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Master of Business Administration- MBA Semester 3

MB0051-Legal Aspects of Business-4 Credits

Note: Answer all questions must be written within 300 to 400 words each. Each Question carries 10
marks 6 X 10=60.

Q1. What is fiduciary relationship in a contract of guarantee? Explain the kinds of guarantees.

Answer. Special relationship of trust and confidence which, in the words justice Benjamin Nathan Cardozo
(1870-1938; US Supreme court judge from 1932 to 1938) is "something more than the ordinary honor of
the marketplace, the very punctilio of honesty and forthrightness." Fiduciary relationships exist between

Q2. i) Do you think contract with a minor is valid? Narrate with the help of the facts and judgement in
the case: Mohori Bibee v. Dharmodas Ghose.

ii) Explain the rules and remedies for discharge of contract by breach

Answer. According to Section 2(B) of the Indian Contract Act, 1872, when the person to whom the
proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal, when
accepted, becomes a promise.

Q3. I.) Narrate the facts and judgment in the case Howell vs. Coupland.

ii) Who is an unpaid seller? What are the rights enjoyed by an unpaid seller under the extant provisions
of law?

Answer. Case study: Howell vs. Coupland

The “principle” in Howell v Coupland

1. It is generally thought that section 7 of the Act was formulated in reliance on the decision of the CA
in Howell v Coupland (1876) 1 QBD 258.D agreed to sell 200 tons of potatoes to be grown on a
particular field. The crop failed so that the defendant was able to deliver only 80 tons. It was held
 that he was relieved of the obligation to deliver the further 120 tons by reason of impossibility of
performance. The CA

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SET 2

Q1. The Banking Regulation Act, 1949, provides various methods of regulation of the banking business.
Elaborate the key areas of regulation.

Answer. Regulation of business

The Banking Regulation Act, 1949 is legislation in India that regulates all banking firms in India. Initially, the
law was applicable only to banking companies. But, 1965 it was amended to make it applicable to
cooperative banks and to introduce other changes.

Q2. Explain the nature and scope of complaints under the Consumer Protection Act?

Answer. Consumer Protection Act, 1986 is an Act of the Parliament of India enacted in 1986 to protect the
interests of consumers in India. It makes provision for the establishment of consumer councils and other
authorities for the settlement of consumers' disputes and for matters connected therewith also.

Consumer Protection Councils are established at the national, state and district level to increase consumer
awareness.

The Central Govt. shall by notification establish with effect from (w.e.f) such date as it may specify in such
Q3. a) Differentiate between a holder and a holder in due course.

b) Explain the privileges enjoyed by a holder in due course

Answer. Holder: Holder is the person who is entitled in his own name to the possession of a negotiable
instrument.

• Normally a payee or endorsee is a holder.

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