Subject Code: IMT-54

Subject Name : BUSINESS
Notes:
a. b. c. d. Write answers in your own words as far as possible and refrain from copying from the text books/handouts. Answers of Ist Set (Part-A), IInd Set (Part-B), IIIrd Set (Part – C) and Set-IV (Case Study) must be sent together. Mail the answer sheets alongwith the copy of assignments for evaluation & return. Only hand written assignments shall be accepted. 5 Questions, each question carries 1 marks. 5 Questions, each question carries 1 marks. 5 Questions, each question carries 1 marks. Confine your answers to 150 to 200 Words. Two Case Studies : 5 Marks. Each case study carries 2.5 marks.

LAW

A. First Set of Assignments: B. Second Set of Assignments: C. Third Set of Assignments: D. Forth Set of Assignments:

Objective: To gain an insight into the Indian Legal Process and legal provisions specifically with reference to business and corporate functioning. Contents NATURE AND KINDS OF CONTRACTS The Indian Contract Act; 1872; Definition of Contract; Essential Elements of a Valid Contract; Kinds of Contracts OFFER AND ACCEPTANCE The Proposal or Offer; The Acceptance; Contracts Over the Telephone CONSIDERATION Essentials of Valid Consideration; Exceptions to the Rule “No Consideration; No Contract” CAPACITY OF PARTIES Minor; Persons of Unsound Mind; Disqualified Persons FREE CONSENT Coercion; Undue Influence; Misrepresentation; Fraud; Mistake LEGALITY OF OBJECT AND CONSIDERATION What Considerations and Objects Are Unlawful? VOID AGREEMENTS Introduction; Expressly Declared Void Agreements PERFORMANCE OF CONTRACTS Who Can Demand Performance? By Whom Must Contracts Be Performed? QUASI-CONTRACTS Quasi-Contractual Obligations REMEDIES FOR BREACH OF CONTRACT Rescission of The Contract; Suit for Damages; Liquidated Damages and Penalty; Summary of the Rules Regarding the Measure of Damages; Suit for Specific; Performance; Suit for an Injunction INDEMNITY AND GUARANTEE Contracts of Indemnity; Contracts of Guarantee BAILMENT AND PLEDGE; Bailment; Finder of Lost Goods; Pledge or Pawn; AGENCY; Definitions of Agent and Principal; General Rules of Agency; Kinds of Agents; Creation of an Agency; Extent of Agent’s Authority; Delegation of Authority; Business Law ........................................................... Page 1 of 5 ............................................................................... IMT-54

