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Xaviers Institute of Business Management Studies
COURSE :MBA
Corporate Law
Maximum Marks: 100
Note: Answer any Five questions. All questions carry equal marks.
Question: 1.”All contracts are agreements but all agreements are not contracts.” Discuss this statement in light of the essential elements of a valid contract. Also mention briefly the different kinds of agreements under the India Contract Act, 1872.
Answer:
Question: 2. Discuss, what are the rights, liabilities and disabilities of a minor as per the Indian Partnership Act, 1932.
Answer: Minor: According to Section 3 of the Indian Majority Act, a person who has not attained the age of majority i.e. 18 years, is known as minor. Section 4 of the Indian Partnership Act, 1932, defines partnership and partner as follows: ‘Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered a partnership with one
Question: 3. What do you understand by implied warranties and conditions of sale according to the sale of Goods Act, 1930?
Answer: The Sale of Goods Act came into effect on 1st July 1930 and deals with the contracts or agreements related to sale/purchase of goods. The contract of sale of goods, whereby a seller transfers or agrees to transfer the property in the goods to the buyer for a specific consideration, i.e. price, has following main essentials for its validity: Two consenting parties
- Buyer – A person who buys or agrees to buy goods.
- Seller – A person who
Question: 4. Differentiate between lay-off and retrenchment according to the Industrial Disputes Act, 1947.
Answer: The biggest difference between layoff and retrenchment is that layoff is volatile in nature, i.e. employees are recalled, once the period of layoff is over while retrenchment is non-volatile i.e. that involves full and final termination of services.
Question: 5. Give the provisions related to safety as given in the Factories Act, 1948.
Answer: Safety-related provision
Section 21 Fencing of machinery
In every factory where a motion or transmission machine is used in that condition, fencing is a must. The speed of the automatic moving machine is very high and it creates the danger of the life of workers. But we remove fencing
Question: 6. What are the characteristics or essential features of a company and briefly mention the types of companies.
Answer: The most important characteristics of a company:
- Legal person – It is created by law. It is considered as a person in the eyes of law.
- Artificial person – It has no body and mind of its own. It can act only through other persons elected for the purpose.
- Continued existence – A company
7. What do you understand by electronic governance and what are the attributes of electronic records as mentioned in the Information Technology Act, 2000.
Answer:
8. Discuss the concept of free consent and misrepresentation as per the Indian Contract Act, 1872.
Answer:
9. Distinguish between private and public company. What are the special privileges of a private company over public company according to Companies Act, 1956?
Answer:
10. Write short notes on any two of the following:
(a) Cyber regulation
(b) Industrial Dispute
(c) Breach of Contact
(d) Voidable contracts.
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