MB0051 - LEGAL ASPECTS OF BUSINESS

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ASSIGNMENT

DRIVE	WINTER 2015
PROGRAM	MBADS/ MBAFLEX/ MBAHCSN3/ MBA – SEM 3
SUBJECT CODE & NAME	MB 0051LEGAL 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. Narrate the exceptions to the rule “No consideration no contract”How is a contract discharged ?

Answer:Consideration is the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action, and much more.

Sec 25(1) Natural love and affection: An

Question.2. Narrate the rights and liabilities of a surety in a contract of guarantee.

Answer:A Contract to perform the promise, or discharge the liability, of a third person in case of his default is called Contract of Guarantee. A guarantee may be either oral or written.

·         The person who gives the guarantee is called the Surety

·         The person on whose default the guarantee is given is called the Principal Debtor

·         The person to whom the guarantee is given is called the Creditor

Rights against Principal Debtor

·         Right to give Notice:When ever

Question.3. When and how is a partnership and firm get dissolved?

Answer:The dissolution of partnership among all the partners of a firm is called the Dissolution of the Firm. Dissolution of Partnership involves a change in the relation of partnership business, if the remaining partners resolve to continue the concern. In such cases there will be a new partnership but the firm will continue in a reconstituted form.

Dissolution:

Question.4. Narrate the Latin maxim “Nemodat quod non habet” and its exceptions in sale of Goods Act 1930.

A sells certain goods to B and promises to deliver the goods on the next day. But before delivery A sells and delivers the goods to C who buys those in good faith and without knowledge of the prior sale to B.

Explain B’s remedy in such circumstances.

A, B and C are three brothers who owned a 3-story building, each of them agreed to share a floor. The building was constructed by the supervision of A, who had a general power of attorney given by B and C. A, B and C contributed equally to the construction of the property.

C was staying abroad and was supposed to occupy his flat at a later date. Meanwhile A sells

C’s flat to X by virtue of the general power of attorney.

Give your comments.

Answer:The first of this principle is enshrined in the Latin maxim, nemodat quod non habet, which literally means no one can give what they do not have. In the context of sale of goods it means no one can transfer a better title than he himself has.

Section 27 of the Indian contract act embodies this principle mentioned above, the same is enshrined in section 21 of the British sale of goods act 1979. Buyer gets no title when sale is by a person not the owner. This generally happens in

Question.5. Section 16 of the Companies Act, 2013 provides the rules for alteration of Memorandum of Association. Explain the rules.

Answer:Memorandum of association is the charter of the company and defines the scope of its activities. Memorandum of association defines the relation of the company with the rights of the members of the company interest and also establishes the relationship of the company with the members.

The Memorandum of Association (MOA) of a company has object clauses that determine the purpose and range of activities of a company

Question.6. Narrate the prohibition of anti-competitive agreements and abuse of dominant position as per Competition Act, 2002.

Answer:While doing business in India, parties are prohibited from executing anti-competitive agreements. Generally, the agreements which cause or are likely to cause appreciable adverse effect on competition ("AAEC") are anti-competitive agreements. Such agreements may be horizontal or vertical. However, the Competition Act, 2002 ("Act") recognizes intellectual property rights and to facilitate their protection, the Act permits

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