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DRIVE – Fall 2014
PROGRAM/SEMESTER
MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2 – SEM 3
SUBJECT CODE &
NAME- MB0051-Legal Aspects of Business
Q1. “Discharge refers to the termination of
contractual relationship between the parties”. Explain the statement along with
different modes of discharging a contract.
(Explanation of service
positioning, Explanation of modes) 2, 8
Answer:
Service
positioning:
A business must
set itself apart from its competition. To be successful it must identify and promote itself as the
best provider of attributes that are important to target customers.
Q2. Explain
the meaning of Power of Attorney, its types and clause related to registration.
(Meaning, Types, Registration) 2,
2, 6
Answer:
Power
of Attorney
Power of attorney is defined by
Section 2(21) of the Stamp Act as including “any instrument not chargeable with
a fee under the law relating to court fees for the time being in force,” that
empowers “a specified person to act for and in the name of the person executing
it”. It is the Powers of Attorney Act,
1882, which deals with the
subject but does not d
Q3. Explain the procedure of registration of partnership firms.
(Explanation) 10
Answer:
Registration partnership of Firms (Sections 58-59)
Application for registration
Section 58 lays down the
procedure for registration of partnership firms. A partnership firm may be
registered at any time by post, or delivering to the Registrar of Firms of the
area in which the business of the firm is situated or proposed to be situated,
a statement in the prescribed form and accompanied by the prescribed fee,
stating:
Q4. What are the circumstances under which breach of condition is treated
as breach of warranty?
(Explanation) 10 marks
Answer:
Circumstances
under that Breach of condition to be treated as breach of warranty
According to Section 13, under
certain circumstances, a breach of condition is to be treated as a breach of
warranty, i.e., the right to repudiate the contract is deemed to have been
lost. These circumstances are:
Where a contract of sale is
subject to any condition to be fulfilled by the seller, the buyer may either:
·
Waive
the condition
·
Elect
to treat the breach of the condition as a breach of warranty.
Q5 Explain the procedure for filing a complaint and admission of complaint
in consumer protection act.
(Filing a complaint-5 marks, Admission
of complaint-5 marks) 10 marks
Answer:
Procedure for filing a complaint
There is no fee for filing a
complaint before any of the aforesaid bodies. The complainants or their authorized
agent can present the complaint in person.
The complaint can also be sent by
post to the appropriate Forum/ Commission. The complaint should be addressed to
the President of the Forum/Commission. A complaint should contain the following
information:
Q6 Write short notes on:
a)
Shares and its classification
b)
Meetings and its classification
(Meaning and classification-5
marks, Meaning and classification-5 marks) 10 marks
Answer:
Shares
and its classification
Section 2 (46) defines a share
“as a share in the share capital of a company and includes stock except where a
distinction between stock and share is expressed or implied”. This definition
does not encompass the meaning of a share. A share of a company in the hands of
a shareholder signifies a bundle of rights and obligations [Viswanath vs. East India Distilleries (1957)
27 Comp. Cas. 175]. However, a share is not a negotiable instrument [C.I.T. vs. Associated Industrial Dev. Co. (1969) 2 Comp. L.J. 19] Section
83
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