This document provides an introduction and overview of business law for entrepreneurs in India. It discusses how the Indian legal system and taxation system are complex and divert creativity and talent. The author wishes these systems could be simplified to help ordinary entrepreneurs understand them without expert help. Download links are provided for basic business law preparation materials, including the Indian Contract Act, Sale of Goods Act, Negotiable Instruments Act, and Company Law. Sample questions are included to test understanding of business law concepts.
Section 2(d) of the Indian Contract Act 1872 defines consideration as any act, abstinence, or promise by the promisee or any other person that is done, abstained from, or promised to be done at the desire of the promisor. Consideration can be in the past, present, or future. Under English law, consideration must move from the promisee for a contract to be enforceable, whereas Indian law does not require privity of consideration. A contract without consideration is void unless it is registered, involves natural love and affection between parties, or compensates a person for past voluntary acts or legally compulsory acts.
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
The document provides an overview of essential business law concepts for entrepreneurs in India. It discusses the complexity of the Indian legal system and taxation system, and how they can discourage entrepreneurship. It aims to simplify these areas of law for Indian entrepreneurs. It then provides definitions and explanations of key concepts in partnership law, contracts, bailments, and other areas of business law.
This document discusses the concept of consideration in contracts. It defines consideration as something of legal value that is bargained for and given in exchange for an act or promise. Consideration must flow from both parties to a contract and can take several forms, like a promise to do or not do something. The document outlines several rules for consideration, like that it must move at the desire of the promisor. It also discusses exceptions to the rule that without consideration there is no contract, like natural love and affection in some cases. Privity of contract, or strangers to a contract, are also addressed, along with exceptions where a third party can sue.
This document defines consideration and outlines its key elements and functions in contract law. Consideration is something of value given in exchange for something received. It must be given by the promisee at the promisor's request. Consideration can be past, present or future acts. It must be real/possible, but does not need to be adequately valued. Exceptions to the consideration requirement include contracts of love, agency, voluntary services, donations, gifts, extensions of time limits, and time-barred debts. The document also defines bailment as the delivery of goods by one person to another for a purpose, and outlines the rights and duties of bailors and bailees.
The document discusses the concept of consideration in contracts. It defines consideration as something bargained for and received by the promisor from the promisee in exchange for the promise. Consideration can be in the form of an act, abstinence from an act, or a return promise. It must be something of value in the eyes of law and move at the desire of the promisor. Consideration can be past, present or future. There are exceptions to the privity rule that allow third parties to enforce contracts under certain conditions like trusts or intended benefits.
The document discusses the capacity to contract under family law and the rules regarding minors entering into contracts. It is divided into three categories:
1) Enforceable contracts - Contracts for necessaries that provide something suitable for the minor's station in life are binding. Contracts of beneficial service or apprenticeship are also generally enforceable if predominantly beneficial.
2) Voidable contracts - Contracts involving ongoing or long-term obligations can be entered by a minor but avoided if repudiated before maturity. Examples include leases or share purchases.
3) Unenforceable contracts - Trading contracts are never binding on a minor. Loans can also not be enforced through normal contractual remedies but restitution
Section 2(d) of the Indian Contract Act 1872 defines consideration as any act, abstinence, or promise by the promisee or any other person that is done, abstained from, or promised to be done at the desire of the promisor. Consideration can be in the past, present, or future. Under English law, consideration must move from the promisee for a contract to be enforceable, whereas Indian law does not require privity of consideration. A contract without consideration is void unless it is registered, involves natural love and affection between parties, or compensates a person for past voluntary acts or legally compulsory acts.
This document discusses the concept of consideration in contract law. It defines consideration as "something in return" that has value in the eyes of the law. Consideration is essential to forming a valid, enforceable contract. There are several key elements for consideration: it must move from the promisee or another person at the request of the promisor; it can be past, present or future; it does not need to be adequate but must be real and lawful. Exceptions to the requirement of consideration include gifts, charity contributions, and contracts supported by natural love and affection if certain conditions are met.
The document provides an overview of essential business law concepts for entrepreneurs in India. It discusses the complexity of the Indian legal system and taxation system, and how they can discourage entrepreneurship. It aims to simplify these areas of law for Indian entrepreneurs. It then provides definitions and explanations of key concepts in partnership law, contracts, bailments, and other areas of business law.
This document discusses the concept of consideration in contracts. It defines consideration as something of legal value that is bargained for and given in exchange for an act or promise. Consideration must flow from both parties to a contract and can take several forms, like a promise to do or not do something. The document outlines several rules for consideration, like that it must move at the desire of the promisor. It also discusses exceptions to the rule that without consideration there is no contract, like natural love and affection in some cases. Privity of contract, or strangers to a contract, are also addressed, along with exceptions where a third party can sue.
This document defines consideration and outlines its key elements and functions in contract law. Consideration is something of value given in exchange for something received. It must be given by the promisee at the promisor's request. Consideration can be past, present or future acts. It must be real/possible, but does not need to be adequately valued. Exceptions to the consideration requirement include contracts of love, agency, voluntary services, donations, gifts, extensions of time limits, and time-barred debts. The document also defines bailment as the delivery of goods by one person to another for a purpose, and outlines the rights and duties of bailors and bailees.
The document discusses the concept of consideration in contracts. It defines consideration as something bargained for and received by the promisor from the promisee in exchange for the promise. Consideration can be in the form of an act, abstinence from an act, or a return promise. It must be something of value in the eyes of law and move at the desire of the promisor. Consideration can be past, present or future. There are exceptions to the privity rule that allow third parties to enforce contracts under certain conditions like trusts or intended benefits.
The document discusses the capacity to contract under family law and the rules regarding minors entering into contracts. It is divided into three categories:
1) Enforceable contracts - Contracts for necessaries that provide something suitable for the minor's station in life are binding. Contracts of beneficial service or apprenticeship are also generally enforceable if predominantly beneficial.
2) Voidable contracts - Contracts involving ongoing or long-term obligations can be entered by a minor but avoided if repudiated before maturity. Examples include leases or share purchases.
3) Unenforceable contracts - Trading contracts are never binding on a minor. Loans can also not be enforced through normal contractual remedies but restitution
This document defines consideration and outlines its essential rules and types under contract law. It states that consideration is something of value that each party provides to make a contract enforceable. The rules are that consideration must move at the desire of the promisor, can come from the promisor or third party, and can be past, present or future. There are also exceptions to the general rule that an agreement without consideration is void, such as agreements on account of natural love/affection or to compensate for past voluntary services. The types of consideration are past (valid in India but not England), present, and future consideration.
This document contains summaries of 6 law case studies presented by Yatin Patil. The first case discusses whether an agreement for Mr. C to pay Rs. 250,000 to Mr. A for developing a shopping mall constitutes a valid contract. The second case examines if a wife can claim maintenance payments agreed to during a marital dispute. The third case analyzes if a person who knowingly lent money for an illegal act can recover the funds. The remaining cases cover issues related to consideration in agreements and distinguishing offers from invitations to offer.
The business law case study help given to the students is basically goal-oriented course homework that help the students get familiar with a different facet of the business law like the contract, securities, corporation, antitrust, etc.
