MB0051-Legal Aspects of Business

Fall-2016
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Master of Business Administration- MBA Semester 3
MB0051-Legal Aspects of Business
(Book ID: B1725)
Assignment (60 Marks)
Note: Answer all questions must be written within 300 to 400 words each. Each Question carries 10
marks 6 X 10=60.
Q1. What are the remedies for breach of contract? What is quasi contract?
Answer. Damage is the basic remedy available for a breach of contract. It is a common law remedy that
can be claimed as of right by the innocent party. The object of damages is usually to put the injured party
into the same financial position he would have been in had the contract been properly performed.
Sometimes damages are not an adequate remedy and this is where the equitable remedies (such as
specific performance and injunction) may be awarded.
Q2. Explain the meaning of Power of Attorney, its types and clause related to registration.
Answer. Power of Attorney
A legal document giving one person (called an "agent" or "attorney-in-fact") the power to act for another
person (the principal). The agent can have broad legal authority or limited authority to make legal
decisions about the principal's property and finance. The power of attorney is frequently used in the event
of a principal's illness or disability, or when the principal can't be present to sign necessary legal
documents for financial transactions.
Q3. Explain the procedure of registration of partnership firms.
Answer. Registration of 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?
Answer. Repudiation of Contract before due date : Where either party to a contract of sale repudiates the
contract before the date of delivery, the other may either treat the contract as subsisting and wait till the
date of delivery, or he may treat the contract as rescinded and sue for damages for the breach.
Consequences of Breach of Warranty:
1. A breach of warranty gives rise to a claim for damages but not to a right to reject the goods and treat
the contract as repudiated.—Sec. 12(3).
Q5. Explain the procedure for filing a complaint and admission of complaint in consumer protection act.
Answer. Procedure for filing a complaint
The complaint can be sent by post to the appropriate Forum/ Commission. The complaint should be
addressed to the President of the Forum/Commission. 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.
A complaint should contain the following information:-
Q6. Write short notes on:
a) Shares and its classification
b) Meetings and its classification
Answer. a) 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”. Section 83 requires that each share
in a company having a share capital must be distinguished by its appropriate number. The Companies
(Amendment) Act, 1999, amended Section 82 to the effect that for the word ‘shares’, the words ‘shares
and debentures’ shall be substituted.
The most common classes of shares are:
• Preference
• Equity or Ordinary
• Deferred or Founders’
A public company and a private company that is a subsidiary of a public company may not issue shares
other than equity, preference and Cumulative Convertible Preference Shares (CCPS).
Preference Shares
A preference share is one that carries the following two rights over holders of equity shares:
Fall-2016
Get solved assignments at nominal price of Rs.130 each.
Mail us at: subjects4u@gmail.com or contact at
09882243490

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