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8/6/2019 Blaw Answers

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1. What is certificate of incorporation?A certificate of incorporation is a legal document relating to the formation of a company

or corporation.It is a license to form a corporation issued by state government.

2. What are unfair practices?Any practice in business involving the general public or competing parties that is

prohibited by statute and regulated by an appropriate government agency.

Unfair business practices encompass fraud, misrepresentation and oppressive orunconscionable acts or practices by business, often against consumers and are prohibited

by law in many countries.

3. Define global warming?The gradual increase in the temperature of the earth's atmosphere, believed to be due to

the greenhouse effect, caused by increased levels of carbon dioxide, chlorofluorocarbons,

and other pollutants.

4. What is EMR under the patent law?EMRs(Exclusive Marketing Right) are a creation of the Trade Related Aspects of

Intellectual Property Rights (TRIPS) agreement. The TRIPS agreement was signed in

1994 under the Uruguay round of international trade negotiations that set up the WorldTrade Organisation (WTO).

Indias domestic patent law, therefore, describes the exclusivity of the EMR as the

exclusivity of the right to sell and distribute the substance or article concerned. Withoutthe EMR holders authorisation, save as excepted by grant of a compulsory licence, no

one else can sell or distribute the subject product.

5. What is IPO?An initial public offering, or IPO, is the first sale of stock by a company to the public. A

company can raise money by issuing either debt or equity. If the company has neverissued equity to the public, it's known as an IPO.

IPOs are often issued by smaller, younger companies seeking the capital to expand, but

can also be done by large privately owned companies looking to become publicly traded.

6. Which articles in the constitution of India guarantees equality

and the right to carry on business?Right to equality is an important right provided for in Articles 14, 15, 16, 17 and 18 ofthe constitution. It is the principal foundation of all other rights and liberties, and

guarantees the following:

Equality before law: Article 14 of the constitution guarantees that all citizens shall beequally protected by the laws of the country. It means that the Statecannot discriminate

against a citizen on the basis of caste, creed, colour, sex, religion or place of birth.


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Social equality and equal access to public areas: Article 15 of the constitution states

that no person shall be discriminated on the basis of caste, colour, language etc. Every

person shall have equal access to public places like public parks, museums, wells, bathingghats and temples etc.

Equality in matters of public employment: Article 16 of the constitution lays down

that the State cannot discriminate against anyone in the matters of employment. Allcitizens can apply for government jobs.

Abolition of untouchability: Article 17 of the constitution abolishes the practice of

untouchability, provided penalties for preventing a person from entering a place ofworship or from taking water from a tank or well.

Abolition of Titles: Article 18 of the constitution prohibits the State from conferring any

titles. Citizens of India cannot accept titles from a foreign State.

Article 19 guarantees freedom to practice any profession or to carry on any occupation,

trade orbusiness on which the State may impose reasonable restrictions in the interest of

the general public.

7. What do you mean by whistle blowing?Whistle blowing is the disclosure to the public or to authorities, usually by an employee,of wrongdoing in a company or government department.

8. What is a district forum?The C.P. Act, 1986 was enacted to better protect the right and interest of people who are

consumers in one way or the other from the exploitation of trade and industries.

Consumer disputes redressal agencies (popularly known as Consumer Forums orConsumer Courts) are set up under the Act at district, State and National level to provide

simple and inexpensive quick redressal against consumer complaints.

If the cost of goods or services and compensation asked for is up to 20 lakhs thecase can be filed in the concerned Consumer District Forum.

9. What is an offer?Offer and acceptance analysis is a traditional approach in contract law used to

determine whether an agreement exists between two parties. Agreement consists of an

offer by an indication of one person (the "offeror") to another (the "offeree") of the

offeror's willingness to enter into a contract on certain terms without further negotiations.A contract is said to come into existence when acceptance of an offer (agreement to the

terms in it) has been communicated to the offeror by the offeree and there has been

consideration bargained-for induced by promises or a promise and performance.

10. What is consideration in a contract?Consideration is the concept of legal value in connection with contracts. It is anything ofvalue promised to another when making a contract. It can take the form of money,

physical objects, services, promised actions, abstinence from a future action, and much

more.


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11. What are intellectual properties?Intellectual property (IP) is a term referring to a number of distinct types of creations of

the mind for which a set of exclusive rights are recognizedand the corresponding fieldsof law.Under intellectual property law, owners are granted certain exclusive rights to a

variety of intangible assets, such as musical, literary, and artistic works; discoveries and

inventions; and words, phrases, symbols, and designs. Common types of intellectualproperty include copyrights, trademarks, patents, industrial design rights and trade secrets

in some jurisdictions.

12. What is acceptance?Once the presence of a valid offer has been acknowledged, the next stage in the formation

of an agreement is to find an acceptance of that offer. The acceptance must be madewhile the offer is in force, i.e., still open.

