in a nutshell this is vunderable, the proverbial 'flying splice' as is said.
it is exposed to movement, enviroment, and personal contact and is considered a cut and dry no-no in the trade save for those instances ( as in service entrance) where the NEC defines the exact parameters permitting it.
from the NEC...
300.15 Boxes, Conduit Bodies, or Fittings — Where Required.
A box shall be installed at each outlet and switch point for concealed knob-and-tube wiring.
Fittings and connectors shall be used only with the specific wiring methods for which they are designed and listed.
Where the wiring method is conduit, tubing, Type AC cable, Type MC cable, Type MI cable, nonmetallic-sheathed cable, or other cables, a box or conduit body complying with Article 314 shall be installed at each conductor splice point, outlet point, switch point, junction point, termination point, or pull point, unless otherwise permitted in 300.15(A) through (M).
art 314 goes into specific detail....
pix #2 has an addition dilema in that the outer jacket is not 'continous' .
this meaning that the load side could be energized and not make to ground and fault out a breaker/fuse as it should...
300.12 Mechanical Continuity — Raceways and Cables.
Metal or nonmetallic raceways, cable armors, and cable sheaths shall be continuous between cabinets, boxes, fittings, or other enclosures or outlets.
Exception: Short sections of raceways used to provide support or protection of cable assemblies from physical damage shall not be required to be mechanically continuous.