The document discusses the topics of contracts of indemnity, guarantee, bailment, pledge and agency under business law. It provides definitions and explanations of these concepts. For contracts of indemnity, it notes that indemnity refers to compensation for damages or loss, and involves one party agreeing to pay for potential losses caused by the other party. The key aspects discussed include the definition of a contract of indemnity under Indian law and that it involves one party promising to save the other from loss caused by the promisor or another person.
The objective of this paper is to provide an understanding of basic concepts of Indian Constitution and various organs created by the Constitution and their functions.
Section-1:
Name- Indian contract act 1872;
Extent-It extends to the whole of India except state of J&K.
Enforce-It shall came into force on 1stsep1872.
The document provides an overview of Indian contract law, including definitions of key terms like agreement, promise, offer and consideration. It outlines the essential elements of a valid contract according to the Indian Contract Act of 1872, including agreement, intention to create a legal relationship, consensus ad idem, consideration, free consent, capacity of parties, lawful object and possibility of performance. It also summarizes several important contract law cases that help illustrate principles like privity of contract and what constitutes consideration.
Business Environment and Ethical Practices (BBA LLB 213 )cpjcollege
The objective of the course is to familiarize students with the different aspects of business environment and ethical practices to be adopted by organizations in conducting their business.
The document discusses various topics related to corporate law including types of companies, forms of business organization, shares, debentures, and securities. It provides information on sole proprietorships, partnerships, corporations, limited liability companies (LLCs), and different types of companies such as private companies and public companies. The document also defines key terms like shares, share capital, debentures, debenture bonds, and classifications of company securities.
Environmental Studies and Environmental Laws (: LLB -301)cpjcollege
The objective of this paper is to acquaint the students with the environmental issues and the measures taken for its protection along with the norms prevailing at international and national
level
Some of the most important legal drafting skills are the following: laying out the document logically, keeping the writing clear and concise, avoiding grammatical and lexical errors with respect to the style of a legal text, and, finally, editing and correcting the document in a systematic and thorough way.
It is important to keep the text as simple and as concise as possible. Sentences need to be kept short.
The drafter not only needs to have an excellent knowledge of the fundamentals of English grammar, but he/she should also be aware of the special grammatical features of Legal English.
Editing is a way to check for good practice. In order to avoid the loss of valuable time, it is important for professional people to know what they are looking for when editing.
The objective of this paper is to provide an understanding of basic concepts of Indian Constitution and various organs created by the Constitution and their functions.
Section-1:
Name- Indian contract act 1872;
Extent-It extends to the whole of India except state of J&K.
Enforce-It shall came into force on 1stsep1872.
The document provides an overview of Indian contract law, including definitions of key terms like agreement, promise, offer and consideration. It outlines the essential elements of a valid contract according to the Indian Contract Act of 1872, including agreement, intention to create a legal relationship, consensus ad idem, consideration, free consent, capacity of parties, lawful object and possibility of performance. It also summarizes several important contract law cases that help illustrate principles like privity of contract and what constitutes consideration.
Business Environment and Ethical Practices (BBA LLB 213 )cpjcollege
The objective of the course is to familiarize students with the different aspects of business environment and ethical practices to be adopted by organizations in conducting their business.
The document discusses various topics related to corporate law including types of companies, forms of business organization, shares, debentures, and securities. It provides information on sole proprietorships, partnerships, corporations, limited liability companies (LLCs), and different types of companies such as private companies and public companies. The document also defines key terms like shares, share capital, debentures, debenture bonds, and classifications of company securities.
Environmental Studies and Environmental Laws (: LLB -301)cpjcollege
The objective of this paper is to acquaint the students with the environmental issues and the measures taken for its protection along with the norms prevailing at international and national
level
Some of the most important legal drafting skills are the following: laying out the document logically, keeping the writing clear and concise, avoiding grammatical and lexical errors with respect to the style of a legal text, and, finally, editing and correcting the document in a systematic and thorough way.
It is important to keep the text as simple and as concise as possible. Sentences need to be kept short.
The drafter not only needs to have an excellent knowledge of the fundamentals of English grammar, but he/she should also be aware of the special grammatical features of Legal English.
Editing is a way to check for good practice. In order to avoid the loss of valuable time, it is important for professional people to know what they are looking for when editing.
The paper will focus on the civil procedures followed in instituting a suit. The students will be familiarised with certain important concepts and practical skill development activity will provide insights into the actual working of the court procedures.
CONTRACT OF INDEMNITY AND GUARANTEE
Indemnity is defined in Section 124 of Indian Contract Act, 1872, while in Section 126, Guarantee is defined.
In the contract of indemnity, one party makes a promise to the other that he will compensate for any loss occurred to the other party because of the act of the promisor or any other person. In the contract of guarantee, one party makes a promise to the other party that he will perform the obligation or pay for the liability, in the case of default by a third party.
In indemnity, there are two parties, indemnifier and indemnified but in the contract of guarantee, there are three parties i.e. debtor, creditor, and surety.
The document discusses various topics related to business law in India including the definition of law and business, essential elements of a valid contract, discharge of contracts, remedies for breach of contract, quasi-contracts, contracts of indemnity and guarantee, bailment, agency, sale of goods, and negotiable instruments. It provides definitions and key aspects of each topic in brief paragraphs.
An agreement between a seller and a buyer for the sale of goods. The contract should, at a minimum, identify the seller and buyer, the quantity and type of product, delivery time, price and conditions of payment.
“Transfer of property” defined.— (Sec 5)
In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons; and “to transfer property” is to perform such act.In this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.
The Anglo-Norwegian Fisheries Case centered around a dispute between the UK and Norway over fishing rights in waters surrounding Norway. Norway claimed exclusive fishing rights based on its system of baselines, while the UK argued this violated international law. The ICJ ultimately ruled in Norway's favor, finding that Norway's baselines and claims of exclusive fishing rights were consistent with international law. Some judges dissented from parts of the ruling. The case established that a state can gain customary fishing rights through long practice accepted by other states.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Contract law lecture - 1 - definition and meaning(terminology)Dr. Arun Verma
The document discusses the definition and key concepts of contract law in India. It provides:
1) A definition of law and an overview of the Indian Contract Act, which establishes the general principles of contract law and special types of contracts.
2) Definitions and explanations of key contract terms like offer, acceptance, consideration, agreement, and void, voidable, and valid contracts.
3) An explanation that all contracts are agreements but not all agreements are contracts, as contracts must meet additional requirements of enforceability.
