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Title Name AMITY MBA SOLVE ASSIGNMENT FOR LEGAL ASPECTS OF BUSINESS/BUSINESS LAW
University AMITY
Service Type Assignment
Course MBA
Semister Semester-II Cource: MBA
Short Name or Subject Code Legal Aspects of Business/Business Laws
Commerce line item Type Semester-II Cource: MBA
Product Assignment of MBA Semester-II (AMITY)

Solved Assignment


  Questions :-

Assignment A

1.         What is agreement?    

2.         List the types of negotiable instrument.        

3.         Mention the characteristics of a company.    

4.         What is Corporate Governance?        

5.         Define factory,           

6.         List out the Deductions can be made from the wages of the workers.         

7.         Who is a casual dealer?          

8.         ´What is Interstate tax?          

 

Assignment B

 

Case Detail: 

A business operates within a legal framework that, for the most part, works. This legal framework has a long history and many reams of laws and regulations that will make your head spin. At some point, most companies will have to deal with some sort of legal issue related to their business. Don’t be afraid of this. I won’t lie. It’s scary when someone wants to sue your company but the legal system, for all it faults and issues, does provide a reasonable framework for resolving business disputes.

 

What follows is meant as an overview to get you exposed to the legal aspects of running a business. As most of you know, I am not a lawyer nor do I play one on TV. So, if you have legal questions, please seek out professional advice.

 

LEGAL ENTITY 

All businesses are categorized as some sort legal entity that governs the way they are treated under the law. Some structures (like LLC’s, C-Corps, S-Corps or LLPs) are considered free standing entities that have special rights (e.g. They can enter into contracts) and the owners have limited liabilities. While others, most notability the sole-proprietorship, the owner assumes all the liability and rewards. The type of entity you pick will depend a lot on your liability profile and whether or not you will have investors. Just remember that the law treats different entities according to criteria that will vary, so make sure to become familiar with you structures particular laws.

 

COMPLIANCE 

Compliance to local (city and county), state and federal laws will be something that all businesses will need to deal with. Unfortunately, these laws vary enough that it makes sense to call up your local chamber of commerce or local government and have them give you a reference. In general, your biggest compliance headache will be in trying to figure out what taxes you owe, employee rules and safety laws.

 

In most cases, compliance is left to the business owner and as long as the taxes are paid on time and no one registers a complaint, most government departments will not be knocking at your door. Compliance becomes challenging when the law changes or you assumed you did not have to perform a certain task. In these cases, ignorance of the law is no excuse. So, to cover yourself and your business, ensure that you get “no need to comply” decisions in writing. That way, at least you will have a something in writing as to why you did not comply.

 

CONTRACTS 

Most businesses will enter into a contract with a person or another business at some point in their existence. These contacts are what define how the working relationship will be carried out and who is responsible for what deliverables or payments. Contact language can vary but in general, most contacts will have standard boilerplate provisions such as:

 

Definitions: All contracts will have a section that will define the terms used in the contact. The most typical terms that will be defined include the parties entering into the contract and what the project is they will be working on.

 

Notice: This refers to where any communications should be sent or which parties are responsible for the contract. 

Governing Law: What laws govern the contract. This is usually a county, state or country.

Entire Agreement: Says that no other agreements are required to execute the contact. This is usually done so that it’s clear what the contact is and what it depends on.

Force Majeure: Extraordinary event or circumstance beyond the control of the parties such as riots, acts of nature, government collapse, etc. This term says that if these types of events happen, that the parties are not responsible for the consequences.

Term and Termination: How long the contact is good for and what causes the contract to terminate. 

Payment Schedules or Deliverables: All payments related to the contract and what tangible thing (be it code, hardware or documents) will be delivered in order to receive payment.

Severability: This means that if a term in the contract is determined to be illegal that does not nullify the entire contact, just that section or provision. 

Warranties And Indemnities: Usually deliverables are warranted against defects of craftsmanship or other things. Indemnification says that the seller says that they have the right to sell or transfer the properly and will fight any lawsuit against the receiving party.

Default: What is consider a breaking or breach of the contract. This usually spells out specific instances or events that trigger remedies or ways that a party can collect when the other party triggers a default event.

Counterparts: Means that the contact can be signed in parts and put together as a whole document without everyones signature appearing on the same page. 

Confidentiality: Says that certain items, terms or pricing will remain confidential. It sometimes deals with intellectual property disclosure but those types of issues are usually handled via a Non Disclosure Agreement (NDA).

There are many, many more sections of a contract, depending on the type but the ones above are almost always in a contract. Make sure you do a little research before you contact a lawyer since that will save you time and money.

RESOLVING DISPUTES

 

The legal system is setup to resolve disputes. These disputes usually revolve around some sort of breach of contract, violation of intellectual property or breaking a law. When you are faced with a legal action, it’s best (and I mean it) to seek out counsel to assist you in navigating the nuances of the legal system. Once you have contacted a lawyer, there are a couple of things you should do right away. These include:

 

Remain calm: Lawsuits happen. Don’t freak out just because someone wants to sue you. Relax. Take a deep breath and go find a lawyer.

 

Don’t call your adversary: Whatever you do, don’t call your adversary until you have talked to a lawyer. Whatever you say in the heat of passion will be used against you. If you have to vent, go yell at a wall.

 

Gather up all your documents: Start to collect any and all documents that relate to the matter. Be as detailed as you can be.

 

Keep a Notebook: Any conversation or phone call or meeting related to the law suit or action you should write down in a dedicated notebook just for the particular matter. This is important since you can use these notes during a trail. Remember to number, date and sign the page.

 

Write down everything you know: In your notebook, write down as much as you can recall about the matter. Keep a list of questions you need answered and things that may be fuzzy.

 

Read the contract: Go dig up all the old contracts related to the matter and reread them to ensure you understand what’s in them.

 

Discuss with your partners/employees: When appropriate, disclose as many details about the suit as you can. It’s important to be open with partners and employees about legal dealings. In some cases, your partner or employees may hold valuable insights into the matter.

 

There are a lot of companies who abuse the legal system and these companies make it miserable for everyone else. So, don’t fly off the handle and sue people. Rather, a lawsuit should be your absolute last resort if you can’t find a equitable solution to your problem.

 

A NECESSITY THAT’S NOT THAT EVIL

 

Having good corporate counsel will make your business better. I know, it feels like a necessary evil but it’s really just part of doing business. Just like all your hires, you need to find the right lawyer for your stage of business and work with them like they are part of your team.

 

Question

1.         Look up a lawsuit among two businesses in your market. What is the lawsuit about? What are the major points of contention? Write a couple of paragraphs on how you would approach resolving the conflict.

 

2.         Review one of your companies contracts. List the terms and sections. How many of them seem generic? What are some of the default conditions that could lead to a lawsuit? Write a paragraph on why the contract was written the way it was.

 

3.         What type of legal entity does your business operate under? What special privileges does that grant it?

 

Assignment C

 

Question No.  1           Marks - 10

Determining whether or not the parties entered an agreement freely _____. 

