PROGRAM - MBA

SUBJECT CODE & NAME - MB0051-Legal Aspects of

Business
1. What are the remedies for breach of contract?
What is quasi contract?
Ans. Remedies for Breach of Contract
When someone breaches a contract, the other party is no longer obligated to keep
its end of the bargain. From there, that party may proceed in several ways:
(i) the other party may urge the breaching party to reconsider the breach;
(ii) if it is a contract with a merchant, the other party may get help from consumers
associations;
(iii) the other party may bring the breaching party to an agency for alternative
dispute resolution;

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2. Explain the meaning of Power of Attorney,
its types and clause related to registration.
Power of attorney is defined by Section 2(21) of the Stamp Act
as including any instrument not chargeable with a fee under
the law relating to court fees for the time being in force, that
empowers a specified person to act for and in the name of the

person executing it. It is the Powers of Attorney Act, 1882, that

deals with the subject but does not define it. In common parlance,
a power of attorney is an instrument or a deed by which a
person is empowered to act for and in the name of the
person executing it. The person executing the

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3. Explain the procedure of registration of

partnership firms.
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:
Firms name
Place or the principal place of business
Names of any other places where the firm carries on
business

 Date when each partner joined the firm

Names in full and addresses of the partners, and

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4. What are the circumstances under which
breach of condition is treated as breach of
warranty?
Breach of condition to be treated as breach of warranty
According to Section 13, under certain circumstances, a
breach of condition is to be treated as a breach of warranty,
i.e., the right to repudiate the contract is deemed to have been
lost. These circumstances are:

Where a contract of sale is subject to any condition to be

fulfilled by the seller, the buyer may either:
o Waive the condition
o Elect to treat the breach of the condition as a breach of
warranty.
In such situations, the buyer is active and is either waiving the
condition or

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5.
Explain the procedure for filing a
complaint and admission of complaint in
consumer protection act.
Procedure for filing a complaint
There is no fee for filing a complaint before any of the aforesaid
bodies. The complainants or their authorised agent can present
the complaint in person. The complaint can also be sent by
post to the appropriate Forum/Commission. The complaint
should be addressed to the President of the
Forum/Commission. A complaint should contain the following
information

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6. Write short notes on:

a) Shares and its classification
b) Meetings and its classification
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. This definition does not
encompass the meaning of a share. A share of a company in
the hands of a shareholder signifies a bundle of rights and
obligations [Viswanath vs. East India Distilleries (1957) 27 Comp.
Cas. 175]. However, a share is not a negotiable instrument [C.I.T.
vs. Associated Industrial

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