. Contravention and Penalties.... Kinds of Registered Companies on The Basis of Liability of Members.. 2000. Cheques. Copyright Societies. Patents of Addition. Attribution.. IMT-54 . Hundis PARTIES TO NEGOTIABLE INSTRUMENTS Holder.. The Price. Presentment for Payment NEGOTIATION OF NEGOTIABLE INSTRUMENTS Negotiable Instruments.. Term of Copyright........ 2000.. Unfair Trade Practice... Rules as to Delivery of Goods.... Offences THE COMPANY Companies Act and its Administration.. Digital Signature Certificates.. Register of Patents THE FOREIGN EXCHANGE MANAGEMENT ACT. Registration of Copyrights.. Who can File a Complaint. Penalties and Adjudication... Consumer Protection Councils... Discharge of the Instrument and the Parties BANKER AND CUSTOMER Crossing of Cheques.... Miscellaneous THE COMPETITION ACT-2002 Prohibition of Certain Agreements. Buyer’s Rights Against Seller... Distinction Between a Private and Public Business Law . Adjudication and Appeal.1957 Copyright.. Abuse of Dominant Position and Regulation of Combinations. Regulation of Certifying Authorities.. Civil Remedies. Earnest or Deposit. Kinds of Registered Companies on The Basis of Number of Members... Bill of Exchange. Powers of Controller. Acceptance of Delivery by Buyer REMEDIAL MEASURES Rights of Unpaid Seller. Consumer Disputes Redressal Agencies... Directorate of Enforcement.. Information Technology Act... Kinds of Goods.... Licences... Competition Advocacy INFORMATION TECHNOLOGY ACT-2000 Rationale behind the IT Act.. Grounds on which a Complaint can be Made. Duties. Electronic Governance.. Warranty Defined. Restrictive Trade Practice...... Presentment for Sight... Document of Title to Goods CONDITIONS AND WARRANTIES Condition Defined. Duties of Certifying Authority.. 2000.... Incorporation of Company KINDS OF COMPANIES Kinds of Companies according to the Mode of Incorporation. Authorised Person. International Copyright.. Duties of Subscribers.. Characteristics of Company........... Liability of Banker.... Amendment of Application and Specification.. Negotiation by Unauthorised Parties DISHONOUR AND DISCHARGE OF NEGOTIABLE INSTRUMENTS Dishonour of Negotiable Instruments. Acknowledgement and Despatch of Electronic Records....... Illegal Associations. Doctrine of Caveat Emptor... Definition of Company and its Characteristics. Surrender and Revocation of Patents. Test Questions. Bouncing of Cheques CONSUMER PROTECTION ACT-1986 Definition of Consumer. Rights of Holder against Banker. Assignment of Copyright.. National Commission. Termination of Agency.. Rules Regarding Transfer of Property PERFORMANCE OF CONTRACT OF SALE Delivery. Auction Sale NEGOTIABLE INSTRUMENTS Promissory Note...... Implied Conditions. Competition Commission of India. Powers of the Consumer Forums THE COPYRIGHT ACT.1999 Regulation and Management of Foreign Exchange..... Secure Electronic Records and Secure Digital Signatures.. Types of Crossing.. Opposition Proceedings to Grant of Patents.. Irrevocable Agency CONTRACT OF SALE OF GOODS Definition and Essentials of a Contract of Sale.... Certain Acts not to be Infringement of Copyright..... Grant of Patents and Rights Conferred. Scheme of the IT Act.. Infringement of Copyright.. Powers and Functions of Commission..Principal’s Liability for the Acts of the Agent. Application for Patents...... Page 2 of 5 .. Digital Signature. Practical Problems TRANSFER OF PROPERTY Essentials of Transfer of Property.. Appeals THE PATENTS ACT:1970 Definition of Patent....... Ownership of Copyright..... The Cyber Regulations Appellate Tribunal.... Offences. Restoration of Lapsed Patents. District Forum. Other Kinds of Companies.... Implied Warranties... Appeal.... State Commission. Exemptions and Privileges of Private Companies. Capacity of Parties PRESENTMENT OF NEGOTIABLE INSTRUMENTS Presentment for Acceptance.

.. Removal of Auditors... Removal of Directors. N.. Director Identification Number (DIN) .. Share Capital...... Jurisdiction to Wind Up.. Corporate Laws.... Kinds of Shares. Meetings of Board .. Powers of Directors . Page 3 of 5 . The Doctrine of Ultra Vires ARTICLES OF ASSOCIATION The Obligation to Register Articles. Voting. Promoters and Experts....... Appointment of Directors.. Consequences of the Winding Up Order.... Maximum and Minimum Managerial Remuneration. IMT-54 . Conversion of Companies MEMORANDUM OF ASSOCIATION Definition and Importance.. Liability of Directors.. Contents of a Prospectus. Audit.. Powers of the Court after Winding Up Order...............ARRANGEMENT. Winding up by the Court (Sec.. Alteration of Articles...C....... Defunct Companies Reference: 1. Voluntary Winding Up... Shukla M.. Borrowing Methods... Elements of Merchantile Law..K.. Contents of Memoradum. Debentures....... Payment of Underwriting Commission and Brokerage. Annual General Meeting. Exceptions to The Doctrine of Indoor Management PROSPECTUS Introduction. Company Secretary MEETINGS AND RESOLUTIONS Meetings.. Remedies Against the Directors.. Manager. Requisites of a Valid Meeting. Kuchhal. Official Liquidator. Annual Return. N. Variation of Rights of the Shareholders.... Limitations Regarding Alteration of Articles . Kapoor... Minutes of Meetings ACCOUNTS AND AUDIT Accounts. Dissolution.. 2. Termination of Membership. Voluntary Winding up Under Supervision of the Court...... Ultra Vires Borrowings.Company. Resolutions. Provisions Applicable to every Mode of Winding Up. I & II.. The Doctrine of Indoor Management. Extraordinary General Meeting... Sultan Chand... Who May Become a Member?. Bharat Law House.. Datey. & Mahesh Puliani.. 3.... Alteration of Memorandum........ Binding Force of Memorandum and Articles.. Methods of Becoming a Member .).... V... Statutory Meeting. Winding Up vs. Prevention of Oppression and Mismanagement COMPROMISE.. Definition of Prospectus.. Taxmann...... ‘Reconstruction’ and ‘Amalgamation’ WINDING UP Meaning of Winding Up.. Further Issue of Share Capital. Unit Objectives.. Duties of Auditors.. Audit Committee PREVENTION OF OPPRESSION AND MISMANAGEMENT The Rule of Supremacy of the Majority.... Misleading Prospectus and its Consequence.. Kapoor & M.. Commencement of the Winding Up. Taxmann. (25th Ed. Protection of Interests of Debenture holders. Duties of Directors.. Student’s Guide to Corporate Laws. 433)..S...... Managing Director. Information Memorandum SHAREHOLDERS OR MEMBERS Distinction between Shareholder and Member. Shelf Prospectus. Classes of Debentures.. Rights of Members SHARES AND SHARE CAPITAL Legal Nature of a Share..D... Remedies of Debenture holders COMPANY MANAGEMENT AND ADMINISTRATION Directors. Ravi.. Issue of Bonus Shares BORROWING POWERS AND METHODS Borrowing Powers. Puliani. Protection of Minority . 4.. Business Law .... Modes of Winding Up... Contents of Articles.. Issue of Prospectus. RECONSTRUCTION ‘Compromise’ or ‘Arrangement’.. Remedies Against the Company.... Student’s Guide to Corporate Laws. Security for Borrowings..Vol.C.

