GM06

BUSINESSLAWANDCORPORATEGOVERNANCE

AssignmentI
AssignmentCode:2014GM06A1LastDateofSubmission:15
th
April2014
MaximumMarks:100
Attemptallthequestions.Allthequestionsarecompulsoryandcarryequalmarks.

SectionA

1. (a) Definefreeconsent.Whatarethedifferentflawsinconsent?Explainthemwith
thehelpofimportantandleadingcases?
(b) In cases of Equal guilt, the position of the defendant is better than that of the
PlaintiffComment

2. (a) Whatarethevariouswaysinwhichacontractmaybedischarged?
(b) Whatremediesareavailabletoanaggrievedpartyonbreachofacontract?

3. (a) Explain the nature of a contract of sale of goods and bring out clearly the
distinctionbetweenasaleandanagreementtosell.
(b) Distinguish between condition and warranty. Explain the rule of caveat emptor
andstatehowfaritismodifiedbyimpliedconditions.

4. What are the provisions of Sale of goods act in regard to the passing of property in
Ascertainedgoods,Unascertainedgoods,Goodssoldonapprovaloronsaleorreturn.

SectionB
CaseStudy

TheUnderwoodLtd.AgreedtoselltoBurghCastleBrickacondensingengineonFeb19,2009.
Theenginewasaffixedtothesoil,inthepremisesoftheUnderwood.Itneededtobedetached
before being dispatched to Burgh by train to yarkmouth, a town in England. Certain parts of
engineweresentonfirstOnAugust6
th
2009,whilebeingloadedontoarailwaytrack,thebed
plateofenginebroke.WhentheconsignmentreachedBurgeCastle,theyrefusedtoacceptit
astheenginewasdamaged.

5. CaseQuestions:

(a) Whetherthepropertyhad passedtothedefendantatthetimewhenthe

accidenttookplace?
(b) Whetherwithinthelawonsalesofgoodsactthesellerisboundtodosomething
tothegoodstoputtheminadeliverablestate?

(c) Asperyouropinionwhatistheremedythedefendantwasleftwith?

GM06

BUSINESSLAWANDCORPORATEGOVERNANCE

AssignmentII

AssignmentCode:2014GM06A2LastDateofSubmission:15
th
May2014
MaximumMarks:100
Attemptallthequestions.Allthequestionsarecompulsoryandcarryequalmarks.

SectionA

1. (a) Define negotiable instrument? Draw the specimen of three important

NegotiableInstruments.
(b) Whatismeantbydishonorbynonacceptanceordishonorbynonpayment?
(c) What are the penalties prescribed in the Negotiable instrument Act in case of
dishonor of a cheque for insufficiency of funds in the account of the person
issuingthecheque?

2. (a) Classify the companies on the basis of liability, on the basis of number of
membersandonthebasisofcontrol.
(b) Define Prospectus . When a company not required issuing a prospectus? Also
explaintheliabilitiesformisstatementintheprospectus?

3. What do you mean by Winding up of a company? What are the different modes of
windingup?

4. (a) Define Stakeholders theory applied in Corporate Governess And mention

featuresofSarbanesOxleyAct2002
(b) Explain the Satyam case as a failure of corporate governance system and
compareitwithEnroncaseofUSA.

SectionB

CaseStudy

Mr.Wall,asthesecretaryofEastHolyfordMiningCo,signedalettertoitsBank,forwardinga
resolution of the board of directors. The resolution named three directors, and instructed the
bank to pay cheque signed by anytwo of them andcountersigned by the secretary. Specimen
signatures were attached. The instructions were entirely in accordance with the companys
memorandum of article. However there had never been any proper appointment of directors
orasecretarybythecompany.Thosewhohadformedthecompanyhadassumedtheseroles.
Following the letter, the bank had honoured the cheques in accordance with the instruction
containedintheletter.

5. CaseQuestions:

(a) Whetherthecompanywasboundbythecheques?

(b) Whetherthebankbeboundinexerciseofordinarycareandprecaution,toknow
whetherornotthatcompanyisactuallycarryingontransactingbusinessornot.

(c) Inthelightofthiscaseexplainthebenefitofthedoctrineofindoor
management.

(d) WhowillbeaskedtocompensatethelossoftheBank