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AEREN
FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
Name : Farid Ahmad Noory Marks
: 80
Course : Masters in Business
Administration (MBA 4 Sem)
Subject : Corporate Law
Answer the following question.
Question.
1. Distinguish between Managing Director and Manager (10 marks)
Answer: We know that the
term ‘managing director’ is used side by side with the term ‘wholetime
director’ in several Sections of the Act and most of the provisions apply to
both of them equally. Obviously, this may pose a question to the mind of a
careful reader as to whether these two terms—’managing director’ and
‘whole-time director—denote the same business executive under two different
names or whether they denote two altogether different personalities in a
company ?
We have already seen the
definition of the term ‘managing director.’ It is surprising that the Companies
Act does not define the term
Question.
2. Distinguish cheque and Bill of Exchange (10 marks)
Answer: cheque vs boe‘Cheque’
is an instrument which contains an unconditional order, drawn on a banker,
directing to pay a certain sum of money to the person whose name is specified
in the instrument. ‘Bill of Exchange’ is a document contains an unconditional
order, directing a person, to pay a certain amount to a specified person. These
two terms sound the same, which becomes the cause of confusion for many people.
Come, let’s start understanding the difference between Cheque and Bill of
Exchange.
Question.
3. What do you mean by consent and free consent(10 marks)
Answer: CONSENT :-Without
the consent of the parties contract cannot take place. Where the parties have
different things in mind or understand the same thing in different ways is not
real consent. It defines in the following words :
"When two or more
person agree upon the same thing in the same sense, they are said to be
consent."
Question.
4. Discuss special user rights (10marks)
Answer: Sec. 41 of the
Companies Act, 1956 (Act) defines members as any person
who is (1) the subscribers of the memorandum of a company or every other person
who agrees in writing to become a member of a company and whose name is entered
in its register of members.
A member of a company has two kinds of rights namely, i) individual
rights and ii) corporate rights. Every shareholder can enforce his individual
rights singly but corporate rights have to be enforced by the majority.
However, individual and corporate
Question.
5.. What are the essentials of contract (10 marks)
Answer: Minimum
two parties :- Atleast two parties are needed to enter into a contact. One
party has to make an offer and other must accept it. The person who makes the
'proposal' or 'offer' is called the 'promisor' or 'offeror'. While, the person
to whom the offer is made is called the 'offeree' and the person who accepts
the offer is called the 'acceptor'.
Offer and acceptance
:- There must be an 'offer' and an 'acceptance' to the offer, resulting into an
agreement. Both offer and acceptance should be lawful.
Question.
6. Is it safe to go in for oral contracts? (10 marks)
Answer: : Believe it or not, the old-fashioned "handshake" began as a
means for two people to assure one another that neither was carrying a weapon.
Over the years, this simple gesture has evolved into a contractual symbol—or a
guarantee—for an oral agreement. But in an era of phone-book sized contracts,
fine print and
Question.
7.
Discuss Ultra Vives Borrowing (10 marks)
Answer: Every trading company has an implied power to borrow, as borrowing is
implied in the object for which it is incorporated. A trading company can
exercise this power even if it is not included in the Memorandum. However
non-trading company has no implied power to borrow and such power can be taken
by it implied power to borrow and such power can be taken by it by including a
clause to that effect in the Memorandum.
Question.
8. What
are Promisory notes (10 marks)
Answer: A promissory note is a legal instrument (more particularly, a financial
instrument), in which one party (the maker or issuer) promises in writing to
pay a determinate sum of money to the other (the payee), either at a fixed or
determinable future time or on demand of the payee, under specific terms. If
the promissory note is unconditional and readily saleable, it is called a
negotiable instrument.
Referred to as a note payable in accounting
(as distinguished from accounts payable), or commonly as just a
"note", it is internationally
Dear students,
Get assignments and Case studies
Do send your query at :
or call us at :08263069601
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