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DRIVE WINTER - 2015
PROGRAM - MBADS/
MBAFLEX/ MBAHCSN3/ MBA – SEM 3
SUBJECT CODE &
NAME - MB 0051 LEGAL ASPECTS OF BUSINESS
BK ID - B1725
CREDIT - 4
MARKS – 60
Q1. Narrate the
exceptions to the rule “No consideration no contract” How is a contract
discharged ? 5, 5
Ans: Consideration: Sections 2 (d), 23-25 and 185 of
the Indian Contracts Act deal with consideration. One of the essential elements
of a valid contract is that it must be supported by consideration. In simple
terms, consideration is what a promisor demands as the price for his/her
promise. The term consideration is used in the sense of quid pro quo,
i.e., something in return. The consideration need not be in terms of money; it
may even be some
Q2. Narrate the
rights and liabilities of a surety in a contract of guarantee. 10
Ans:
Surety in a contract of guarantee:
We have studied about creditor and the rights and obligations of a creditor in the
previous section. Let us discuss surety in this section. Rights of surety may
be classified under three heads:
Ø
Rights
against the creditor
Ø
Rights
against the principal debtor
Ø
Rights
against co-sureties
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
Q3. When and how is
a partnership and firm get dissolved ? (Dissolution of partnership and firm) 10
Ans:
Dissolution: we discussed about changes in a
firm. we will study about dissolution of firms and partnerships.
Dissolution of firms and
partnerships: Section
39 provides that the dissolution of partnership between all the partners
of a firm is called the “dissolution of the firm”. It follows that if the dissolution
of partnership is not between all the partners, it would not amount to
“dissolution of firm”, but it would nevertheless be “dissolution of partnership”.
Thus, dissolution of firm always implies dissolution of partnership,
Q4.
Narrate the Latin maxim “Nemo dat quod non habet”
and its exceptions in sale of Goods Act 1930. A sells certain goods to B and
promises to deliver the goods on the next day. But before delivery A sells and
delivers the goods to C who buys those in good faith and without knowledge of
the prior sale to B. Explain B’s remedy in such circumstances. A, B and C are
three brothers who owned a 3-story building, each of them agreed to share a
floor. The building was constructed by the supervision of A, who had a general
power of attorney given by B and C. A, B and C contributed equally to the
construction of the property. C was staying abroad and was supposed to occupy
his flat at a later date. Meanwhile A sells
C’s flat to X by
virtue of the general power of attorney. Give your comments. 5, 2, 3
Ans:
Nemo
dat quod non habet, literally meaning “no one gives what he doesn’t have” is a
legal rule, sometimes called the nemo dat rule, which states that the purchase
of a possession from someone who has no
Q5. Section 16 of
the Companies Act, 2013 provides the rules for alteration of Memorandum of
Association. (Explain the rules. Explain the rules for alteration of clauses in
Memorandum of Association as per Section 16 of Companies Act, 2013) 10
Ans:
Alteration of memorandum: Section 16 provides that the
company cannot alter the conditions contained in MoA except in certain
exceptional cases provided in the Act. These provisions are explained
below:
Ø
Change
of name: Section
21 provides that the name of a company may be changed at any time by passing a special
resolution at a general meeting of the company and with the written approval of
the Central Government. However, approval of the Central Government is not necessary
if the change of the name involves only the addition or deletion of the word
‘private’ (i.e., when public
Q6. Narrate the
prohibition of anti-competitive agreements and abuse of dominant position as
per Competition Act, 2002. (Prohibition of anti-competitive agreements, Prohibition
of Abuse of dominant position) 5, 5
Ans:
Prohibition of Anti-competitive
Agreements: we
have the terms and definitions related the Competition Act. In this
section, we shall discuss the prohibition of anticompetitive
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,
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