Section 2(b) defines acceptance as, When the person to whom the proposal is made

signifies his assent thereto, the proposal is said to be accepted. A proposal, whenaccepted becomes a promise.

13. What are TRIMS?The term "TRIMs" represents "trade-related investment measures". Governments impose

these measures to either encourage or compel investment to achieve certain national

priorities. Conditions that can affect trade are known as TRIMs.

Governments establish TRIMs for foreign investors because governments want to ensurethe positive impacts of foreign direct investment (FDI) on the FDI-receiving countries'

employment and export performance. The domestic sectors can also be protected under

TRIMs from the increasing competition after the injection of foreign investment.

14. State the objectives of Consumer Protection Act?Consumer protection is essential for a healthy economy. We need Consumer ProtectionAct for the following:-

1. Physical protection of the consumer.2. Protection against deceptive and unfair trade practices.

3. Protection against all types of pollution.

4. Protection against the abuse of monopoly position and/or restrictive trade practices.

5. Protection of enjoying the rights.

15. Define article of association.

The internal rule book that every incorporated organization must have and work by. Itforms a part of the constitution of an organization.

The articles of association are a contract between (1) the members (stockholders,

subscribers) and the organization and (2) among the members themselves. It sets out the

rights and duties of directors and stockholders individually and in meetings. Certainstatutory clauses (such as those dealing with allotment, transfer, and forfeiture of shares)


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must be included; the other clauses are chosen by the stockholders to make up the bylaws

of the organization. A court, however, may declare a clause ultra vires if it is deemed

unfair, unlawful, or unreasonable. A copy of the articles is lodged with the appropriateauthority such as the registrar of companies. Articles are public documents and may be

inspected by anyone (usually on payment of a fee) either at the premises of the

organization and/or at the registrar's office. Lenders to the organization take specialinterest in its provisions that impose a ceiling on the borrowings beyond which the

organization's management must get shareholders' approval before taking on more debt.

The usual American term is articles of incorporation.

16. What is consumer protection?

Consumer protection laws designed to ensure fair trade competition and the free flow oftruthful information in the marketplace. The laws are designed to prevent businesses that

engage in fraud or specified unfair practices from gaining an advantage over competitors

and may provide additional protection for the weak and those unable to take care of

themselves. Consumer Protection laws are a form of government regulation which aim toprotect the rights of consumers. For example, a government may require businesses to

disclose detailed information about productsparticularly in areas where safety or public

health is an issue, such as food. Consumer protection is linked to the idea of "consumerrights" (that consumers have various rights as consumers), and to the formation of

consumer organizations which help consumers make better choices in the marketplace.

17. State the rule of caveat emptor

Caveat emptor is a Latin term meaning "let the buyer beware". This is a cardinal principle

of the law relating to sale of goods, which states that it is for the buyer to satisfy

himself/herself about the quality of the goods while entering into a deal with the seller. Ifthe buyer buys the goods for the particular purpose, he/she must satisfy that they are fit

for the purpose. It is not part of sellers duty to point out defects of the goods that he/sheis offering for sale. Under the doctrine of coveat emptor, the buyer cannot recover from

the seller for defects on the property that rendered it unfit for ordinary purposes. Thus,

the buyer must take care of his/her own interest while purchasing goods.

18. What are cyber laws?

Cyber crimes can involve criminal activities that are traditional in nature, such as theft,

fraud, forgery, defamation and mischief, all of which are subject to the Indian PenalCode. The abuse of computers has also given birth to a gamut of new age crimes

that are addressed by the Information Technology Act, 2000.

We can categorize Cyber crimes in two ways

The Computer as a Target :-using a computer to attack other computers.

e.g. Hacking, Virus/Worm attacks, DOS attack etc.


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The computer as a weapon :-using a computer to commit real world crimes.

e.g. Cyber Terrorism, IPR violations, Credit card frauds, EFT frauds, Pornography etc.

Cyber Crime regulated by Cyber Laws or Internet Laws.

19. Define prospectus.

Legally mandated document published by every firm offering its securities to public for

purchase. It must comply with strict legal requirements and is filed for approval with the

country's securities inspectorate such as the Securities & Exchange Commission (SEC) ofthe US, or the Securities & Investment Board (SIB) of the UK. A prospectus must

disclose essential information such as (1) firm's objectives, (2) primary business activity,

(3) background and qualification of principal officers, (4) current financial position, (5)projected financial statements, (6) assumptions underlying the projections, (7)

foreseeable risks to the firm, (8) offering price on the stock (shares), and (9) (in case of

bonds and notes) how the interest and principal will be paid. Sometimes, a prospect is

preceded by an offering circular (called a red herring) and/or a preliminary disclosure(called pathfinder), but they, although legitimate, are not legal documents.

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