Options          

  1. depends on the motives of each party           
  2. deals only with an agreement
  3. will not enforce an outcome  
  4. is the underlying objective of contract law

 

Question No.  2           Marks - 10

The law presumes that anyone entering a contract has _____.           

Options          

  1. nothing better to do   
  2. legally surrendered negotiation          
  3. the legal capacity to do so     
  4. something to gain or receive

 

Question No.  3           Marks - 10

Maria offers to pay Alsad $100 if he makes and A in his business law class. While the business law class is in progress, Maria´s promise is _____.    

Options          

  1. unilateral and executed          
  2. unilateral and executory         
  3. bilateral and executed
  4. bilateral and executory

 

Question No.  4           Marks - 10

Betty is awarded $10,000 damages against Ethyl in a damage suit arising from an auto accident. Betty and Ethyl agree to the payment of this judgment at $100 per month. This payment agreement is confirmed by the court and recorded. Betty and Ethyl now have a _____.       

Options          

  1. contract under seal     
  2. formal contract           
  3. contract of record      
  4. contract to contract

 

Question No.  5           Marks - 10

Phillip needs money and decides to paint Donna´s house while she is out of town and bill her for the work. Donna refuses to pay Phillip and Phillip sues. A court _____.           

Options          

  1. will not apply quasi contract doctrine
  2. will apply quasi contract doctrine      
  3. might apply quasi contract doctrine if the painting were done very well      
  4. cannot apply quasi contract doctrine since Phillip and Donna did not have a written contract.

 

Question No.  6           Marks - 10

Avia silently takes one candy bar each day from Jerry´s candy store and pays for them at the end of the week. On this particular day, Avia silently takes two candy bars from Jerry´s candy store. At the end of the week Avia only wants to pay for one candy bar since she believed that she should get one free for being a good customer. A court will _____.     

Options          

  1. apply Avia´s belief in resolving this dispute  
  2. be unable to resolve the dispute unless the parties agree       
  3. create a contract since no words were spoken           
  4. view Avia´s actions as a reasonable person would have

 

Question No.  7           Marks - 10

Sarah purchases a car when she is a 15-year-old from OK Motors Inc. Sarah´s contract is _____.   

Options          

  1. valid   
  2. void    
  3. voidable         
  4. unenforceable

 

Question No.  8           Marks - 10

Karaya contracts with Lance to have him mow her yard every two weeks while she spends the summer in India. Lance only mows every four weeks and Karaya´s yard looks very ugly. Karalya´s neighbor, Zaya, sues Lance for his failure to maintain Karaya´s yard properly. A court will _____.         

Options          

  1. allow Zaya to sue since she sees the ugly yard next door     
  2. dismiss Zaya´s suit since privity is lacking     
  3. allow Zaya to sue as an intended beneficiary
  4. allow Zaya to sue as an incidental beneficiary

 

Question No.  9           Marks - 10

This theory of contract law focuses on the outward actions and the words of the parties:   

Options          

  1. will     
  2. equal value     
  3. good faith      
  4. formalistic

 

Question No.  10         Marks - 10

Jared, age 18, agrees not to smoke when his uncle Brandon, age 40, promises to pay him $1,000 for not smoking until age 22. Will a court compel uncle Brandon to pay Jared $1,000 if Jared does not smoke?      

Options          

  1. No, because Jared has better health for having not smoked. 
  2. No, because uncle Brandon did not benefit from Jared´s action.      
  3. Yes, because Jared and uncle Brandon are adults.    
  4. Yes, because Jared gave up a legal right.

 

Question No.  11         Marks - 10

Charlie tells Bo that he is looking for a new car. Bo says that he will sell Charlie his car for $12,000. Charlie says he wants to think it over. In what stage of contract formation are Charlie and Bo?     

Options          

  1. negotiation     
  2. intention         
  3. acceptance      
  4. contract

 

Question No.  12         Marks - 10

How certain and definite must an offer be?   

Options          

  1. absolutely       
  2. somewhat       
  3. convencienly  
  4. reasonably

 

Question No.  13         Marks - 10

Alpha Inc. offers to purchase all the coal it needs from Mountain Mining Inc. Alpha and Mountain have what type of agreement?     

Options          

  1. output 
  2. requirement    
  3. illusory
  4. cost-plus

 

Question No.  14         Marks - 10

Janet promises to pay Roberto $20 to wash her car. Roberto may accept Janet´s offer by _____.   

Options          

  1. promising to wash the car      
  2. specifying to wash the car     
  3. preparing to wash the car       
  4. washing the car

 

Question No.  15         Marks - 10

Norm offers to sell his horse to Gary for $1,000. Gary states that he accepts the offer provided Norm includes a month of riding lessons. What is the legal status of Gary´s statement?      

Options          

  1. counteroffer   
  2. acceptance      
  3. offer   
  4. implied acceptance

 

Question No.  16         Marks - 10

Cindi receives via FedEx a new DVD player that she did not order. What is Cindi´s legal obligation?       

Options          

  1. none   
  2. hold the DVD player for a reasonable time   
  3. promptly return the DVD player       
  4. pay for the DVD player

 

Question No.  17         Marks - 10

Grandma Jones offers by mail to sell her house to Allen for $80,000. She dies unexpectedly. Allen sends his acceptance the next day after her death. Is there an enforceable contract?   

Options          

  1. Yes, if Allen did not know of the death.      
  2. No, the death terminated the offer.   
  3. Yes, if Allen responded in a reasonable time.
  4. No, since the death was unexpected.

 

Question No.  18         Marks - 10

Dexter is considering purchasing from Lisa a vacant lot and opening a fast food restaurant. However, he heeds a month to obtain his financing. How may Dexter secure an enforceable offer to purchase the lot?            

Options          

  1. requirement contract  
  2. firm offer contract     
  3. option contract           
  4. security contract         

 

Question No.  19         Marks - 10

Which of the following contains rules regarding cyber contract law:           

Options          

  1. The Uniform Electronic Transactions Act     
  2. The C-Sign Act          
  3. The Internet Contract Act     
  4. The Cyberspace Transactions Act

 

Question No.  20         Marks - 10

A cyberofferor should include the following terms in their offer:    

Options          

  1. payment criteria         
  2. liability disclaimer      
  3. return procedures       
  4. all of the above

 

Question No.  21         Marks - 10

In the granting of mutual assent, a "meeting of the minds" means that _____.         

Options          

  1. there were lengthy negotiations.        
  2. there is a complete understanding of all aspects of the agreement    
  3. both parties know the terms and have willingly agreed to be bound by them          
  4. both parties know the terms, have willingly agreed to be bound by them, and have had a face-to-face meeting

 

Question No.  22         Marks - 10

Eva intentionally and falsely states that an old ring that she is selling to Julia was made in France. Julia, a collector of French jewelry, pays $3,000 for the ring based upon these statements. Julia later learns that the ring was made in Poland and is worth $6,000. May Julia successfully sue Eva for fraud?          

Options          

  1. No, because Julia has not suffered a loss.      
  2. Yes, because where the ring was made was a material fact to Julia. 
  3. No, because Julia was free to inspect the ring before purchasing it. 
  4. Yes, because Eva intentionally and falsely misstated a material fact.

