Explain the difference between (i) express conditions and warranties; and (ii) implied conditions and warranties. List out, with distinct examples, the different implied conditions and warranties contained under Sales of Goods Act, 1930. (10 Marks)
List at least 2 (two) cases that have been decided by Competition Commission of India that has led to ensure that any adverse appreciable effects on competition or abuse of dominant position has been contained by Competition Commission of India. (10 Marks)
Arunima, Nishita, Shanaya and Komal are homemakers who decided to run a business of a homemade tiffin service in the city of Nagpur. The business has grown exponentially and there is a need to expand the business, which requires an investor. They have approached various venture capitalists who have advised them that they should first get their entity registered. Post registration of entity the venture capitalist may look at investing or buying a stake in the business. Hence, they have approached you for some advice:
a) Can you explain the different forms of business entities prevalent in India? (5 Marks)
b) After going through different types of business, they have taken a special interest in partnership firm with limited liability. Can you advise them in detail on what is partnership firm with limited liability, formation and rights and liabilities of such partner? (5 Marks)
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