MB0051 – LEGAL ASPECTS OF BUSINESS

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ASSIGNMENT

 

 

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.

 

Q.1 Write short notes with examples:

a) Offer and acceptance

b) Capacity to contract

 

Answer : Offer and acceptance with examples:

 

Offer and acceptance are elements required for the formation of a legally binding contract: the expression of an offer to contract on certain terms by one person (the “offeror”) to another person (the “offeree”), and an indication by the offeree of its acceptance of those terms. The other elements traditionally required for a legally binding contract are (i) consideration and (ii) an intention to create legal relations. Offer and acceptance analysis is a traditional approach in contract law.

 

 

Q.2 Discuss the rights and liabilities of a surety.

 

Answer: 1. Rights of the Surety

 

As you know when we have explained that there are three parties in a contract and there are three contracts. So the parties are the debtor, creditor and the surety. So the surety has got some right against creditor. Surety has got rights against debtor. But sometime in a contract of guarantee, the surety is not all alone. There are more than one surety or there are more than two sureties. Then sometime one surety can exercise his rights against the other co sureties. So the point of the co sureties will also be touched. So the surety’s rights against the creditor, rights against debtor and

rights against co sureties will be discussed now.

 

Surety’s Rights Against Debtor:

 

First of all we discuss the right of the surety

 

 

Q.3 How is an agency formed? Discuss the classification of agents.

 

Answer: Formation of agency :

 

1. Agency by appointment:

a. An agency is created by express appointment when the principal appoints the agent by express agreement with the agent.

b. Contract law principles apply to an agency agreement. An agent may agree to act in consideration for a reward.

 

2. Agency by estoppel (implied appointment):

 

 

 

 

Q. 4 Discuss the registration of firm under section 58 of Indian Partnership Act, 1932. Explain what partnership deed is.

 

Answer:  Registration of firm:

 

The law relating to a partnership firm is contained in the Indian Partnership Act, 1932.

Under Section 58 of the Act, a firm may be registered at any time ( not merely at the time of its formation but subsequently also ) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated.

Application shall contain:-

• name of the firm
• place or principal place of business
• names of any other places where the firm carries on business.
• date on which each partner joined the firm

 

 

Q.5  What do you mean by negotiable instruments? What are the various types of negotiable instruments recognized by the negotiable instruments act, 1881?

 

Answer: Negotiable instruments:

 

A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. Examples of negotiable instruments include promissory notes, bills of exchange, bank notes and cheques. More specifically, it is a document contemplated by a contract, which warrants the payment of money without condition which may be paid on demand or at a future date. The payer will be named on the negotiable instrument. As payment of money is promised subsequently, the instrument itself can be used by the holder in due course as a store of value. The instrument can be transferred to a third

 

 

 

Q.6 Who is a consumer? Examine the rights of a consumer enshrined under the consumer protection act, 1986.

 

Answer: Definition of consumer :

 

A ‘consumer’ is defined as a person who buys goods or avails services against payment.

Goods may include consumable goods (like wheat flour, salt, sugar, fruits, etc.) or durable consumer goods (like television, refrigerator, toaster, mixer, bicycle, etc.). Services that are paid for may include electricity, telephone, transport, theatre / cinema, postal / courier, etc. It is interesting to know that a beneficiary is also a ‘consumer’. For example, Sandeep sent an important medicine by courier to his sister, Sunitha, who was ill. The courier reached late by 4 days due to which Sunitha’s health condition worsened. She had to be taken to a city hospital for treatment and incurred heavy expenses. Later, being the beneficiary, she took

 

 

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