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MB0051- Legal Aspects of Business

MB0051- Legal Aspects of Business

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Dear students get fully solved assignments
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mail us at help.mbaassignments@gmail.com

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Published by: MBA HELP on Mar 24, 2013
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Dear students get fully solved assignmentscall us at :- 08263069601or
mail us at help.mbaassignments@gmail.com
Master of Business Administration- MBA Semester 3
MB 0051: “Legal Aspects of Business
 (4 credits)(Book ID: B1725)Assignment (60 Marks)Note: Answer all questions (with 300 to 400 words each) must be written within 6-8 pages. EachQuestion carries 10 marks 6 X 10=60Q1. What are the sources of Indian law? Discuss any one important source of law and justify why itis important. 5+5 = 10 marks
Answer : Many renowned jurists have attempted to give a precise definition of Law. Law, in thebroadest and most complete sense means a set of regulations and rules and a set of prototype of deeds to which every individual of the society has to be conventional to. Another often quoted,although not widely believed, definition of Law is of 
Q2. What is a contract? Which test would you apply to ascertain whether an agreement is acontract? 5+5=10 marks
Answer : A contract is an agreement having a lawful object entered into voluntarily by two or moreparties, each of whom intends to create one or more legal obligations between or among them. Theelements of a contract are "offer" and "acceptance" by "competent persons" having legal capacitywho exchange "consideration" to create "mutuality of obligation."
Q3. Write short notes on:a. Agent and agency
Answer : Expressed simply, an agent is one who acts. The power granted or effected through thataction is the quality of agency. The OED gives for "agency:" "The faculty of an agent or of acting;active working or operation; action, activity;" and for "agent:" "Acting, exerting power, as opposedto patient" (OED online, 2005). A simple enough concept when put in these terms, but theconceptual, theoretical,
b. Baylor and bailed 5+5= 10 marks
Answer :
Definition of 'Baylor'
 An individual who temporarily relinquishes possession but not ownership of a good or otherproperty under a bailment. The bailer entrusts the possession of the good or property to another

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