MB0051-Legal Aspects of Business

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ASSIGNMENT

DRIVE	FALL 2016
PROGRAM	Master of Business Administration- MBA
SEMESTER	Semester 3
SUBJECT CODE & NAME	MB0051-Legal Aspects of Business
BK ID	B 1725
CREDITS & MARKS	4 Credits, 60 marks

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.

Question. 1. What are the remedies for breach of contract? What is quasi contract?

Answer: The five basic remedies for breach of contract include the following: money damages, restitution, rescission, reformation, and specific performance. A money damage award includes a sum of money that is given as compensation for financial losses caused by a breach of contract. Parties injured by a breach are entitled to the benefit of the bargain they entered, or the net gain that would have accrued but for the breach. The type of breach governs the extent of damages that may be recovered.

If the breach is a total breach, a plaintiff can recover damages in an amount equal to the sum or value the plaintiff would have received had the contract been fully

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

Answer: A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter, sometimes against the wishes of the other. The person authorizing the other to act is the principal, grantor, or donor (of the power). The one authorized to act is the agent or, in some common law jurisdictions, the attorney-in-fact (attorney for short). Formerly,

Question. 3. Explain the procedure of registration of partnership firms.

Answer: Partnership firms in India are governed by the Indian Partnership Act, 1932. While it is not compulsory to register your partnership firm as there are no penalties for non-registration, it is advisable since the following rights are denied to an unregistered firm:

•         A partner cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred

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

Answer: In most jurisdictions, a plaintiff's cause of action may be based on one or more of four different theories: Negligence, breach of Warranty, Misrepresentation, and strict tort liability.

Negligence refers to the absence of, or failure to exercise, proper or ordinary care. It means that an individual who had a legal obligation either omitted to do what should have been done or did something that should not have been done.

Question. 5. Explain the procedure for filing a complaint and admission of complaint according to Consumer Protection Act.

Answer: Under the Consumer Protection Act, 1986, a complaint means any allegation in writing made by a complainant/consumer against the cheated company.

One can file a consumer complaint under Consumer Protection Act, 1986 for any of the following reasons. 

Question. 6. Write short notes on:

a) Shares and its classification

Answer: "Share" means a share in the share capital of a company and includes stock.

Shares is one type of securities. Securities is defined in

b) Meetings and its classification

Answer: A meeting is a gathering of two or more people that has been convened for the purpose of achieving a common goal through verbal interaction, such as sharing information or reaching agreement. Meetings may occur face-to-face or virtually, as mediated by communications technology, such as a telephone conference call, a skyped conference call or a videoconference.

One can distinguish a meeting from other gatherings, such as a chance encounter (not convened), a sports game or a concert (verbal interaction is

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