.. How is a patent defined according to the Indian Patents Act.... Distinguish between coercion and undue influence........... Discuss the Copyright Act of 1957.... What are shares and debentures? Discuss the different kinds of shares of a company and specify which of these you would prefer as an individual purchasing the shares of ITC limited.... Write a note on bailment....... Distinguish between private and public companies.. What are the grounds on which complaints can be made under Section 2(1) (C) of the Consumer Protection Act..... IMT-54 ... 3. Can you sue ABC Company? What would your rights be in a court of law in this scenario? 2... 1970? What are the inventions that are not patentable? THIRD SET OF ASSIGNMENTS Assignment-III = 5 Marks PART– C 1...... 5....... How are they defined and what are their effects? SECOND SET OF ASSIGNMENTS Assignment-II = 5 Marks PART– B 1...... 5.... Page 4 of 5 .. Discuss the circumstances under which a company may be wound up......... no contract'. What are the duties of a bailee? 5....... Discuss consideration in light of this phrase. 'No consideration.... 1999? 2........... Explain the meaning.. What are the rights and duties of an agent? 4...... But now you find that the bill has been dishonoured. What do you understand by contracts of indemnity and contracts of guarantee? Compare and contrast the two..... relevance and features of the Competition Act...... 1986? Explain with examples..ASSIGNMENTS FIRST SET OF ASSIGNMENTS Marks Assignment-I = 5 PART– A 1...... Business Law . What is a promissory note? What essential requirements must it fulfill? 3..... 3.. 4.... How is foreign exchange regulated and managed according to FEMA... You sold a shipment of goods to ABC Company and received a bill of exchange for it..... 2002............. 4.... 2....

Whether it is a valid contract of sale........ B does not turn up to take dinner. Page 5 of 5 ............. IMT-54 . Decide the following with reasons: 1...... A spends Rs.. the child became mentally retarded. The Memorandum and Articles of a company were delivered to the Registrar for registration on 8th March 2006..5 Each Case Study CASE STUDY ..... As a result of strong dose of medicine administered by the nursing attendant. Sameer wants to make a compliant under the Consumer Protection Act seeking relief by way of compensation on the ground that there was deficiency in service by the nursing home... 2008................... CASE STUDY-II You are the judge.. the company allotted shares to Vikas. Is the allotment valid? Business Law ...FOURTH SET OF ASSIGNMENTS Assignment-IV = 2......... Can A recover this amount from B due to his failure to attend the dinner? Had the situation been different if A had arranged contributory party to which B had given consent to participate and give his share of contribution for the dinner party? Section 2 A enters into a contract on 1st September. On 10th March................ 2007 to sell to B 1000 tons of mustard oil to be produced during the winter season and to be delivered on 20th February... 2006 the Registrar issued a certificate of incorporation and dates it 8th March 2006.......... If yes..................... On 8th March 2006 before the certificate was issued.............I Section 1 A invites his friend B to his house for a dinner....2000 to arrange the dinner... Sameer admitted his only infant son in a private nursing home........... tell whether it is a sale or an agreement to sell? Explain with reasoning. Does his complaint give rise to a consumer dispute? How is the consumer in this 2...

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