4) An overview of the essential elements a contract must have to be valid like offer, acceptance, lawful consideration, capacity of parties, free consent, lawful object, and certainty.
The document provides an overview of the Indian Contract Act of 1872. Some key points covered in the summary:
1) The Indian Contract Act lays down legal rules relating to promises, their formation, performance and enforcement. These rules apply not just to business agreements but all agreements.
2) For an agreement to constitute a valid contract under the Act, it requires an offer, acceptance of the offer, consideration and mutual consent between the parties.
3) The Act defines concepts such as proposal, acceptance, promise, consideration and agreement. It distinguishes between agreements in general and contracts, specifying that not all agreements result in enforceable contracts.
Law of Contracts in India research paperShantanu Basu
A contract is an agreement between two or more parties that intends to create legal obligations. Breach of contract occurs when a party fails to perform their obligations under the agreement. There are two types of breach - actual and anticipatory. In the case of anticipatory breach, one party indicates before the performance date that they will not fulfill their promise. The aggrieved party then has the right to immediately sue for damages or wait until the actual performance date. Remedies for breach include damages compensation, specific performance of the contract, injunctions, rescission of the contract, or quantum meruit.
This document provides an overview of Muslim marriage law. It defines an Islamic marriage as a civil contract between a Muslim male and female witnessed by at least two males or a male and two females. The formalities of a valid marriage include uttering offer and acceptance words in the presence of witnesses and identifying the bride by name if not present. For a marriage to be valid it must be witnessed by at least two males or one male and two females. The document also discusses the pre-Islamic context of Arabian society and women's varied status between tribes.
The doctrine of lis pendens prevents parties involved in a pending lawsuit over a property from transferring that property to another party. This stems from the Latin maxim "ut lite pendente nihil innovetur," meaning nothing new should be introduced during a pending case. Section 52 of the Transfer of Property Act codifies this doctrine in India, stating that a pending suit over immovable property prevents either party from transferring their rights to a third party in a way that affects the opposing party's rights. The court has some discretion to allow a transfer subject to terms it deems fit to impose.
Definition of Industry- Labour and Industrial Law - FICCI v. Workman AIR 1972Aditya Kashyap
This case discusses whether the Federation of Indian Chambers of Commerce and Industry (FICCI) qualifies as an "industry" under the Industrial Disputes Act, 1947. A workman, Shri R.K. Mittal, claimed overtime wages for work during an event organized by FICCI. When his claim was rejected, he filed an industrial dispute. The labor court ruled in his favor. FICCI appealed to the Supreme Court, arguing it was not an industry under the Act. The Supreme Court examined FICCI's activities, which included assisting its members in business. It held that FICCI undertook systematic commercial activities and material services, making it an industry under the Act. The labor court's award
The Concept of Rule of law : origin, development & Indian Constitution.legalpuja22
Introduction
Definition:
The principle that all individuals and institutions are subject to and accountable to law that is fairly applied and enforced.
Concept:
Ensures equality before the law, restrictions on arbitrary exercise of power, and protection of individual rights and liberties.
Origin of the Rule of Law
The concept of the Rule of Law can be traced back to Sir Edward Coke in England, who stated that "the King must be under God and law."
Coke's assertion established the supremacy of law over the executive, emphasizing that even the monarch was bound by legal principles.
Coke's Principles of Rule of Law:
Absence of Arbitrary Power:
Restricts the exercise of power to prevent arbitrary actions.
Equal Protection of Law and Equality Before Law:
Ensures that all individuals are treated equally under the law, regardless of status or position.
Law as a Consequence of Rights:
Highlights that law does not create rights but rather serves to enforce the rights of individuals, adjudicated by courts.
Development of the Rule of Law by A.V. Dicey
Professor A.V. Dicey further elaborated on and developed the concept of the Rule of Law in his book 'Law and the Constitution' in 1885.
Dicey's Principles of Rule of Law:
Absence of Arbitrary Power:
Limits the use of power to instances where there is a clear breach of law, preventing arbitrary actions by authorities.
Equality Before Law:
Asserts that no individual is above the law, and everyone, regardless of status, is subject to the ordinary legal processes and jurisdiction of the courts.
Individual Liberty:
Emphasizes that individual liberties are safeguarded by judicial decisions, which establish and protect the rights of individuals in legal disputes brought before the courts.
Rule of Law and the Indian Constitution
Incorporated into the preamble as part of the basic structure.
Relevant Articles of the Constitution of India:
Article 13(2):
Emphasize upon laws to be in consistency with Part-III otherwise can be subject to power of judicial review Under Articles 32 and 226.
Article 14:
Right to Equality - Ensures equality before the law and equal protection of laws.
Article 21:
Right to Life and Personal Liberty - Protects personal liberty and emphasizes procedural fairness.
Article 32:
Remedies for Enforcement of Fundamental Rights - Provides for the right to move the Supreme Court for the enforcement of fundamental rights.
Article 50:
Separation of Judiciary from Executive - Emphasizes the importance of the separation of powers to uphold the rule of law.
Case Laws on Rule of Law in India
Kesavananda Bharati v. State of Kerala (1973):
Established the doctrine of basic structure, emphasizing the supremacy of the Constitution and limiting Parliament's power to amend it.
Maneka Gandhi v. Union of India (1978):
Expanded the scope of personal liberty under Article 21, emphasizing procedural fairness.
The document discusses the Indian Contract Act of 1872 and provides definitions and classifications of contracts. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements for a valid contract, including offer, acceptance, lawful consideration and capacity. Contracts are classified based on their formation (express, implied, quasi), performance (executed, executory, partly executed) and enforceability (valid, void, voidable, illegal). Quasi-contracts are also discussed, which create obligations by operation of law rather than agreement. Various types of quasi-contracts are explained through examples.
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.
CONTRACT OF BAILMENT
Section 148 of the Indian Contract Act states that, Bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.
The document discusses the formation of contracts under Indian law. It begins with an overview of the Indian Contract Act 1872 and the key elements needed to form a valid contract - offer, acceptance, consideration. It then examines offer and acceptance in more depth, including definitions, communication, revocation and types of offers. Consideration is defined as the recompense or thing of value given in exchange for a promise. The document provides examples and case law rulings to illustrate various points around offer, acceptance and consideration.
The paper will focus on the civil procedures followed in instituting a suit. The students will be familiarised with certain important concepts and practical skill development activity will provide insights into the actual working of the court procedures.
