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ASSIGNMENT – Set 1
Name Registration No. Learning Centre
: Esha Sengupta : 571117742 : Gariahat
Learning Centre Code : 01626 Course Subject Subject Code Semester Date of submission : MBA(HR) : Legal Aspects of Business : MB0051 : IIIrd : 7/2/2013
Law is a body of rules. Therefore. . therefore. However. standard or pattern to which actions of the persons in the state are required to conform. Obviously. When we speak of the law of a State. if not conformed. 1969. science. but will not be eliminated. mathematics. enabling it to continue and prosper. with people therein subject to a uniform system of law administered by some authority of the state. if citizens are „self-enlightened‟ or „self-controlled‟. “law” means any rule of conduct. Law is enforced by the executive. standard or pattern. The law is a living thing and changes throughout the course of history. Rules are.Ans. A state is a territorial division. Law is imposed. Law is imposed on the members to bring about an order in the group. disputes may be minimized. amendments are made in different laws from time to time. Therefore. These rules prescribe the conduct. all rules of conduct do not become law in the strict sense. sanctions are imposed. These basic ideas underlie formulation of any rules for the members of a group. 5. We resort to various kinds of rules to guide our lives. No doubt. In its widest sense. If you cannot impose a rule it is better not to have it. It is not something which may or may not be obeyed at the sweet will of the members of society. 4. if the rules embodied in the law are broken. drawn up to ensure that members of the society may live and work together in an orderly manner. Law can never be static. Discuss the nature and significance of business law. Significance of Business law are as follows: 1. The state. A Q1. so as to ensure that actions of the persons in the society conform to some predetermined standard or pattern. has been subjected to many amendments since its inception in 1969. The two basic ideas involved in any law are: (i) to maintain some form of social order in a group and (ii) to compel members of the group to be within that order. the Monopolistic and Restrictive Trade Practices Act. The rules embodied in the law are made. Law is for the guidance or conduct of persons – both human and artificial. The law is not made just for the sake of making it. 7. 3. 6. Law responds to public opinion and changes accordingly. or the laws of the football or health. The term “law” is used in many senses: you may speak of the law of physics. Content of law. Thus. to which actions are required to conform. Two basic ideas involved in law. and certain consequences ensue. This is necessary so as to ensure continuance of the society. law is made obligatory on the members of the society. law presupposes a state. For example. compulsion is used to enforce obedience. Thus. 2. we use the term “law” in a special and strict sense. unless a law is enforced it ceases to be a law and those persons subject to it will regard it as dead.
Sec. fines. As regards maximum number of partners in a partnership firm. hot war. or by any of them acting for all”. 8. occupation or profession [Sec.. 3. puts the limit at 10 in case of banking business and 20 in case of any other business. it helps them in self-preservation. 2. a partnership to arise. What is Partnership? Briefly state special features of a partnership on the basis of which its existence can be determined under the Indian Partnership Act? Ans. a person may become a partner with another . cold war. “Law” in its widest sense may include: (i) Moral rules or etiquettes. 1956. 1. Rules are made by the members of the group. a partnership firm cannot be a partner of another partnership firm. Some examples of “law” in the widest sense of the term. The agreement must be to carry on some business. (ii) Law of the Land the non-observance of which may lead to arrest. at least two persons must make an agreement.2(b)]. etc. a company (which is an artificial person) cannot be a partner. A partnership is defined as “the relationship between persons who have agreed to share profits of a business carried on by all. Thus. Partnership is the result of an agreement between two or more persons (who are known as partners after the partnership comes into existence). etc. ------------------------------------------------------------------------------------------------------------------------------ Q2. (iii) Rules of international law. Partnership must be the result of an agreement between two or more persons. There must be at least two persons who should join together to constitute a partnership. the nonobservance of which may lead to social boycott. because one person cannot become a partner with himself. proxy war. As mentioned above. These persons must be natural persons having legal capacity to contract. Though the word „business‟ generally conveys the idea of numerous transactions. imprisonment. there is a social instinct in the people to live together and secondly. trade-sanctions. so that the group doesn’t whither away. the non-observance of which may lead to public ridicule.group is created because first. The term „business‟ includes every trade. Law is made to serve some purpose which may be social. Partnership is an association of two or more than two persons.11 of the Companies Act. An agreement presupposes a minimum number of two persons. Similarly. economic or political.
