INTRODUCTION

NAME-TACHYUTTAWASTHI

ROLLTNUMBER-T2214101155

SESSION-TMARCHT2023

PROGRAM-TBACHELORTOFTBUSINESSTADMINISTRATIONT(BBA)

SEMESTER-TIII

COURSETCODET&TNAME-TDBB2101- LEGAL AND REGULATORY FRAMEWORK

AssignmentTSet-T1

Questions

1. “All contracts are agreements, but all agreements are not contracts.” Discuss the statement
explaining the essential elements of a valid contract.

Ans-1. Let us see some of the essential of the valid contract to discuss the above statement:

1. Let us see what is the proper offer and acceptance

Offer or we can say it as proposal: When any person giving any offer with his/her own choice

to another person with no compulsion of doing work it means that he wants to know the choice

of the other person in reply as he is only giving the proposal to him. So we see the proposal as a

positive act when the person replies in the positive manner whereas it will became negative act

when the person replies in the negative manner.

Now let us see the Acceptance and promise: The acceptance is given by the person at that

point of time when the offeror is ready to work according to the proposal. When we accept any

proposal than only after that it becomes the promise. We have to keep one more thing in our

mind that is the proposal will be accepted by that person only whom it is given. The person who

makes the proposal is known as the ‘promisor’ and the who accepts the proposal known as the
‘promisee’.

Communication related to offer and acceptance: Any of the offer will not be considered as

the valid offer if it is not communicated to the particular party properly. The communication

either it is oral or written will be known as complete when it is received by the specific party.

Any type of offer and acceptance which takes place on the telephone, e-mail etc. will also work

on the same principles only.

2. Intentional view to create legal relationship: The two or more parties which comes under

the contract must have a clear point of view to develop the mutual legal relationship between

them. Agreements which comes under the nature of domestic and natural will not be known as

a contract in nature.

3. Free Consent: We have to keep in mind that both the process of offer and the acceptance

should take place in the free form that means all decision should be taken with your own choice.

Any type of frauds or misinterpretations should not take place at the point of decision making.

4. Capacity to Contract: The person who is eligible according to the age as well as of sound

mind and he/she is never disqualified from any type of contract through law for which the

subject he concerned about is have a capacity to make a contract.

5. Consideration for promise: When we clearly see the definition of the agreement it clearly

mentions that the promises should be done on mutual basis between the parties for the

consideration. A promise which is done without consideration is not known as the ‘agreement’

and it is not going to take the form of ‘contract’ as well.

6. Lawful objection and consideration: We have to keep in our mind that both the object and

consideration of the particular contract should be done in a lawful manner and its not going to

violate any type of law related to other things as well.

7. Agreement not declared null and void: Under the ICA, most of the agreements will not be

declared as null and void. The agreements which are related to the marriage restraintion, legal
proceeding etc. will be considered as the null and void.

8. Certainty of meaning: The terms and condition of any particular agreement should be

mentioned in a clear and in the simple form.

9. Possibility of promise: The terms which are mentioned in the particular contract should

be achievable in nature because any type of an impossible task will be considered as a null

and void.

10. Legal formalities: The particular contract should come under the proper legalities which

are mentioned under the law.

2. When can the first annual general meeting of the company be held? Explain the provisions as
to time and place of annual general meeting of a company.

Ans-2. The simple definition of meeting is that when the large number of people at a place and

exchange their valuable ideas which helps in the proper transaction of any lawful business. The

meetings actually becomes very important for the proper functioning of the company so it is

advisable to the shareholder for to keep the meetings on the regular basis to discuss important

things which are related to the mutual interests of the employees and should take the further

decision for the same. At least two members are required to make the quorum of the meeting.

The different types of company meetings are as follows

1. Shareholders’ meetings: In other words these type of meetings are known as the general

meetings. In this type of meeting members usually come together to perform their collective

rights. There are different types of shareholders’ meetings such as the statutory meetings,

annual general meeting, extraordinary general meeting and at last class meeting of shareholders.

2. Meeting of directors: These meetings are also of two types: board meeting and the meeting

which is related to the board committee.

3. Other meetings: These meeting are related to the debenture holders and the meetings which

are held with the creditors.

Let us now talk about the Annual general meeting which comes under the (Section 96)

When we talk about the Annual general meeting then it should be called by the every company

other than the company which is run by a person only and this meeting should be done on the

regular intervals like the other meetings which takes place within the company. The prior notice

should be given to the member of the company before conducting the annual general meeting for

the company. The time period of fifteen months should not exceed between the holdings of the

two annual general meeting within the particular company. The place of the annual general

meeting either the office where company registered itself or it can be the any type of place

within the particular city, town or it can be the village as well where the registration office of

the company is established.

3. Define and distinguish between a Condition and a Warranty with appropriate example.

Ans-3. Let us see the definition of the Condition which comes under the [Sec.12 (2)]

The Condition is the most crucial part and it is the major purpose of any particular contract. If

the conditions are not taken into the consideration properly then it is going to weak the base of

the particular contract.

Let us see the definition of the Warranty which comes under the [Sec.12 (3)]

When we talk about the Warranty then we have to know one thing very properly that is collateral

in nature and it is not compulsory like the condition as well.

There are some of the differences between the condition and warranty that are as follows:

1. Difference occurs in the value: As we know that condition is the binding and it is also

important for every contracts as well while on the other hand warranty is collateral part of

the contract.

