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MBA Semester 3

MB0051: Legal Aspects of Business


Q1. Discharge refers to the termination of contractual relationship between the
parties. Explain the statement along with different modes of discharging a contract.
Discharge refers to the termination of contractual relationship between the parties. The
contract ceases to operate, i.e., when the rights and obligations under the contract ends.
According to Sections 73-75 of the Contracts Act, a contract may be discharged in several
modes.

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Q2. Explain the meaning of Power of Attorney, its types and clause related to
registration.
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 of the person executing it. It is the
Powers of Attorney Act, 1882, that deals with the subject but does not define it. In common

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Q3. Explain the procedure of registration of partnership firms.


Section 58 lays down the procedure for registration of partnership firms. A partnership firm
may be registered at any time by post, or delivering to the Registrar of Firms of the area in
which the business of the firm is situated or proposed to be situated, a statement in the

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Q4. What are the circumstances under which breach of condition is treated as breach
of warranty?
Breach of condition to be treated as breach of warranty According to Section 13,
under certain circumstances, a breach of condition is to be treated as a breach of warranty,
i.e., the right to repudiate the contract is deemed to have been lost. These circumstances

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Q5. Explain the procedure for filing a complaint and admission of complaint in
consumer protection act.

Filing a complaint: There is no fee for filing a complaint before any of the aforesaid bodies.
The complainants or their authorised agent can present the complaint in person. The
complaint can also be sent by post to the appropriate Forum/ Commission. The complaint
should be addressed to the President of the Forum/Commission. A complaint should contain

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Q6. Write short notes on:


a) Shares and its classification
b) Meetings and its classification
a) Shares and its classification: Section 2 (46) defines a share as a share in the share
capital of a company and includes stock except where a distinction between stock and share
is expressed or implied.

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