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DRIVE – Fall 2014
PROGRAM/SEMESTER MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2 – SEM 3
SUBJECT CODE & NAME- MB0051-Legal Aspects of Business
Q1. “Discharge refers to the termination of contractual relationship between the parties”. Explain
the statement along with different modes of discharging a contract.
(Explanation of service positioning, Explanation of modes) 2, 8
Answer:
Service positioning:
A business must set itself apart from its competition. To be successful it must identify
and promote itself as the best provider of attributes that are important to target customers.
Q2. Explain the meaning of Power of Attorney, its types and clause related to registration.
(Meaning, Types, Registration) 2, 2, 6
Answer:
Power of Attorney
Power of attorney is defined by Section 2(21) of the Stamp Act as including “any instrument not
chargeable with a fee under the law relating to court fees for the time being in force,” that empowers “a
specified person to act for and in the name of the person executing it”. It is the Powers of Attorney Act,
1882, which deals with the subject but does not d
Q3. Explain the procedure of registration of partnership firms.
(Explanation) 10
Answer:
Registration partnership of Firms (Sections 58-59)
Application for registration
Section 58 lays down the procedure for registration of partnership firms. A partnership firm may be
registered at any time by post, or delivering to the Registrar of Firms of the area in which the business of
the firm is situated or proposed to be situated, a statement in the prescribed form and accompanied by the
prescribed fee, stating:
Q4. What are the circumstances under which breach of condition is treated as breach of warranty?
(Explanation) 10 marks
Answer:
Circumstances under that Breach of condition to be treated as breach of warranty
According to Section 13, under certain circumstances, a breach of condition is to be treated as a breach of
warranty, i.e., the right to repudiate the contract is deemed to have been lost. These circumstances are:
Where a contract of sale is subject to any condition to be fulfilled by the seller, the buyer may either:
 Waive the condition
 Elect to treat the breach of the condition as a breach of warranty.
Q5 Explain the procedure for filing a complaint and admission of complaint in consumer protection
act.
(Filing a complaint-5 marks, Admission of complaint-5 marks) 10 marks
Answer:
Procedure for filing a complaint
There is no fee for filing a complaint before any of the aforesaid bodies. The complainants or their
authorized agent can present the complaint in person.
The complaint can also be sent by post to the appropriate Forum/ Commission. The complaint should be
addressed to the President of the Forum/Commission. A complaint should contain the following
information:
Q6 Write short notes on:
a) Shares and its classification
b) Meetings and its classification
(Meaning and classification-5 marks, Meaning and classification-5 marks) 10 marks
Answer:
Shares and its classification
Section 2 (46) defines a share “as a share in the share capital of a company and includes stock except
where a distinction between stock and share is expressed or implied”. This definition does not encompass
the meaning of a share. A share of a company in the hands of a shareholder signifies a bundle of rights
and obligations [Viswanath vs. East India Distilleries (1957) 27 Comp. Cas. 175]. However, a share is not
a negotiable instrument [C.I.T. vs. Associated Industrial Dev. Co. (1969) 2 Comp. L.J. 19] Section 83
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