CONTRACT OF INDEMNITY AND GUARANTEE
Indemnity is defined in Section 124 of Indian Contract Act, 1872, while in Section 126, Guarantee is defined.
In the contract of indemnity, one party makes a promise to the other that he will compensate for any loss occurred to the other party because of the act of the promisor or any other person. In the contract of guarantee, one party makes a promise to the other party that he will perform the obligation or pay for the liability, in the case of default by a third party.
In indemnity, there are two parties, indemnifier and indemnified but in the contract of guarantee, there are three parties i.e. debtor, creditor, and surety.
The document discusses various topics related to business law in India including the definition of law and business, essential elements of a valid contract, discharge of contracts, remedies for breach of contract, quasi-contracts, contracts of indemnity and guarantee, bailment, agency, sale of goods, and negotiable instruments. It provides definitions and key aspects of each topic in brief paragraphs.
An agreement between a seller and a buyer for the sale of goods. The contract should, at a minimum, identify the seller and buyer, the quantity and type of product, delivery time, price and conditions of payment.
“Transfer of property” defined.— (Sec 5)
In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons; and “to transfer property” is to perform such act.In this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.
The Anglo-Norwegian Fisheries Case centered around a dispute between the UK and Norway over fishing rights in waters surrounding Norway. Norway claimed exclusive fishing rights based on its system of baselines, while the UK argued this violated international law. The ICJ ultimately ruled in Norway's favor, finding that Norway's baselines and claims of exclusive fishing rights were consistent with international law. Some judges dissented from parts of the ruling. The case established that a state can gain customary fishing rights through long practice accepted by other states.
The document discusses void agreements under Indian contract law. It explains that void agreements are those that are not enforceable by law, such as agreements that were void from the beginning (void ab-initio) due to lacking necessary elements, or agreements that were initially valid but later became void. Examples of void ab-initio agreements provided include those restraining marriage or trade, preventing legal recourse, or being too uncertain. The document also discusses the doctrine of frustration which voids agreements when unexpected events make the contractual obligations impossible to perform.
Contract law lecture - 1 - definition and meaning(terminology)Dr. Arun Verma
The document discusses the definition and key concepts of contract law in India. It provides:
1) A definition of law and an overview of the Indian Contract Act, which establishes the general principles of contract law and special types of contracts.
2) Definitions and explanations of key contract terms like offer, acceptance, consideration, agreement, and void, voidable, and valid contracts.
3) An explanation that all contracts are agreements but not all agreements are contracts, as contracts must meet additional requirements of enforceability.
4) An overview of the essential elements a contract must have to be valid like offer, acceptance, lawful consideration, capacity of parties, free consent, lawful object, and certainty.
The document provides an overview of the Indian Contract Act of 1872. Some key points covered in the summary:
1) The Indian Contract Act lays down legal rules relating to promises, their formation, performance and enforcement. These rules apply not just to business agreements but all agreements.
2) For an agreement to constitute a valid contract under the Act, it requires an offer, acceptance of the offer, consideration and mutual consent between the parties.
3) The Act defines concepts such as proposal, acceptance, promise, consideration and agreement. It distinguishes between agreements in general and contracts, specifying that not all agreements result in enforceable contracts.
Law of Contracts in India research paperShantanu Basu
A contract is an agreement between two or more parties that intends to create legal obligations. Breach of contract occurs when a party fails to perform their obligations under the agreement. There are two types of breach - actual and anticipatory. In the case of anticipatory breach, one party indicates before the performance date that they will not fulfill their promise. The aggrieved party then has the right to immediately sue for damages or wait until the actual performance date. Remedies for breach include damages compensation, specific performance of the contract, injunctions, rescission of the contract, or quantum meruit.
This document provides an overview of Muslim marriage law. It defines an Islamic marriage as a civil contract between a Muslim male and female witnessed by at least two males or a male and two females. The formalities of a valid marriage include uttering offer and acceptance words in the presence of witnesses and identifying the bride by name if not present. For a marriage to be valid it must be witnessed by at least two males or one male and two females. The document also discusses the pre-Islamic context of Arabian society and women's varied status between tribes.
The doctrine of lis pendens prevents parties involved in a pending lawsuit over a property from transferring that property to another party. This stems from the Latin maxim "ut lite pendente nihil innovetur," meaning nothing new should be introduced during a pending case. Section 52 of the Transfer of Property Act codifies this doctrine in India, stating that a pending suit over immovable property prevents either party from transferring their rights to a third party in a way that affects the opposing party's rights. The court has some discretion to allow a transfer subject to terms it deems fit to impose.
Definition of Industry- Labour and Industrial Law - FICCI v. Workman AIR 1972Aditya Kashyap
This case discusses whether the Federation of Indian Chambers of Commerce and Industry (FICCI) qualifies as an "industry" under the Industrial Disputes Act, 1947. A workman, Shri R.K. Mittal, claimed overtime wages for work during an event organized by FICCI. When his claim was rejected, he filed an industrial dispute. The labor court ruled in his favor. FICCI appealed to the Supreme Court, arguing it was not an industry under the Act. The Supreme Court examined FICCI's activities, which included assisting its members in business. It held that FICCI undertook systematic commercial activities and material services, making it an industry under the Act. The labor court's award
The Concept of Rule of law : origin, development & Indian Constitution.legalpuja22
Introduction
Definition:
The principle that all individuals and institutions are subject to and accountable to law that is fairly applied and enforced.
Concept:
Ensures equality before the law, restrictions on arbitrary exercise of power, and protection of individual rights and liberties.
Origin of the Rule of Law
The concept of the Rule of Law can be traced back to Sir Edward Coke in England, who stated that "the King must be under God and law."
Coke's assertion established the supremacy of law over the executive, emphasizing that even the monarch was bound by legal principles.
Coke's Principles of Rule of Law:
Absence of Arbitrary Power:
Restricts the exercise of power to prevent arbitrary actions.
Equal Protection of Law and Equality Before Law:
Ensures that all individuals are treated equally under the law, regardless of status or position.
Law as a Consequence of Rights:
Highlights that law does not create rights but rather serves to enforce the rights of individuals, adjudicated by courts.
Development of the Rule of Law by A.V. Dicey
Professor A.V. Dicey further elaborated on and developed the concept of the Rule of Law in his book 'Law and the Constitution' in 1885.
Dicey's Principles of Rule of Law:
Absence of Arbitrary Power:
Limits the use of power to instances where there is a clear breach of law, preventing arbitrary actions by authorities.
