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DRIVE
SPRING 2016
PROGRAM
MBA
SEMESTER
III
SUBJECT
CODE &
NAME
MB
0051
LEGAL
ASPECTS OF BUSINESS
1.
a) Indicate the sources of Indian Law.
b)
Write notes on :
i)
Ignorance of Law
ii)
Lex Mercantoria
Answer: a) Sources of
Indian Law
Primary sources of Indian Law
The primary
sources of Indian Law are:
Custom: Customs have played an important
role in making law and therefore are also known as customary laws. In the words
of Keeton, customary law may be defined as “those rules of human action,
established by usage and regarded as legally binding by those to whom the rules
are
2.
Narrate the facts and judgement in the case:
i.
Harvey Vs. Facey
ii.
Peek Vs. Gurney
iii.
Ranganayakamma Vs. Alwar Setty
Answer: i) Harvey vs. Facey
Harvey and
Facey exchanged three telegrams as follows:
(i) “Will
you sell us your Bumper Hall Pen? Telegraph lowest cash price – answer paid”
(Harvey to Facey)
(ii) “
3.
“A negotiable instrument may be dishonoured either by non-acceptance or by
nonpayment” Enumerate referring to the rules as laid down in the Act.
A Modes of
dishonour of a negotiable instrument as laid down in the Act.
Answer: Dishonour
of a bill
A bill of
exchange may be dishonoured either by non-acceptance or by nonpayment. A
negotiable instrument is said be dishonoured by non-payment when the maker,
acceptor or drawee, as the case may be, makes a default in payment upon being
duly required to pay the same (Section 92). The effect of dishonour of a
negotiable instrument whether by non-acceptance or non-payment is to render the
drawer and all the endorsers liable to the holder. However,
4.
Who is an unpaid seller? What are the rights of an unpaid seller under extant
provisions of law?
Who is an unpaid
seller?
What are the
rights of an unpaid seller under extant provisions of law?
Answer: A seller of
goods is an unpaid seller when:
·
The
5.
Describe the jurisdictions of District Forum, State Council, National council
and Supreme Court of India as per Consumer Protection Act, 1986.
Jurisdictions of
District Forum, State Council, National council and Supreme Court of India as
per Consumer Protection Act, 1986.
Answer: Power of
the district forum [Section 13(4)]
District
Forum shall have the same powers as are vested in a civil court under the Code
of Civil Procedure,
6.
Enumerate the steps to float a limited company. The company being an artificial
person, how are the affairs of a company managed?
Procedure for
floating a limited company
Procedure of
company management
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