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DRIVE
SUMMER 2015
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
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
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.
Example: A room
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.
Duties of the seller and the buyer
It is the duty of
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 of services,
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
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