Winter-2015 Get solved assignments at nominal price of Rs.125 each. Mail us at: [email protected] or contact at 09882243490 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. Narrate the exceptions to the rule “No consideration no contract”. How is a contract discharged? Answer. These exceptions are as follows: 1. Natural Love and Affection The agreement which is expressed in writing and registered under the law and is made on account of natural love and affection between the parties standing in a near relation to each other is enforceable eve if there is no consideration. The contract without consideration shall be valid if following conditions are Q2. Narrate the rights and liabilities of a surety in a contract of guarantee. Answer. A 'contract of guarantee' is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the ' surety' : the person in respect of whose 'default the guarantee is given is called the ' principal debtor', and the person to whom, the guarantee is given is called the ' creditor'. 1. Rights against Principal Debtor Right to give Notice: When ever creditor comes to surety, for the purpose of seeking payment, surety can give a notice to principal debtor to settle the debt. Q3. When and how is a partnership and firm getting dissolved? Answer. Dissolution of partnership firm implies discontinuation of the business of the partnership firm. According to the Section 39 of Partnership Act, dissolution of partnership between all the partners of a firm is called dissolution of partnership firm. Dissolution involves winding up of business, disposal of assets and paying off the liabilities and distribution of any surplus or borne of loss by the partners of the firm. As per the Partnership Act 1932, a partnership firm may be dissolved in the following manners: Q4. Narrate the Latin maxim “Nemo dat quod non habet” and its exceptions in sale of Goods Act 1930. A sells certain goods to B and promises to deliver the goods on the next day. But before delivery A sells and delivers the goods to C who buys those in good faith and without knowledge of the prior sale to B. Explain B’s remedy in such circumstances. A, B and C are three brothers who owned a 3-story building, each of them agreed to share a floor. The building was constructed by the supervision of A, who had a general power of attorney given by B and C. A, B and C contributed equally to the construction of the property. C was staying abroad and was supposed to occupy his flat at a later date. Meanwhile A sells C’s flat to X by virtue of the general power of attorney. Give your comments. Answer. B’s Remedy: Q5. Section 16 of the Companies Act, 2013 provides the rules for alteration of Memorandum of Association. Explain the rules. Answer. Alteration of memorandum 1. Save as provided in section 61, a company may, by a special resolution and after complying with the procedure specified in this section, alter the provisions of its memorandum. 2. Any change in the name of a company shall be subject to the provisions of subsections (2) and (3) of section 4 and shall not have effect except with the approval of the Central Government in writing: Q6. Narrate the prohibition of anti-competitive agreements and abuse of dominant position as per Competition Act, 2002. Answer. Section 3 of the Act prohibits and also declares the agreements between two or more enterprise or person or association of persons, which have an appreciable adverse impact on the competition as void. The section, further categorizes agreements into two categories, namely: 1. Horizontal Agreements: These kinds of agreements are known as horizontal agreements because the parties to the agreement are at the same level of production in the same market. According to Section 3(3) certain agreements between enterprises, decisions by associations of enterprise including cartels engaged in identical or similar trade of. Winter-2015 Get solved assignments at nominal price of Rs.125 each. Mail us at: [email protected] or contact at 09882243490