Equality Before Law:
Asserts that no individual is above the law, and everyone, regardless of status, is subject to the ordinary legal processes and jurisdiction of the courts.
Individual Liberty:
Emphasizes that individual liberties are safeguarded by judicial decisions, which establish and protect the rights of individuals in legal disputes brought before the courts.
Rule of Law and the Indian Constitution
Incorporated into the preamble as part of the basic structure.
Relevant Articles of the Constitution of India:
Article 13(2):
Emphasize upon laws to be in consistency with Part-III otherwise can be subject to power of judicial review Under Articles 32 and 226.
Article 14:
Right to Equality - Ensures equality before the law and equal protection of laws.
Article 21:
Right to Life and Personal Liberty - Protects personal liberty and emphasizes procedural fairness.
Article 32:
Remedies for Enforcement of Fundamental Rights - Provides for the right to move the Supreme Court for the enforcement of fundamental rights.
Article 50:
Separation of Judiciary from Executive - Emphasizes the importance of the separation of powers to uphold the rule of law.
Case Laws on Rule of Law in India
Kesavananda Bharati v. State of Kerala (1973):
Established the doctrine of basic structure, emphasizing the supremacy of the Constitution and limiting Parliament's power to amend it.
Maneka Gandhi v. Union of India (1978):
Expanded the scope of personal liberty under Article 21, emphasizing procedural fairness.
The document discusses the Indian Contract Act of 1872 and provides definitions and classifications of contracts. It defines a contract as an agreement that is enforceable by law. It outlines the essential elements for a valid contract, including offer, acceptance, lawful consideration and capacity. Contracts are classified based on their formation (express, implied, quasi), performance (executed, executory, partly executed) and enforceability (valid, void, voidable, illegal). Quasi-contracts are also discussed, which create obligations by operation of law rather than agreement. Various types of quasi-contracts are explained through examples.
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.
CONTRACT OF BAILMENT
Section 148 of the Indian Contract Act states that, Bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall, when the purpose is accomplished, be returned or otherwise disposed of according to the directions of the person delivering them.
The document discusses the formation of contracts under Indian law. It begins with an overview of the Indian Contract Act 1872 and the key elements needed to form a valid contract - offer, acceptance, consideration. It then examines offer and acceptance in more depth, including definitions, communication, revocation and types of offers. Consideration is defined as the recompense or thing of value given in exchange for a promise. The document provides examples and case law rulings to illustrate various points around offer, acceptance and consideration.
What is ‘Contract‘?
The term ‘Contract‘ is defined in Section 2(h) of the Indian Contract Act, which reads as under
“An agreement enforceable by law is a contract.”
The analysis of this definition shows that a contract must have the following two elements:
1. An agreement, and
2. The agreement must be enforceable by law.
This document contains lecture materials from Chanderprabhu Jain College of Higher Studies & School of Law related to the Trade Unions Act of 1926. It covers several topics like collective bargaining, standing orders, resolution of industrial disputes, and instruments of economic coercion. The learning outcomes, concepts, definitions, and processes related to these topics are discussed over multiple pages in point form along with headings and sub-headings.
Reservation of Company Name:
First , the applicants are required to apply for a name in Form No. INC-1. The fee for seeking a name approval is Rs.1000/- as prescribed and 60 days are allowed for incorporating the company. The name should not be undesirable i.e.; identical, resembling, restricted or prohibited.
This document discusses the law of bailment under the Indian Contract Act. It defines bailment and outlines the essential elements. It also classifies bailments based on benefits and rewards. Further, it explains the rights and duties of the bailor and bailee. Specifically, it outlines the bailee's duties to take care of goods, not make unauthorized use, not mix goods with their own, return goods and any accretions. It also discusses lien and rights against deprivation or injury to goods.
This document contains lecture notes on the Hindu Marriage Act 1955, Muslim Marriage Act, Hindu Adoption and Maintenance Act 1956, Hindu Minority Guardianship Act 1956, and Special Marriage Act 1954 from Chanderprabhu Jain College. It discusses the essential elements, ceremonies, dissolution, and grounds for divorce under the different marriage laws. It also summarizes the provisions related to adoption, maintenance, guardianship, and emerging trends in marriage and family law like surrogacy, live-in relationships, and same-sex marriage.
Code of civil procedure law, Bba llb, law schoolssuser32bd0c
The document discusses key concepts from the Code of Civil Procedure. It begins by defining important terms like decree, judgment, order, foreign court and foreign judgment. It then explains provisions around foreign judgments from Sections 13 and 14. Other definitions covered include mesne profits, affidavit and suit. It also summarizes the typical stages in a civil suit process: institution of suit, issue of summons, written statement, discovery, issues, trial, judgment and decree. Finally, it briefly explains the concepts of caveat and execution proceeding/appeal.
Define Assertiveness
Assertiveness is a skill regularly referred to in social
and communication skills training. Being assertive
means being able to stand up for your own or other
people's rights in a calm and positive way, without
being either aggressive, or passively accepting
'wrong'.
Transfer of property” defined.— (Sec 5)
In the following sections “transfer of property” means an act by which a living person conveys property, in present or in future, to one or more other living persons, or to himself, or to himself and one or more other living persons; and “to transfer property” is to perform such act.In this section “living person” includes a company or association or body of individuals, whether incorporated or not, but nothing herein contained shall affect any law for the time being in force relating to transfer of property to or by companies, associations or bodies of individuals.
The document discusses key aspects of India's Competition Act of 2002, including its objectives, features, and definitions. It aims to promote competition, eliminate anti-competitive practices, protect consumer interests, and ensure fair market participation. The Act prohibits anti-competitive agreements and abuse of dominant market positions. It also regulates combinations and mergers, and advocates for competition through policies and law reviews.
The document discusses different modes of partition in a Hindu joint family under the Mitakshara law. It states that partition can be effected through declaration, will, conversion to another faith, marriage under the Special Marriage Act, agreement, arbitration, or by the father during his lifetime. Partition results in the severance of joint status and allows individuals to hold property separately rather than as coparceners in the joint family. Some of the key modes discussed are partition by declaration of intention to separate, through a will clearly stating the same, and agreement between family members to divide the property.
This document discusses the position and powers of a Karta, who is the manager or head of a Hindu joint family. It notes that the senior most male member is usually the Karta. As Karta, he has numerous rights and powers to manage family affairs and property for the family's benefit, but also responsibilities like maintaining family members. It outlines some of the Karta's specific powers and duties regarding legal matters, income, debts, business, and representing the family. The document also provides an introduction to the topic of partition of a joint Hindu family property.
