Assignment Set – 1

Q.1. Discuss the circumstances under which a bailment may be terminated. What are the legal implications of termination of bailment? (5+5 = 10 Marks)

Ans 1.

Circumstances for Termination of Bailment

Bailment is an legal arrangement created when one person, known as the bailor, provides items to another who is referred to as the bailee for a certain purpose and after a contract that states the merchandise will be returned, or taken away according specific instructions given by the bailor when they have fulfilled their purpose. A bailment may be terminated at any time, and is governed by the Indian Contract Act, 1872.

The most normal method for termination is the accomplishment of that purpose in which the

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Q.2. What is meant by dissolution of a firm and dissolution of partnership? Under what circumstances does the dissolution of the firm take place? (5+5 = 10 Marks)

Ans 2.

Dissolution of Partnership vs Dissolution of Firm

As per the Indian Partnership Act, 1932 it is clear that there exists a difference between the dissolution of a partnership and that of a business, and understanding the distinction is critical to determining the legal consequences which follow. Dissolution of Partnership is a reference to changing the relationships to partners that takes place after one or more partners quit the company due to the death of a partner, retirement, bankruptcy, or expulsion, but other partners

Q.3. Explain the rights of an unpaid seller against the buyer personally. (10 Marks)

Ans 3.

In the Sale of Goods Act, 1930, a seller can be legally considered to be a non-paying seller if all the value of the item sold is not paid for or given, or in the event that a bill of exchange or other negotiable instrument given for the price has been refused. An unpaid seller has two categories of rights: rights against the products themselves (real rights) as well as rights to the buyer personally (personal rights). Personal rights of the buyer are available either in addition, or in

Assignment Set – 2

Q.4. Define a patent. Describe the procedure for obtaining a patent. (3+7 = 10 Marks)

Ans 4.

Definition of a Patent

Patents are a unique legal right conferred through the government an inventor with a time limit which is usually 20 years from the date of filing, as a condition for public disclosure of the invention. Patent holders are granted the right to exclusively make sale, distribute or import and license the patent-protected invention. It also prohibits other companies from commercially utilizing this same idea without the patent holder’s authorization. According to the Patents Act, 1970 as modified, patentable inventions should be new (not previously known) and unique (non-

Q.5. What is a Company? Discuss its major characteristics. (3+7 = 10 Marks)

Ans 5.

Definition of a Company

An association is an organization comprised of people incorporated under Companies Act, 2013, having a legal entity distinct from its members, that was created in order to operate legitimate business activities for profit or to fulfill any other legitimate purpose. The Companies Act

Q.6. Explain the objectives of the Foreign Exchange Management Act, 1999. (10 Marks)

Ans 6.

The Foreign Exchange Management Act (FEMA) has replaced FERA in Foreign Exchange Regulation Act (FERA) 1973. This marked the fundamental shift on the part of India’s government in managing the foreign exchange market. FERA was a very restrictive law that treated forex violations as criminal offenses with a presumption of guilt. FEMA is enacted in setting of India’s economic liberalisation and the shift to a foreign exchange control policy to a