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DRIVE
SUMMER 2014
PROGRAM
MBADS/ MBAFLEX/
MBAHCSN3/ MBA – SEM 3
SUBJECT CODE &
NAME- MB0051-Legal Aspects of Business
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
Q2. Elaborate the
rights of surety. (Rights against the creditor, Rights against the principal debtor,
Rights against co-sureties) 4, 3, 3
Answer: Rights against the creditor
In case of fidelity guarantee, the surety can direct a
creditor to dismiss the employee whose honesty he/she has guaranteed, in the
event of proven dishonesty of the employee. The creditor’s failure to do so
will exonerate the surety from his/her liability.
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Q3. Discuss the
termination of bailment. (Explanation) 10
Answer: Termination of Bailment
A contract of bailment is terminated under the
following circumstances:
·
On the
expiry of the stipulated period –
Where a bailment is for a specific period, it comes to
an end on the expiry of the specified period.
Q4. Explain the
performance of a contract of sale of goods. (Explanation) 10
Answer: 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: Prohibition of Anti-competitive Agreements
Section 3 provides for prohibition of entering into
anti-competitive agreements. Accordingly, no enterprise or person or
association of enterprises/persons shall enter into any agreement in respect of
production, supply, distribution, storage, acquisition or control of goods or
provision
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:
Need
for meetings
A
company is an artificial person and therefore, must act through some human
intermediary. The various provisions of law empower shareholders to do certain
things. They are specifically reserved for them to be done in company’s general
meetings. Section 291 empowers the Board of Directors to manage the affairs of
the company. In this context, meetings of shareholders and
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