MB0051-Legal Aspects of Business

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SUBJECT CODE & NAME- MB0051-Legal Aspects of Business

Q1. What are the rights of a surety? (Rights against creditors, Rights against Principal Debtor, Right against Co-Sureties) 2, 4, 4

Answer:  Rights of Surety against the Creditor

1.      Ask the creditor to sue the debtor: On the guaranteed debt having fallen due for payment, the surety may ask the creditor to sue the debtor to collect the due amount, but he cannot compel him to do so. But he

Q2. Explain duties of a Bailor and a Bailee. (Duties of Bailor, Duties of Bailee) 5, 5

Answer: Duties of bailor  (i) the bailor is bound to disclose to the bailee all faults in the goods bailed of which the bailor is aware and which materially interfere with the use of them or which expose the

Q3. “Power of Attorney is considered as an important concept in Business Law”. Explain (Meaning, Types, Registration) 3, 2, 5

Answer: Power of Attorney

Power of attorney is defined by Section 2(21) of the Stamp Act as including “any instrument not chargeable with a fee under the law relating to court fees for the time being in force,” that empowers “a specified person to act for and in the name of the person executing it”. It is the Powers of

Q4. “The Banking Regulation Act, 1949, provides various methods of regulation of the banking business”. Describe the key areas of regulation. (Methods of regulation) 10

Answer:  The Banking Regulation Act, 1949, provides various methods of regulation of the banking business. Some of the key areas of regulation are:

·         Power to provide directions – Sections 21 and 35A of the Act empower the RBI to regulate the business of banks by issuing directions controlling various aspects of banking. Section 21 provides the power to regulate advances of banking companies,

Q5. Explain the nature and scope of complaints under the Consumer Protection Act? (Persons competent to make complaints, Place of complaint, Procedure for filing a complaint, Admission of complaint, Power of the District Forum) 3, 1, 2, 2, 2

Answer: Persons competent to file a complaint (Section 12)

Any of the following people may file a complaint under the Act:

·         The consumer to whom such goods are sold or delivered or agreed to be sold or delivered or such service

Q6. Explain the need and types of meetings. (Need for meeting, Statutory meetings, Annual General Meetings, Extraordinary meetings, Class meetings) 2, 2, 2, 2

Answer:

Need for meetings

A company is an artificial person and therefore, must act through some human intermediary. The various provisions of law empower shareholders to do certain things. They are specifically reserved

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