MB0035 - Spring 2010 MBA SEM III Name : Amit Ashok Salvi...

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Spring 2010 MBA – SEM – III Name : Amit Ashok Salvi Contact Number : 975071171/961975435 Email id : amitamits6@gmail.com Roll Number : 510933472 Learning Centre : Karrox Technologies Ltd- ANDHERI Subject Code : MB 0035 Subject : Legal Aspects of Business Date of Submission at the Learning Centre: 30-4- 2010 1
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MBA-SEM III MB0035 – Legal Aspects of Business - 4 Credits (Book ID: B0764) Assignment Set- 1 (60 Marks) Note: Each question carries 10 Marks. Answer all the questions. Q1. ‘All contracts are agreements but all agreements are not contracts.’ Discuss 2
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Q2. ‘ Not all persons have the capacity to enter into a contract.’ Discuss this statement. 3
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Q3. Di scuss how a contract can be discharged by breach. Ans:- Discharge by breach of contract: Breach of contract by a party thereto is also a method of discharge of a contract, because “breach” also brings to an end the obligations created by a contract on the part of each of the parties. Of course the aggrieved party i.e., the party not at fault can sue for damages for breach of contract as per law; but the contract as such stands terminated. Breach of contract may be of two kinds: (1) Anticipatory breach; and (2) Actual breach. 1. Anticipatory breach: An anticipatory breach of contract is a breach of contract occurring before the time fixed for performance has arrived. It may take place in two ways: (a) Expressly by words spoken or written. Here a party to the contract communicates to the other party, before the due date of performance, his intention not to perform it. (b) Impliedly by the conduct of one of the parties. Here a party by his own voluntary act disables himself from performing the contract. When a party to a contract has refused to perform or disabled himself from performing, his promise in its entirity, the promisee may put an end to the contract, unless he has signed, by words or conduct his acquiscence in its continuance. 2. Actual breach: Actual breach may also discharge a contract. It occurs when a party fails to perform his obligations upon the date fixed for performance by the contract. Actual breach entitles the party not in default to elect to treat the contract as discharged and to sue the party at fault for damages for breach of contract. Remedies for Breach of Contract Whenver there is breach of a contract, the injured party becomes entitled to any one or more of the following remedies against the guilty party: 1. Rescission of the contract. 2. Suit for damages. 3. Suit upon quantum merit. 4. Suit for specific performance of the contract. 5. Suit for an injunction. As regards the last two remedies stated above, the law is regulated by the Specific Relief Act, 1963. 1 Rescission of the contract:
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This note was uploaded on 04/15/2010 for the course MBA mba taught by Professor Smu during the Spring '10 term at Manipal University.

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MB0035 - Spring 2010 MBA SEM III Name : Amit Ashok Salvi...

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