Website- https://myassignmenthelp.com/case-study/business-law-case-study.html
Objects and Elements of Contract With relevant Case References Souman Guha
People created code of conduct to live in peace and harmony, to maintain sustainability and persistence and to control human behavior inspired from social beliefs, religion, customs, rational thinking. These are “Laws” that encompass every aspect of social human being. Regarding business, the first thing that set the base from where all other issues are sprouted is Contract. Engaged in Contract, people start their dealings, their insurance policy, employment, engagement, and involvement in sale and buying procedure. Contract cannot be unadmitted from the omnipresent existence of Law. Since civilization, contract has been regulated performed of certain laws and the laws regarding a Contract in known as the Law of Contract which clearly defines the objective and elements required to call an agreement Contract. A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements. Bangladesh adopted The Contract Act of 1872. Based on English contract law and the British Indian contract law, it was enacted in the 19th century and re-enacted by the Parliament of Bangladesh after the country's independence which clearly defines the objects and elements of Contract. As the agreements are made on the decisions of parties to a contract, The Law of Contract has been an integral part of commercial system as commercial transactions starts from an agreement between two or more parties.
The document discusses the legal requirements for consideration in contracts. It defines consideration as a benefit to one party or detriment to the other. Consideration must be provided by the promisee and can be in the form of an act, promise, or forbearance of a legal right. Consideration does not need to be adequate in value, only sufficient. Exceptions exist for past consideration and certain duties imposed by law or existing contracts when extra benefits are provided.
The document discusses the legal concept of consideration in contracts. It defines consideration according to Indian contract law as something given in exchange for a promise. Consideration must be real and lawful, and can be a benefit to the promisor or detriment to the promisee. There are some exceptions where consideration is not required, such as for natural love and affection between parties or compensation for past voluntary services. All agreements require consideration to be enforceable as contracts, unless they fall under one of the exceptions.
The document discusses key aspects of contracts under the Indian Contract Act of 1872 including:
1) The definition of a contract as an agreement that is enforceable by law, requiring elements such as offer, acceptance, lawful consideration and lawful object.
2) Essentials for a valid contract including free consent which cannot be caused by coercion, undue influence, fraud or mistake.
3) Exceptions to free consent such as coercion defined as threatening unlawful acts, and undue influence defined as improper use of influence in relationships involving trust.
1) The document discusses the legal concepts of offer and acceptance and bailment. It provides definitions and rules for key terms like offer, acceptance, invitation to offer, bailment, duties of a bailee, types of bailment.
2) Several case studies and problems are presented and solved to demonstrate applications of the concepts. For example, one problem examines whether a display of goods with prices is an offer or invitation to offer.
3) The conclusion states that knowledge of offer/acceptance and bailment will help address legal issues that may come up in business. The report aims to equip readers with understanding of these areas of law.
This document discusses several topics related to contracts, including third-party contracts. It defines key terms like obligor, obligee, assignment, and delegation. It outlines which contractual rights and duties can and cannot be assigned or delegated to third parties. The document also discusses third-party beneficiary contracts, distinguishing between intended beneficiaries like creditor and donee beneficiaries who can enforce a contract, versus incidental beneficiaries who cannot.
Powerpoint from textbook Business Law - the ethical, global, and e-commerce environment to accompany BA 330 course at the University of Alaska Fairbanks.
The document discusses the definition and essential elements of a valid contract according to Indian contract law. It defines a contract as an agreement that is enforceable by law. For an agreement to be considered a valid contract, it must meet essential elements like offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, and possibility of performance. It also discusses different types of contracts based on enforceability, formation, performance, and parties. Finally, it covers how a contract can be discharged through performance, mutual agreement, impossibility of performance, operation of law or breach.
Contracts are legally binding agreements between two or more competent parties that usually involve employment, sale or lease of property, or tenancy. The key elements of a valid contract are offer, acceptance, consideration, intention to create legal relations, capacity to contract, certainty of terms, and free consent. Minors and mentally impaired individuals generally lack the capacity to enter into contracts. For a contract to be enforceable, it requires an offer, acceptance of that offer, and consideration or valuable benefit exchanged between the parties.
The document discusses the capacity of minors to contract under Indian law. It summarizes that minors, persons of unsound mind, and those disqualified by law are not competent to enter valid contracts. While a minor's agreements are voidable, the 1903 Privy Council case of Mohoribibi v Dharmodas Ghose established they are not absolutely void. Later cases further modified this stance, finding that agreements made by guardians on a minor's behalf or for their benefit can be binding. The document outlines exceptions where minors may be bound, such as beneficial contracts, as well as the inability of minors to ratify agreements made during their minority through subsequent confirmation.
A quasi-contract is an obligation imposed by law that requires one party to compensate another party. It arises in situations where there is no valid contract but where justice demands compensation be provided. Key features of a quasi-contract include that it is not based on a formal agreement and can only be enforced against specific individuals involved in the situation, not the world at large. Common examples include a plumber mistakenly installing a sprinkler system and then being required to be paid, or goods being left at someone's house by mistake and the person keeping the goods for their own use. The goal of a quasi-contract is to prevent unjust enrichment at another's expense.
The document discusses the key aspects of contract law in India. It lays out that a contract is an agreement that is legally binding and enforceable. For a valid contract, there must be an offer and acceptance between competent parties, consideration, lawful object, and free consent. The document outlines the essential elements and characteristics of a valid contract including offer, acceptance, consideration and capacity of parties. It also discusses circumstances where agreements may not amount to valid contracts such as absence of consideration or consent obtained through coercion.
This is a presentation on the terms of a contract. It covers the general concepts of terms of a contract. It is ideal for beginner to intermediate level Contract Law students
This document discusses various ways in which a contract can be discharged or terminated, including:
1. By performance or tender of performance by both parties
2. By mutual consent through methods like novation, rescission, alteration, or waiver
3. By impossibility of performance if the subject matter is destroyed or performance becomes impossible
4. By operation of law due to events like death, insolvency, or loss of evidence
5. By lapse of time if the period of limitations expires
6. By breach of contract if one party fails to perform their obligations
It then outlines several remedies available to an injured party for breach of contract, such as damages, rescission, specific performance
El documento habla sobre conceptos relacionados con el sistema operativo Linux. Explica qué es el espacio swap, que sirve para simular más memoria RAM de la que tiene físicamente el sistema. Recomienda que el tamaño de la partición swap sea igual o el doble de la memoria RAM. También menciona que Linux puede tener múltiples particiones, incluyendo una para el sistema operativo, datos y swap. Define qué es el gestor de arranque GRUB.
1. The document provides an overview of budgetary control for intrapreneurs, including defining budgets, standards, and the budgetary control process.
2. It describes the types of budgets like cash, expenditure, production, and capital budgets. It also discusses budget committees and their roles in budget preparation and oversight.
3. The document concludes by emphasizing that budgets should be flexible and involve employee participation to be effective for control while also achieving organizational goals.
This document discusses different aspects of life in the 1950s based on images, including home life, entertainment, and values. It asks the reader to form initial perceptions of the 1950s based on some images, then revise those perceptions after seeing additional context that provides a more complete picture of the era.
A family moved to Austin's colony in Texas and over 3.5 years accumulated wealth through farming various crops on their land. They started with 1,970 acres and their income grew each year as they expanded cotton, lumber, and cattle production. They ended the period with $4,213.60 despite some towns losing money to the government during that time.