2. Difference occurs in the breach: When we breach the conditions of any particular contract

then the party which is harmed by the other party will refuse the contracts that are related to

the sales but on the other hand if the same things happens in the case of the warranty than the
harmed party will only claim it damage part.

3. Difference which exists between the treatment: Sometime we consider the breach of condition

same as the breach of warranty and it only happens at that point of time when the harmed party

claims only for the damage.

There are some events when both the condition and warranty are treated as same:

(a) The case when the condition are tried to fulfilled by the seller and on the other hand buyer

waives that particular condition or treat it as breach like the breach is done in the case of

warranty and is not going to refuse the contract on the same basis.

(b) The case when the particular contract is not able to serve it properly but the buyer has been

taken the whole delivery or as some part of the delivery in that the breach of condition by the

seller will be seen same as the breach of warranty.

(c) There are some instances where both the condition and warranty became impossible in nature

will be considered as the same.

Assignment Set- 2

Questions

4. Who is a consumer? What consumer rights are guaranteed under Consumer Protection Act,
2019.

Ans-4. We can say a person is a consumer at that point of time when he/she purchase any

particular product for its own use or it can be says like that for the purpose of self

consumption of that particular product. Any of the consumer is not able to resell the

purchased goods as from those goods they can only consume them for the better

fulfillment of their livelihood.

Let us talk about the some key features of The Consumer Protection Act, 2019:

This is one most descriptive act and also considered as a very crucial act as it is talking about
how to protect the consumer rights within the country. This act was first came in the year 1986

and then amendment was done in the year 1989. But the final step was taken in the year 2019 in

order to maintain the pace of this act with the changing era and be more effective in the

protection of the rights of our consumers.

Under this act we founded six rights for our consumers which are protected by our legislation

and are came into effect through the honorable consumer courts:

(i) The rights of our consumer will be protected from the goods and services which is danger in

nature and can affect their life and property of the particular consumer as well.

(ii) This is right of the consumer that he/she should have proper knowledge about the product

that they are going to purchase such as the quality of the product, quantity of the product, effect

of the product, purity test of the product and what is standard as well as the price is set for that

particular product.

(iii) This is also one of the right which is given to the consumer is that they access of product

anywhere within the country at the proper competitive prices.

(iv) The right is given to the consumer that they will be properly listen by the people which are

top them at any point of time.

(v) The consumers are also given to take proper remedy against the trade practices which are

unfair in nature or the exploitations done with them.

5. What do you understand by Hazardous substances? Also write different types of

environmental pollution.

Ans-5. Hazardous substances

From the word ‘Hazardous substance’ we mean that thing which is make for any other reason

and when we human being handle these chemicals without any precautionary measure than it

can harm us also and living organisms will also gets harmed when they comes in contact with

these harmful substances. So its became important for every person who are storing these kind
of chemical wastes or disposing of them in the waters must take the prior permission of the state

control board. There are certain rules also made for these harmful chemical substances that how

to pack it properly, how to label it properly and how the safe transportation should be done for

such harmful chemical substances.

There are different types of environmental pollution that are as follows:

1. Sound Pollution: The noise which comes from the trains, speakers, from the horns of the

vehicles, firecrackers, etc. is considered to be as harmful for our soft years. We can observe that

with the increasing industrialization and with the urbanization the noise pollution is also

increasing.

2. Air Pollution: With the changing era the purity which was existed earlier in the air is going

down with the time as the air gets polluted through the working of thermal power plant, cement

industry within the country.

3. Soil Pollution: As we can observe that nowadays high level of consumption is done by every

household with that use of plastic bags is taking place at a very fast rate which is not good for

our soil as these plastic bags are non bio-degradable.

4. Global Warming: It is one of the major concern of our discussion that is global warming

nowadays because it increases as the level of pollution rises. It is a very critical issue and for

the same we don’t have a proper rules which results in the high temperature of our earth as well

as we can see natural disasters occurring at a very fast rate.

6. The Competition Act, 2002 is an improvement on the MRTP Act, 1969. Critically analyse and
differentiate among them.

Ans-6. The Monopolistic and Restrictive Trade Practices Act, 1969

This is one of the very first act which was first introduced in India under the section of the

competition law. The MRTP act was enforced on 1st June 1970, this act majorly ensures the

proper functioning of the market and the economy should not be remain in few hands within
the market. It also prevent anyone to enter into the monopoly type of acts as well as the

discriminatory acts which will be much harmful at the public domain.

Introduction of the Competition Act, 2002

This act was passed by the Parliament in the year 2002 to prevent the firms within the market

for showing their non-competitive behaviour. This act was passed in order to maintain fair, open

as well as the honest practices by the firms within the market so as to keep the markets effective

in a long run. This modification was done in this act in the year 2007 by the Competition

(Amendment) Act which was enforced on 20 May 2009.

The major objectives of this act are as follows:

(i) The competition commission was established so as to prevent every person in the market

doing those practices which can affect the competition level within the market.

(ii) There should be a promotion of healthy competition within the domestic markets of

India and it can be remain for a longer period of time.

(iii) The one of the major objective is to ensure that the interests are protected properly or not

of our consumers.

(iv) To ensure the free trade practices to the participants within our domestic markets of

India.