 

Question No.  23         Marks - 10

Ichi covers the rust damage to a car he is selling to Henry with a new paint job. Henry does not ask about rust damage. Has Ichi committed fraud?  

Options          

  1. No, because Henry didn´t ask about rust.      
  2. Yes, because Henry cannot be expected to discover the rust.           
  3. No, because rusting is a natural process that Henry should understand.       
  4. Yes, because Ichi made the car look nicer than it really was.

 

Question No.  24         Marks - 10

Yes, because Ichi made the car look nicer than it really was. 

Options          

  1. damages         
  2. rescission and damages          
  3. rescission        
  4. rescission, damages, and an injunction

 

Question No.  25         Marks - 10

Beth contracts to sell Minda merchandise stored in a warehouse. Unknown to either person, the warehouse burned the night before the contract was made, totally destroying the merchandise. In this situation, Minda _____.

Options          

  1. is bound to the contract         
  2. may successfully assert fraud
  3. may successfully assert fraud and cancel the contract          
  4. may cancel the contract

 

Question No.  26         Marks - 10

Duress is characterized by _____ while undue influence is characterized by _____. What word goes in each blank in order?           

Options          

  1. threats, pressure         
  2. pressure, threats         
  3. emotional appeals, mistaken beliefs   
  4. confusion, indecision 

 

Question No.  27         Marks - 10

James operates the only gasoline station along a one hundred mile stretch of desert road and charges four times the normal price for gasoline. A motorist purchasing gasoline from James _____.   

Options          

  1. experiences wrongful economic duress         
  2. experiences wrongful emotional duress         
  3. experiences wrongful undue influence          
  4. experiences no duress or undue influence

 

Question No.  28         Marks - 10

Bethany is an exceptionally persuasive sales representative. After signing a contract, customers frequently feel that they were swept along without a meanful way to say no. Bethany has engaged in _____.      

Options          

  1. undue influence         
  2. duress 
  3. both undue influence and duress       
  4. neither undue influence or duress

 

Question No.  29         Marks - 10 

A fiduciary relationship involves _____.        

Options          

  1. trust    
  2. dependence    
  3. trust and dependence 
  4. trust, dependence, and domination

 

Question No.  30         Marks - 10

Aza and Ersaid both believe that a particular horse descended from a Kentucky Derby winner when in fact the horse descended from a horse that came in last in the Kentucky Derby. This is most clearly an example of _____.            

Options          

  1. mistake as to existence           
  2. mistake as to value     
  3. mistake as to description        
  4. mistake of law

 

Question No.  31         Marks - 10 

Jay, age 16, purchases a new sports car with his inheritance from his grandfather. Nine months later he wrecks the car, which is a total loss. What are Jay´s disaffirmance rights in most states?     

Options          

  1. He may disaffirm.      
  2. He may disaffirm but must pay nine months rental value.    
  3. He may disaffirm but must pay the salvage value of the car.
  4. He may not disaffirm.

 

Question No.  32         Marks - 10

LaVall, age 18, lives in a state in which the age of adulthood is nineteen. May she legally vote in a U.S. Presidential election? 

 Options          

  1. No, since adulthood in her state is nineteen. 
  2. Yes, since she is eighteen.      
  3. No, since it would be an unreasonable burden to separate federal and state elections.
  4. Yes, since she pays federal income taxes on her wages.       

 

Question No.  33         Marks - 10

A minor may become emancipated by _____.            

Options          

  1. giving up all parental support 
  2. a legally sanctioned court procedure 
  3. giving up all parental support or by a legally sanctioned court procedure     
  4. only becoming married or joining the armed forces

 

Question No.  34         Marks - 10

What constitutes as necessary _____.

 Options          

  1. is the same for all minors       
  2. varies according to local standards    
  3. varies according to the age of the minor        
  4. varies according to the minor´s social status

 

Question No.  35         Marks - 10

Leo, age 16, has his wisdom teeth removed by Jane, a local dentist. Jane charges Leo $1,200 while most dentists would have charged $900. Leo must pay _____.      

 Options          

  1. 1200   
  2. 1050   
  3. 900     
  4. nothing if he disaffirms the contract

 

Question No.  36         Marks - 10

Margarita does not like the dinner her parents have prepared and leaves the house to purchase a $50 steak dinner at a local restaurant. How much must Margarita´s parents pay the restaurant if Margarita refuses to pay anything?           

 Options          

  1. 50       
  2. a reasonable price       
  3. an amount to be determined in arbitration     
  4. nothing

 

Question No.  37         Marks - 10

Hector, age 16, decides to get free use of a computer by purchasing it and later disaffirming the contract. Hector is using minority as _____.    

 Options          

  1. a sword          
  2. a shield           
  3. both a sword and a shield      
  4. neither a sword or a shield

 

Question No.  38         Marks - 10

A minor may disaffirm a contract _____.      

 Options          

  1. only while a minor     
  2. only after becoming and adult           
  3. both while a minor and after becoming an adult       
  4. only with the permission of a court

 

Question No.  39         Marks - 10

Which of the following circumstances always produces a lack of contractual capacity?     

 Options          

  1. mental retardation      
  2. brain damage  
  3. drinking          
  4. appointment of a guardian     

 

Question No.  40         Marks - 10

Vonnie appeared normal but in fact is mentally incompetent. If she decides to disaffirm a contract, Vonnie _____.

 Options          

  1. has no obligation beyond disaffirming          
  2. must return all consideration received           
  3. must pay a reasonable price for any goods or services she received  
  4. must petition a court for permission to disaffirm
  Answers :-

Legal Aspects of Business

Assignment A

  1. What is agreement?

Answer:- Agreement happens once a word changes type looking on the opposite words to that it relates. it´s Associate in Nursing instance of inflection, and frequently involves creating the worth of some family (such as gender or person) "agree" between varied words or elements of the sentence.

For example, in normal English, one could say i´m or he´s, however not "I is" or "he am". this can be as a result of the synchronic linguistics of the language needs that the verb and its subject agree face to face. The pronouns I and he square measure 1st and person severally, as square measure the verb forms am and is. The verb type should be elite so it´s constant person because the subject.

The meeting of minds with the understanding and acceptance of reciprocal legal rights and duties on specific actions or obligations, that the parties will exchange, a mutual assent to try to to or refrain from doing one thing, a contract. The writing or document that records the meeting of the minds of the parties. Associate in Nursing agreement isn´t invariably substitutable with a contract as a result of it´d lack a vital part of a contract, like thought.

A concord of understanding and intention, between 2 or additional parties, with relevance the result upon their relative rights and duties, of sure past or future facts or performances.. A returning along of parties in opinion or determination; the union of 2 or additional minds in a very factor done or to be done; a mutual assent to try to to a factor.

Agreements square measure of the subsequent many descriptions,: Conditional agreements, the operation and result of that rely on the existence of a supposed state of facts, or the performance of a condition, or the happening of a contingency. dead agreements, that have regard to past events, or that square measure quickly closed and wherever nothing additional remains to be done by the parties. fiduciary agreements square measure like square measure to be performed within the future. they´re ordinarily preliminary to alternative additional formal or necessary contracts or deeds, and square measure sometimes proven by memoranda, parole guarantees, etc.

