Mahatma Gandhi University (MGU) 2005 M.B.A Business Administration Legal Environment of Business - Question Paper

M.B.A. DEGREE EXAMINATION, MAY/JUNE 2005

Faculty of Management Studies

Semester I – Paper V – LEGAL ENVIRONMENT OF BUSINESS

Time : 3 Hours

(60 Marks for 2004 admissions)
(75 Marks for 2003 admissions)
(100 Marks for Prior to 2003 admissions)

part A

ans any 5 ques..
every ques. carries 3/4/5 marks.

1. Define “Contract” and “Contract Law”. elaborate the main 2 elements of contract?
2. Differentiate ranging from Void and Voidable contract.
3. Define “consideration” and how far is it necessary for the validity of a contract.
4. Explain any 3 kinds of agents.
5. What do you understand by the term “Partnership” and elaborate the essential elements to constitute a partnership?
6. What are the essential of a bill of exchange and the special benefits of the same?
7. What do you understand by “share capital”? Why it is needed and how the shares are allotted to various investors?
8. Explain any 2 consumer redressal mechanisms.
(5 X three = 15 marks)
(5 X four = 20 marks)
(5 X five = 25 marks)

part B

ans all ques..
every ques. carries 5/6/8 marks.

9. Discuss briefly the legal regulations relating to communication of offer, acceptance and revocation. Is there any limit of time after which offer and acceptance can not be revoked.
Or
10. What are the different types of contracts from the point of enforceability? discuss any two.
11. “Consideration need not be adequate but it must have a few value in the eye of law” – discuss.
Or
12. What are the different bills of exchanges available? elaborate the general characteristics of the same?
13. Explain the term “Quasi Contracts” with suitable examples. elaborate the legal standing under Indian Contracts Act?
Or
14. What are the different modes that 1 can create an agency? What is an agency by ratification? discuss.

15. Distinguish partnership from :
(a) Joint Hindu Family Business.
(b) Co-ownership.
(c) Joint Stock Company.
Or
16. Is registration of partnership firm compulsory? What is the procedure for registration of a firm?
17. What are the main functions of consumer protection councils? elaborate the benefits desired through these councils?
Or
18. Define “FEMA”. elaborate the different features and benefits of the identical.
(5 X five = 25 marks)
(5 X six = 30 marks)
(5 X eight = 40 marks)

part C (Compulsory)

19. (a) Distinguish ranging from dissolution of firm and dissolution of partnership and explain the grounds on which a firm may be dissolved by the court.
(b) discuss any 2 modes in which a firm may be dissolved.
(20/25/35 marks)

Earning:   Approval pending.