DCM1204 B.Com BUSINESS LAW

Description

SESSION	MARCH  2025
PROGRAM	BACHELOR OF COMMERCE (B.COM)
SEMESTER	II
COURSE CODE & NAME	DCM1204 BUSINESS LAW

 

 

Set – 1

 

 

Q1. Explain the various types of contracts as per Indian Contract Act 1872.    

Ans 1.

Types of Contracts as per Indian Contract Act, 1872

Indian Contract Act

The Indian Contract Act, 1872 governs contractual relationships in India. A contract is defined as an agreement enforceable by law. Section 2(h) of the Act defines it clearly, while Section 10 outlines essential elements of a valid contract—such as offer, acceptance, lawful consideration, and free consent. Contracts form the backbone of legal and business dealings.

Based on Validity or Enforceability

Contracts

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Q2. Discuss the rights and duties of partners as per the Partnership Act.          10       

Ans 2.        

Rights and Duties of Partners under the Partnership Act, 1932

Partnership Act

The Indian Partnership Act, 1932 regulates the rights and obligations of partners in a partnership firm. A partnership is defined as a relationship between persons who have agreed to share profits of a business carried on by all or any of them acting for all. This agreement outlines rights and duties that ensure coordination and fairness.

Rights of Partners

Every partner has the

 

Q3. Explain the rights and duties of an Agent and a Principal as per the Law of Agency.

Ans 3.

Rights and Duties of Agent and Principal under Law of Agency

Law of Agency

The Law of Agency in India is governed by Sections 182 to 238 of the Indian Contract Act, 1872. An agency is a legal relationship where the agent is authorized to act on behalf of the principal to create legal obligations with third parties. The relationship is based on mutual trust and understanding.

Rights of the Agent

The agent has the right to receive remuneration as agreed. If no specific payment is fixed, the agent is entitled to reasonable compensation. The agent also has the right to retain money or goods received on behalf of the principal until dues are cleared. The agent can claim indemnification for

 

 

Set – 2

 

 

Q4. Discuss the different provisions laid down in the District Forum, State Commission and National Commission as per the Consumer Protection Act. 10       

Ans 4.                  

Consumer Protection Act

The Consumer Protection Act, 2019 (which replaced the 1986 Act) aims to protect consumer rights and establish a robust framework for addressing consumer grievances. It provides for the establishment of three-tier quasi-judicial consumer dispute redressal commissions at the district, state, and

 

 

 

Q5. Explain the salient features of the Competition Act, 2002.   

Ans 5.         

Salient Features of the Competition Act, 2002

Competition Act, 2002

The Competition Act, 2002 was enacted to promote and sustain competition in Indian markets. It replaced the outdated Monopolies and Restrictive Trade Practices (MRTP) Act. The Act aims to protect the interests of consumers and ensure freedom of trade carried out by other participants in Indian markets.

Establishment of the

 

Q6. Discuss what do you mean by copyright infringement and the risk involved in it. 10

Ans 6.

Copyright Infringement and Associated Risks

Copyright

Copyright is a legal protection granted to creators of original works such as literature, music, art, films, software, and more. In India, copyright law is governed by the Copyright Act, 1957, which provides exclusive rights to authors and creators to use and distribute their works. Unauthorized use