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Summer 2013
Master of Business Administration- MBA Semester 3
MB0051 –Legal aspects of Business -4 Credits
(Book ID: B1725)
Assignment- 60 marks
Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.
Q1. It is important for any person to know law as ignorance of law is no excuse. Modern Indian law has been derived from some sources. Discuss the primary and secondary sources of Indian law.
Answer : 1. Primary sources of law :
The primary sources of Indian law are: (a) customs, (b) judicial precedents, (stare decisis) (c) statutes and (d) personal law.
(a)Customary Law:
Customs have played an important role in making the law and therefore are also known as customary law. ‘Customary Law’, in the words of Keeton, may be defined as “those rules of human action, established by usage and regarded as legally binding by those to whom the rules are applicable, which are adopted by the courts and applied as sources of law because they are generally followed by the political society as a whole or by some part of it”.
(b) Judicial Precedents are an Important Source of Law:
Judicial precedents are another important source of law. It is based on the principle that a rule of law which has been settled by a series of decisions generally should be binding on the court and should be followed in similar cases. These rules of law are known as judicial precedents.
Q2. We all enter into many contracts in a day knowingly or unknowingly. Explain the definition of a valid contract. How are contracts classified?
Answer : Definition of a valid contract :
A contract that results when the elements necessary for contract formation (agreement, consideration, contractual capacity, and legal purpose) are present.
A contract is an agreement having a lawful object entered into voluntarily by two or more parties, each of whom intends to create one or more legal obligations between them. The elements of a contract are “offer” and “acceptance” by “competent persons” having legal capacity who exchange “consideration” to create “mutuality of obligation.”
Classification of contracts :
(1)Contracts on the basis of creation:
a) Express contract: Express contract is one which is made by words spoken or written. Example : X says to Y, will you buy a car for Rs. 100000? Y says to X, I am ready to buy you car for Rs. 100000. It is an express contract made rally.
b) Implied contract: An implied contract is one which is made otherwise than by works spoken or written. It is inferred from the conduct of a person or the circumstance of the particular case.
Q4. A contract comprises of reciprocal promises. In a contract of sale who is an unpaid seller?
Discuss the remedies for breach of contract under Sale of Goods Act, 1930.
Answer : Unpaid seller :
Section 45 lays down that a seller is unpaid :
(1) When the whole of the price has not been paid or tendered.
(2) When a negotiable instrument or a bill of exchange has been received as conditional payment and the condition in which it was received has not been fulfilled by reason of the dishonor of the instrument or otherwise.
The seller remains as unpaid seller as long as any portion of the price, however small, remain unpaid. Where the whole of price has been
Q5. The Companies Act, 1956 deals with the formation and transaction of business of a company. Discuss the features of a company. Also explain the process of formation of a company.
Answer : Features of a company :
1. An Association of Persons:
At least two persons or seven persons must come together to form a private or a public company respectively. A single individual cannot constitute a company. This is the reason why a company is called on Association of Persons.
2. Incorporated Association:
A company comes into existence only after a certificate of incorporation has been obtained from the Registrar of Joint Stock
Q3. The parties to bailment have certain rights and duties. Discuss the duties of both parties i.e. the bailor and bailee.
Answer : Duties of bailor :
1. Explain the Defect :-
It is the basic duty of the bailor that he should disclose all the defects of the goods before delivering to bailee. If the bailor does not disclose then he himself will be responsible for loss.
Example :- Mr. Wands hires a car from Mr. Zane. Car is defective. Mr. Zane does not disclose facts that car is defective. Mr. Wands drives a car and he is injured. Mr. Zane is responsible to Mr. Wands for damage.
2. Warning to the Bailee :-
(b) Duties of bailee :
1. Care of Goods :-
It is the duty of the bailee that he should take as much care of the goods as a man of ordinary prudence takes care about his own goods.
Process of formation of a company : According to the companies act ,1956 , following steps shows the process of formation of a company .
1.promoters of the company
2.lawful objective for which they associate themselves.
Q6. With Information Technology Act, 2000, India has a set of cyber laws to provide legal infrastructure for e commerce. Discuss the objectives and limitations of this Act.
Answer : Objectives of Information Technology Act , 2000 :
1. It is objective of I.T. Act 2000 to give legal recognition to any transaction which is done by electronic way or use of internet.
2. To give legal recognition to digital signature for accepting any agreement via computer.
3. To provide facility of filling document online relating to school admission or registration in employment exchange.
Limitations of Informational Technology Act , 2000 :
(1)The said step has come a bit late. With the phenomenon growth of Internet which doubles approximately every 100 days, the said Act should have been passed long time back.
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