MB0051-Legal Aspects of Business

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ASSIGNMENT

DRIVE	SUMMER - 2017
PROGRAM	Master of Business Administration - MBA
SEMESTER	Semester 3
SUBJECT CODE & NAME	MB0051-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. What is fiduciary relationship in a contract of guarantee? Explain the kinds of guarantees.

Answer: Business owners know it is very difficult to borrow money for the business from a creditor without a personal guarantee even if the creditor has security against all of the business. If you sign the typical standard guarantee form used by creditors, you may be giving up rights designed to level the field. Some terms of the creditor guarantee are not in your best interest. .

But what is a guarantee, what defences do you as a guarantor have and what are your rights? If you must pay under the guarantee, can you recover the

Question. 2.  i) Do you think contract with a minor is valid? Narrate with the help of the facts and judgement in the case: Mohori Bibee v. Dharmodas Ghose.

Answer: The plaintiff, Dharmodas Ghose, while he was a minor, mortgaged his property in favour of the defendant, Brahmo Dutt, who was a moneylender to secure a loan of Rs. 20,000.  The actual amount of loan given was less than Rs. 20,000.  At the time of the transaction the attorney, who acted on behalf of the money lender, had the knowledge that the plaintiff is a minor.

ii) Explain the rules and remedies for discharge of contract by breach

Answer: A contract may, in some circumstances, be discharged by a breach of contract. Where there exists a breach of condition (as oppose to breach of warranty) this will enable the innocent party the right to repudiate the contract (bring the contract to an end) in addition to claiming damages. A contract cannot be discharged by a breach of warranty.

Anticipatory breach: Where a party indicates their intention not to perform their contractual obligations, the innocent party is not obliged to wait for the breach to actually occur before they bring their action for breach:

Question. 3. i) Narrate the facts and judgement in the case Howell vs. Coupland.

Answer: The plaintiff contracted with the defendant to buy 200 tons of potatoes grown specifically from the defendant’s land. The defendant’s potato crop was destroyed by disease, rendering the defendant’s performance under the contract impossible. The plaintiff brought suit for damages. The Queen’s Bench ruled in favor of the defendant. The plaintiff appealed.

Rule of Law

ii) Who is an unpaid seller? What are the rights enjoyed by an unpaid seller under the extant provisions of law?

Answer: An unpaid seller has two-fold rights, viz.,;

I.      Rights of unpaid seller against the goods, and

II.    Rights of unpaid seller against the buyer personally. We shall now examine these rights in detail.

1.    Rights of Unpaid Seller against the Goods.

Question. 4. The Banking Regulation Act, 1949, provides various methods of regulation of the banking business. Elaborate the key areas of regulation.

Answer: The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Initially, the law was applicable only to banking companies. But, 1965 it was amended to make it applicable to cooperative banks and to introduce other changes.

The Act provides a framework using which commercial banking in India is supervised and regulated. The Act supplements the Companies Act, 1956. Primary

Question. 5. Explain the nature and scope of complaints under the Consumer Protection Act?

Answer: (1) A complaint in relation to any goods sold or delivered or agreed to be sold or delivered or any service provided or agreed to be provided may be filed with a District Forum by –

(a)  the consumer to whom such goods are sold or delivered or agreed to be sold or delivered or such service provided or agreed to be provided;

Question. 6. a) Differentiate between a holder and a holder in due course.

Answer: Various differences between holder and holder-in-due-course can be explained on the basis of the following

1. Entitlement: Holder is a person who is entitled for the possession of a negotiable instrument in his own name. Hence he shall receive or recover the amount due thereon. Whereas a Holder-in-due-course is a person who has obtained the instrument for consideration and in good faith and before maturity.

b) Explain the privileges enjoyed by a holder in due course

Answer: Privileges granted to a ‘holder in due course’ under the Negotiable Instruments are given below:

1. He gets a better title than that of the transferor:

One who is a ‘holder’ only gets no better title than that of his transferor but a holder in due course is in a privileged position in that he gets a better title than that of

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