This document defines consideration and outlines its essential rules and types under contract law. It states that consideration is something of value that each party provides to make a contract enforceable. The rules are that consideration must move at the desire of the promisor, can come from the promisor or third party, and can be past, present or future. There are also exceptions to the general rule that an agreement without consideration is void, such as agreements on account of natural love/affection or to compensate for past voluntary services. The types of consideration are past (valid in India but not England), present, and future consideration.
This document contains summaries of 6 law case studies presented by Yatin Patil. The first case discusses whether an agreement for Mr. C to pay Rs. 250,000 to Mr. A for developing a shopping mall constitutes a valid contract. The second case examines if a wife can claim maintenance payments agreed to during a marital dispute. The third case analyzes if a person who knowingly lent money for an illegal act can recover the funds. The remaining cases cover issues related to consideration in agreements and distinguishing offers from invitations to offer.
The business law case study help given to the students is basically goal-oriented course homework that help the students get familiar with a different facet of the business law like the contract, securities, corporation, antitrust, etc.
Website- https://myassignmenthelp.com/case-study/business-law-case-study.html
Objects and Elements of Contract With relevant Case References Souman Guha
People created code of conduct to live in peace and harmony, to maintain sustainability and persistence and to control human behavior inspired from social beliefs, religion, customs, rational thinking. These are “Laws” that encompass every aspect of social human being. Regarding business, the first thing that set the base from where all other issues are sprouted is Contract. Engaged in Contract, people start their dealings, their insurance policy, employment, engagement, and involvement in sale and buying procedure. Contract cannot be unadmitted from the omnipresent existence of Law. Since civilization, contract has been regulated performed of certain laws and the laws regarding a Contract in known as the Law of Contract which clearly defines the objective and elements required to call an agreement Contract. A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement. Contract is a branch of the law of obligations in jurisdictions of the civil law tradition. Contract law concerns the rights and duties that arise from agreements. Bangladesh adopted The Contract Act of 1872. Based on English contract law and the British Indian contract law, it was enacted in the 19th century and re-enacted by the Parliament of Bangladesh after the country's independence which clearly defines the objects and elements of Contract. As the agreements are made on the decisions of parties to a contract, The Law of Contract has been an integral part of commercial system as commercial transactions starts from an agreement between two or more parties.
The document discusses the legal requirements for consideration in contracts. It defines consideration as a benefit to one party or detriment to the other. Consideration must be provided by the promisee and can be in the form of an act, promise, or forbearance of a legal right. Consideration does not need to be adequate in value, only sufficient. Exceptions exist for past consideration and certain duties imposed by law or existing contracts when extra benefits are provided.
The document discusses the legal concept of consideration in contracts. It defines consideration according to Indian contract law as something given in exchange for a promise. Consideration must be real and lawful, and can be a benefit to the promisor or detriment to the promisee. There are some exceptions where consideration is not required, such as for natural love and affection between parties or compensation for past voluntary services. All agreements require consideration to be enforceable as contracts, unless they fall under one of the exceptions.
The document discusses key aspects of contracts under the Indian Contract Act of 1872 including:
1) The definition of a contract as an agreement that is enforceable by law, requiring elements such as offer, acceptance, lawful consideration and lawful object.
2) Essentials for a valid contract including free consent which cannot be caused by coercion, undue influence, fraud or mistake.
3) Exceptions to free consent such as coercion defined as threatening unlawful acts, and undue influence defined as improper use of influence in relationships involving trust.
1) The document discusses the legal concepts of offer and acceptance and bailment. It provides definitions and rules for key terms like offer, acceptance, invitation to offer, bailment, duties of a bailee, types of bailment.
2) Several case studies and problems are presented and solved to demonstrate applications of the concepts. For example, one problem examines whether a display of goods with prices is an offer or invitation to offer.
3) The conclusion states that knowledge of offer/acceptance and bailment will help address legal issues that may come up in business. The report aims to equip readers with understanding of these areas of law.
This document discusses several topics related to contracts, including third-party contracts. It defines key terms like obligor, obligee, assignment, and delegation. It outlines which contractual rights and duties can and cannot be assigned or delegated to third parties. The document also discusses third-party beneficiary contracts, distinguishing between intended beneficiaries like creditor and donee beneficiaries who can enforce a contract, versus incidental beneficiaries who cannot.
Powerpoint from textbook Business Law - the ethical, global, and e-commerce environment to accompany BA 330 course at the University of Alaska Fairbanks.
The document discusses the definition and essential elements of a valid contract according to Indian contract law. It defines a contract as an agreement that is enforceable by law. For an agreement to be considered a valid contract, it must meet essential elements like offer and acceptance, lawful consideration, capacity of parties, free consent, lawful object, certainty of terms, and possibility of performance. It also discusses different types of contracts based on enforceability, formation, performance, and parties. Finally, it covers how a contract can be discharged through performance, mutual agreement, impossibility of performance, operation of law or breach.
Contracts are legally binding agreements between two or more competent parties that usually involve employment, sale or lease of property, or tenancy. The key elements of a valid contract are offer, acceptance, consideration, intention to create legal relations, capacity to contract, certainty of terms, and free consent. Minors and mentally impaired individuals generally lack the capacity to enter into contracts. For a contract to be enforceable, it requires an offer, acceptance of that offer, and consideration or valuable benefit exchanged between the parties.
The document discusses the capacity of minors to contract under Indian law. It summarizes that minors, persons of unsound mind, and those disqualified by law are not competent to enter valid contracts. While a minor's agreements are voidable, the 1903 Privy Council case of Mohoribibi v Dharmodas Ghose established they are not absolutely void. Later cases further modified this stance, finding that agreements made by guardians on a minor's behalf or for their benefit can be binding. The document outlines exceptions where minors may be bound, such as beneficial contracts, as well as the inability of minors to ratify agreements made during their minority through subsequent confirmation.
A quasi-contract is an obligation imposed by law that requires one party to compensate another party. It arises in situations where there is no valid contract but where justice demands compensation be provided. Key features of a quasi-contract include that it is not based on a formal agreement and can only be enforced against specific individuals involved in the situation, not the world at large. Common examples include a plumber mistakenly installing a sprinkler system and then being required to be paid, or goods being left at someone's house by mistake and the person keeping the goods for their own use. The goal of a quasi-contract is to prevent unjust enrichment at another's expense.
The document discusses the key aspects of contract law in India. It lays out that a contract is an agreement that is legally binding and enforceable. For a valid contract, there must be an offer and acceptance between competent parties, consideration, lawful object, and free consent. The document outlines the essential elements and characteristics of a valid contract including offer, acceptance, consideration and capacity of parties. It also discusses circumstances where agreements may not amount to valid contracts such as absence of consideration or consent obtained through coercion.
This is a presentation on the terms of a contract. It covers the general concepts of terms of a contract. It is ideal for beginner to intermediate level Contract Law students
This document discusses various ways in which a contract can be discharged or terminated, including:
1. By performance or tender of performance by both parties
2. By mutual consent through methods like novation, rescission, alteration, or waiver
3. By impossibility of performance if the subject matter is destroyed or performance becomes impossible
4. By operation of law due to events like death, insolvency, or loss of evidence
5. By lapse of time if the period of limitations expires
6. By breach of contract if one party fails to perform their obligations
It then outlines several remedies available to an injured party for breach of contract, such as damages, rescission, specific performance
El documento habla sobre conceptos relacionados con el sistema operativo Linux. Explica qué es el espacio swap, que sirve para simular más memoria RAM de la que tiene físicamente el sistema. Recomienda que el tamaño de la partición swap sea igual o el doble de la memoria RAM. También menciona que Linux puede tener múltiples particiones, incluyendo una para el sistema operativo, datos y swap. Define qué es el gestor de arranque GRUB.
