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SESSION SPRING 2024
PROGRAM BACHELOR OF COMMERCE SEMESTER I
COURSE CODE & NAME BCOM103 CORPORATE LEGAL ENVIRONMENT
CREDITS 4
Assignment Set – 1st
Questions
- Discuss the sources of Indian Business Laws.
Ans: Indian business laws are derived from various sources, each contributing to the comprehensive legal framework that governs business activities in the country.
These sources include:
- Constitution of India Description: The Constitution is the supreme law of India, laying the foundation for the legal system. It outlines the framework for the creation, distribution, and limitations of government powers and includes provisions that impact business laws.
Key Provisions:
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- Define contact under Indian contract Act 1872. Discuss the essential elements of contract?
Ans: Under the Indian Contract Act, 1872, a contract is defined in Section 2(h) as “an agreement enforceable by law.” This definition implies that for an agreement to be considered a contract, it must be legally binding and enforceable by the courts.
Essential Elements of a Contract For an agreement to be legally enforceable as a contract under the Indian Contract Act, 1872, it must satisfy several essential elements:
Offer and Acceptance:
Offer: One party must make a clear and definite proposal to another party.
Acceptance: The offer
- a. What are the ways in which a contract can be discharged?
Ans: A contract can be discharged in several ways, meaning that the obligations under the contract are terminated.
The primary ways in which a contract can be discharged include:
By Performance
By Agreement or Consent
By Operation of Law
By Impossibility of
Assignment Set – 2nd
Questions
- What do you mean by contract of sale of goods? Differentiate between sale and an agreement to sale?
Ans: A contract of sale of goods is a type of contract where one party (the seller) agrees to transfer the ownership of goods to another party (the buyer) in exchange for a consideration, usually in the form of money. This contract is governed by the Sale of Goods Act, 1930, in Ind
- Define share capital and explain its types
Ans: Share capital refers to the total amount of capital raised by a company through the issue of shares to shareholders. It represents the amount of funds contributed by shareholders to the company in exchange for ownership (equity) in the company. Share capital forms a significant pa
- Explain the provisions of FEMA.
Ans:
The Foreign Exchange Management Act (FEMA) is a crucial piece of legislation in India that governs foreign exchange transactions, investments, and dealings. Enacted in 1999, FEMA replaced the Foreign Exchange Regulation Act (FERA) and aimed to modernize and liberalize India’s foreign exchange management regime.
FEMA empowers the Reserve