DBB2117 BUSINESS AND CORPORATE LAW

Description

SESSION	JAN-FEB 2026
PROGRAM	BACHELOR OF BUSINESS ADMINISTRATION (BBA)
SEMESTER	III
COURSE CODE & NAME	DBB2117 BUSINESS AND CORPORATE LAW

 

 

 

Assignment Set – 1

 

Q.1. What is meant by dissolution of a firm and dissolution of partnership? Under what circumstances does the dissolution of the firm take place? (5+5 = 10 Marks)

Ans 1.

Dissolution of Partnership vs Dissolution of Firm

As per the Indian Partnership Act, 1932 it is clear that a legal distinction exists between dissolution of partnership and dissolution of the firm. This distinction is significant because the legal consequences for both are different.

Dissolution of Partnership refers to an alteration in the relationship to the partner who is currently involved without the firm necessarily coming to the end of its existence. The process occurs in the event that one or more partners are no longer members of the firm due to retirement, death, insolvency or

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Q.2. What is a Company? Discuss its major characteristics. (3+7 = 10 Marks)

Ans 2.

Definition of a Company

An association is a group of persons incorporated under the Companies Act, 2013, that has a separate legal status independent of its members created to conduct a legal business or serve another objective. The company is established by laws, is constituted by law and is only able to be dissolved under the laws. Companies Act defines a company as if it were incorporated by law. Companies Act defines a company

 

 

Q.3. Explain the rights of an unpaid seller against the buyer personally. (10 Marks)

Ans 3.

Under the Sale of Goods Act, 1930, a seller becomes an unpaid vendor when the entire price hasn’t been paid or tendered, or when a negotiable agreement for the price is not accepted. A seller who is unpaid has rights against the goods (real rights) as well as rights to the purchaser personally. Personal rights are

 

 

Assignment Set – 2

 

Q.4. Define a patent. Describe the procedure for obtaining a patent. (3+7 = 10 Marks)

Ans 4.

Definition of a Patent

A patent is an exclusive legal right granted by the government to inventors for a limited period usually twenty years from the filing date, to ensure full divulgation of the invention to the public. It grants the holder of a patent an exclusive right to use the use of, utilize, sell, import, and licence this invention throughout the country of the patent grant. In accordance with the Patents Act, 1970 as modified by the Patents (Amendment) Act 2005, a patentable invention must be novel (not previously known or used

 

Q.5. Explain the objectives of the Foreign Exchange Management Act, 1999. (10 Marks)

Ans 5.

The Foreign Exchange Management Act (FEMA) is a 1999 amendment to the Foreign Exchange Regulation Act (FERA), 1973, reflecting an important shift regarding the management of foreign financial transactions. FERA was a strict statute which referred to forex violations as criminal acts with the presumption that they were guilty, reflecting the control mindset of the licence-permit raj era. FEMA is a law that was passed in the economic environment that was liberalized post-1991 it adopts a facilitative managerial approach designed to promote India’s successful integration

 

Q.6. Discuss the powers of the Central Government under the Environment Protection Act, 1986. How are these powers exercised for environmental protection? (5+5 = 10 Marks)

Ans 6.

Authority that are the responsibility of Central Government under the Environment Protection Act, 1986

The Environment Protection Act (EPA) is a law passed after the Bhopal Gas Tragedy to provide a comprehensive umbrella framework for environmental protection in India. The Act gives broad executive authority in the Central Government to take all such measures as it deems necessary to protect and improve the environmental quality as well as to stop, manage, and abate