1. The document provides an overview of budgetary control for intrapreneurs, including defining budgets, standards, and the budgetary control process.
2. It describes the types of budgets like cash, expenditure, production, and capital budgets. It also discusses budget committees and their roles in budget preparation and oversight.
3. The document concludes by emphasizing that budgets should be flexible and involve employee participation to be effective for control while also achieving organizational goals.
This document discusses different aspects of life in the 1950s based on images, including home life, entertainment, and values. It asks the reader to form initial perceptions of the 1950s based on some images, then revise those perceptions after seeing additional context that provides a more complete picture of the era.
A family moved to Austin's colony in Texas and over 3.5 years accumulated wealth through farming various crops on their land. They started with 1,970 acres and their income grew each year as they expanded cotton, lumber, and cattle production. They ended the period with $4,213.60 despite some towns losing money to the government during that time.
Qualitative data analysis research schoolkelvinbotchie
1. The document discusses qualitative data analysis and provides guidance on planning an analytic strategy. It emphasizes that analysis is an ongoing process that develops over time as research questions are answered and refined.
2. Theme analysis and discourse analysis are presented as two common forms of qualitative analysis. Theme analysis seeks conceptual categories across different data types to answer research questions, while discourse analysis focuses more on specific textual features within a single data type.
3. Computer assisted qualitative data analysis software can facilitate coding, storage, and retrieval of large datasets but does not perform the analysis itself. Clear documentation and ongoing assessment are important aspects of the analytic process.
This document contains citations for two photographs. The first citation includes the photographer's name, the website the photograph was retrieved from, and the year 2007. The second citation also includes the photographer's name and website retrieved from but does not include a date.
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship PGPSE is for those who want to transform the world. It is different from MBA, BBA, CFA, CA,CS,ICWA and other traditional programmes. It is based on self certification and based on self learning and guidance by mentors. It is for those who want to be entrepreneurs and social changers. Let us work together. Our basic idea is that KNOWLEDGE IS FREE & AND SHARE IT WITH THE WORLD
The document discusses various concepts related to contracts under the Indian Contract Act such as sale of goods, conditions vs warranties, void and voidable contracts, consideration, competency to contract, consent, and remedies for breach of contract. It provides examples to explain different types of contracts such as bailment, agency, and guarantees. It also discusses capacity of minors and other parties to enter into contracts.
The document discusses various topics related to contract law in India including valid contracts, consideration, capacity to contract, consent, and remedies for breach of contract. It provides examples of valid and invalid contracts and asks questions to test understanding of contract law principles. Key points covered include what constitutes a valid acceptance, cases where consent is not free, when consideration is not valid, and available remedies for breach of contract such as damages and specific performance.
The document discusses various topics related to contract law in India including valid and invalid types of contracts, requirements for a valid contract such as offer, acceptance and consideration, capacity of parties to enter into a contract, consequences of breach of contract, and exemptions. It provides examples of court cases and addresses frequently asked questions about the Indian Contract Act of 1872.
The document discusses the capacity of parties to enter into a contract under Indian law. It outlines who is competent to contract based on their age and mental state. Minors and those of unsound mind are not considered competent. It also discusses various circumstances that can affect the validity of an agreement such as coercion, undue influence, fraud, misrepresentation, mistake, and considerations that are unlawful or against public policy.
The document discusses various aspects of wagering agreements and quasi contracts under Indian contract law. It defines wagering agreements as agreements to pay money based on uncertain future events, and notes they are generally void but some exceptions exist. Quasi contracts are discussed as resembling contracts but lacking formal agreement - the law still imposes obligations. Remedies for breach of contract include rescission, damages under ordinary and special rules, and liquidated damages versus penalties are distinguished.
The document summarizes key aspects of consent, free consent, and void agreements under the Indian Contract Act of 1872. It discusses concepts such as coercion, undue influence, misrepresentation, mistake, consideration, and expressly declared void agreements related to restraint of marriage, trade, legal proceedings, uncertainty, wagering, and impossible acts/events. Key highlights include definitions of consent requiring identical understanding, examples of void agreements, and classifications of different types of mistakes and void agreements.
1. A contract of indemnity involves two parties, where one party promises to compensate the other for any loss or liability incurred. A contract of guarantee involves three parties, where a guarantor promises the creditor to compensate for the debt if the principal debtor defaults.
2. The key differences are: in indemnity the indemnifier's liability is primary while in guarantee the surety's liability is secondary; indemnity covers future losses while guarantee covers existing debts; and the surety can recover from the principal debtor, while the indemnifier can only recover from the indemnity holder.
3. For a guarantee to be valid, it must satisfy the requirements of a contract and
This document discusses quasi-contracts under Indian law. Some key points:
1. Quasi-contracts are obligations imposed by law even if parties have not entered into an agreement. They resemble contracts but lack essential elements of consent. The obligation comes from principles of equity and justice.
2. Claims under quasi-contracts are typically for monetary compensation rather than damages. Five specific types are described in the Indian Contract Act relating to necessaries supplied, payments by interested parties, benefits from non-gratuitous acts, responsibilities of finders of goods, and money paid by mistake.
3. Examples are provided to illustrate each type of quasi-contract. This includes someone consuming goods delivered in error having to pay
The document discusses the concept of consideration in contract law. It defines consideration as something of value exchanged between parties in a contractual agreement. Consideration must be bargained for, such as an act, forbearance from an act, or a promise. There are exceptions where consideration is not required, such as natural love and affection between parties or an agreement to pay a time-barred debt. Consideration is essential to forming a valid, enforceable contract and establishes the mutual obligations between parties.
This document discusses various remedies available for an injured party when there is a breach of contract by the other party. These include rescission of contract, claim for specific performance, injunction, quantum merit, and damages. It provides examples and explanations of each type of remedy. Damages can include ordinary damages, special damages, exemplary/vindictive damages, and nominal damages. Factors affecting specific performance and types of damages are also outlined.
Breach of contract and its remedies indian contract act9789189793
This document discusses various remedies available for an injured party when there is a breach of contract by the other party. These include rescission of contract, claim for specific performance, injunction, quantum merit, and damages. It provides examples and explanations of each type of remedy. Damages can include ordinary damages, special damages, exemplary/vindictive damages, and nominal damages. Factors affecting specific performance and types of damages are also outlined.
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It outlines the general principles of contract law, including definitions of important terms like offer, acceptance, agreement and contract. It also describes essential elements for a valid contract such as intention to create legal obligations, lawful consideration, certainty and possibility of performance. Additionally, it discusses different types of contracts based on their creation, validity, execution and liability. The document provides examples to illustrate different contract law concepts and principles.
Consideration is a vital element of contract law. It refers to something of value that is exchanged between parties, such as goods, services, or promises. Consideration must motivate the parties to enter into the contract. It can be in the form of an act, abstinence from an act, or a return promise. Consideration ensures parties fulfill their contractual promises. While consideration is generally required for a valid contract, there are some exceptions such as natural love and affection between relatives, compensation for voluntary past services, and promise to repay a time-barred debt. The consideration must also be legal and not against public policy.
This material is for PGPSE / CSE students of AFTERSCHOOOL. PGPSE / CSE are free online programme - open for all - free for all - to promote entrepreneurship and social entrepreneurship
The document discusses some issues faced by entrepreneurs in India related to the legal system and taxation system. It states that the complexity of these systems wastes the creativity and talent of entrepreneurs and forces them to adopt unfair means. It aims to simplify topics like the Indian Contract Act for entrepreneurs to understand without expert help. It provides download links to other materials on related legal topics for entrepreneurs.
The document discusses some issues faced by entrepreneurs in India related to the legal system and taxation system. It states that the complexity of these systems wastes creativity and talent of entrepreneurs. The author wishes for simplification of these systems so that ordinary entrepreneurs can understand them without expert help. The author also wishes for more people to become entrepreneurs rather than experts in avoiding taxation.
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This document provides an introduction and definitions related to contract law in India. It discusses that a contract requires an agreement between two or more parties that intends to create legal obligations. The key elements for a valid contract are agreement, lawful consideration, lawful object, intention to create legal relations, free consent, and competency of parties. There must also be certainty of meaning and possibility of performance. Contracts can be express, implied, quasi-contracts, void, voidable, illegal or unenforceable depending on whether they satisfy these validity requirements.
The document discusses various ways in which a contract can be terminated, including revocation, rejection, lapse of time, death or change of status of a party, and failure of a condition. It also covers capacity to contract, including discussing minors, married women, persons of unsound mind, corporations, prodigals, and insolvents. Various other elements of a valid contract are explained such as intention to create legal relations, consideration, causation, adherence to legal formalities, and factors that can invalidate a contract.
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A L L A B O U T S H A R E S & H O W T O I S S U E A N D B U Y B A C K T H E M
1. BUSINESS LAW FOR ENTREPRENEURS by : DR. T.K. JAIN AFTERSCHO ☺ OL centre for social entrepreneurship sivakamu veterinary hospital road bikaner 334001 rajasthan, india FOR – PGPSE PARTICIPANTS mobile : 91+9414430763
2. My words.... Ours is a great country with immense entrepreneurial potential. However, our legal system and taxation system is so cumbersome that our creativity and talent is wasted / unnecessarily diverted in these sectors. I wish that these are simplified so that an ordinary entrepreneur can understand these without help from any expert. I wish that more people should become entrepreneurs, rather than becoming an expert in avoiding taxation. Let us wish that some likeminded person is able to reach policy making level and is able to change these. I have tried to simplify Indian legal system and taxation system for Indian entrepreneurs – but it is so complicated that even if you simplify it, it will remain complicated. An ordinary Indian entrepreneur wishes to remain an honest entrepreneur and contribute to the development of nation, but our systems and processes force him to adopt unfair means ...
5. Which of these is/are contracts ? When you invite B to your home for dinner and B accepts your invitation. = NO When you board a public bus. = yes When you call a taxi on the telephone = yes. When you put a one rupee coin in the slot of a weighing machine. = no When you eat a meal at a restaurant. = yes
6. Situation of a minor A, a minor, enters, into the following contracts. Is he and the other party bound by any of them? A contracts to marry B, aged 19 years. A boards a bus. = yes A lends Rs. 500 to B, aged 25 years. = yes A becomes an apprentice in an industrial concern. = yes A buys a TV set on credit.= no
7. SOLUTON Minor can make other person binding on his interest – but no person can make minor responsible for something. In the case the minor picks up a bus or gives loan, the minor can make other person to fulfill the commitment. But minor cannot be forced.
8. Distinguish between innocent misrepresentation and fraud and mistake. In case of mistake the contract is Void. In the case of misrepresentation, and fraud, the contract is voidable. Misrepresentation is covered in sec. 18, fraud in sec. 17, mistake in sec. 21 and 22. Damages can be claimed in fraud. Fraud has following components : false representation of facts so that the other person acts upon it.
9. A procured B a second wife on B’s promise to pay him Rs. 500. can the contract be enforced No – as it is not a legal contract
10. Enumerate the different modes of discharge of a contract. Lapse of time refusal to perform by both the parties by operation of law (when it becomes impossible) ' performance breach of contract mutual consent
11. Liquidated and unliquidated damages; -- - differentiate these When the amount of damages can be ascertained in advance, the parties may fix this amount in advance and therefore it is called liquidated damage. But when the amount of damage cannot be ascertained in advance, it is called unliquidated damage. Liquidated damanges are decided in advance.
12. Indemnity and Guarantee; Differentiate them There are two parties in idemnity, but 3 parties in guarantee. In indemnity, there is a promise to indemnify in case of loss by a person. Let us X and Y make a contract, X makes a mistake and he indemnifies to Y as per contract. This is indemnity. But instead of X, if Z indemnifies, it is guarantee by third party.
13. How will you enforce these contracts : B has promised to pay A Rs. 1,000 for his horse which had died before the contract - it is a void contract – as it is a mistake relating to fact of contract. (sec. 21,22) B, a minor, promised to pay A Rs. 10,000 for his car. = (contract with minor is void as it cannot be enforced against minor).
14. Reciprocal promises. - are they contracts No – they are not contracts Suppose Goti promises to give Pankaj rs 500 for his bike and Pankaj also promises to sell his bike to Goti for Rs. 500, still it is not a contract, it is only reciprocal promise.
15. Surety enjoys a right of subrogation. Do you agree Surety has the right to collect damages from the party in default. Suborgation means the surety gets the right to claims, once it has performed its role. For example, A and B has made a contract and C is surety for B. Due to a mistake by D, B fails to perform his part. C pays the damages (being surety). Now C can sue D for damages and collect the money to recover the damages paid. If C receives excess amount, it will go to B.
16. Failure to sue the principal debtor within time, discharges the surety. - do you agree Yes – law of limitation applies here. Suppose A promised to pay Rs 100 to B and C is surety for A. B didnt ask A to pay and now the amount is time barred. Thus C is free from his liability.
17. Money deposited in fixed deposit with a bank is bailment. - do you agree No – bailment is used with regards to goods or things which are delivered by one person to another for a specific purpose. It is defined as : Bailment is a voluntary delivery of goods for a temporary purpose on the understanding that they are to be returned in specie in the same or altered form. The ownership of the goods remains with the bailor,
18. What is gratuitous bailment? It is not for charge. Suppose I put my Car with Ravi for 2 days – and Ravi provides this facility to me not for charge – it is gratuitous bailment. Similarly : where you lend your book to a friend of yours for a week. (not for charge).
19. What is meant by ratification? It means approval. When a party approves the act of another party, it is ratification Ratification is not possible for ultra vires acts. Ratification is required when a person does something, which he / she was not allowed to do. For example A sells B's bike to C. now B has to ratify it then only this contract can be enforceable.
20. Distinguish between particular lien and general lien? General lien is towards all the property, but particular lien is towards only a specific property. Suppose Sachin buys a charter plane on credit with specific lien, then the creditor can only sell the plane if Sachin doesnt pay his liability. However, if it is general lien, the creditor can recover from any property of sachin.
