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Master of
Business Administration- MBA
SEMESTER
Semester 3
SUBJECT CODE
& NAME
MB0051-Legal
Aspects of Business
Qus:1 What
is fiduciary relationship in a contract of guarantee? Explain the kinds of
guarantees.
Answer:
A
contract of guarantee is not a contract “Uberrimae
fidei” (requiring utmost good faith). Nevertheless, the suretyship relation
is one of trust and confidence and the validity of the contract depends on the
good faith of the creditor. A creditor must disclose all facts which, under the
circumstances, the surety would expect not to exist. Hence, where the guarantee
is given for good
Qus:2 i) Do you think contract with a
minor is valid? Narrate with the help of the facts and judgement in the case:
Mohori Bibee v. Dharmodas Ghose.
ii) Explain
the rules and remedies for discharge of contract by breach
Answer:
The
law protects minors against their own inexperience and the possible improper
designs of those who are experienced. The Contract Act states that only a
person who is a major can enter into a contract. Section 3 of the Indian
Majority Act, 1875, states that a minor is a person who has not completed 18
years of age. An agreement with a minor is void and cannot be ratified by
him/her until he/she attains majority. However, a minor can be a promisee or
Qus:3 i)
Narrate the facts and judgement in the case Howell vs. Coupland.
ii) Who is
an unpaid seller? What are the rights enjoyed by an unpaid seller under the
extant provisions of law?
Answer:
Case study: Howell vs. Coupland
In this case, the seller agreed to sell 200 tonnes of
potatoes to be grown by him, to the buyer at £2 a ton. Though he had the
resources to grow 200 tons, an attack of pestilence killed most of the crop and
he was able to deliver only 80 tons. The buyer instituted a suit against the
seller for breach of contract
Qus:4 The
Banking Regulation Act, 1949, provides various methods of regulation of the
banking business. Elaborate the key areas of regulation.
Answer:
Regulation of business
The Banking Regulation Act, 1949, provides various methods
of regulation of the banking business. Some of the key areas of regulation are:
Power to
provide directions – Sections 21 and 35A of the Act
empower the RBI to regulate the business of banks by issuing
Qus:5
Explain the nature and scope of complaints under the Consumer Protection Act?
Answer:
To
provide simple, speedy and inexpensive redressal of consumer grievances, the
Act envisages three-tier quasi-judicial machinery at the district, state and
national
levels. At the district level, the redressal forum is called as District Forum.
The State Government may, if it deems fit, establish more than one District
Forum in a district. At the state level, there are to be similar redressal
Qus:6 a)
Differentiate between a holder and a holder in due course.
b) Explain
the privileges enjoyed by a holder in due course
Answer:
According
to Section 9 of the Act, a ‘holder in due course’, is any person who for
consideration:
Becomes the possessor
of a bearer negotiable instrument or is the payee or endorsee of an order
instrument, or
Becomes the
Dear students get fully solved
assignments
Send your semester &
Specialization name to our mail id :
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or
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