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SESSION | FEBRUARY – MARCH 2024 |
PROGRAM | MASTER OF BUSINESS ADMINISTRATION (MBA) |
SEMESTER | 03 |
COURSE CODE & NAME | DMBA302 & LEGAL ASPECTS OF BUSINESS |
CREDITS | 04 |
Assignment Set – 1ST
Questions
- What is meant by dissolution of a firm and dissolution of partnership? Under what circumstances dissolution of firm takes place?
Ans:
Dissolution of a firm and dissolution of a partnership, though related, have distinct meanings and implications in the context of business partnerships. Dissolution of a Partnership Dissolution of a partnership refers to the termination of the partnership agreement among the partners.
This dissolution marks the end of
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- Who is agent? Describe the rights of an agent against his principal.
Ans:
An agent is a person or entity authorized to act on behalf of another person or entity, known as the principal, in business or legal matters. The agent’s actions bind the principal as if the principal had undertaken the actions themselves. This relationship is known as an agency relationship and is fundamental in various fields such as law, business, and real estate.
Rights of an agent
An agent has a number of rights.
- “All contracts are agreements, but all agreements are not contracts.” Discuss the statement explaining the essential elements of a valid contract.
Ans:
The statement “All contracts are agreements, but all agreements are not contracts” highlights the distinction between agreements and legally enforceable contracts. To understand this statement, it’s essential to know what constitutes an agreement and what additional elements transform an agreement into a contract. Agreements An agreement is a mutual understanding between two or more parties about their rights and duties regarding past or future performances. Essentially, it involves a “meeting of the minds” where all parties involved consent to the terms of the agreement.
Assignment Set – 2ND
Questions
- State the essential elements of a contract of sale under the Sale of Goods Act, 1930.
Ans:
The Sale of Goods Act, 1930 governs the sale of goods in India and outlines the essential elements of a contract of sale. A contract of sale involves the transfer of ownership of goods from the seller to the buyer for a price.
Here are the essential elements required for a valid contract of sale under the Sale of Goods Act, 1930:
Essential Elements of a Contract of Sale Two Parties:
There must be two distinct parties involved in the contract of sale: a seller (who sells the goods) and a
- Define a patent. Describe the procedure for obtaining a patent.
Ans: Definition of a Patent
A patent is an exclusive legal right granted by a government authority to an inventor for a specified period, usually 20 years from the filing date of the patent application. This right allows the inventor to exclude others from making, using, selling, or distributing the patented invention without permission.
Patents are granted for
- What are the powers and functions of the Competition Commission?
Ans:
The Competition Commission of India (CCI) is a statutory body responsible for enforcing the Competition Act, 2002 in India. Its primary role is to ensure fair competition in the market and prevent practices that have an adverse effect on competition.
Below are the powers and functions of the Competition Commission: