Business Law nmims dec 2018 solved assignment
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Q1. What is the difference between valid, void or
voidable contract. Please explain the instances when a contract becomes valid,
void or voidable contract.
Answer: The
term “contract” is defined in 2(h) of the Indian Contract Act, 1872 as follows:
An agreement enforceable by law is a contract.
Section 2(e) defines agreement as "every
Q2. Please give at least two (2) real life examples on
how the recent amendments in Companies Act, 2013 has brought about sweeping
changes in corporate scenario of India.
Answer: Recently
ministry of corporate affairs, made some changes in DIN provisions under
companies act. Director identification number (DIN) is a unique identification
number. In this digitised era, application in eForm DIR-3 was sufficient to
obtain DIN. This was one-time process for any person who wants to be a director
in one or more companies. However now, with MCAs move to
Q3. Arun and Smitha are good friends since a long
time. Smitha is in need of a house loan with a bank and Arun has agreed to be a
be a co-applicant cum “guarantor” to help Smitha secure the house loan. Smitha
after taking possession of the Flat started defaulting payments of the house
loan and absconded. In light of the above instance, you are called to advise
the bank on the following queries:
a. What is the contract between Arun, Smitha and the
bank termed as? Identify Arun, Smitha and the bank according to their roles in
such contract?
b. Does the bank have any right against Arun? If yes
please explain in detail? If, Arun voluntarily offers to pay the loan to the
Bank, what are his rights? Please explain in detail?
Answer: a) In
the given case, Arun has agreed to be a co-applicant cum “guarantor” to help
Smitha secure the house loan so this is clearly a contract of guarantee. A
contract of guarantee is defined as “a contract to perform the promise or discharge
the liability of a third person in case of his default
Complete
Assignment available for NMIMS
in
rs 250 per assignment only
You
can call us 87-55555-879
Within
1 hour will revert you by mail
Sample only
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