21. A on board an English ship on the high seas, causes B to enter into an agreement by an act amounting to criminal intimidation under the Indian Penal Code. A afterwards sues B for breach of contract at Calcutta. Has A employed any coercion? Yes
22. A agrees to buy from B a certain horse. It turns out that the horse was dead at the time of the bargain, though neither party was aware of the fact. Is the agreement valid? The agreement is VOID – as it is a contract based on mistake of fact. (sec. 21,22)
23. X having advanced money to his son Y, during the minority, upon Y’s becoming major obtains by misuse of parental influence a bond from Y for a greater amount than the sum due in respect of the advances. Has X employed undue influence? Yes
24. A sells by auction, to B a horse which A knows to be unsound. A says nothing to B about the horses unsoundness. Is A guilty of fraud. No – it is the duty of B to inquire about the horse..
25. A and B are traders and enter into some contract. A has private information of a change in price which would effect B’s willingness to proceed with the contract. Is A bound to inform B. No
26. A intending to deceive B falsely represents that five hundred paunds of indigo are made annually at A’s factory and thereby induces B to buy the factory. What is the remedy available to B. It is a contract based on fraud. So B can sue A for damages and rescind the contract. (sec. 17)
27. A’s son has forged B’s name to a promissory note. B, under threat of prosecuting A’s son obtains a bond from A for the amount of the forged note. Can B sue on this bond. No – as it is also based on coersion (Sec. 15) A's son has committed a crime. Reply to a crime should not be a crime.
28. “ Mere silence may amount to fraud”. COMMENT This is applicable in the case of contract of uberrmae fedei . Uberrmae Fedei means contract of utmost faith. Following are contracts of uberrmae fedei : 1. prospectus by company, 2. sale of land 3. family arrangement 4. insurance contracts. Thus in these cases mere silence may amount to fraud. In other cases, mere silence is not a fraud.
29. “ The legal effect of a contract is confined to the contracting parties”. Comment The legal effect of contract is binding on both the parties to the contract, but sometimes, it may be related to third parties also. Quasi contracts are such examples where a party which has not signed the contract is also bound by the contract. Quasi contract is an obligation created by law (not by agreement). For example finder of lost goods has the responsibility to return the goods.
30. “ The essence of every agreement is that there ought be free consent on both the sides”. As per section 10 free consent is essential for a contract. Further, consent based on coercion, misrepresentation (sec. 8) , fraud (sec. 17) ,are not allowed. All these contracs will be voidable. Contracts based on mistakes (sec. 20,21) will be void
31. X entrusts Y with a negotiable instrument endorsed in blank. Y makes over the instrument to C in violation of the private orders of X. Is it a valid act? Yes – it is a negotiable instrument, and a holder in due course gets good right to the instrument and also the rifht to endorse it to others.
32. A enters into a contract with B to sell him 100 bales of cotton and afterwards discovers that B was acting as agent for C. Whom can A sue? A can sue either of B or C.
33. A employs B to beat C and agrees to indemnify him against all consequences. B beats C and had to pay damages to C. Is A bound to indemnify B? No – it is an illegal contract and has no validity
34. X directs Y his agent to buy a certain house for him. Y tells X that it cannot be bought but buys the house himself later. Can X on discovering this compel Y to sell it to him? Yes – as Y was working as the agent of X and has misused his position.
35. A has authority from his principal B to sell goods on credit. A sells goods on credit to C without making the proper and usual enquiries as to C’s solvency. C at the time of such sale was insolvent. Should A compensate B? Yes as per sec. 212, agent is bound to act diligently
36. A authorises B to let A’s house. Afterwards A lets it himself. Is the authority of B revoked? Yes – here the principal has revoked the authority of B (sec. 207)
37. X gives authority to Y to sell X’s land, to pay himself out of the proceeds the debts due to him. Can X revoke this authority? No – as X has liability to Y and the authority is given in relation to that liability : Sec. 202 (it is not simple agency, but it is agency with interest)
38. A holds a lease from B terminable on 3 months notice. C an unauthorised person gives notice of termination to A. Can the notice be ratified by B? Here lease is given by B so notice should also be given by B. Therefore the answer is NO (sec. 200)
39. A without authority buys goods for B. Afterwards B sell them to C on his own account. Does he ratify the act of A? Yes now B has ratified the act of A. Sec. 197 .
40. A has an agent at Calcutta namely B to whom he sends certain goods with directions to send them immediately to Lucknow. But B finds that the goods may not stand the journey to Lucknow and sells them at Calcutta itself. Is he justified in doing so? Yes in order to protect the interest of principal, the agent can take such measures. Sec. 189 : an agent may do all things which may be necessary to protect the principal
41. A delivers his two wrist watches for repair to B. B keeps both the watches duly repaired. A is prepared to take back one of the watches on payment of the charge for repairing it but B refuses ans wants to deliver both the watches. Is B justified?
42. Solution No B is not justified B has lien on the other watch, and can keep it till he receives the payment sec. : 170 : particularlien
43. A leaves a cow in the custody of B to be taken care of. The cow begets a calf. Is B bound to redeliver the calf also. Yes – B has to deliver calf also. Sec. : 163 : it is a case of bailment
44. A lends his car to B on the express understanding that only B should drive it. But B’s son drives the car. In spite of all his diligence the car meets with an accident and is severely damaged? Is B liable for damage? Yes
45. A lends a cycle which he knows is defective to B. B is injured while driving. Is A liable for injuries sustained? Yes A should have told B about it earlier Sec. 150 :
46. A, B and C as sureties for D enter into several bonds each in a different penalty namely, A in the penalty of Rs. 10,000, B in that of Rs. 20,000 and C in that of Rs. 40,000 conditioned for D’s duty accounting to E. D makes a default to the extent of Rs. 30,000. How much A, B and C are liable to pay?
48. X guarantees to Z payment for iron to be supplied by him to Y to the extent of 20,000 tonnes. Y and Z have privately agreed that Y should pay five rupees per ton beyond the market price, such excess to be applied in liquidation of old debt. This agreement is concealed from X. Is X liable. No - the surety is not responsible if there is a private secret agreement (sec. 143)
49. A owes money to B which has been guaranteed by C. The debt becomes due, but B does not sue A for a year thereafter. Is C discharged from liability? No : the surety is not discharged unless there is some agreement to the contrary Sec. 137
50. A agrees to appoint B as salesman in his office at a monthly salary of Rs. 300 upon C becoming a surety for B’s duty accounting of the monies received by him. Afterwards without C’s knowledge or consent, A agreed to pay B commission on the collections instead of monthly salary. Is C liable for any subsequent misconduct of B? No (sec. 133, the terms cant be changed without the consent of surety)
51. A guarantees to B to the extent of Rs. 1,000 that C shall pay all the bills that B shall draw upon him. B draws upon C. C accepts the bill. A gives a notice of revocation. Is A liable if C dishonours the bill at maturity?
52. Solution Yes – sec. 130 revocation was done after the deal. `this revocation will apply on future transactions only
53. A guarantees to B the payment of a bill of exchange by C, the acceptor. The bill is dishonoured by C. Is A liable for the interest on the amount of the bill due.
