BBA301-LEGAL AND REGULATORY FRAMEWORK

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ASSIGNMENT

DRIVE	SPRING 2015
PROGRAM	Bachelor of Business Administration- BBA
SEMESTER	3
SUBJECT CODE & NAME	BBA 301-LEGAL AND REGULATORY FRAMEWORK
BK ID	B1595
Credit & Marks	4 CREDITS & 60 MARKS

Note – Answer all questions. Kindly note that answers for 10 marks questions should beapproximately of 400 words. Each question is followed by evaluation scheme.

Q. 1. Explain the clause related to the acceptance of proposal and the mandatory conditions attached with it.

Answer: The communication of proposals, the acceptance of proposals, and the revocation of proposals and acceptance, respectively, are deemed to be made by any act or omission of the party proposing, accepting or revoking, by which he intends to communicated such proposal, acceptance or revocation, or which has the effect of communicating it.

Rules regarding acceptance of proposal:

1) Acceptance must be an absolute and unqualified. sec. 7 (1) In order to convert a

proposal into a promise the acceptance must

Q. 2. What are the different ways in which an agency may be formed?

Answer:1. Agency by express Agreement: The contract of agency may be made orally or in writing. In most of the business dealings the agency is created by a word of mouth. If this form was not recognized by law, the trade and industry could hardly go on. Agency is also created by a contract in writing. Agency is normally preferred in the dealings of immovable property. The common form of an agreement in writing is "power of Attorney" whereby, authority is given to the power of attorney holder, either generally or specifically, to act on

Q. 3. “A bill may be dishonoured by non-acceptance or by non-payment”. Explain

Explanation of dishonor of a negotiable instrument

Answer: Negotiable instruments are written orders or unconditional promises to pay a fixed sum of money on demand or at a certain time. Promissory notes, bills of exchange, checks, drafts, and certificates of deposit are all examples of negotiable instruments. Negotiable instruments may be transferred from one person to another, who is known as a holder in due course. Upon transfer, also called negotiation of the instrument, the holder in due course obtains full legal title to the instrument. Negotiable instruments may be transferred by delivery or by endorsement and delivery. 

A negotiable instrument is said to be

Q. 4. Decisions of the members at general meetings are expressed by way of resolutions.

What do you understand by the term resolution here? Explain it with its kinds.

Answer:General meetings are meetings of the shareholders of a company.  Decisions of the members at a general meeting are made by a resolution.

There are two types of general meetings:

·         Annual general meetings (AGM); and

·         Extraordinary general meetings (EGM).

The business usually conducted at an AGM is to receive and consider the financial statements, to re-elect directors, to declare any final dividend and to

Q. 5. FEMA clearly defines the acts that can be termed as offences under its purview. What are these malpractices which are covered under FEMA act?

Answer:The objective of Foreign Exchange Management Act, 1999 (‘Act’ for short) is to facilitate external trade and payments and maintenance of foreign exchange in India.   It should be noted that FEMA is not a revenue law. Compounding of offences is allowed in this Act. The compounding of the contravention under FEMA was implemented by the Reserve Bank of India (RBI) by putting in place the simplified procedures for compounding with effect from 1.2.2005 with the following views enshrining the motto of enhancing transparency and effect smooth implementation of the compounding process:

·         Minimization of transaction costs; and

Q. 6. Write short notes on:

a) Copyright: Copyright is a legal right created by the law of a country that grants the creator of an original work exclusive rights to its use and distribution, usually for a limited time, with the intention of enabling the creator (e.g. the photographer of a photograph or the author of a book) to receive compensation for their

b) Electronic Governance: Electronic governance or e-governance is the application of information and communication technology (ICT) for delivering government services, exchange of information communication transactions, integration of various stand-alone systems and services between government-to-customer (G2C),

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