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INDIAN SCHOOL OF BUSINESS
MANAGEMENT & ADMINISTRATION
AN ISO 9001 : 2008 CERTIFIED INSTITUTION
SUBJECT:- Corporate Law
MARKS :80
Course : MBA-4 Sem (Masters In Business Administration
Name :
Answer the question in one line.
Q1. Is it safe to go in for oral contracts? (10 marks)
Answer: : Believe it or not, the old-fashioned “handshake” began as a means for two people to assure one another that neither was carrying a weapon. Over the years, this simple gesture has evolved into a contractual symbol—or a guarantee—for an oral agreement. But in an era of phone-book sized contracts, fine print and legal battles, does time-honored handshake deal still carry any weight?
The answer is yes—as long as you can prove it in
Q2. What is FEMA? (10 marks)
Answer: The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. It was passed in the winter session of Parliament in 1999, replacing the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offenses. It extends to the
Q3. What are powers of the authorized person (10 marks)
Answer: An authorised person and a registered person must comply with the Regulationsand Rules applicable to them and must provide to the Authority without delay anyinformation, records or documents that the Authority may require for the purposeof administration of the Capital Market Law and its Implementing Regulations.
The governing body and employees of an authorised person and a registeredperson, must comply with any requirement issued by the Authority to
Q4. What are powers of RBI to inspect authorized person (10 marks)
Answer: An authorised person that proposes to cease to carry on securities business mustnotify the Authority in writing of the date on which it intends to cease to carrysecurities business and the reasons for the decision:
- At least 45 days in advance of that date; or
- If such advance notice is not
Q5. What are the essentials of contract (10 marks)
Answer: Minimum two parties :- Atleast two parties are needed to enter into a contact. One party has to make an offer and other must accept it. The person who makes the ‘proposal’ or ‘offer’ is called the ‘promisor’ or ‘offeror’. While, the person to whom the offer is made is called the ‘offeree’ and the person who accepts the offer is called the ‘acceptor’.
Offer and acceptance :- There must be an ‘offer’ and an ‘acceptance’ to the offer, resulting into an agreement. Both offer and acceptance should be lawful.
Q6. Write the distinguishing points of void agreement and voidable contract (10 marks)
Answer: A contract or a document that is void means that everything on it stays nothing can be changed for a said amount of time like when a major corporation sends your a check and you have up to 180 days to cash it, but nothing on that check changes at all within those days. Just like a document that is a contract for a cleaning company for six months with set items to do nothing more and nothing less. If any part of this document of tender changes it is then voided and not any good to the presented and the maker. Now for the
Q7. State which persons are competent to contract (10 marks)
Answer: According to section 10 of the Indian Contract Act the parties must be competent to contract.
The question who are competent to contract is answered by section 11 of the Indian Contract Act . Section 11 says that every person is competent to contract who is of the age of majority according to the law to which he is subject , and who is of sound mind , and is not disqualified from contracting by any law to which he is subject .
Therefore , according to section 11of the Indian Contra
Q8. What do you mean by consent and free consent(10 marks)
Answer: CONSENT :-Without the consent of the parties contract cannot take place. Where the parties have different things in mind or understand the same thing in different ways is not real consent. It defines in the following words :
“When two or more person agree upon the same thing in the same sense, they are said to be consent.”
In above definition two words are more important,
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