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Master of Business Administration- MBA Semester 3
MB0051–Legal Aspects of Business-4 Credits
(Book ID: B1725)
Assignment (60 Marks)
Note: Answer all questions must be written within 300 to 400 words each.
Each Question carries 10 marks 6 X 10=60
Q1. Legal constraints tend to control or limit the discretion of businesses on
the grounds that absolute rights cannot be conferred in the modern society.
Answer: Law applies only to persons. Thus, persons are the subjects of law. A person
is an entity which is clothed with rights and duties. There are two kinds of persons. A
person may be a natural or an artificial person. All the human beings are natural
persons. They are tangible and visible.
On the other hand, and artificial person is a metaphysical body, intangible and
invisible. An artificial person is brought into existence by following a procedure given
in some law.
Q2. What is a contract? What test would you apply to ascertain whether an
agreement is a contract?
Answer: Contracts as Defined by Eminent Jurists
1. “Every agreement and promise enforceable at law is a contract.” – Pollock
2. “A Contract is an agreement between two or more persons which is intended to be
enforceable at law and is contracted by the acceptance by one party of an offer made
to him by the other party to do or abstain from doing some act.” – Halsbury
Q3. “Power of Attorney is considered as an important concept in Business
Law”. Explain
Answer. Power of Attorney: A power of attorney is an instrument containing an

authorization for one to act as the agent of the principal that terminates at some

point in the future either by its terms or by operation of law such as death of the
principal or agent. They are also called letters of attorney. The person appointed is
usually called an Attorney-in-Fact.
Q4. “A cheque is a bill of exchange drawn on a banker”. Comment
Answer. A bill of exchange is an instrument in writing, an unconditional order signed
by the maker directing to pay a certain sum of money only to or to the order of a
certain person or to the bearer of the instrument. The bill is written by the seller
(creditor), called payee, to the purchaser (debtor), called drawee.
(1) A cheque is a bill of exchange drawn on a banker payable on demand.
Q5. Explain the nature and scope of complaints under the Consumer
Protection Act?
Answer. Persons competent to make complaints:
Any of the following people may file a complaint under the Act:
1. The consumer to whom such goods are sold or delivered or agreed to be sold or
delivered or such service provided or agreed to be provided. In case of death of a
consumer, the legal heir or representative can file a complaint.
Q6. Explain the need and types of meetings.
Answer: The need and types of meetings are:A company is an artificial person and therefore, must act through some human
intermediary. The various provisions of law empower shareholders to do certain
things. They are specifically reserved for them to be done in company’s general
meetings. Section 291 empowers the Board of Directors to manage the affairs of the
company. In this context, meetings of shareholders and directors become necessary.
The Act has made provisions for following different types of meetings of shareholders:
(i) Statutory Meeting; (ii)

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