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AEREN FOUNDATION’S Maharashtra Govt. Reg. No.: F-11724
SUBJECT – CORPORATE LAW
Q1) Write short notes (any two) (10 Marks)
- a) Void Contracts and Void able Contracts
Answer: When dealing with contracts, the terms “void” and “voidable” are often confused. Even though these two contract types seem similar, they are actually completely different.
A contract that is “void” cannot be enforced by either party., The law treats a void contract as if it had never been formed. A contract will be considered void, for example, when it requires one party to perform an act that is impossible or illegal.
A “voidable” contract, on the other hand, is a valid contract and can be enforced. Usually only one party is bound to the contract terms in a voidable contract. The unbound party is allowed to cancel the contract, which makes the contract void.
- b) Standard Terms and Freedom of Contract
Answer: Employers will be keen to see reasons behind the ruling on a dispute about which business trading terms apply after each party has sent the other its standard terms, but they then argue over the contract. Employers should take note of the recommendation to avoid court cases by making sure that your procedures do not allow for uncertainty over whose standard terms will apply, and that your staff are trained in those procedures.
- c) Banking Law
Answer: Banking Law refers to the legal aspects of the duties of the bank and legal aspects related to various banking instruments.
Business aspects of Banking
- Opening of new account
- Kinds of accounts: current account, savings account, deposit account, joint account
- Accounts of special customers :Minor, partnership, company, trust, married women etc.
- Pass book
- Over-over
- d) Negotiable Instruments
Answer: A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time with the payer named on the negotiable instrument.
Negotiable instruments are written orders or unconditional promises to pay a fixed sum of money on demand or at a certain time. Promissory notes, bills of exchange, checks, drafts, and certificates of deposit are all examples of negotiable instruments. Negotiable instruments may be transferred from one person to another, who is known as a
Q2) Explain the procedure of Incorporation of Companies, issuance of Prospectus and Rising of Capital? (10 Marks)
Answer: a company is nothing but an association of persons incorporated under Companies Act, having legal separate existence from its members. A company is formed under three stages, as –
- Promotion of a company
- Registration, incorporation and commencement of a company and
- Raising of capital
- Promotion of a company:
An idea has to come in the mind of certain persons to form a company. These persons are called promoter. He takes all necessary steps to form the company. The promoter may be an individual, association of persons, partners etc who originate the scheme for formation of the company; get together the subscribers to the
Q3) Explain the law of Contract and discuss the term Offer, Acceptance and Agreement ? (10 Marks)
Answer: Offer and acceptance analysis is a traditional approach in contract law used to determine whether an agreement exists between two parties. An offer is an indication by one person to another of their willingness to contract on certain terms without further negotiations. A contract is then formed if there is express or implied agreement. A contract is said to come into existence when acceptance of an offer has been communicated to the offeror by the offeree.
The offer and acceptance formula, developed in
Q4) Discuss the Fundamental Rights of the Business? (10 Marks)
Answer: Do businesses have any fundamental rights? Should businesses have any fundamental rights? Strange as these questions may seem, it is important to pose them at this point of our economic development.
Fundamental rights are important because they guarantee certain basics that are needed for realising the full potential of the individual. Though India became an independent nation on 15 August 1947, it was not until 26 January 1950 that its citizens — at least the educated ones — came to know about the exact fundamental rights that were being guaranteed to them by the Constitution.
Q5) Discuss the aims and objectives Indian Sale of Goods Act, 1930?(10 Marks)
Answer: Sale of Goods Act is one of very old mercantile law. Sale of Goods is one of the special types of Contract. Initially, this was part of Indian Contract Act itself in chapter VII (sections 76 to 123). Later these sections in Contract Act were deleted, and separate Sale of Goods Act was passed in 1930.
The Sale of Goods Act is complimentary to Contract Act. Basic provisions of Contract Act apply to contract of Sale of Goods also. Basic requirements of contract i.e. offer and acceptance, legally enforceable agreement, mutual consent, parties competent to contract, free consent, lawful object, consideration etc. apply to contract of Sale of
Q6) What is the Intellectual Property Rights Law. Discuss its relevance to liberalization and Globalization? (10 Marks )
Answer: Intellectual property(IP) is the creation of human intellect. It refers to the ideas, knowledge, invention, innovation, creativity, research etc, all being the product of human mind and is similar to any property, whether movable or immovable, wherein the proprietor or the owner may exclusively use his property at will and has the right to prevent others from using it, without his permission. The rights relating to intellectual property are known as ‘Intellectual Property Rights’.
Intellectual Property Rights, by providing exclusive
Q7) What is the aims and objectives of the Standards of Weights and Measures Act, 1976? (10 Marks)
Answer: The Act is another piece of consumer welfare legislation. The Standard of weights and measures Act, 1976, aims at introducing standard in relation to weights and measures used in trade and commerce. The ultimate objective is to subserve the interests of the consumers. The purpose of this Act is to:-
- i) Replace the bewildering varieties of weights and measures in use in the country by standards based on the metric system
- ii) Provide better protection to consumers by
Q8) Discuss in brief the Consumer Protection Act 1986?
Answer: This is a Central Govt. Act applicable in all states of India, to provide for the protectionof the interests of consumers and for that purpose to make provision for the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected therewith.
Definitions: –
“Complaint” means any allegation in writing made by a complaint that : –
as a result of any unfair trade practice adopted by any trader, the complainant has suffered loss or damage;
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