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DRIVE – Fall 2015
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.
Answer:
Service
positioning
Positioning
is defined as the process of establishing and maintaining a distinctive place
in the market for an organization and/or its products/services offerings. This
is the creating of a distinct place in the minds of a customer, or the
perception of a customer w.r.t. other companies or their
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 granted to an
“attorney-in-fact” or “agent” to give that individual the legal authority to
make decisions for an incapacitated “principal.” It is defined by Section 2(21) of the Stamp
Act as
Q3. Explain the procedure of registration of partnership firms.
(Explanation) 10
Answer:
Registration partnership of Firms (Sections 58-59)
Application for registration
When the Registrar of Firms is
satisfied that the provisions of Section 58 have been duly complied with,
he/she registers the firm by recording an entry of the statement in a register
called the Register of Firms and files the statement (Section 59). Section 58
lays down the procedure for registration of partnership firms.
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:
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
The complaint can be sent by post
to the appropriate Forum/ Commission. The complaint should be
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
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”. A share of a company in the hands of
a shareholder signifies a bundle of
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