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.

 

1 “Discharge refers to the termination of contractual relationship between the parties”. Explain the statement along with different modes of discharging a contract.

 

Answer : Discharge of a contract occurs when the main obligations of a contract end. The ending of this contract entails a termination of a contractual relationship. Yet parties may terminate a contract even when they do not fulfill to the end the primary obligations required by a contract. Thus, the main difference between discharge and termination of a contract is the conditions under which a contractual relationship ends. A very thin line differentiates these two actions.

 

A Contract is said to be discharged when the rights and

 

 

 

 

2 Explain the meaning of Power of Attorney, its types and clause related to registration.

Answer : A power of attorney is a document by which a person (called the principal or donor) appoints another (the attorney or donee) as their representative for certain purposes. A person travelling overseas may, for instance, grant a power of attorney to a relative or friend who can then access the traveller’s bank to pay his or her bills. A power of attorney can also be useful where a person becomes ill or incapacitated and

 

 

 

3 Explain the procedure of registration of partnership firms.

Answer : 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

 

 

 

4 What are the circumstances under which breach of condition is treated as breach of warranty?

 

Answer : Unless a different intention appears from the terms of the contract stipulations as to time of payment are not deemed to be of the essence of a contract of sale. Whether any other stipulation as to time is of the essence of the contract or not depends on the terms of the contract.

 

 

(2)In a contract of sale ” month ” means prima, facie calendar month.

 

 

 

 

 

5 Explain the procedure for filing a complaint and admission of complaint in consumer protection act.

Answer : PROCEDURE FOR FILING COMPLAINT:

 

A complaint can be filed by a complainant against the seller, manufacturer, or dealer of goods which are defective or against the provider of services, if they are deficient in any manner whatsoever. An unfair trade practice or restrictive trade practice can also invite complaint.

A complainant can be a:-

 

A.           Consumer to whom such goods are sold or delivered or agreed to be sold or delivered or such service provided or agreed to be provided;

 

 

6 Write short notes on:

 

a) Shares and its classification

Answer : The different types of company shares are usually defined within the articles of association or by the lodgement of an appropriate statement, resolution or agreement. Different share classifications will confer different rights to the holder with regards to dividends, voting rights and winding up provisions. Some example of well known share categories can be seen below:

 

 

 

 

b) Meetings and its classification

Answer : There are different types of meetings. Each type requires a different structures and supports a different number of participants. For instance, a status (feedforward) meeting has no limit to the number of participants while a decision-making meeting produces results faster with a small number of participants.

 

If you want to help your teams have more effective meetings, set the participants expectations about the meeting by stating in the agenda –

 

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