Legal Environment of Business

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NAME ………………………………..

BATCH……………………………….

ENTROLLMENT NO. ………….

Legal Environment of Business

Each assignment carries 25 marks

Answer any 2 questions from the following :

Q1 ) ( A ) Narrate Intellectual Property Rights.

Answer: Intellectual property (IP) is a legal field that refers to creations of the mind such as musical, literary, and artistic works; inventions; and symbols, names, images, and designs used in commerce, including copyrights, trademarks, patents, and related rights. Under intellectual property law, the holder of one of these abstract "properties" has certain exclusive rights to the creative work, commercial symbol, or invention by which it is covered.

Intellectual property rights are a bundle of exclusive rights over creations of the mind, both artistic and commercial. The former is covered by copyright laws, which protect creative works such as books, movies, music, paintings, photographs, and software and gives the copyright holder exclusive right to control reproduction or adaptation of such works for a certain period of time.

Q1 ) ( B ) The ' Doctrine of Indoor Management 'is a silver lining to the strangers dealing with the company. - Comment.

Answer:The doctrine of Indoor management, popularly known as the Turquand’s rule initially arose some 150 years ago in the context of the doctrine of constructive notice. The rule of Doctrine of Indoor Management is conflicting to that of the principle of Constructive Notice. The latter seeks to protect the company against outsiders; the former operates to protect outsiders against the company. The rule of constructive notice is confined to the external position of the company and, therefore, it follows that there is no notice as to how

Q2 ) Can a joint stock company borrow money ? If so, how ? A joint stock company borrows money from Amex beyond its powers . Has Amex , the lender any remedy against the company and the directors of the company ?

Answer: The industrial corporation, our first object of inquiry, involves above all a change in the function of the industrial capitalist. For it converts what had been an occasional, accidental occurrence in the individual enterprise into a fundamental principle; namely, the liberation of the industrial capitalist from his function as industrial entrepreneur. As a result of this change the capital invested in a corporation becomes pure money capital so far as the capitalist is concerned. The money capitalist as creditor has nothing to do with the use which is made of his capital in production, despite the fact that this utilization is a necessary condition of the loan relationship.

This reduction of the share yield to the level of the rate of interest is a historical process which accompanies the development of stocks and

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