the liability of certain partners is limited to the amount of capital which they have agreed to contribute to the business. it will not amount to partnership. Ans. 1986 extended a statutory recognition to the rights of consumers. Limited partnership In this type of partnership. there will be at least one general partner whose liability is unlimited and one or more special partners whose liability is limited. there must be an agreement to share profits arising from the business. Formation of partnerships All the essential elements of a valid contract must be present in a partnership as it is based on an agreement. Examine the rights of a consumer enshrined under the Consumer Protection Act. 4. Sec. a partnership is called a partnership at will where. (i) it is not constituted for a fixed period of time and (ii) there is no provision made as to the determination of partnership in any other way.even in a particular adventure or undertaking (Sec. Duration of partnership The duration of partnership may or may not be fixed. For the first time in the history of consumer legislation in India.8 a particular partnership is one which is formed for a particular adventure or a particular undertaking. In a limited partnership. sharing of profits also involves sharing of losses.6 of the Act recognizes the following six . Such a partnership is usually dissolved on the completion of the adventure or undertaking. the Consumer Protection Act.7.8). The agreement must be to share profits of the business. Unless the person joins for the purpose of carrying on a business. Partnership at will In accordance with Sec. 1986. Unless otherwise so agreed. ----------------------------------------------------------------------------------------------------------------------------- Q3. Particular partnership In accordance with Sec. The joint carrying on of a business alone is not enough. But whereas the sharing of profits is an essential element of partnership. sharing of losses is not. It may be constituted even for a particular adventure.
. i. 4. upon a contract that they shall. standard and price of goods or services. purity. For example. It also includes right to be represented in various forums formed to consider the consumers‟ welfare. The essence of bailment is delivery of goods by one person to another for some temporary purpose. Delivery of goods. where a watch is delivered to a watch repairer for repair. as the case may be. telephones. The person delivering the goods is called the “bailor” and the person to whom the goods are delivered is called the “bailee”. i. Right to choose: It means right to be assured. 6. Q4. i. Constructive delivery may be made by doing something which has the effect of putting the goods in the possession of the intended bailee or any person authorised to hold them on his behalf (Sec. Right to be heard. the following characteristics should be noted: 1. wherever possible. when the purpose is accomplished. From the definition of bailment.e. access to a variety of goods and services at competitive prices. say. Right to seek redressal: It means the right to seek redressal against unfair practices or restrictive trade practices or unscrupulous exploitation of consumers. be actual or constructive. 3. Actual delivery may be made by handing over goods to the bailee. Right to safety. railways. the consumers‟ interests will receive due consideration at appropriate forums. In bailment. Delivery of goods may. It also includes right to fair settlement of the genuine grievances of the consumers. 2. In case of monopolies. etc. quantity. so as to protect the consumer against unfair trade practices. Right to consumer education: It means the right to acquire the knowledge and skill to be an informed consumer. potency. however. What do you mean by bailment? What are the requisites of a contract of bailment? Explain. Bailment is based on a contract.. it is agreed that it will be .e. the right to be protected against the marketing of goods and services which are hazardous to life and property. Ans. Bailment is defined as the “delivery of goods by one to another person for some purpose... the right to be informed about the quality. they shall be returned to the bailor. the delivery of goods is upon a contract that when the purpose is accomplished.rights of consumers: 1. it means right to be assured of satisfactory quality and service at a fair price. Right to be informed. 2.e.149). be returned or otherwise disposed of according to the directions of person delivering them”. 5.
