MB0051-Legal Aspects of Business

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PROGRAM

Master of Business Administration- MBA

SEMESTER

Semester 3

SUBJECT CODE & NAME

MB0051-Legal Aspects of Business

Qus:1 What is fiduciary relationship in a contract of guarantee? Explain the kinds of guarantees.

Answer: A contract of guarantee is not a contract “Uberrimae fidei” (requiring utmost good faith). Nevertheless, the suretyship relation is one of trust and confidence and the validity of the contract depends on the good faith of the creditor. A creditor must disclose all facts which, under the circumstances, the surety would expect not to exist. Hence, where the guarantee is given for good conduct of an employee, the employer’s failure to inform the surety of any breach on

Qus:2 i) Do you think contract with a minor is valid? Narrate with the help of the facts and judgement in the case: Mohori Bibee v. Dharmodas Ghose.

ii) Explain the rules and remedies for discharge of contract by breach

Answer: The law protects minors against their own inexperience and the possible improper designs of those who are experienced. The Contract Act states that only a person who is a major can enter into a contract. Section 3 of the Indian Majority Act, 1875, states that a minor is a person who has not

Qus:3 i) Narrate the facts and judgement in the case Howell vs. Coupland.

ii) Who is an unpaid seller? What are the rights enjoyed by an unpaid seller under the extant provisions of law?

Answer: Case study: Howell vs. Coupland

In this case, the seller agreed to sell 200 tonnes of potatoes to be grown by him, to the buyer at £2 a ton. Though he had the resources to grow 200 tons, an attack of pestilence killed most of the crop and he was able to deliver only 80 tons. The buyer instituted a suit against the seller for breach of contract and held that the contract was void, as it was an agreement to sell future goods and neither

Qus:4 The Banking Regulation Act, 1949, provides various methods of regulation of the banking business. Elaborate the key areas of regulation.

Answer: Regulation of business

The Banking Regulation Act, 1949, provides various methods of regulation of the banking business. Some of the key areas of regulation are:

 Power to provide directions – Sections 21 and 35A of the Act empower the RBI to regulate the business of banks by issuing directions controlling various aspects of banking. Section 21 provides the power

Qus:5 Explain the nature and scope of complaints under the Consumer Protection Act?

Answer: To provide simple, speedy and inexpensive redressal of consumer grievances, the Act envisages three-tier quasi-judicial machinery at the district, state and national levels. At the district level, the redressal forum is called as District Forum. The State Government may, if it deems fit,

Qus:6 a) Differentiate between a holder and a holder in due course.

b) Explain the privileges enjoyed by a holder in due course

Answer: According to Section 9 of the Act, a ‘holder in due course’, is any person who for consideration:

 Becomes the possessor

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