  1. List the types of negotiable instrument.

Answer:-  A official document could be a document guaranteeing the payment of a particular quantity of cash, either on demand, or at a collection time, with the money handler named on the document.

Examples of negotiable instruments embody dedication notes, bills of exchange, banknotes, demand draft and cheques.

Negotiability of a document is tormented by

(1) The statutory formalities and language (specific terminology) employed in its creating,

(2) correct endorsement or delivery, and

(3) The transferee being (or having the rights of) a holder in due course. cf official document.

Types of official document are:-

  1. dedication Note

Suppose you´re taking a loan of Rupees 5 Thousand from your friend Ramesh. you´ll build a document stating that you just pays the cash to Ramesh or the bearer on demand. otherwise you will mention within the document that you just would love to pay the quantity when 3 months. This document, once signed by you, punctually sealed and bimanual over to Ramesh, becomes a official document. currently Ramesh will in person gift it before you for payment or provide this document to another person to gather cash on his behalf. He will endorse it in someone else’s name UN agency successively will endorse it more until the ultimate payment is formed by you to whosoever presents it before you. this sort of a document is named a note.

  1. Bill of Exchange

Suppose Rajiv has given a loan of Rupees 10 Thousand to Sameer, that Sameer has got to return? currently, Rajiv additionally has got to provide some cash to Tarun. during this case, Rajiv will build a document directional Sameer to form payment up to Rupees 10 Thousand to Tarun on demand or when expiration of a mere amount. This document is named a bill of exchange, which may be transferred to another person’s name by Tarun.

iii. Cheques

Cheque could be a quite common style of official document. If you have got a savings checking account or accounting in an exceedingly bank, you´ll issue a cheque in your own name or in favour of others, thereby directional the bank to pay the desired quantity to the person named within the cheque. Negotiable Instruments thirty three thus, a cheque is also considered a bill of exchange; the sole distinction is that the bank is often the drawer just in case of a cheque. The Negotiable Instruments Act, 1881 defines a cheque as a bill of exchange drawn on a mere banker and not expressed to be owed otherwise than on demand.

  1. Hundis

A Hundi could be a official document by usage. it´s usually within the style of a bill of exchange drawn in any native language in accordance with the custom of the place. Sometimes it may be within the style of a note. A hundi is that the oldest identified instrument used for the aim of transfer of cash while not its actual physical movement. The provisions of the Negotiable Instruments Act shall apply to hundis only there´s no customary rule identified to the folks.

  1. Mention the characteristics of a company.

Answer:-  Indian Company law 1956’s section 3(1) (i) outline company, “Company is that the organisation that is made and registered beneath this law or any previous law”

Characteristics of Company:-

  • Separate legal entity

It is the feature of company that company isn´t simply association of persons however it´s separate legal entity. it´s a man-made person within the eye of law. Its quality isn´t the quality of investor. It will contract with members. This feature was first accepted in American Revolutionary leader| American Revolutionary leader| financier| moneyman} vs Salomon and Company ltd. American Revolutionary leader was the dealer and manufacturer of animal skin boot and shoe. He had a spouse, a girl and alternative 5 sons. He sold his business to American Revolutionary leader and company ltd that he created himself he conjointly created his family as its investor. His wife, girl and his alternative four sons purchased one share of this company and rest, he purchased

  • Separate property

It is conjointly feature of company that property of company is totally different from its members. It should purchase or sell property while not the permission of shareholders. In alternative words, assets of company don´t seem to be the assets of members like partnership

  • Limited liability

Limited liability is additionally another vital feature of company. it´s the rationale that enormous variety of investors invest in liability corporations. it´s the liability of company to repay not the liability of its members. Members’ liability is barely restricted up to the purchased price of shares. they need to pay balance quantity of their shares.

  • Perpetual succession

The lifetime of company is incredibly stable that human being’s life. there´s no impact of adjusting, death, financial condition of revered member on company. Its existence isn´t littered with members’ existence. Shares will simply transfer from one member to a different member, therefore liquidation of company is barely attainable by law.

  • Common seal

Company cannot check in any contract as a result of it´s artificial person and it works with true seal. Each document of contract with company is barely valid, if there´s true seal of company on that.

  • Right to sue

Company will sue on alternative parties like natural person for safeguarding its assets and properties. Alternative persons may charge on the corporate.

  1. What is Corporate Governance?

Answer:-  Corporate governance is that the system of rules, practices and processes by that an organization is directed and controlled. company governance primarily involves equalisation the interests of a company´s several stakeholders, like shareholders, management, customers, suppliers, financiers, government and therefore the community.

Cooperative governance is that the act of steering hand and glove in hand enterprises toward economic, social, and cultural success. It consists of responsive key queries, process roles and responsibilities, and establishing processes for setting expectations and guaranteeing answerableness

Since company governance conjointly provides the framework for attaining a company´s objectives, it encompasses much each sphere of management, from action plans and internal controls to performance mensuration and company revelation.

!--break--Governance refers specifically to the set of rules, controls, policies and resolutions place in situ to dictate company behaviour. Proxy advisors and shareholders ar necessary stakeholders UN agency indirectly have an effect on governance, however these aren´t samples of governance itself. The board of administrators is polar in governance, and it will have major ramifications for equity valuation.

  1. Define factory.

Answer:- A manufacturing plant (previously manufactory) or mill is Associate in Nursing industrial website, sometimes consisting of buildings and machinery, or a lot of unremarkably a posh having many buildings, wherever employees manufacture product or operate machines process one product into another.

Factories arose with the introduction of machinery throughout the economic Revolution once the capital and area necessities became too nice for manufacture or workshops. Early factories that contained tiny amounts of machinery, like one or 2 spinning mules, and fewer than a dozen employees are known as "glorified workshops".

Most modern factories have massive warehouses or warehouse-like facilities that contain serious instrumentality used for line production. massive factories tend to be placed with access to multiple modes of transportation, with some having rail, main road and water loading and unloading facilities.

Factories might either create distinct merchandise or some variety of material unendingly created like chemicals, pulp and paper, or refined oil merchandise. Factories producing chemicals ar usually known as plants and should have most of their instrumentality – tanks, pressure vessels, chemical reactors, pumps and piping – outdoors and operated from management rooms. Oil refineries have most of their instrumentality outdoors.

Discrete merchandise is also final commodity, or components and sub-assemblies that ar created into final merchandise elsewhere. Factories is also provided components from elsewhere or create them from raw materials. Continuous production industries generally use heat or electricity to remodel streams of raw materials into finished merchandise.

