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Business Law
December 2023 Examination
1) If the policy
contains an arbitration clause, the courts in India will direct the parties to
arbitrate. The jurisdiction of the court in deciding an application for
arbitral reference is very narrow and limited to examining only the existence
of an arbitration agreement, and all other questions relating to the
arbitrability of the dispute have to be decided by the arbitral tribunal. Explain
this statement with the help of recent decision of various courts. (10 Marks)
Ans 1.
Introduction
Arbitration, as an
alternative to traditional litigation, has grown in popularity as a mode of
dispute resolution, especially in commercial contracts. The reason for its
attractiveness lies in the fact that arbitration is often perceived as a
quicker, more confidential, and flexible method to resolve disputes than the
traditional court system. However, it hinges on the existence of an arbitration
clause in the agreement
2) The vehicle owner
paid the renewal premium amount to the insurance agent on January 19, 2022 and
a receipt was also issued. However, the insurance agent had credited the amount
to the insurance company only on January 31, 2022. The policy for the vehicle
was issued only with effect from February 1, 2016. On January 24, 2022 accident happened and the
owner of the vehicle died. The insurance company rejected the claim and hence
the legal heirs of the vehicle owner filed a case against the insurance
company. The court mulcted the entire liability upon the insurance agent.
Examine whether in this situation agent was liable with the help of recent case
laws. (10 Marks)
Ans 2.
Introduction
Insurance is a
contractual agreement between the policyholder and the insurance company,
ensuring that in return for premium payments, the insurer will provide
compensation for specified potential future events. An integral part of this
contract is the timely payment and processing of premiums, which ensures the
continuity of the coverage. Insurance agents act as intermediaries between
policyholders and insurance companies, and their roles come with fiduciary
responsibilities. The situation detailed above presents a quandary wherein a
delay in transmitting a renewal premium by the insurance agent may have led to
a lack of coverage
3) Consumers who are unaware of their rights are vulnerable
in the marketplace. It is vital that they be aware of their rights so that they
can make choices confidently, and with due regard to their interests.
(a) What are all the rights available to consumer. (5 Marks)
Ans 3a.
Introduction
In the modern
marketplace, consumers often find themselves navigating a complex web of products,
services, and providers. Given the diversity and intricacy of options
available, the potential for exploitation or unintentional harm is high.
Recognizing this challenge, legislations and frameworks have been instituted
globally to protect consumers and empower
(b) Explain the compliant making process for misleading
advertisement and e-commerce platform.
(5 Marks)
Ans 3b.
Introduction
The rise of
digital platforms, particularly e-commerce and online advertising, has
transformed the way we shop and consume information. While these platforms
offer convenience and a plethora of choices, they also come with their set of
challenges. Misleading advertisements and e-commerce discrepancies can lead to
consumer dissatisfaction and potential harm. To
Dear students, get fully solved assignments by professionals
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