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DRIVE- SUMMER 2016
PROGRAM- MBA
SEMESTER - 3
SUBJECT CODE & NAME- MB0051-Legal Aspects of Business

Q.1: What are the rights of a surety?

Rights against creditors

Rights against Principal Debtor
Right against Co-Sureties 2+4+4=10

Answer:
Rights against the creditor:In case of fidelity guarantee, the surety can

Q.2: Explain duties of a Bailor and a Bailee.

Duties of Bailor
Duties of Bailee 5+5=10

Answer:
Duties of a bailor
To disclose known faults in goods (Section 150) The bailor is bound to disclose to the bailee, all
faults in goods bailed, of which he/she is aware of. These faults materially interfere with the use of them or
expose the bailee to extraordinary risks. If the bailor does

Q3. Power of Attorney is considered as an important concept in Business Law. Explain

(Meaning, Types, Registration) 3, 2, 5
Answer:
Power of Attorney
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

Q.4: The Banking Regulation Act, 1949, provides various methods of regulation of the
banking business. Describe the key areas of regulation.

Methods of regulation 10

Answer:
The Banking Regulation Act, 1949, provides various methods of regulation of the banking business. Some of
the key areas of regulation are:
Power to provide directions Sections

Q5. Explain the nature and scope of complaints under the Consumer Protection Act?
(Persons competent to make complaints, Place of complaint, Procedure for filing a complaint,
Admission of complaint, Power of the District Forum) 3, 1, 2, 2, 2
Answer:
Persons competent to file a complaint (Section 12)
Any of the following people may file a complaint under the Act:
The consumer to whom such goods are sold or delivered or agreed tobe sold or delivered or such service
provided or agreed to be

Q6. Explain the need and types of meetings.

(Need for meeting, Statutory meetings, Annual General Meetings, Extraordinary meetings,
Class meetings) 2+2+2+2+2=10
Answer:
Need for meetings
A company is an artificial person and therefore, must act through some human intermediary. The various
provisions of law empower

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