MB0051-Legal Aspects of Business

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ASSIGNMENT

DRIVE FALL	SUMMER 2015
PROGRAM	MBADS/ MBAFLEX/ MBAHCSN3/ MBA – SEM 3 PGDBMN/ PGDENMN/ PGDFMN/ PGDHRMN/ PGDHSMN/ PGDIB/ PGDISMN/ PGDMMN/ PGDOMN/ PGDPMN/ PGDROMN/ PGDSCMN/ PGDTQMN – SEM 1
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.

Q1. Explain the performance of contracts. (Definition, Offer of performance, Onus of performance) 4, 2, 4

Answer: Definition

Sections 37-67 of the Contracts Act deal with the performance of a contract. A contract creates obligations. Performance of a contract takes effect when the parties to the contract fulfill their obligations within the time and manner specified under the contract. The parties to a contract must either perform or offer to perform their respective promises unless such performance is dispensed with or excused under the provisions of law (Section 37).

Q3. Discuss the termination of bailment. (Explanation) 10

Answer: : A contract of bailment is voidable at the option of the bailor, if the bailee does any act with regard to the foods bailed, inconsistent with the conditions of the bailment.For example, A lets to B, for hire, a horse of his own riding B drives the horse in his carriage. This is, at the option of A, a termination of the bailment.

TERMINATION OF BAILMENT

Q4. Explain the performance of a contract of sale of goods. (Explanation) 10

Answer: A contract of sale is a legal contract an exchange of goods, services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. It is a specific type of legal contract.

Performance of a Contract of Sale of Goods

The contract of sale of goods is to be performed. In this context, Sections 31-44 provide for duties of the seller and the buyer and the rules regarding delivery of goods.

Q5. Discuss the law related to the prohibition of anti-competitive agreements. (Explanation) 10

Answer: Agreements which cause or are likely to cause appreciable adverse effect on competition are anti-competitive agreements. Horizontal agreements are those that are between enterprises at the same stage of the production chain. For example, agreement between two rivals is a horizontal agreement. In cases of agreements between rivals for fixing prices or for limiting production or for sharing markets, there is a presumption in the Act that such agreements cause appreciable adverse effects on competition.

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: Members of a company discuss organizational issues and other agenda through a personal gathering or through a conference call. A meeting is a routine activity in a company. It is even part of the weekly itinerary of many working individuals and business people. Meetings can be formal or informal, but for the most part, organizational meetings usually take a formal setting where preparation must be done to

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