MB0051: Legal Aspects of Business ASSIGNMENT- Set 1

1. What are the sources of law? Explain.

2. What is meant by contract? Explain about quasi contracts

A contract is an agreement, enforceable by law, made between at least two parties by which rights are acquired by one and obligations are created on the part of another. If the party, which had agreed to do something, fails to do that, then the other party has a remedy. Example: A Roadways sells a ticket on 1 March to Mike for the journey from Delhi to Kanpur on 10th March. The Roadways is under an obligation to take Mike from Delhi to Kanpur on 10th March. In case the Roadways fails to fulfill its promise, Mike has a remedy against it. Thus, Mike has a right against the Roadways to be taken from Delhi to Kanpur on 10th March. A corresponding duty is imposed on the Roadways. As there is a breach of promise by the promisor, the other party to the contract has a legal remedy. Quasi contract is a situation in which law imposes upon one person, on grounds of natural justice, an obligation similar to that which arises from a true contract, although no contract, express or implied, has in fact been entered into by them. Cases which are treated as quasi contracts 1. Claim for necessaries supplied to a person incapable of contracting or on his account. 2. Reimbursement to a person paying money due by another in payment of which he is interested.

3. What are the rights of consumer under consumer protection act?

Its a unique legislations in India to offer protection to consumers. The main objective of this Act is to provide better protection to the consumers The Act intends to provide simple, speedy and inexpensive redressal to the consumers grievances

Right to safety Right to be informed Right to choose Right to be heard, Right to seek redressal Right to consumer education

5. What is partnership? Explain the nature of partnership under law of partnership.

Partnership is a time-honoured form of business organisation. The law relating to partnership in India deals with the Indian Partnership Act, 1932. A contract of partnership is a special contract. The relationship between persons who have agreed to share profits of a business carried on by all, or by any of them acting for all. Elements of Partnership Partnership is an association of two or more than two persons. Partnership must be the result of an agreement between two or more persons. The agreement must be to carry on some business. The agreement must be to share profits of the business.

Nature of Partnership Partnership should contain all the essential elements of a valid contract as it is based on an agreement while constituting a partnership. The following points must be kept in mind: A minor may be admitted to be benefits of partnership. No consideration is required to create partnership. The partnership agreement may be express (i.e., oral or writing) or implied. Partnership agreement must be in writing. An alien friend can enter into partnership. Partnership at will Particular partnership Limited partnership

6. Write a note on the following on Copy Right Act.

The Copyright Act, 1957 contains law relating to Copyright. It came into force on January 21, 1958.

Works in which copyright subsists Copyright subsists throughout India in the following classes of work: (a) original, literary, dramatic, musical and artistic works; (b) cinematograph films; and (c) sound recordings.

The term copyright means the exclusive right, by virtue of, and subject to the provision of the Act: In the case of literary, dramatic or musical work, not being a computer programme In the case of computer programme In the case of an artistic work In the case of a cinematograph film In the case of a sound recording