Description

SESSION JUL-AUG 2024
PROGRAM BACHELOR OF BUSINESS ADMINISTRATION
(BBA)
SEMESTER III
COURSE CODE & NAME DBB2101 LEGAL AND REGULATORY
FRAMEWORK

Assignment Set – 1

1. Define a company. What are the different kinds of meeting of the shareholders of a
company?
Ans 1.
Definition of a Company
A company is a legal entity formed by a group of individuals to engage in and operate a
business—commercial or industrial—enterprise. It is recognized as a separate legal entity
from its owners, meaning it can own property, enter into contracts, sue or be sued, and
conduct business in its name. Companies are governed by the Companies Act, 2013 in India,
which provides a detailed framework for their formation, functioning, and dissolution. The
distinct identity of a company and its perpetual succession are critical features that
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2. Define a Contract. What are essentials of a contract? Discuss.
Ans 2.
Definition of a Contract
A contract is a legally binding agreement between two or more parties that is enforceable by
law. It involves mutual promises or obligations that are agreed upon by the parties involved.
According to Section 2(h) of the Indian Contract Act, 1872, a contract is defined as “an
agreement enforceable by law.” An agreement becomes a contract when it meets the essential
criteria laid down by the law. Contracts are fundamental to conducting business and ensuring
3. What do you understand by intellectual property rights? Explain its types in detail.
Ans 3.
Understanding Intellectual Property Rights (IPR)
Intellectual Property Rights (IPR) are the legal rights granted to creators and inventors to
protect their intellectual creations from unauthorized use or exploitation. These rights provide
the owner with exclusive control over the use, reproduction, and distribution of their
creations for a specified period. IPR encourages innovation and creativity by ensuring that
inventors and creators can benefit financially and professionally from their work. In India,
IPR is governed by various laws such as the Copyright Act, 1957; the Patents Act, 1970; and
Assignment Set – 2
4. Discuss Environment Protection Act 1986. How it is relevant in the modern business
world?
Ans 4.
The Environment Protection Act, 1986, is a comprehensive legislation enacted by the
Government of India in response to the Bhopal Gas Tragedy of 1984. It provides a
framework for addressing environmental issues and empowers the central government to take
necessary measures for protecting and improving the environment. The Act was enacted
under Article 253 of the Indian Constitution, which allows Parliament to make laws for
implementing international agreements. Its primary objective is to prevent and mitigate
pollution, ensure environmental sustainability, and safeguard natural resources. The Act
defines the “environment” broadly, including air, water, and land, and their interrelationship
5. Discuss the main areas of focus of the Factories Act.
Ans 5.
The Factories Act, 1948, is a pivotal legislation in India aimed at ensuring the health, safety,
and welfare of workers in factories. It applies to premises where manufacturing processes are
carried out with the aid of power and employ 10 or more workers, or without power and
employ 20 or more workers. The Act serves to regulate working conditions and protect
workers from industrial hazards. Below are the main areas of focus of the Factories Act:
1. Health and Hygiene The Act emphasizes maintaining hygienic conditions within
6. Define consumer. Explain the consumer redressal agencies in detail.
Ans 6.
Definition of a Consumer
A consumer is any individual who purchases goods or services for personal use and not for
resale or commercial purposes. According to the Consumer Protection Act, 2019, a consumer
is defined as a person who buys any goods or hires or avails of any service for consideration,
which may be fully or partially paid, deferred, or promised. The definition also includes
online purchases and digital transactions. However, individuals or entities who obtain goods