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NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Business Law
Internal Assignment Applicable for September 2020 Examination
Assignment Marks: 30
Instructions:
- All Questions carry equal marks.
- All Questions are compulsory
- All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far aspossible.
- All answers to be written individually. Discussion and group work is not advisable.
- Students are free to refer to any books/reference material/website/internet for attempting theirassignments, but are not allowed to copy the matter as it is from the source of reference.
- Students should write the assignment in their own words. Copying of assignments from otherstudents is not allowed.
- Students should follow the following parameter for answering the assignment questions.
| For Theoretical Answer | For Numerical Answer | |||
| Assessment Parameter | Weightage | Assessment Parameter | Weightage | |
| Introduction | 20% | Understanding and usage of the formula | 20% | |
| Concepts and Application related to the question | 60% | Procedure / Steps | 50% | |
| Conclusion | 20% | Correct Answer & Interpretation | 30% |
Question. 1. Explain the difference between Contract of Guarantee and Contract of Indemnity andprovide two (2) examples each of such contracts.
Answer : Introduction: Contract of Guarantee: Section 126 of the Indian contract act defines a contract of guarantee as a contract to perform the promise or discharge the liability of the evasion party in case he fails to fulfill his promise.
Concept & Application
There are 3 parties of the contract:-
Principal Debtor – The one who borrows or
Question. 2. Explain in details two (2) real-life cases where the Competition Commission of India has investigated and prohibited the abuse of dominant position by entities or individuals.
Introduction: The Competition Commission is one amid 3 freelance statutory bodies establish in terms of the Competition Act, No. eighty nine of 1998 (the Act) to control competition between companies within the market. The opposite bodies are the Competition judicature and therefore the Competition attractiveness Court.
Concept & Application
The law aims to shove healthy competition. It
Question. 3. Geeta had started tiffin services during the lockdown due to COVID-19 pandemic within her building premises by ensuring compliance of all regulations. Geeta used to deliver the tiffin only to the occupants in her society. However, post the unlocking of the lockdown she wanted to expand her business to other parts of city and therefore she needed an investor who would invest in the venture and a logistics partner who would ensure the delivery of tiffin. She finally found Mr. Bajaj as the investor and Mr. Kumar as the logistics partner.
Now Geeta, Mr. Bajaj and Mr. Kumar wanted to incorporate this venture and register as a partnership firm and therefore have come to you for advise on the following queries:
a. What: (i) law should the Partnership Firm be registered? Please give your reasons for the answer?; and (ii) type of partner shall Geeta, Mr. Bajaj and Mr. Kumar each be classified as? (5 Marks)
Answer : Introduction
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners have limited liability.
Concept & Application
For Geeta, Mr Bajaj, and Mr Kumar “Partnership at
b. For incorporating the partnership firm that you have suggested in the above answer (a) what: (i) is the primary agreement that is needed; and (ii) are the contents of such agreement? (5 Marks)
Answer : Their is primary agreement that is needed like:-
Your Partnership’s Name
One of the first tasks you and your partners will check off your to-do list is making a decision on your business’ name. The business name may reflect the names of the partners or it may have a fictitious name. In either case, the name of your business should be registered with your state. Assuming you’ve conducted a comprehensive search of the
Hello MBA aspirants,
Get MBA assignments of NMIMS University solved by educational professionals at a nominal charge.
Mail us at: help.mbaassignments@gmail.com
Call us at: 08263069601