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Master of Business Administration- MBA Semester 3
MB0051-Legal Aspects of Business-4 Credits
(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. Discharge refers to the termination of contractual relationship
between the parties. Explain the statement along with different modes of
discharging a contract.
Answer. The duties under a contract are discharged when there is a legally binding
termination of such duty by a voluntary act of the parties or by operation of law.
Discharge refers to the termination of contractual relationship between the parties.
The contract ceases to operate, i.e., when the rights and obligations under the
contract ends.
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: Date when each partner joined the firm
Names in full and addresses of the partners, and
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as rescinded and sue for damages for the breach.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).
2. Under certain circumstances a condition is to be treated as warranty.Sec. 13(1)
and 13(2).
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).

FALL-2015
Get solved assignments at nominal price of Rs.125
each.
Visit www.instamojo.com/subjects4u search for your
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