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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
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 "
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,
b. Baylor and bailed 5+5= 10 marks
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 anotherindividual, known as the bailed. A bailment is usually a contractual agreement between the bailerand the bailed that specifies the terms and purpose of the change in possession.
Q4. What is the meaning of dissolution of firm? Is it different from dissolution of partnership?6+4=10 marks