance of the conditions. In this context it means ‘cause of law’. It may also mean in its literal sense the material from which the rules and laws are known. In this sense the expression means the ‘evidence of law’ and it is in this sense that the expression ‘source of law’ is accepted in Jurisprudence.

Vijnaneshwar (commentator on the YajnavalkyaSmriti and

Question.b) Write notes on :

i) Ignorance of Law

Answer:"Ignorance of the law excuses no man. Not that all men know the law, but because 'tis an excuse every man will plead, and no man can tell how to refute him."

Best known as a component of the maxim ignorance of the law is no excuse.

The maxim is of ancient origin; the Roman

ii) LexMercantoria

Answer:Lexmercatoria (from the Latin for "merchant law"), often referred to as "the Law Merchant" in English, is the body of commercial law used by merchants throughout Europe during the medieval period. It evolved similar to English common law as a system of custom and best practice, which was enforced through a system of merchant courts along the main trade routes. It functioned as the international law of commerce. It emphasised contractual freedom and alienability of property, while shunning legal technicalities and

Question.2 Narrate the facts and judgement in the case :

i. Harvey Vs. Facey

Answer:'Harvey v Facey [1893] UKPC 1, [1893] AC 552 is a contract law case decided by the United Kingdom Judicial Committee of the Privy Council which in 1893 held final legal jurisdiction over most of the British Caribbean. Its importance in case law is that it defined the difference between an offer and supply of information. The Privy Council held that indication of lowest acceptable price does not constitute an offer to sell. Rather, it is considered an offer to treat (i.e., to enter into negotiations).

The case involved negotiations over a

ii. Peek Vs. Gurney

Answer:A prospectus for an intended company was issued by promoters who were aware of the disastrous liabilities of the business of Overend& Gurney which the company was to purchase. The prospectus made no mention of a deed of arrangement under which those liabilities were, in effect, to be transferred to the company. The appellant bought shares in the company and, when it was wound up, he was declared liable as a contributory and had to pay almost £100,000. He sought an indemnity against the directors, alleging

iii. Ranganayakamma Vs. AlwarSetty

Answer:In other words, the consent is said to be caused by coercion when it is obtained by exercising some pressure by either committing or threatening to commit any act forbidden by the Indian Penal Code or unlawfully detaining or threatening to detain any property. Coercion, thus, implies committing or threatening to commit some act which is contrary to law.

Committing any act forbidden by the

Question.3 “A negotiable instrument may be dishonoured either by non-acceptance or by nonpayment” Enumerate referring to the rules as laid down in the Act.

Modes of dishonour of a negotiable instrument as laid down in the Act.

Answer:The term "Negotiation" is a does not necessarily imply anything more than the assertion that the paper possesses the negotiable quality. Generally speaking, it applies to any written statement given as security, usually for the payment of money, which may be transferred by endorsement or delivery, vesting in the party to

Question.4 Who is an unpaid seller ? What are the rights of an unpaid seller under extant provisions of law ?

Answer:UNPAID SELLER:-

Seller:- A person who sells the goods or agrees to sell the goods is called seller.

Unpaid:-It means payment is not made or without payment.

In simple words, "Unpaid seller" means a person who has sold the goods for a price but price has not been paid to him.

Question.5 Describe the jurisdictions of District Forum, State Council, National council and Supreme Court of India as per Consumer Protection Act, 1986.

Answer: Consumer Protection Act, 1986 is an Act of the Parliament of India enacted in 1986 to protect the 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.

Jurisdiction of District Forum

Question.6 Enumerate the steps to float a limited company. The company being an artificial person, how are the affairs of a company managed?

Answer:

Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature Certificate)

What is a Director Identification Number (DIN)?

Director Identification Number (DIN) is a unique identification number issued by the Ministry of Corporate Affairs (MCA), for an existing director or a person intending to become a director of a company.

Documents required for DIR-3 Application

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