BBA301 - LEGAL AND REGULATORY FRAMEWORK

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ASSIGNMENT

DRIVE	SUMMER 2015
PROGRAM	BBA
SEMESTER	III
SUBJECT CODE & NAME	BBA301 - LEGAL AND REGULATORY FRAMEWORK
BK ID	B1595
CREDITS	4
MARKS	60

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q. 1. “Every person is competent to contract who is of the age of majority according to the law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject”. In the light of above elaborate the extant provisions of Indian Contract Act, 1872 referring to the famous case :MohoriBibi V. DharamadasGhose.

Qualifications disqualifications of persons competent to contract and persons who are incompetent.

Case law :MohoriBibi V. DharamadasGhose.

Answer:The law relating to contracts in India is contained in Indian Contract Act, 1872. The Act was passed by British India and is based on the principles of English Common Law. It is applicable to all the states of India except the state of Jammu and Kashmir. It determines the circumstances in which promises made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some rights and duties on the contracting parties. Hence this legislation, Indian Contract Act of 1872, being of skeletal nature, deals with the enforcement of these rights and duties on the parties in India.

Q. 2. Distinguish between Conditions and Warranties in an agreement to sell. What are the rights of an unpaid seller ?

Answer:Millions of sale transactions are done daily, all around the world. The subject matter of a contract of sale is ‘goods’. There are certain provisions which need to be fulfilled because it is demanded by the contract. These prerequisites can either be a condition and a warranty. A little bit of bewilderment and confusion takes birth in the mind of all the people regarding these two terms as it is quite difficult to examine that which stated term is a condition or a warranty. Condition is the fundamental stipulation of the contract of sale whereas

Q. 3. “A negotiable instrument is said to be discharged when all the rights of actions under it are completely extinguished and when the instrument ceases to be negotiable” Elucidate the statement citing the modes of discharge.

Answer:This Act may be called the Negotiable Instruments Act, 1881. Local extent, saving of usages relating to Hundis, etc., Commencement.—It extends1 to 2[the whole of India 3[* * *]]; but nothing herein contained affects the 4Indian Paper Currency Act, 1871 (3 of 1871), section 21, or affects any local usage relating to any instrument in an oriental language: Provided that such usages may be excluded by any words in the body of the

Q. 4. X, Y and Z decide to form a private limited company. Elaborate the steps to form their company as per the Companies Act, 1956.

Answer:A Private Limited Company is a Company limited by shares in which there can be maximum 200 shareholders, no invitation can be made to the public for subscription of shares or debentures, cannot make or accept deposits from Public and there are restriction on the transfer of shares. The liability of each shareholder is limited to the extent of the unpaid amount of the shares face value and the premium thereon in respect of the shares held by him. However, the liability of a Director / Manager of such a Company can at times be unlimited. The

Q. 5. Your client approaches you to learn the grievance redressal procedures as per Consumer protection Act, 1986. Advise your client.

Answer:Consumer protection is practices in India since ancient time but it is accelerated recently due to various issues. In India, different Acts have been implemented to protect the consumers against different forms of mistreatment. One of the most important legal actions taken by government in the area of consumer protection/consumer movement has been the endorsement of the Consumer Protection Act, 1986. This Act was

Q. 6. “Patents do not cover abstract ideas or theories, but are intended to cover specific technical solutions that have some practical application, use or benefit. A patent is generally available for an eligible invention.” Do you agree ? Substantiate your agreement/disagreement.

Answer:Patent, is a legal document granted by the government giving an inventor the exclusive right to make, use, and sell an invention for a specified number of years. Patents are also available for significant improvements on previously invented items.

The goal of the patent system is to encourage inventors to advance the state of technology by awarding them special rights to benefit from their inventions. Books, movies, and works of art cannot be patented, but protection is available for such items under the law of copyright. Patent law is one branch of the larger legal field known as intellectual property, which also includes trademark and copyright law.

Patent law centers round the concept of novelty and inventive

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