is not . A negotiable instrument is subject to certain presumptions. i. till its maturity. it is only the possession of goods which is transferred and not the ownership thereof. 2.returned.13. A holder in due course is one who receives the instrument for value and without any notice as to the defect in the title of the transferor. where an equivalent and not the same is agreed to be returned. 4. Ownership of goods. 4. There are certain instruments which are recognized as negotiable instruments by usage. An instrument may possess the characteristics of negotiability either by statute or by usage. Ans. In a bailment. after repair. bill of exchange and cheque are negotiable instruments by statute as they are so recognized by Sec. his business is to transfer possession and not ownership. on the receipt of the agreed or reasonable charges. dividend warrants. Thus. The term „negotiability‟ means that not only is the instrument transferable by endorsement and/or delivery. bank notes. can be transferred any number of times. Thus. Holder’s title free from defects. An instrument. A negotiable instrument can be transferred infinitum. An instrument is called “negotiable‟ if it possesses the following features: 1. share warrants. whereby rights are created in favour of one and obligations are created on the part of another. therefore the person delivering the possession of goods need not be the owner. Freely transferable.e. 3. 1881. The holder can sue in his own name. to enable the transferee to get a title in the instrument. but that its holder in due course acquires a good title notwithstanding any defects in a previous holder’s title. Return of goods in specie. there is no bailment. An “Instrument” as referred to in the Act is a legally recognized written document. Another feature of a negotiable instrument is that its holder in due course can sue on the instrument in his own name. which does not have these characteristics. Name the instruments which are recognized as negotiable instruments by the Negotiable Instruments Act. -----------------------------------------------------------------------------------------------------------------------Q5. 5. scripts and treasury bills are negotiable by usage. bearer debentures. Return of specific goods (in specie) is an essential characteristic of bailment. The goods are delivered for some purpose and it is agreed that the specific goods shall be returned. 3. or (b) by endorsement and delivery. Transferability may be by (a) delivery.. bank drafts. Promissory note. The word “negotiable” means transferable from one person to another either by mere delivery or by endorsement and delivery.
(ii) to issue copies of the work to the public not being copies already in circulation. (iii) to issue copies of the work to the public not being copies already in circulation. by virtue of. Trademark: A trademark is a recognizable sign. i. not being a computer programme – (i) to reproduce the work in any material form including the storing of it in any medium by electronic means. or communicate it to the public. ------------------------------------------------------------------------------------------------------------------------ Q6. b) A leaves a cow in the custody of B to be taken care of. (vi) to make any adaptation of the work. (iv) to make any cinematograph film or sound recording in respect of the work. Who will take the calf and why? Ans.. business organization. trademarks & patents. a) Write short note on Intellectual property right. owner can be individual. (iv) to include the work in any cinematograph film. (iii) to perform the work in public. (vii) to do. (v) to make any translation of the work. design or expression which identifies products or services of a particular source from those of others. (b) in the case of computer programme – (i) to do any of the acts specified in clause (a) above. The cow gives birth to a calf.negotiable. the transferee takes it subject to all equities and liabilities of the transferor. (ii) to communicate the work to the public. dramatic or musical work.e. Patent: It means a patent for any invention granted under this Act. but is assignable. The trademark. (v) to make any adaptation of the work. (c) in the case of an artistic work – (i) to reproduce the work in any material form including depiction in three dimensions of a two – dimensional work or in two dimensions of a three – dimensional work. and subject to the provision of the Act: (a) in the case of literary. (vi) to do in relation to an adaptation of the work any of the acts specified in relation to the work in (i) to (iv) . (ii) to sell or give on hire. or offer for sale or hire any copy of the computer programme. regardless of whether such copy has been sold or given on hire on earlier occasions. a) Intellectual property(IP) is a legal concept which refers to creations of mind for which exclusive rights are recognized common types of intellectual property rights include copyright. Copyright: The term “copyright‟ means the exclusive right. in relation to a translation or an adaptation of the work. any of the acts specified in relation to the work in (i) to (vi).
any copy of the sound recording regardless of whether such copy has been sold or given on hire on earlier occasions. (e) In the case of a sound recording – (i) to make any other sound recording embodying it. (iii) to communicate the film to the public. The calf will be taken by A because A only gave the custody for taking care of the cow to B but A still remains the owner of the cow so all the products obtained from the cow belongs to A. any copy of the film. The cow gives birth to a calf. (d) in the case of a cinematograph film – (i) to make a copy of the film. including a photograph of any image forming part thereof.above. regardless of whether such copy has been sold or given on hire on earlier occasions. or offer for sale or hire. or offer for sale or hire. (iii) to communicate the sound recording to the public. b)A leaves a cow in the custody of B to be taken care of. So. (ii) to sell or give on hire. . accordingly A should take the calf. (ii) to sell or give on hire.
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