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1. Dear students get fully solved assignments
Send your semester & Specialization name to our mail id :
help.mbaassignments@gmail.com
or
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ASSIGNMENT
DRIVE SPRING 2016
PROGRAM MBA
SEMESTER III
SUBJECT CODE & NAME MB 0051 - LEGAL ASPECTS OF BUSINESS
BK ID B1725
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.
Question.1 a) Indicate the sources of Indian Law.
Answer:The phrase “source of law” has several connotations. It may be the authority which issues
rules of conduct which are recognized by Courts as binding. In this context, ‘source of law’ means
‘the maker of law’. It may mean the social conditions which inspires the making of law for the
governance of the conditions. In this context it means ‘cause of law’. It may also mean in its literal
sense the material fromwhichthe rulesandlawsare known.Inthissense the expression means the
‘evidence of law’ and it is in this sense that the expression ‘source of law’ is accepted in
Jurisprudence.
Vijnaneshwar (commentator on the YajnavalkyaSmriti and
Question.b) Write notes on :
i) Ignorance of Law
Answer:"Ignorance of the law excuses no man. Not that all men know the law, but because 'tis an
excuse every man will plead, and no man can tell how to refute him."
Best known as a component of the maxim ignorance of the law is no excuse.
The maxim is of ancient origin; the Roman

2. ii) LexMercantoria
Answer:Lexmercatoria(fromthe Latinfor"merchantlaw"),oftenreferred to as "the Law Merchant"
inEnglish,isthe bodyof commercial law usedbymerchantsthroughoutEurope duringthe medieval
period.ItevolvedsimilartoEnglishcommonlaw as a systemof customand bestpractice, which was
enforced through a system of merchant courts along the main trade routes. It functioned as the
international law of commerce. It emphasised contractual freedom and alienability of property,
while shunning legal technicalities and
Question.2 Narrate the facts and judgement in the case :
i. Harvey Vs. Facey
Answer:'Harvey v Facey [1893] UKPC 1, [1893] AC 552 is a contract law case decided by the United
KingdomJudicial Committee of the PrivyCouncil whichin1893 heldfinal legal jurisdictionover most
of the BritishCaribbean.Itsimportance incase law isthatit definedthe differencebetween an offer
and supplyof information.The PrivyCouncil heldthatindicationof lowestacceptable price does not
constitute anoffertosell.Rather,itis considered an offer to treat (i.e., to enter into negotiations).
The case involved negotiations over a
ii. Peek Vs. Gurney
Answer:A prospectus for an intended company was issued by promoters who were aware of the
disastrousliabilitiesof the business of Overend& Gurney which the company was to purchase. The
prospectusmade nomentionof a deedof arrangementunderwhichthose liabilitieswere, in effect,
to be transferred to the company. The appellant bought shares in the company and, when it was
wound up, he was declared liable as a contributory and had to pay almost £100,000. He sought an
indemnity against the directors, alleging
iii. Ranganayakamma Vs. AlwarSetty
Answer:In other words, the consent is said to be caused by coercion when it is obtained by
exercising some pressure by either committing or threatening to commit any act forbidden by the
Indian Penal Code or unlawfully detaining or threatening to detain any property. Coercion, thus,
implies committing or threatening to commit some act which is contrary to law.
Committing any act forbidden by the

3. Question.3 “A negotiable instrument may be dishonoured either by
non-acceptance or by nonpayment” Enumerate referring to the
rules as laid down in the Act.
Modes of dishonour of a negotiable instrument as laid down in the
Act.
Answer:The term "Negotiation" is a does not necessarily imply anything more than the assertion
that the paper possesses the negotiable quality. Generally speaking, it applies to any written
statement given as security, usually for the payment of money, which may be transferred by
endorsement or delivery, vesting in the party to
Question.4 Who is an unpaid seller ? What are the rights of an
unpaid seller under extant provisions of law ?
Answer:UNPAID SELLER:-
Seller:- A person who sells the goods or agrees to sell the goods is called seller.
Unpaid:-It means payment is not made or without payment.
In simple words,"Unpaidseller"meansapersonwhohassoldthe goodsfora price butprice has not
been paid to him.
Question.5 Describe the jurisdictions of District Forum, State
Council, National council and Supreme Court of India as per
Consumer Protection Act, 1986.
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
councilsandotherauthoritiesforthe settlementof consumers' disputes and for matters connected
therewith.
Jurisdiction of District Forum

4. Question.6 Enumerate the steps to float a limited company. The
company being an artificial person, how are the affairs of a
company managed?
Answer:
Step 1. Application for Director Identification Number (DIN) in form DIR-3 & DSC (Digital Signature
Certificate)
What is a Director Identification Number (DIN)?
Director Identification Number (DIN) is a unique identification number issued by the Ministry of
Corporate Affairs (MCA), for an existing director or a person intending to become a director of a
company.
Documents required for DIR-3 Application
Dear students get fully solved assignments
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or
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