IMT - 54: BUSINESS LAW

PART - A

Q1. 'No consideration, no contract'. Discuss consideration in light of this phrase.

Q2. What do you understand by contracts of indemnity and contracts of guarantee? Compare and contrast the two. 

Q3. What are the rights and duties of an agent?

Q4. Write a note on bailment. What are the duties of a bailee?

Q5. Distinguish between coercion and undue influence. How are they defined and what are their effects?

PART - B

Q1. You sold a shipment of goods to ABC Company and received a bill of exchange for it. But now you find that the bill has been dishonoured. Can you sue ABC Company? What would your rights be in a court of law in this scenario?

Q2. What is a promissory note? What essential requirements must it fulfill?

Q3. What are the grounds on which complaints can be made under Section 2(1) (C) of the Consumer Protection Act, 1986? Explain with examples.

Q4. Discuss the Copyright Act of 1957.

Q5. How is a patent defined according to the Indian Patents Act, 1970? What are the inventions that are not patentable?

PART - C

Q1. How is foreign exchange regulated and managed according to FEMA, 1999?

Q2. Explain the meaning, relevance and features of the Competition Act, 2002.

Q3. What are shares and debentures? Discuss the different kinds of shares of a company and specify which of these you would prefer as an individual purchasing the shares of ITC limited. 

Q4. Distinguish between private and public companies.

Q5. Discuss the circumstances under which a company may be wound up.

CASE STUDY - 1 

Section 1

A invites his friend B to his house for a dinner. A spends Rs.2000 to arrange the dinner. B does not turn up to take dinner. Can A recover this amount from B due to his failure to attend the dinner? Had the situation been different if A had arranged contributory party to which B had given consent to participate and give his share of contribution for the dinner party?

Section 2

A enters into a contract on 1st September, 2007 to sell to B 1000 tons of mustard oil to be produced during the winter season and to be delivered on 20th February, 2008. Whether it is a valid contract of sale. If yes, tell whether it is a sale or an agreement to sell? Explain with reasoning.

CASE STUDY - 2

You are the judge. Decide the following with reasons:

1. Sameer admitted his only infant son in a private nursing home. As a result of strong dose of medicine administered by the nursing attendant, the child became mentally retarded. Sameer wants to make a compliant under the Consumer Protection Act seeking relief by way of compensation on the ground that there was deficiency in service by the nursing home. Does his complaint give rise to a consumer dispute? How is the consumer in this

2. The Memorandum and Articles of a company were delivered to the Registrar for registration on 8th March 2006. On 10th March, 2006 the Registrar issued a certificate of incorporation and dates it 8th March 2006. On 8th March 2006 before the certificate was issued, the company allotted shares to Vikas. Is the allotment valid?