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Master of Business Administration-
MBA
SEMESTER
Semester 3
SUBJECT CODE & NAME
MB0051-Legal Aspects of Business
Qus:1 What is fiduciary relationship
in a contract of guarantee? Explain the kinds of guarantees.
Answer: A contract of guarantee is not a
contract “Uberrimae fidei” (requiring
utmost good faith). Nevertheless, the suretyship relation is one of trust and
confidence and the validity of the contract depends on the good faith of the
creditor. A creditor must disclose all facts which, under the circumstances,
the surety would expect not to exist. Hence, where the guarantee is
Qus:2 i)
Do you think contract with a minor is valid? Narrate with the help of the facts
and judgement in the case: Mohori Bibee v. Dharmodas Ghose.
ii) Explain the rules and remedies
for discharge of contract by breach
Answer: The law protects minors against
their own inexperience and the possible improper designs of those who are
experienced. The Contract Act states that only a person who is a major can
enter into a contract. Section 3 of the Indian Majority Act, 1875, states that
a minor is a person who
Qus:3 i) Narrate the facts and
judgement in the case Howell vs. Coupland.
ii) Who is an unpaid seller? What
are the rights enjoyed by an unpaid seller under the extant provisions of law?
Answer: Case study: Howell vs.
Coupland
In this case, the seller agreed to sell 200 tonnes of
potatoes to be grown by him, to the buyer at £2 a ton. Though he had the
resources to grow 200 tons, an attack of pestilence killed most of the
Qus:4 The Banking Regulation Act,
1949, provides various methods of regulation of the banking business. Elaborate
the key areas of regulation.
Answer: Regulation of business
The Banking Regulation Act, 1949, provides various methods
of regulation of the banking business. Some of the key areas of regulation are:
Power to
provide directions – Sections 21 and 35A of the Act
empower the RBI to regulate the
Qus:5 Explain the nature and scope
of complaints under the Consumer Protection Act?
Answer: To provide simple, speedy and
inexpensive redressal of consumer grievances, the Act envisages three-tier
quasi-judicial machinery at the district, state and national levels. At the district
level, the redressal forum is called as District Forum. The State Government
may, if it deems fit, establish more than one District Forum in a district. At
the state level, there are to be similar
Qus:6 a) Differentiate between a
holder and a holder in due course.
b) Explain the privileges enjoyed by
a holder in due course
Answer: According to Section 9 of the Act, a
‘holder in due course’, is any person who for consideration:
Becomes the possessor
of a bearer negotiable instrument or is the payee or endorsee of an order
instrument, or
Becomes the possessor
before the amount mentioned in it becomes payable and without having
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