  1. List out the Deductions can be made from the wages of the workers.

Answer:-   Deductions from the wages of associate degree used person shall be created solely in accordance with the provisions of this Act and will be of the subsequent types solely namely:

(a) Fines;

(b) Deductions for absence from duty;

(c) Deductions for harm to or loss of products expressly entrusted to the used person for custody or for loss of cash that he´s needed to account wherever such harm or loss is directly because of his neglect or default;

(d) Deductions for house-accommodation provided by the leader or by government or any housing board got wind of beneath any law for the nonce good (whether the govt. or the board is that the leader or not) or the other authority engaged within the business of subsidising house-accommodation which can be per this behalf by the authorities by notification within the Official Gazette;

(e) Deductions for such amenities services provided by the leader because the authorities or any officer such as by it during this behalf could by general or special order authorise.

  1. Who is a casual dealer?

Answer:-  A casual monger refers to someone World Health Organization makes occasional sales of products, in his/her own state or in another state. Casual monger additionally suggests that someone World Health Organization whether or not as principal, agent or in the other capability undertakes occasional transactions within the nature of business involving shopping for, selling, provide or distribution of products or conducting any exhibition-cum sale whether or not for money, credit, commission, remuneration or alternative valuable thought. Casual monger additionally suggests that someone World Health Organization whether or not as principal, agent or in the other capability undertakes occasional transactions within the nature of business involving shopping for, selling, provide or distribution of products or conducting any exhibition-cum sale whether or not for money, credit, commission, remuneration or alternative.

A casual trader:

  • Must pay tax daily on the sales created on the previous day
  • Must submit a DVAT return in type DVAT sixteen when conclusion of total business in urban center.
  • Cannot issue any tax invoice.
  • Will be refunded the balance quantity of security, when adjusting any tax or dues collectable.
  1. What is Interstate tax?

Answer:-  Central excise is associate revenue enhancement that is obligatory by the central government on rateable turnover of interstate sale of products created by a registered dealer throughout the prescribed amount within the course of business. In short, it´s a tax on “Inter-state Sales” (sales made up of one State to a different State).

India contains a well-developed tax structure with clearly demarcated authority between Central and State Governments and native bodies. Central Government levies taxes on financial gain (except tax on agricultural financial gain, that the State Governments will levy), customs duties, central excise and repair tax. price supplemental Tax (VAT), stamp duty, state excise, land revenue and profession tax area unit levied by the State Governments. native bodies area unit sceptered to levy tax on properties, octopi and for utilities like water, evacuation etc. Indian taxation system has undergone tremendous reforms throughout the last decade. The tax rates are rationalized and tax laws are simplified leading to higher compliance, simple tax payment and higher social control. the method of rationalization of tax administration is in progress in India.

Direct Taxes

In case of direct taxes (income tax, wealth tax, etc.), the burden directly falls on the payer.

Income tax

According to revenue enhancement Act 1961, all and sundry, UN agency is associate assessee and whose total financial gain exceeds the utmost exemption limit, shall be guilty to the revenue enhancement at the speed or rates prescribed within the Finance Act. Such revenue enhancement shall be paid on the whole financial gain of the previous year within the relevant assessment year.

Assesse suggests that someone by whom (any tax) or the other total of cash is owed underneath the revenue enhancement Act, and includes -

(a) all and sundry in respect of whom any continuing underneath the revenue enhancement Act has been taken for the assessment of his financial gain (or assessment of fringe benefits) or of the financial gain of the other person in respect of that he´s assessable, or of the loss sustained by him or by such alternative person, or of the number of refund attributable to him or to such alternative person;

(b) {every person|every one|every body|all associated sundry|one and all} UN agency is deemed to be an assessed underneath any provisions of the revenue enhancement Act;

(c) {every person|every one|every body|all associated sundry|one and all} UN agency is deemed to be an assessed in default underneath any provision of the revenue enhancement Act.

Solve by www.solvezone.in 

Assignment B

Case Detail: 

A business operates within a legal framework that, for the most part, works. This legal framework has a long history and many reams of laws and regulations that will make your head spin. At some point, most companies will have to deal with some sort of legal issue related to their business. Don’t be afraid of this. I won’t lie. It’s scary when someone wants to sue your company but the legal system, for all it faults and issues, does provide a reasonable framework for resolving business disputes.

What follows is meant as an overview to get you exposed to the legal aspects of running a business. As most of you know, I am not a lawyer nor do I play one on TV. So, if you have legal questions, please seek out professional advice.

LEGAL ENTITY

All businesses are categorized as some sort legal entity that governs the way they are treated under the law. Some structures (like LLC’s, C-Corps, S-Corps or LLPs) are considered free standing entities that have special rights (e.g. They can enter into contracts) and the owners have limited liabilities. While others, most notability the sole-proprietorship, the owner assumes all the liability and rewards. The type of entity you pick will depend a lot on your liability profile and whether or not you will have investors. Just remember that the law treats different entities according to criteria that will vary, so make sure to become familiar with you structures particular laws.

COMPLIANCE

Compliance to local (city and county), state and federal laws will be something that all businesses will need to deal with. Unfortunately, these laws vary enough that it makes sense to call up your local chamber of commerce or local government and have them give you a reference. In general, your biggest compliance headache will be in trying to figure out what taxes you owe, employee rules and safety laws.

In most cases, compliance is left to the business owner and as long as the taxes are paid on time and no one registers a complaint, most government departments will not be knocking at your door. Compliance becomes challenging when the law changes or you assumed you did not have to perform a certain task. In these cases, ignorance of the law is no excuse. So, to cover yourself and your business, ensure that you get “no need to comply” decisions in writing. That way, at least you will have a something in writing as to why you did not comply.

CONTRACTS

Most businesses will enter into a contract with a person or another business at some point in their existence. These contacts are what define how the working relationship will be carried out and who is responsible for what deliverables or payments. Contact language can vary but in general, most contacts will have standard boilerplate provisions such as:

Definitions: All contracts will have a section that will define the terms used in the contact. The most typical terms that will be defined include the parties entering into the contract and what the project is they will be working on.

Notice: This refers to where any communications should be sent or which parties are responsible for the contract.

Governing Law: What laws govern the contract. This is usually a county, state or country.

Entire Agreement: Says that no other agreements are required to execute the contact. This is usually done so that it’s clear what the contact is and what it depends on.

Force Majeure: Extraordinary event or circumstance beyond the control of the parties such as riots, acts of nature, government collapse, etc. This term says that if these types of events happen, that the parties are not responsible for the consequences.

Term and Termination: How long the contact is good for and what causes the contract to terminate.

Payment Schedules or Deliverables: All payments related to the contract and what tangible thing (be it code, hardware or documents) will be delivered in order to receive payment.

Severability: This means that if a term in the contract is determined to be illegal that does not nullify the entire contact, just that section or provision.

Warranties And Indemnities: Usually deliverables are warranted against defects of craftsmanship or other things. Indemnification says that the seller says that they have the right to sell or transfer the properly and will fight any lawsuit against the receiving party.

Default: What is consider a breaking or breach of the contract. This usually spells out specific instances or events that trigger remedies or ways that a party can collect when the other party triggers a default event.

Counterparts: Means that the contact can be signed in parts and put together as a whole document without everyones signature appearing on the same page.

Confidentiality: Says that certain items, terms or pricing will remain confidential. It sometimes deals with intellectual property disclosure but those types of issues are usually handled via a Non Disclosure Agreement (NDA).