54. Solution Sec. 128 : the liability of surety is equal to that of principal debtor, so the surety is liable for interest also
55. What is the difference between a bailment and pledge? Bailment (sec. 148), here goods / any assets are transferred for some purpose. It may be against payment / without payment. Pledge ( Sec. 172 ) : here goods / articles are given by the debtor as security for performance of loan taken by the debtor. This is kept by the creditor / lender till the repayment of loan. It is also called pawn.
56. What are the various bodies in contracts of pledge, bills and bailment In pledge the parties are : Pawner : the person who gives the article. Pawnee – the person who keeps the security in bailment : bailor and bailee just like pawner and pawnee. In bills we have : 1. drawer, drawee, and holder. Drawer prepares bill and gives to holder to collect payment on due date from drawee.
57. Pawan delivered some jewellery to Amir for his approval. Amir pledged the same with Pankaj, Pawan wants to get back the jewellary from Pankaj. Would he succeed? The jewellery was given by Amir to Pankaj, so only Amir can collect it back from Pankaj. Since the jewellery was given by Amir to Pankaj, it is assumed that Amir has accepted the jewellery and thus there is a sale between Pawan and Amir, thus Pawan should collect payment from Amir. So answer : NO
58. A contracts to sell and deliver 25,000 tonnes of certain raw material to B on a fixed day. A knows nothing of B’s mode of conducting his business. A breaks his promise and B having no raw material is obliged to close his factory. Is B entitled to recover the loss caused by such closure?
59. Solution .. No – the buyer should have clarified the terms and made a provision for such compensation (sec. 73)
60. A contracts to buy B’s scooter for Rs. 7,800, but breaks his promise. B could obtain another scooter immediately after the breach for Rs. 8,500. Can B recover the excess of Rs. 700.
62. X and Y jointly owe Rs. 1,000 to Z. X of his own pays the whole amount to Z and Y not knowing this also pays the amount to Z. Can Y subsequently recover the amount from Z.
64. X, a trader leaves goods at Y’s house by mistake. Y treats the goods as his own. What is remedy available to X. X can recover damages or goods (if they are intact) sec. 70
65. X owes money to Y under a contract. It is agreed between X, Y and Z that Y will accept Z as his debtor instead of X. Is the old debt extinguished? Yes : as per sec. 62
66. P contracts with Q to execute some construction work for a fixed price, Q supplying the scaffolding and timber necessary for the work. Q fails to supply the necessary scaffolding and timber. Can P refuse to execute the construction work? Can P claim damages for loss arising for Qs non-performance.
68. X promises to build a stable for Y’s horse and Y promises to pay X on completion of the work. Half-way during construction X demands money from Y. Can Y refuses to pay? Yes – he will pay after complete construction as per contract sec. 52
69. X undertakes to deliver 100 bags of wheat to Y on an appointed day. Is X bound to fix the place of delivery? Yes Sec. 49
70. A promises to deliver 50 rice bags at B’s warehouse on 1st January. A brings the goods as promised but after the usual business hours. Has A performed his promise? No Sec. 47
71. A, B and C jointly promise to pay D a sum of Rs. 1,500. C is compelled to pay the whole amount. A is insolvent but his assets are sufficient to pay one half of his debts. How much C is entitled to recover from A and B’s estates. 250 from A and 625 from B. (sec. 43 )
72. A, a singer enters into a contract with B, the manager of a theatre, to sing at this theatre two nights in every week during the next two months and is engaged to pay her Rs. 100 for each night’s performance. On the sixth night, A wilfully absents herself from the theatre. Can B put an end the contract. Yes : Sec. 39
73. A promises to paint a picture for B within a month for a price. A dies shortly thereafter. Can B enforce the contract against the legal representatives of A. No sec. 37
74. A agrees to pay B a sum of money if B marries C. C married D. What is the consequence? The contract is now void Sec. 36
75. A makes a contract with B to buy B’s car if A survives C. Can contract be enforced before C dies? No Sec. 32
76. C contracts to pay A Rs. 10,000 if his car is destroyed. What is the nature of his contract? Contingency contract Sec. 31
77. A agrees to sell B all the rice in his godown. Is it a valid agreement? Yes there is certainity
78. A is dealer in different kinds of oil. He agrees to sell B “a hundred tonnes of oil. “Is there any agreement”? No Sec. 29 it is a mistake
79. A owes to B Rs. 1,000 but the debt is barred by the Limitation Act. A orally promises to pay the debt. Can B recover the money from A. No it requires written consent now
80. X promises to superintend on behalf of Y a legal manufacturer of indigo and illegal traffic in cosmetic. Y promises to pay to X Rs. 20,000 a year for this. Is the agreement valid? No it is invalid Sec. 24
81. A’s estate is sold for arrears of revenue under the provisions of an Act of legislature by which the defaulter is prohibited from purchasing the estate. B, upon an understanding with A, becomes the purchaser and agrees to convey the estate to A upon receiving from him the price which B has paid. Is the agreement valid.
82. Solution ... This agreement will defeat the purpose of law. If it is noticed later, it will be invalid.
83. A promises to obtain for B an employment in the public service and B promises to pay Rs. 1,000 to A. Is this valid contract. No Sec. 23
84. A agrees to buy from B a certain horse. It turns out that the horse was dead at the time of the bargain, though neither party was aware of the fact. Is the agreement valid? No Sec. 20 (mistake of facts)
85. distinguish between a condition and a warranty. Condition is essential, if it is broken, the contract of sale is broken. Warranty is collateral to the main purpose of ( second part of a) contract, if it is broken damages can be claimed. Read sec. 10 to 17 of Sale of goods act for detail. Condition is more important and binding than warranty.
86. DISTINGUISH Sale and Hire Purchase Agreement There is immediate transfer of property in case of sale. In hire purchase, the property transfers at the end of the period (when all the instalments are paid). If you buy a car from a showroom on hire purchase, you will be its true owner only when you payback all the instalments and thus hire purchase doesnt give the buyer complete powers. The hire purchase agreement only gives an option to buy the goods to the buyer, but there is a clear agreement in the case of sale.
87. Can you sell future goods? Yes – as per sec. 2(6) : these goods must be specific, identifiable and certain. If they are not certain, you cannot sell them. Example : In your factory you make bisxuits. You make a contract to supply 1000 kg of biscuits to a buyer on certain price and the goods will be manufactured in next 1 month.
88. What is the Doctrine of ‘Nemo dat quod non habet’. It is related to transfer of ownership. It means : no one can pass a better title than he himself has. You cant sell a property, which doesnt belong to you. If you are owner of something then only you can sell it. If you are not owner, how can you sell something?
89. Discuss the rights of an unpaid seller. The unpaid seller can take possession of the goods, he can stop the goods in transit (which are going to the buyer) or can sell these goods to some other person. (sec.,50,52, 54 of sale of goods act) He has right to lien on the goods He can withhold delivery of goods (if the goods are with him). (sec. 55 of sale of goods act)
90. WHAT IS THE Doctrine of Caveat Emptor Sec 16 : the buyer should satisfy himself about the goods before buying. Thus buyer should be alert and careful while buying the goods.
91. A and B are co-owners of a T.V. while the T.V. is in possession of B. A's secretary takes it away and sells it to C, a bonafide purchaser for value. As per sec. 14(a) and rule of Nemo Dat Quod Non-Habet the secretary of A cant sell the TV to C. C will have to return the TV back to A & B. However, C can recover his money from secretary of A.
