GM06
Business Law & Corporate Governance
Assignment - I
Assignment Code: 2015GM06A1 Last Date of Submission: 15th May 2015
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Compare and contrast
a) “Legislation” and “Customs” as sources of Law.
b) Offer and “Invitation to offer”
2. a) Explain the term “discharge of a contract by operation of law”.
b) What conditions must be fulfilled for a valid ‘agency by ratification’
3. a) A stock of rice is sold at an agreed price per quintal. The rice is to be weighed by the agents of the seller as also of the buyer to ascertain the total price to be paid. A part of rice is weighed and carried away by the buyer’s agent, but remaining is swept away by floods. Who will bear the loss? Give reasons.
b) Principal directs his agent to buy a particular shop for him. Agent after preliminary enquiries informs the principal that the particular shop is not available for sale, but buys the shop for his personal use. Does Principal have any remedies against his agent? Substantiate your answer.
4. a) A trader pledged certain goods in favor of a bank and took a loan. On default to return the loan, the bank sold the goods without giving notice of sale to the
trader, as the loan agreement specifically excludes it. Trader contends that such an ‘exclusion clause’ by the bank is inconsistent with the provisions of the Contract Act. Reason out the contention of the trader.
b) X agrees to buy from a jeweler certain gold ornaments, to be delivered to him in September 2013. On 16th August, 2013, the Government enacts a law, prohibiting dealing in gold. When time comes for delivery in September2013,
Jeweler refuses the promised delivery of gold ornaments. What remedy does X have against the jeweler?
Section-B
Case Study
Case 1.
A,B and C as sureties for D enter into three several bonds, each in a different penalty, namely, A, in the penalty of Rs. 100,000; B in that of Rs. 200,000, and C in that of 400,000, for D duly accounting to E. D makes a default of Rs. 400,000.
What is the liability of each of the sureties?
Case 2
In the context of “consideration” for a contract, your study material illustrates a point with help of case “Chinnaya V Ramayya”.
You are required to give facts of that case and describe the principle laid down in the judgment of that case regarding ‘consideration’
GM06
Business Law & Corporate Governance
Assignment - II
Assignment Code: 2015GM06A2 Last Date of Submission: 15th May 2015
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Compare and contrast
a) Doctrine of ‘ultra -vires’ with Doctrine of Indoor management
b) ‘Promoter’ and ‘Director’ in the context of a Company.
c) ‘General crossing’ and ‘special crossing’ on a cheque.
2. Differentiate
a) ‘Ordinary resolution’ from ‘special resolution’
b) Holder and ‘holder in due course’ of a negotiable instrument.
c) ‘Negotiation’ and ‘Assignment’ of a negotiable instrument.
3. Explain the procedure to wind up a Company voluntarily. How does it differ from Compulsory winding-up?
4. In the context of Clause 49 of the Listing Agreement, explain the following:
a) Composition of Board of directors.
b) Role of Audit Committee
c) Compliance Report
Section-B
Case Study
A partnership Firm of Ram along with Laxman, Bharat and Charat is running a business to manufacture of automobile parts, successfully. The Partners discussed expansion plans and wanted to know the pros and cons of converting the partnership firm into a private limited company. In view of your qualifications, they contemplate appointing you a whole time director in the proposed company, if they are convinced of its advantage.
They seek your advice with specific reference to;
a) Formalities required for converting to a private company.
b) Approximate time for such conversion and approximate cost of doing so.
c) Major advantages and disadvantage, if any of changing over to company form of business from a partnership firm.
Requirement
Tender your advice in writing, containing as many clarifications as would help them take a correct decision.
Business Law & Corporate Governance
Assignment - I
Assignment Code: 2015GM06A1 Last Date of Submission: 15th May 2015
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Compare and contrast
a) “Legislation” and “Customs” as sources of Law.
b) Offer and “Invitation to offer”
2. a) Explain the term “discharge of a contract by operation of law”.
b) What conditions must be fulfilled for a valid ‘agency by ratification’
3. a) A stock of rice is sold at an agreed price per quintal. The rice is to be weighed by the agents of the seller as also of the buyer to ascertain the total price to be paid. A part of rice is weighed and carried away by the buyer’s agent, but remaining is swept away by floods. Who will bear the loss? Give reasons.
b) Principal directs his agent to buy a particular shop for him. Agent after preliminary enquiries informs the principal that the particular shop is not available for sale, but buys the shop for his personal use. Does Principal have any remedies against his agent? Substantiate your answer.
4. a) A trader pledged certain goods in favor of a bank and took a loan. On default to return the loan, the bank sold the goods without giving notice of sale to the
trader, as the loan agreement specifically excludes it. Trader contends that such an ‘exclusion clause’ by the bank is inconsistent with the provisions of the Contract Act. Reason out the contention of the trader.
b) X agrees to buy from a jeweler certain gold ornaments, to be delivered to him in September 2013. On 16th August, 2013, the Government enacts a law, prohibiting dealing in gold. When time comes for delivery in September2013,
Jeweler refuses the promised delivery of gold ornaments. What remedy does X have against the jeweler?
Section-B
Case Study
Case 1.
A,B and C as sureties for D enter into three several bonds, each in a different penalty, namely, A, in the penalty of Rs. 100,000; B in that of Rs. 200,000, and C in that of 400,000, for D duly accounting to E. D makes a default of Rs. 400,000.
What is the liability of each of the sureties?
Case 2
In the context of “consideration” for a contract, your study material illustrates a point with help of case “Chinnaya V Ramayya”.
You are required to give facts of that case and describe the principle laid down in the judgment of that case regarding ‘consideration’
GM06
Business Law & Corporate Governance
Assignment - II
Assignment Code: 2015GM06A2 Last Date of Submission: 15th May 2015
Maximum Marks: 100
Attempt all the questions. All the questions are compulsory and carry equal marks.
Section-A
1. Compare and contrast
a) Doctrine of ‘ultra -vires’ with Doctrine of Indoor management
b) ‘Promoter’ and ‘Director’ in the context of a Company.
c) ‘General crossing’ and ‘special crossing’ on a cheque.
2. Differentiate
a) ‘Ordinary resolution’ from ‘special resolution’
b) Holder and ‘holder in due course’ of a negotiable instrument.
c) ‘Negotiation’ and ‘Assignment’ of a negotiable instrument.
3. Explain the procedure to wind up a Company voluntarily. How does it differ from Compulsory winding-up?
4. In the context of Clause 49 of the Listing Agreement, explain the following:
a) Composition of Board of directors.
b) Role of Audit Committee
c) Compliance Report
Section-B
Case Study
A partnership Firm of Ram along with Laxman, Bharat and Charat is running a business to manufacture of automobile parts, successfully. The Partners discussed expansion plans and wanted to know the pros and cons of converting the partnership firm into a private limited company. In view of your qualifications, they contemplate appointing you a whole time director in the proposed company, if they are convinced of its advantage.
They seek your advice with specific reference to;
a) Formalities required for converting to a private company.
b) Approximate time for such conversion and approximate cost of doing so.
c) Major advantages and disadvantage, if any of changing over to company form of business from a partnership firm.
Requirement
Tender your advice in writing, containing as many clarifications as would help them take a correct decision.
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