There are many, many more sections of a contract, depending on the type but the ones above are almost always in a contract. Make sure you do a little research before you contact a lawyer since that will save you time and money.

RESOLVING DISPUTES 

The legal system is setup to resolve disputes. These disputes usually revolve around some sort of breach of contract, violation of intellectual property or breaking a law. When you are faced with a legal action, it’s best (and I mean it) to seek out counsel to assist you in navigating the nuances of the legal system. Once you have contacted a lawyer, there are a couple of things you should do right away. These include:

Remain calm: Lawsuits happen. Don’t freak out just because someone wants to sue you. Relax. Take a deep breath and go find a lawyer.

Don’t call your adversary: Whatever you do, don’t call your adversary until you have talked to a lawyer. Whatever you say in the heat of passion will be used against you. If you have to vent, go yell at a wall.

Gather up all your documents: Start to collect any and all documents that relate to the matter. Be as detailed as you can be.

Keep a Notebook: Any conversation or phone call or meeting related to the law suit or action you should write down in a dedicated notebook just for the particular matter. This is important since you can use these notes during a trail. Remember to number, date and sign the page.

Write down everything you know: In your notebook, write down as much as you can recall about the matter. Keep a list of questions you need answered and things that may be fuzzy.

Read the contract: Go dig up all the old contracts related to the matter and reread them to ensure you understand what’s in them.

Discuss with your partners/employees: When appropriate, disclose as many details about the suit as you can. It’s important to be open with partners and employees about legal dealings. In some cases, your partner or employees may hold valuable insights into the matter.

There are a lot of companies who abuse the legal system and these companies make it miserable for everyone else. So, don’t fly off the handle and sue people. Rather, a lawsuit should be your absolute last resort if you can’t find a equitable solution to your problem.

A NECESSITY THAT’S NOT THAT EVIL

Having good corporate counsel will make your business better. I know, it feels like a necessary evil but it’s really just part of doing business. Just like all your hires, you need to find the right lawyer for your stage of business and work with them like they are part of your team.

Question

  1. Look up a lawsuit among two businesses in your market. What is the lawsuit about? What are the major points of contention? Write a couple of paragraphs on how you would approach resolving the conflict.

Answer:-  A business operates at intervals a legal framework that, for the foremost half, works. This legal framework encompasses a long history and plenty of reams of laws and rules which will build your head spin. At some purpose, most corporations can have to be compelled to manage some style of legal issue associated with their business. Don’t be fearful of this. I won’t lie. It’s shivery once somebody desires to sue your company however the system, for all its faults and problems, will offer an inexpensive framework for resolution business disputes.

The system is setup to resolve disputes. These disputes sometimes revolve around some style of breach of contract, violation of property or breaking a law. Once you are two-faced with a proceedings, it’s best (and I mean it) to hunt out counsel to help you in navigating the nuances of the system. Once you´ve got contacted a professional, there are some of stuff you ought to do quickly.

Whether you´re concerned during a family or neighbourhood dispute or a case involving thousands of greenbacks, these processes ought to be thought of. they´re usually the a lot of acceptable ways of dispute resolution and may lead to a good, just, cheap declare each you and also the alternative party. Settlement and compromise have long been favored within the system. In fact, most cases that are filed during a court do settle. Solely 5 per cent of all cases filed move to trial. ADR procedures are wonderful choices for you in managing conflict, permitting you to succeed in resolution earlier and with less expense than ancient proceeding. In fact, several courts need parties to think about some kind of ADR before planning to trial.

The system is setup to resolve disputes. These disputes sometimes revolve around some style of breach of contract, violation of property or breaking a law.  Once you are two-faced with a proceedings, it’s best (and I mean it) to hunt out counsel to help you in navigating the nuances of the system. Once you´ve got contacted a professional, there are some of stuff you ought to do quickly. These include:

Remain calm: Lawsuits happen. Don’t freak out simply because somebody desires to sue you. Relax. Take a deep breath and go notice a professional.

Don’t decision your adversary: no matter you are doing, don’t decision your opposer till you´ve got talked to a professional. No matter you say within the heat of passion are used against you. If you´ve got to vent, go yell at a wall.

Gather up all of your documents: begin to gather any and every one documents that relate to the matter. Be as careful as you´ll be able to be.

  1. Review one of your companies’ contracts. List the terms and sections. How many of them seem generic? What are some of the default conditions that could lead to a lawsuit? Write a paragraph on why the contract was written the way it was.

Answer:-  Most businesses can enter into a contract with an individual or another business at some purpose in their existence. These contacts are what outline however the operating relationship are going to be dole out and United Nations agency is chargeable for what deliverables or payments. Contact language will vary however normally, most contacts can have normal boilerplate provisions such as:

Definitions: All contracts can have an area that may outline the terms employed in the contact. The foremost typical terms that may be outlined embrace the parties going in the contract and what the project is that they are going to be engaged on.

Governing Law: What laws govern the contract? This is often sometimes a county, state or country.

Entire Agreement: Says that no alternative agreements are needed to execute the contact. This is often sometimes done in order that it’s clear what the contact is and what it depends on.

Force Majeure: Extraordinary event or circumstance on the far side the management of the parties like riots, acts of nature, government collapse, etc. This term says that if these kinds of events happen that the parties aren´t chargeable for the results.

Term and Termination: however long the contact is nice for and what causes the contract to terminate.

Payment Schedules or Deliverables: All payments associated with the contract and what tangible issue (be it code, hardware or documents) are going to be delivered so as to receive payment.

Severability: this suggests that if a term within the contract is decided to be smuggled that doesn´t nullify the whole contact, simply that section or provision.

Warranties and Indemnities: sometimes deliverables are guaranteed against defects of workmanship or alternative things. Indemnification says that the vendor says that they need the correct to sell or transfer the properly and can fight any causa against the receiving party.

Default: what´s considering a breaking or breach of the contract? This sometimes spells out specific instances or events that trigger remedies or ways in which a celebration will collect once the opposite party triggers a default event.

Counterparts: implies that the contract is signed in elements and place along as a full document while not everyone’s signature showing on identical page.

Confidentiality: Says that sure things, terms or rating can stay confidential. It typically deals with material possession revelation however those kinds of problems are sometimes handled via a Non-Disclosure Agreement (NDA).

There are several, more sections of a contract, reckoning on the kind however those on top of are nearly always in an exceedingly contract. Certify you are doing a bit analysis before you contact a attorney since that may prevent time and cash.

We are all conversant in the foremost ancient dispute-resolution method of our civil justice system: proceeding and trial with a decide or jury deciding United Nations agency is correct or wrong - wherever somebody wins and somebody loses. However, there are several alternative choices obtainable. Negotiation, mediation and arbitration - typically known as ADR or different dispute resolution- are the foremost well-known.