92. X by way of undue influence buys a car from Y at a very low price and sells it to Z, an innocent purchaser. Here this is a case of voidable contract between X and Y. However, Z purchased from X without any knowledge of this. As per sec. 27 of Sale of Goods act, the buyer gets a good title, if he buys innocently and after fulfilling regular checkups. Thus Z cant be forced to return car. X can recover his remaining money from Y.
93. Why it is important to know the time of passing of property? If the goods are damaged after that time, the responsibility is that of buyer, if the goods are destroyed before that time, the responsibility will be that of the seller. The time is important, as if there is some special circumstances, it may lead the contract to a null / void contract.
94. What are implied conditions and warranties? These conditions are assumed to be there in every sale contract. 1. condition to the title of the goods : it is assumed that the seller has title to the goods. 2. quite possession / freedom from encumbrances (nobody should disturb the enjoyment of the goods). 3. in case of sale by description, the goods must be similar to description, and in case of sale by sample, the goods should be similar to the sample 4. quality / fitness : the goods must be fit for use for the purpose for which they have been bought. 5. the seller has to disclose dangerous nature of goods. 6. as per business practices. ... ..
95. Define negotiable instrument. Negotiable instrument is one instrument which can be transferred by one person. Thus ownership is transferable in the case of negotiable instrument. It is of two types : 1. bearer 2. order bearer instrument doesnt require any endorsement – transfer is by only delivery. In case of order instrument, the owner has to endorse it in favour of transferee.
96. contd... Sec. 13(1) : negotiable instrument means – a promissory note – a bill of exchange – a cheque payable to order or bearer promissory note is a promise to pay certain amount to the bearer of the instrument or to order on specified date
97. What is the difference between a bill and promissory note? Promissory note is a promise to pay, it is prepared by the debtor himself and it is given to creditor. A bill is an order to a party to pay some amount. Thus it is prepared by creditor on a debtor. A bill has to be accepted by the debtor (that the debtor will pay on specified date / on demand).
98. What is dishonour of a bill ? When the debtor (drawee) is not able to pay a bill on due date, it is called dishonour of a bill. It is the inability of the debtor to pay the bill on due date. When there is dishonour of bill, the holder of the bill will give a notice to the drawee. This notice must be noted with notary. Read sec. 91 to 99 of negotiable instrument act.
99. Do you think : Forgery of drawers’ signatures protects the paying bank. No. Forgery is a crime. The bank has to recover the amount from the person who is doing forgery.
100. What is the difference between holder and holder in due course ? Holder means the bearer of an instrument. Holder in due course means a person who has acquired instrument properly through proper legal procedure and therefore that person has proper legal right on the instrument. A holder in due course is a person, who gets full right to the instrument.
101. Some furniture was delivered by X to A on hire purchase basis so that he could become owner after the payment of the last instalment. A sold the furniture to B even before such payment. A failed to make the last payment. X wanted to recover the furniture from B. Would he succeed? A is not the owner of the property, so he cant sell the property, so the property belongs to X. If B is able to proove that he had some criteria to believe that A was owner, then he may be able to retain the property. In that case X should get damages from A.
102. In a contact through sea, where the seller has to put the goods on board ship at his own expenses, the contract is known as : There is are three popular types : .1 FOB 2 CIF 3. EX-FACTORY this is the case of FOB – free on board – because here the seller is responsible to put the goods on board. In the case of CIF, the seller bears carriage, insurance and freight (all the three expenses). In ex-factor or ex-godown, the seller gives the delivery of goods at factory and is not responsible thereafter.
103. What is Stale cheque. A cheque which is out of date is called stale cheque. A chaque has life of 6 months from the date which it bears. In some cases, the life of cheque is only 3 months. (for example in the cae of banker's cheque)
104. What is banker's cheque? A cheque drawn by one bank on another bank. It is used for transfer of money to another person within the same city. It is similar to bank draft.
105. What is hundi? It is a traditional financial instrument, which has been in use for hundreds of years. It was used by Marwari traders to undertake financial transactions. Suppose Y is your debtor (you have sold him some goods on credit) by Rs. 3000 and you have to pay Rs. 3000 to Z. You can draw a hundi on Y payable to Z. Thus on due date, Z will collect Rs. 3000 from Y on your behalf and thus your account will be settled. It is like bill of exchange.
106. What is an Accommodation Bill It is a means of financing. Example : I need Rs. 9 Lakh urgently urgently. I draw a bill on you for 6 months and get the bill accepted by you for Rs. 9 lakhs. I go to the bank and get the bill discounted. The bank gives me some 8.9 lakhs. On due date (after 6 months), the bank will collect Rs. 9 lakhs from you. (by that time I will also give you Rs. 9 lakhs, so that you may pay to the bank).
107. Who is a Holder-in-due course As per sec. 9 of Negotiable Instrument : A holder in due course is a person who obtains possession of a negotiable instrument for consideration and without any cause to believe that any defect exists in the title of the person from whom he derives his title. The instrument must be obtained before the date of expiry of the instrument and with proper endorsement (in case of to order instrument). Sometimes, holder in due course gets better title than a holder.
108. A draws a bill payable three months after sight on B. It passes several hands before X becomes its holder. On presentation by X, B refuses to accept the bill. Discuss the rights of X.
109. Solution ... X has right to collect payment from B or from the person who gave this instrument to X. The concerned person will than collect throug the chain, ultimately, A will be responsible, who will finally collect payment from B. X will have to give a notice of dishonour to B and then he will be able to recover money from the person who passed him this bill.
110. What is Endorsement. If I have some bill / cheque / promisory note (a negotiable instrument – of any type), and I want to give it to someone else, I can give it by delivery (in case of bearer instrument) or by endorsement (in case the instrument is to order). Thus endorsement is required when the instrument is to order. It enables a person to transfer ownership of the negotiable instrument. Here the endorser rights at the back of the instrument the name of the endorsee, and the details.
111. Example of endorsement I T.K. Jain give the right of this cheque to Mr M. K. Jain for money and consideration received. Signature.
112. What is a valid endorsement It must be made before the instrument expires it must be made by a holder in due course it must be made by a person who has clear title to the instrument. It must be against consideration. (read Sec. 15 and 16 of Negotiable instrument act for detail) Sec. 52 : endorser may exclude his own ultimate liability in some cases.
113. Describe legal presumption in case of negotiable instruments. Negotiable instruments are transferable by the holder in due course. It is assumed that the negotiable instrument was prepared for consideration. It was transferred before its maturity date. It was duely signed / stamped as per legal requirements. The holder of the instrument is assumed to be the holder in due course. (read sec. 118 and 119 of N.I. Act 1881)
114. Discuss the penal provisions in case of dishonour of cheque? Dishonour means payment is not made by the banker against the cheque. The banker may refuse payment when – 1. there is insufficient balance 2. there is signature mismatch 3. when there is stop payment instruction by the drawer 4. other reasons approved by law. 138-142 say : Imprisonment upto 2 years / fine upto twice the amount of cheque (or both) penaly if there is dishonour due to lack of funds. (proper procedure regarding notice must be followed). (case: G.M. Mittal Stainless Steel v/s Nagarjun Investments 1997)
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