This document contains summaries of answers to 6 questions about business law topics. The questions cover legal constraints on business, defining contracts, power of attorney, defining checks, consumer complaints under consumer protection acts, and the need for and types of business meetings. Each answer is brief and provides the key points about the topic in 2-3 sentences.

1. Get Answers of following Questions here
Master of Business Administration- smude MBA Semester 3 spring 2015
MB0051- Legal Aspects of Business
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. Comment.
Answer: Law and business are complementary disciplines. Certain business practices may
amount to monopolistic, restrictive or unfair trade practices. Products supplied may be
defective or here may be deficiencies in the service provided by a business. Almost …
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Q2. What is a contract? What test would you apply to ascertain whether an agreement
is a contract?
Answer: A contract is an agreement enforceable by law, made between at least two
parties. According to Section 2 (h) of the Indian Contracts Act, 1872, a contract is an
agreement enforceable by law made between at least two parties as per which …
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Q3. “Power of Attorney is considered as an important concept in Business Law”.
Explain
Answer: Meaning : Power of attorney is defined by Section 2(21) of the Stamp Act as
including “any instrument not chargeable with a fee under the law relating to court fees for
the time being in force,” that empowers “a specified person to act for and in the name …
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Q4. “A cheque is a bill of exchange drawn on a banker”. Comment
Answer: A cheque is the usual method of withdrawing money from a current account with a
banker. Savings bank accounts are also permitted to be operated by cheques provided
certain minimum balance is maintained. A cheque, in essence, is an order by the …
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Q5. Explain the nature and scope of complaints under the Consumer Protection Act?
Answer: To provide simple, speedy and inexpensive redressal of consumer grievances, the
Act envisages three-tier quasi-judicial machinery at the district, state and national levels. At
the district level, the redressal forum is called as District Forum. The State Government …
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Q6. Explain the need and types of meetings.
Answer: Need for meeting: 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 …
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