  1. What type of legal entity does your business operate under? What special privileges does that grant it?

Answer:-  All businesses are classified as some type legal entity that governs the means they´re treated below the law. Some structures (like LLC’s, C-Corps, S-Corps or LLPs) are thought of free standing entities that have special rights (e.g. they will enter into contracts) and also the homeowners have restricted liabilities. Whereas others, most famous person the sole-proprietorship, the owner assumes all the liability and rewards. The kind of entity you choose can rely plenty on your liability profile and whether or not or not you´ll have investors. Simply keep in mind that the law treats totally different entities consistent with criteria which will vary, therefore confirm to become aware of you structures specific laws.

A social enterprise could also be incorporated either as a for-profit or a non-profit.

1 Its but vital to acknowledge that social enterprises aren´t outlined by their standing|status|position}: legal status could also be discretionary. A social enterprise’s structure or model isn´t a definitive determinate of its position.

The decision to include the social enterprise singly from the parent, {and then|then|so|and therefore} to try and do so as a for-profit or non-profit is driven by one or a lot of the subsequent factors:

Legal setting

The law in several countries doesn´t build provisions or acknowledge the social enterprise (income-generating non-profit) as legitimate or legal. Therefore, non-profit organizations risk losing their non-profit standing and associated privileges by launching a social enterprise or income-generating activity. Some countries have created special provisions within the law and tax codes for social enterprises.

Legal problems are advanced and vary wide. The setting is a lot of sanctioning in some countries than in others; but, there´s still work to be done round the world on this issue.

Regulatory setting in rising Market Countries

  1. Whereas the legal setting varies from country to country, a general lack of clarity within the law concerning the lawfulness and tax treatment of NGOs engaged in economic and industrial activities in rising market countries leads to a spread of sensible and moral challenges for several NGOs.
  2. Several social enterprises operate in "legal gray areas," fearing that their industrial activities can jeopardize their organization standing. Tries to stay "off the measuring instrument screen" of native authorities forces social enterprises to stay tiny and therefore unable to maximize their profit potential or deliver the goods scale. In some instances, native authorities or "tax police" cash in of the ambiguous laws and extort social enterprises, requiring them to pay bribes or unconscionable taxes that may threaten the survival of each the enterprise and also the organization. In alternative cases, governments have thirstily looked to social enterprises as a brand new mechanism for building the assets, and charged high taxes on attained financial gain, incapacitating social enterprise performance and preventing them from achieving their purpose of funding social activities.

Assignment C

Question No.  1         

Determining whether or not the parties entered an agreement freely _____.      

Options          

  1. depends on the motives of each party
  2. deals only with an agreement
  3. will not enforce an outcome
  4. is the underlying objective of contract law

Question No.  2         

The law presumes that anyone entering a contract has _____.    

Options          

  1. nothing better to do
  2. legally surrendered negotiation
  3. the legal capacity to do so
  4. something to gain or receive

Question No.  3         

Maria offers to pay Alsad $100 if he makes and A in his business law class. While the business law class is in progress, Maria´s promise is _____.       

Options          

  1. unilateral and executed
  2. unilateral and executory
  3. bilateral and executed
  4. bilateral and executory

Question No.  4         

Betty is awarded $10,000 damages against Ethyl in a damage suit arising from an auto accident. Betty and Ethyl agree to the payment of this judgment at $100 per month. This payment agreement is confirmed by the court and recorded. Betty and Ethyl now have a _____.         

Options          

  1. contract under seal
  2. formal contract
  3. contract of record
  4. contract to contract

Question No.  5         

Phillip needs money and decides to paint Donna´s house while she is out of town and bill her for the work. Donna refuses to pay Phillip and Phillip sues. A court _____.       

Options          

  1. will not apply quasi contract doctrine
  2. will apply quasi contract doctrine
  3. might apply quasi contract doctrine if the painting were done very well
  4. cannot apply quasi contract doctrine since Phillip and Donna did not have a written contract.

Question No.  6         

Avia silently takes one candy bar each day from Jerry´s candy store and pays for them at the end of the week. On this particular day, Avia silently takes two candy bars from Jerry´s candy store. At the end of the week Avia only wants to pay for one candy bar since she believed that she should get one free for being a good customer. A court will _____.           

Options          

  1. apply Avia´s belief in resolving this dispute
  2. be unable to resolve the dispute unless the parties agree
  3. create a contract since no words were spoken
  4. view Avia´s actions as a reasonable person would have

Question No.  7         

Sarah purchases a car when she is a 15-year-old from OK Motors Inc. Sarah´s contract is _____.      

Options          

  1. valid
  2. void
  3. voidable
  4. unenforceable

Question No.  8         

Karaya contracts with Lance to have him mow her yard every two weeks while she spends the summer in India. Lance only mows every four weeks and Karaya´s yard looks very ugly. Karalya´s neighbor, Zaya, sues Lance for his failure to maintain Karaya´s yard properly. A court will _____.     

 Options         

  1. allow Zaya to sue since she sees the ugly yard next door
  2. dismiss Zaya´s suit since privity is lacking
  3. allow Zaya to sue as an intended beneficiary
  4. allow Zaya to sue as an incidental beneficiary

Question No.  9         

This theory of contract law focuses on the outward actions and the words of the parties:      

 Options         

  1. will
  2. equal value
  3. good faith
  4. formalistic

Question No.  10       

Jared, age 18, agrees not to smoke when his uncle Brandon, age 40, promises to pay him $1,000 for not smoking until age 22. Will a court compel uncle Brandon to pay Jared $1,000 if Jared does not smoke?            

Options          

  1. No, because Jared has better health for having not smoked.
  2. No, because uncle Brandon did not benefit from Jared´s action.
  3. Yes, because Jared and uncle Brandon are adults.
  4. Yes, because Jared gave up a legal right.

Question No.  11       

Charlie tells Bo that he is looking for a new car. Bo says that he will sell Charlie his car for $12,000. Charlie says he wants to think it over. In what stage of contract formation are Charlie and Bo?        

 Options         

  1. negotiation
  2. intention
  3. acceptance
  4. contract

Question No.  12       

How certain and definite must an offer be?          

 Options         

  1. absolutely
  2. somewhat
  3. convencienly
  4. reasonably

Question No.  13       

Alpha Inc. offers to purchase all the coal it needs from Mountain Mining Inc. Alpha and Mountain have what type of agreement?     

 Options         

  1. output
  2. requirement
  3. illusory
  4. cost-plus

Question No.  14       

Janet promises to pay Roberto $20 to wash her car. Roberto may accept Janet´s offer by _____.      

 Options         

  1. promising to wash the car
  2. specifying to wash the car
  3. preparing to wash the car
  4. washing the car

Question No.  15       

Norm offers to sell his horse to Gary for $1,000. Gary states that he accepts the offer provided Norm includes a month of riding lessons. What is the legal status of Gary´s statement?         

 Options         

  1. counteroffer
  2. acceptance
  3. offer
  4. implied acceptance

Question No.  16       

Cindi receives via FedEx a new DVD player that she did not order. What is Cindi´s legal obligation?           

Options          

  1. none
  2. hold the DVD player for a reasonable time
  3. promptly return the DVD player
  4. pay for the DVD player

Question No.  17       

Grandma Jones offers by mail to sell her house to Allen for $80,000. She dies unexpectedly. Allen sends his acceptance the next day after her death. Is there an enforceable contract? 

Options          

  1. Yes, if Allen did not know of the death.
  2. No, the death terminated the offer.
  3. Yes, if Allen responded in a reasonable time.
  4. No, since the death was unexpected.

Question No.  18       

Dexter is considering purchasing from Lisa a vacant lot and opening a fast food restaurant. However, he heeds a month to obtain his financing. How may Dexter secure an enforceable offer to purchase the lot?            

Options          

  1. requirement contract
  2. firm offer contract
  3. option contract
  4. security contract

Question No.  19       

Which of the following contains rules regarding cyber contract law:      

Options          

  1. The Uniform Electronic Transactions Act
  2. The C-Sign Act
  3. The Internet Contract Act
  4. The Cyberspace Transactions Act

Question No.  20       

A cyberofferor should include the following terms in their offer:           

Options          

  1. payment criteria
  2. liability disclaimer
  3. return procedures
  4. all of the above

Question No.  21       

In the granting of mutual assent, a "meeting of the minds" means that _____.  

Options          

  1. there were lengthy negotiations.
  2. there is a complete understanding of all aspects of the agreement
  3. both parties know the terms and have willingly agreed to be bound by them
  4. both parties know the terms, have willingly agreed to be bound by them, and have had a face-to-face meeting

Question No.  22       

Eva intentionally and falsely states that an old ring that she is selling to Julia was made in France. Julia, a collector of French jewelry, pays $3,000 for the ring based upon these statements. Julia later learns that the ring was made in Poland and is worth $6,000. May Julia successfully sue Eva for fraud? 

Options          

  1. No, because Julia has not suffered a loss.
  2. Yes, because where the ring was made was a material fact to Julia.
  3. No, because Julia was free to inspect the ring before purchasing it.
  4. Yes, because Eva intentionally and falsely misstated a material fact.

Question No.  23       

Ichi covers the rust damage to a car he is selling to Henry with a new paint job. Henry does not ask about rust damage. Has Ichi committed fraud?   

Options          

  1. No, because Henry didn´t ask about rust.
  2. Yes, because Henry cannot be expected to discover the rust.
  3. No, because rusting is a natural process that Henry should understand.
  4. Yes, because Ichi made the car look nicer than it really was.

Question No.  24       

Yes, because Ichi made the car look nicer than it really was.        

Options          

  1. damages
  2. rescission and damages
  3. rescission
  4. rescission, damages, and an injunction

Question No.  25       

Beth contracts to sell Minda merchandise stored in a warehouse. Unknown to either person, the warehouse burned the night before the contract was made, totally destroying the merchandise. In this situation, Minda _____.  

Options          

  1. is bound to the contract
  2. may successfully assert fraud
  3. may successfully assert fraud and cancel the contract
  4. may cancel the contract

Question No.  26       

Duress is characterized by _____ while undue influence is characterized by _____. What word goes in each blank in order?  

Options          

  1. threats, pressure
  2. pressure, threats
  3. emotional appeals, mistaken beliefs
  4. confusion, indecision

Question No.  27       

James operates the only gasoline station along a one hundred mile stretch of desert road and charges four times the normal price for gasoline. A motorist purchasing gasoline from James _____.           

Options          

  1. experiences wrongful economic duress
  2. experiences wrongful emotional duress
  3. experiences wrongful undue influence
  4. experiences no duress or undue influence

Question No.  28       

Bethany is an exceptionally persuasive sales representative. After signing a contract, customers frequently feel that they were swept along without a meanful way to say no. Bethany has engaged in _____.       

Options          

  1. undue influence
  2. duress
  3. both undue influence and duress
  4. neither undue influence or duress

Question No.  29         

A fiduciary relationship involves _____.    

 Options          

  1. trust
  2. dependence
  3. trust and dependence
  4. trust, dependence, and domination

Question No.  30       

Aza and Ersaid both believe that a particular horse descended from a Kentucky Derby winner when in fact the horse descended from a horse that came in last in the Kentucky Derby. This is most clearly an example of _____.       

Options          

  1. mistake as to existence
  2. mistake as to value
  3. mistake as to description
  4. mistake of law

Question No.  31         

Jay, age 16, purchases a new sports car with his inheritance from his grandfather. Nine months later he wrecks the car, which is a total loss. What are Jay´s disaffirmance rights in most states?          

Options          

  1. He may disaffirm.
  2. He may disaffirm but must pay nine months rental value.
  3. He may disaffirm but must pay the salvage value of the car.
  4. He may not disaffirm.

Question No.  32       

LaVall, age 18, lives in a state in which the age of adulthood is nineteen. May she legally vote in a U.S. Presidential election?  

Options          

  1. No, since adulthood in her state is nineteen.
  2. Yes, since she is eighteen.
  3. No, since it would be an unreasonable burden to separate federal and state elections.
  4. Yes, since she pays federal income taxes on her wages.

Question No.  33       

A minor may become emancipated by _____.        

Options          

  1. giving up all parental support
  2. a legally sanctioned court procedure
  3. giving up all parental support or by a legally sanctioned court procedure
  4. only becoming married or joining the armed forces

Question No.  34       

What constitutes as necessary _____.           

Options          

  1. is the same for all minors
  2. varies according to local standards
  3. varies according to the age of the minor
  4. varies according to the minor´s social status

Question No.  35       

Leo, age 16, has his wisdom teeth removed by Jane, a local dentist. Jane charges Leo $1,200 while most dentists would have charged $900. Leo must pay _____.  

Options          

  1. 1200
  2. 1050
  3. 900
  4. nothing if he disaffirms the contract

Question No.  36       

Margarita does not like the dinner her parents have prepared and leaves the house to purchase a $50 steak dinner at a local restaurant. How much must Margarita´s parents pay the restaurant if Margarita refuses to pay anything?       

Options          

  1. 50
  2. a reasonable price
  3. an amount to be determined in arbitration
  4. nothing

Question No.  37       

Hector, age 16, decides to get free use of a computer by purchasing it and later disaffirming the contract. Hector is using minority as _____.   

Options          

  1. a sword
  2. a shield
  3. both a sword and a shield
  4. neither a sword or a shield

Question No.  38       

A minor may disaffirm a contract _____.   

Options          

  1. only while a minor
  2. only after becoming and adult
  3. both while a minor and after becoming an adult
  4. only with the permission of a court

Question No.  39       

Which of the following circumstances always produces a lack of contractual capacity?            

Options          

  1. mental retardation
  2. brain damage
  3. drinking
  4. appointment of a guardian

Question No.  40       

Vonnie appeared normal but in fact is mentally incompetent. If she decides to disaffirm a contract, Vonnie _____.  

Options          

  1. has no obligation beyond disaffirming
  2. must return all consideration received
  3. must pay a reasonable price for any goods or services she received
  4. must petition a court for permission to disaffirm

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January 29, 2015
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Assignment from solve zone is probably one of the first preference of students.

October 09, 2016
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I recommend a website that was really helpful throughout your session.

March 19, 2017
Some day ago
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This was good in buy . I found all the answer correct and meaningful and had scored good marks
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