The document is a lecture note on basic concepts of taxation from Chanderprabhu Jain College of Higher Studies & School of Law. It defines key terms like taxes, direct and indirect taxes, income, assessment year, financial year. It distinguishes between capital and revenue receipts and discusses the differences between direct and indirect taxes. It also explains the concepts of application of income versus diversion of income and gives examples. Finally, it provides an overview of the different sections related to assessment under the Income Tax Act.
The document discusses the interrelationship between industry, trade, and commerce. It states that industry is concerned with production, commerce arranges for the sale of goods produced by linking producers and consumers, and trade is involved in the actual sale and exchange of goods. It explains that industry, trade, and commerce are interdependent and cannot exist independently of each other. Commerce relies on industry for production and trade for the sale of goods, while industry relies on commerce and trade to connect it with consumers.
The document discusses paragraph and report writing. It provides guidelines for designing effective paragraphs, including keeping paragraphs short, maintaining unity around a single topic or idea, and using topic sentences. It also discusses the key features of reports, such as being concise documents written for a specific purpose and audience that often include recommendations. The document outlines different types of reports, including informal versus formal reports and statutory versus non-statutory reports. It concludes with characteristics of good reports, such as simplicity, clarity, accuracy, and relevance.
The document is from Chanderprabhu Jain College and discusses topics related to financial management. It covers definitions of financial management, the scope and decisions involved, objectives like profit and wealth maximization. It also discusses concepts like time value of money, types of interest, valuation of securities, capital structure theories and factors, and working capital management including inventory and receivables.
Business is influenced not only by what decisions are taken within the firm but also by the general business environment. General decisions are based on two factors : • External Factors : This includes all those factors which are outside the control of business. The firm can only make timely adjustment to these external factors. • Internal Factors : This includes all those factors which are within the control.
This document provides an overview of the course "Legal and Ethical Aspects of Business" taught by Dr. A.K. Subramani. The course objectives are to create knowledge of the legal perspective and practices to improve business and provide a strong foundation in principles, contemporary issues, and practical examples. The outcomes are that students will have a better understanding of legal aspects in the business environment and be able to apply legal insights appropriately in changing situations. The document outlines the syllabus, including units on the Indian Contract Act, Sale of Goods Act, Company Law, tax laws, and consumer protection and intellectual property laws. Suggested readings are also provided.
Business Economics
• According to Mc Nair and Meriam, Business economic consists of the use of economic modes of thought to analyse business situations. • Siegel man has defined business economic (or business economic) as the integration of economic theory with business practice for the purpose of facilitating decision-making and forward planning by management
Socio-Legal Dimensions of Gender (LLB-507 & 509 )cpjcollege
This paper intends to sensitize the students about the changing
dimensions of gender and also familiarizes them with the subtle manifestations of inequality rooted in our society.
The objective of the paper is to apprise the students with the laws relating to marriage, dissolution, matrimonial remedies, adoption, contemporary trends in family institutions in India, in particular the Hindus and Muslims.
Alternative Dispute Resolution (ADR) [LLB -309] cpjcollege
Alternative Dispute Resolution has become the primary means by which cases are resolved now days, especially commercial, business disputes. It has emerged as the preferred method for resolving civil cases, with litigation as a last resort. Alternative Dispute Resolution provides an overview of the statutory, procedural, and case law underlining these processes and their interplay with litigation. A significant theme is the evolving role of
professional ethics for attorneys operating in non-adversarial settings. Clients and courts increasingly express a preference for attorneys who are skilled not only in litigation but in problem-solving, which costs the clients less in terms of time, money and relationship. The law of ADR also provides an introduction to negotiation and mediation theory.
It is an indispensable complementary part of our legal system without the study of which no advocate is suitably equipped with the basic requisites required to go to the court.
This document provides an overview of key concepts in international relations discussed in a political science class, including:
- Democracy and its key principles such as majority rule, protection of minority rights, and consent of the governed.
- Federalism and its features such as division of powers between central and state/provincial governments.
- The parliamentary system in India and features such as a ceremonial head of state, executive drawn from the legislature, and collective responsibility of ministers.
- Concepts in international relations like power, sovereignty, and the elements and limitations of national power, including international law, morality, and world public opinion.
This paper focuses on various aspects of health care law including the constitutional perspective, obligations, and negligence of medical professionals and remedies available to
consumers of health care.
The object of this paper is to focus on land reforms in India, Constitutional provisions related to land reforms, Land Acquisition, Rehabilitation, and Resettlement Act,2013, Urban Real Estate Development Laws and the Provisions of the Rent Laws under the
Delhi Rent Control Act, 1958.
The document provides information about human resource management (HRM) including definitions of HRM, its components, nature, scope, importance, evolution, policies, challenges, and trends. It also discusses the differences between personnel management and HRM as well as HRM and strategic HRM. Additionally, it covers topics related to human resource planning such as meaning, importance, job analysis, and future personnel needs. The document appears to be lecture notes on an introduction to HRM course provided by Ms. Pallavi Sharma.
The objective of the seminar paper is to introduce the students to a holistic understanding of crime. PSDA in this seminar paper will include seminar presentation, debates and group discussions, critical review of existing laws in India and a comparison with
other countries. The paper seeks to explore the possible practical applications of the various theories that have been formulated so far. It will also require the students to look up the international cases where these theories have been applied. The students who opt for this paper will also visit the prisons/ juvenile homes/ juvenile courts / rehabilitation centre etc. and make an assessment of the current situation.
The document discusses various topics related to computer networks including:
- Networking concepts such as computer networks being collections of devices connected to communicate and share resources, with connections made via physical wires or wireless connections.
- Types of networks including local area networks (LANs), wide area networks (WANs) and metropolitan area networks (MANs).
- Network protocols such as TCP/IP and how they function.
- Multiplexing techniques used in networks such as frequency division multiplexing (FDM), wavelength division multiplexing (WDM), and time division multiplexing (TDM).
Business environment refers to all external forces and factors that affect the functioning of a business. The business environment includes internal factors within a firm's control as well as external factors beyond its control, such as economic, political, social, technological, legal and environmental factors. The business environment influences a firm's strategic choices, organizational structure and operations. Understanding the business environment is crucial for identifying opportunities and threats to make appropriate business decisions.
Object oriented programming using BCA 209cpjcollege
This document discusses object oriented programming (OOP) and C++. It provides an overview of procedure oriented programming versus OOP, highlighting that OOP emphasizes data over procedures and uses objects and classes. Characteristics of OOP like encapsulation, inheritance, and polymorphism are covered. The document then discusses C++ features like classes, objects, constructors, destructors, static class members, friend functions, and inline functions. Finally, it introduces templates in C++ as a way to write generic functions and classes that can work with multiple data types.
This document contains lecture material from Chanderprabhu Jain College of Higher Studies & School of Law in New Delhi, India. It discusses various accounting topics including the meaning and classification of accounts, accounting principles and concepts, journals and their subdivisions, final accounts (trading account, profit and loss account, balance sheet), inventory management methods, concepts of depreciation, and methods for calculating depreciation. The document provides definitions, explanations and examples of key accounting terms and procedures.
This document contains lecture notes from a class on VB.NET programming and the .NET architecture. It discusses the .NET infrastructure including the common language runtime and portable executable files. It also covers topics like .NET project types, designing applications for .NET, variable scope, arrays and collections, object passing and parameters, inheritance control, threading, delegates, exception handling, object-oriented features in .NET, and ADO.NET concepts like data connections, adapters, datasets and data readers.
This document discusses registers in computer architecture. It defines a register as a very fast memory used to store data or instructions being executed. A register consists of a group of flip-flops that can each store one bit. The document also discusses register transfer language, which uses symbolic notation to describe operations between registers, and different types of register transfers and micro-operations that can be performed. It provides examples of shift operations and how an arithmetic logical unit is used to perform logic and arithmetic operations on data from registers.
The document discusses various topics related to web servers and web development including:
- The difference between local and remote servers, with local servers hosting files on the user's own machine and remote servers hosting files on another computer accessed over the internet.
- Popular web server software like Internet Information Services (IIS) which is used to host ASP.NET and ASP web applications, and Personal Web Server (PWS) which allows individuals to publish and share content.
- The difference between static websites with fixed HTML pages and dynamic websites whose content changes based on a database or CMS.
- Other topics covered include installing web servers, client-side vs server-side scripting, and introducing HTML.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
1. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Business Law
Prepared by: Ms.Shruti
2. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Indian Contract Act, 1872
• An act meant to ensure that rights agreed
between parties in a contract are legally
enforced.
3. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
FORMATION-What is a contract
• It must have an offer and acceptance
• It must have the 3 C’s.
• It must not be prohibited by law.
(note : a social agreement is not a contract
because it does not have any legal intention
between the parties.)
4. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
What is an Offer
1.It must be precise ; capable of being
understood and communicated.
2.It must not contain a clause that does away
with acceptance
3.Special terms must be brought to the notice of
the offeree
4.It need not be in writing though in
immoveable property contracts it must be in
writing.
5. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Offer … continued
5.Distinguish between an offer and an invitation
to an offer.
6.Under certain circumstances an advertisement
can become an offer.
7. An offer can be revoked before it is accepted
though in some countries it is not so.
8. In a digital contract the offer has been
communicated once it has entered the
computer of the offeree
6. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
ACCEPTANCE
1. An acceptance must be in response to an
offer.
2. It must be in the mode prescribed
3. It must be made by the person to whom the
offer has been made.
4. It must be unqualified and unconditional.
7. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Acceptance ..contd.
5. Acceptance must be made within the tme
provided or reasonable time.
6. Acceptance can be revoked before it reaches
the offeree.
7. In the case of cyber contracts acceptance has
reached when it enters the system of the
offeree.
8. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
3 C’s of a Contract
1. CAPACITY
2. CONSIDERATION
3. CONSENT
9. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
CAPACITY
• A minor and an unsound person and an
insolvent person cannot enter into contracts .
It is void ab – initio.
• Reason : The contract creates legally binding
obligations on the parties and hence only
those who have the capability (capacity) to do
so should be allowed otherwise
they(minor/unsound/insolvent) may harm
themselves.
10. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
MORE ON MINORS
1.Agreement with minor is void – ab – initio.
2. Even if a minor declares himself to be a major
he can plead that he is a minor
3. An agreement with a minor cannot be ratified
on his becoming a major.
4. Guardians of a minor are not liable on
contracts with a minor
11. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Minor….
5. A minor if provided with necessaries of life
then it can be reimburse from the minor’s
estate.
6. A minor can be a beneficiary.
7. A minor can become a partner though he
would not be liable.
12. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
C - Consideration
1.Consideration is the price of a contract.
2. A contract without consideration is void.
3. Consideration must be decided by the parties
themselves. Consideration can be fulfilled by
third parties.
4. Consideration must have some legal value in
the eyes of law.
5. Strangers to a contract have no claims.
13. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
C- Consent
1. Consent must be free and genuine.
2. A consent is not free and genuine when it is
induced by =
- coercion
- undue influence
- fraud
- misrepresentation
- mistake
14. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of a valid Contract
Essentials of Valid Contract:
1. Offers and Acceptance
2. Legal Relationship
3. Lawful Consideration
4. Capacity of Parties
5. Free Consent
15. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
6. Lawful Objects
7. Writting and Registration
8. Certainity
9. Possibility of Performance
10. Not Expressly Declared Void
16. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
discharge of contract in business law
• There are times when the law allows for
substantial-performance to
discharge a contract.
• But not every contract ends in two satisfied
parties going their separate ways.
• A breach of contract happens when one party
fails to adhere to the terms of
the contract without a legal reason to do so
17. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of a contract
18. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
The following are different modes of
discharge or termination of contract.
• Discharge by Performance.
• Discharge by Breach of Contract.
• Discharge by Impossibility.
• Discharge by Operation of Law.
• Discharge by Lapse of Time.
• Discharge by Mutual understanding or by
Agreement.
19. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by Performance
• As said by Salmond, contract creates
obligations to parties. If both parties perform
their contractual obligations promptly, the
contract is said to be discharged by
performance. It is the ideal method that
number of contracts gets terminated in this
way.
20. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by Breach
• Failure in performance of contractual
obligation is called breach of contract.
Discharge of contract takes place by breach of
contract also. Breach of contract is of two
types. Namely;
• Actual breach and
• Anticipatory breach.
21. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
In case where contract is breached by party
on the date of performance, it is called actual
breach. If breach of Contract takes place
before data of performance, it is called
anticipatory breach.
22. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by Impossibility
• The element of impossibility terminate
contractual relations. impossibility is of two
types. Namely;
• Pre Contractual impossibility and
• Post Contractual impossibility.
23. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
• If impossibility has already come into force
before the contract itself, it is called Pre-
Contractual impossibility. Here discharge of
Contract takes place soon after formation of
Contract. The impossibility which comes into
force after the contract is called Post-
Contractual Impossibility. Here contractual
relations will exists only up to occurrence of
impossibility.
24. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by lapse of time
• Limitation act has specified duration to
perform different contracts. The duration thus
specified is called limitation period. Soon after
expiry of limitation period, the contract gets
discharged.
25. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by Operation of
law
• By Death: Whenever one of the parties comes
across death, contractual relations will come
to an end.
• By Insolvency: When one of the parties to the
contract becomes insolvent, he forgoes
capacity to contract and those contracts which
were made by that person will get discharge.
• By lunacy: When one of the parties gets
attached by lunacy discharge of contract takes
place.
26. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Right and liability going into the
hands of same party:
Contract creates right to one party and
liability to the other when right and liability
reach the same person, the result is discharge
of contract.
27. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Discharge of contract by Agreement
• By Alterations: Whenever Material alterations in
contract are made, then it is said that old
contract has got discharged and a new contract
has come into force.
• By Renewal: At times parties to the contracts
may substitute completely new contract in the
place of old contract. Now the old contract has
got discharged.
• By Recession: In case of recession old contract
gets discharged and there will be no formation of
new contract.
28. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Unit -2
Contracts of Indemnity,
Guarantee, Bailment,
Pledge and Agency
29. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Contract of Indemnity
Indemnity is compensation for damages or
loss, and in the legal sense, it may also refer to
an exemption from liability for damages. The
concept of indemnity is based on a
contractual agreement made between two
parties, in which one party agrees to pay for
potential losses or damages caused by the
other party.
30. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Definition
Section 124 - A contract by which one party
promises to save the other from loss caused to
him by the conduct of the promisor himself or
by the conduct of any other person is a
"contract of Indemnity".
31. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
This definition provides the
following essential elements –
1. There must be a loss.
2. The loss must be caused either by the
promisor or by any other person (in Indian
context loss is to be caused by only by a
human agency.)
3. Indemnifier is liable only for the loss. Thus, it
is clear that this contract is contingent in
nature and is enforceable only when the loss
occurs.
32. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Contract of Guarantee
A Contract to perform the promise, or
discharge the liability, of a third person in case
of his default is called Contract of Guarantee.
A guarantee may be either oral or written. The
person who gives the guarantee is called the
Surety. The person on whose default
the guarantee is given is called the Principal
Debtor.
33. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Difference between contracts of
indemnity and guarantee
A contract of guarantee always has three
parties; they are, the creditor, the principal
debtor and the surety; whereas a contract of
indemnity has two parties, the indemnifier
and the indemnity holder. In a contract of
indemnity, there is a single promise
or contract; a promise to pay if there is a loss.
34. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Difference between contracts of
indemnity and guarantee
Indemnity is when one party promises to
compensate the loss occurred to the other
party, due to the act of the promisor or any
other party. On the other hand,
the guarantee is when a person assures the
other party that he/she will perform the
promise or fulfill the obligation of the third
party, in case he/she default.
35. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
Number of Parties: Indemnity contract includes two parties
namely, indemnifier and indemnity holder. But guarantee contract
includes three parties namely creditor, Principal debtor and surety.
Number of Contracts: In case of indemnity contract, as there are
only two parties, there is possibility for existence of one contract
only. But a contract of guarantee includes three sub-contracts
Nature: As indemnity contract includes two parties and one
contract, it can be said that indemnity contract is simple in nature.
But guarantee contract includes three parties and three sub-
contracts and hence be said that guarantee contract is complex in
nature
36. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
• Liability: In contract of guarantee there will be two types of
liabilities namely; primary and secondary liabilities which will
be with principal debtor and surety respectively. But in
contract of indemnity there is no classification and sharing of
liability where the absolute liability rests with indemnifier.
• Recovery: In case of indemnity contract the indemnifier, after
compensating indemnity holder`s loss, cannot recover that
amount from any person. But in contract of guarantee, if
surety makes payment to creditor, he (surety) can recover that
amount from principal debtor.
• Interest of parties: Indemnity contract gets formed upon
indemnifier`s interest and guarantee contract gets formed
upon principal debtor`s interest.
37. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Bailment and Pledge
Bailment and Pledge According to Sec 148 of
the Contract Act, 1872, 'A bailment is the
delivery of goods by one person to another for
some purpose, upon a contract that they
shall, when the purpose is accomplished, be
returned or otherwise disposed of according
to the directions of the person delivering
them
38. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Bailment & Pledge
bailment refers to hand over or assignment the goods, which
involves change in possession but not in the ownership of
goods. It is the transfer of goods from one party to another
party for some specific purpose. It is not same as pledge,
which is just a variant of bailment.
Pledge implies a contract, in which an article is delivered or say
deposited with the money lender, as security for repayment
of a debt owed by him/her or performance of promise.
39. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Unit-3
Sale of Goods Act 1930
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(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Sale of Goods Act 1930
• This Act may be called the 1 Sale of Goods Act,
1930. It is applicable to all over India, except
Jammu and Kashmir
• It shall come into force on the 1st day of July,
1930.
• It is a contract whereby the seller transfers or
agrees to transfer the property in the goods to
the buyer for price..
41. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
‘Transfer of property’
According to the Act, 'transfer of property'
means an act by which a person conveys the
property to one or more persons, or himself and
one or more other persons. The act of transfer
may be done in the present or for the future. The
person may include an individual, company or
association or body of individuals, and any kind of
property may be transferred, including the
transfer of immovable property.
42. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Conditions and Warranties
Opening para of section 16 makes it clear that there is no implied
warranty or condition as to quality of fitness of goods for any
particular purpose, except those specified in Sale of Goods Act or
any other law. This is the basic principle of caveat emptor i.e. buyer
be aware. However, there are certain stipulations which are
essential for main purpose of the contract of sale of goods which go
the root of contract and non-fulfilment these cause frustration of
contract. These are termed as 'conditions'. Other stipulations,
which are not essential are termed as 'warranty'. Both of these are
collateral to a contract of sale of goods. Contract cannot be avoided
for breach of warranty, but aggrieved party can claim damages.
43. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Rights of an unpaid seller
A seller of goods is deemed to be an unpaid seller
when:-
• The whole of the price has not been paid or
tendered;
• A bill of exchange or other negotiable instrument
has been received as a conditional payment, and
the condition on which it was received has not
been fulfilled by reason of the dishonour of the
instrument or otherwise.
44. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Rights of an unpaid seller
The term "seller" includes any person who is in
the position of a seller, as, for instance, an agent
of the seller to whom the bill of lading has been
endorsed, or a consignor or agent who has
himself paid, or is directly responsible for, the
price.
The seller shall be called an unpaid seller even
when only a small portion of the price remains to
be unpaid.
45. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Rights of an unpaid seller
• It is for the non payment of the price and not
for other expenses that a seller is termed as
an unpaid seller.
• Where the full price has been tendered by the
buyer and the seller refused to accept it, the
seller cannot be called as unpaid seller.
46. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
The Negotiable Instruments Act 1881
• Promissory note
A "promissory note" is an instrument in
writing (not being a bank-note or a currency-
note) containing an unconditional
undertaking, signed by the maker, to pay a
certain sum of money only to, or to the order
of, a certain person, or to the bearer of the
instrument
47. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
A "bill of exchange" is an instrument in writing
containing an unconditional order, signed by
the maker, directing a certain person to pay a
certain sum of money only to, or to the order
of, a certain person or to the bearer of the
instrument.
Bill of exchange
48. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cheque
• A cheque is bill of exchange drawn on a
specified banker and not expressed to be
payable otherwise than on demand and it
includes the electronic image of a truncated
cheque and a cheque in the electronic form.
49. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of N.I
• Writing and Signature:
Negotiable Instruments must be written and signed by
the parties according to the rules relating to
Promissory Notes, Bills of Exchange and Cheques.
Money
Negotiable instruments are payable by legal tender
money of India. The liabilities of the parties of
Negotiable Instruments are fixed and determined in
terms of legal tender money.
50. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of N.I
3. Negotiability:
Negotiable Instruments can be transferred from
one person to another by a simple process. In the
case of bearer instruments, delivery to the
transferee is sufficient. In the case of order
instruments two things are required for a valid
transfer: endorsement (i.e., signature of the
holder) and delivery. Any instrument may be
made non-transferable by using suitable words,
e.g., “pay to X only.
51. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of N.I
4. Title: The transferee of a negotiable instrument,
when he fulfils certain conditions, is called the
holder in due course. The holder in due course
gets a good title to the instrument even in cases
where the title of the transferor is defective.
5.Notice: It is not necessary to give notice of
transfer of a negotiable instrument to the party
liable to pay. The transferee can sue in his own
name.
52. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of N.I
6. Presumptions: Certain presumptions apply to all
negotiable instruments. Example: It is presumed that
there is consideration. It is not necessary to write in a
promissory note the words “for value received” or
similar expressions because the payment of
consideration is presumed.
7. Special Procedure:
A special procedure is provided for suits on promissory
notes and bills of exchange (The procedure is
prescribed in the Civil Procedure Code). A decree can
be obtained much more quickly than it can be in
ordinary suits
53. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Essentials of N.I
8. Popularity:Negotiable instruments are
popular in commercial transactions because of
their easy negotiability and quick remedies.
9. Evidence:A document which fails to qualify as
a negotiable instrument may nevertheless be
used as evidence of the fact of indebtedness.
54. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Holder and Holder in due Course Holder
• The holder of a negotiable instrument means any person entitled to the
possession of the instrument in his own name and to receive or recover the
amount due there on from the parties liable thereto. Thus, in order to be called a
‘holder’ a person must satisfy the following two conditions : (Sec. 8).
• If a person is in possession of a negotiable instrument without having a right to
possess the same he cannot be called the holder. Thus, a thief, or a finder on the
road, or an indorsee under a forged endorsement, although may be having the
possession of the instrument, cannot be called its holder because he does not
acquire legal title thereto and hence is not entitled in his own to the possession
thereof.
• He must be entitled to receive or recover the amount due there on from the
parties liable thereto. In order to be called a holder, besides being entitled to the
possession of the instrument in his own name, the person must also have the right
to receive or recover the amount of the instrument and give a valid discharge to
the payer.
55. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
When a maker or holder writes the person‟s
name on the face or back of the instrument &
puts his signatures thereto for the purpose of
negotiation, it is called “endorsement.”
• Person who signs – endorser
• To whom it is endorsed – endorsee.
Meaning of
Endorsement
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1. On the back or face of the instrument.
2. Must be made by maker or holder.
3. Must be properly signed by the endorser.
4. It must be for the entire negotiation
instrument.
5. No specific form of words are necessary for
endorsement.
Essentials of valid endorsement
57. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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1. Blank or general endorsement – where
endorsee simply puts his signature on the back
of the instrument without writing name of the
person in whose favor the instrument is
endorsed.
2. Special or full endorsement – An endorsement
with the direction to pay amount mentioned in
the instrument to a specified person or his order
& the endorser writes his signature under it.
Kinds of endorsement
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Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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Cont..
3.Partial endorsement – When an endorser is willing to
transfer to an endorsee only a part of the amount of the
instrument. Such an endorsement does not operate as a
negotiation of the instrument.
4. Restrictive endorsement – An endorsement is said to be
restrictive if it prohibits or restricts the further negotiability
of the instrument. The holder of such an instrument can
only receive the payment but he cannot negotiate it further.
An instrument can be made restrictive only by expressed
words.
59. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Cont..
5. Conditional endorsement – If the endorser of the
instrument by express words in the endorsement
makes his liability dependent on the happening
of a specified event. Although such event may
never happen, such endorsement is termed as
“conditional endorsement”. It limit the liability of
the endorser. E.G. – “ Pay A or order on his
marrying B”.
60. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Effects of Endorsement
• The property in instrument is transferred
from endorser to endorsee.
• The endorsee gets right to negotiate the
instrument further.
• The endorsee get the right to sue in his own
name to all other parties.
61. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
Unit-4
The Companies Act, 1956
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Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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Company
A company as an entity has many distinct
features which together make it a unique
organization
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Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
The essential characteristics of a
company are following
Separate Legal Entity
Limited Liability
Perpetual Succession
Separate Property
Transferability of Shares
Common Seal
Common Seal
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In India, the following types of
business entities are available:
1. Private Limited Company
2. Partnership
3. Limited Liability Partnership
4. Proprietorship
5. One Person Company
6. Section 8 Company(NPO)
65. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
the most important documents issued
by a company are as follows:
1. Memorandum of Association
2. Articles of Association
3. Prospectus
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Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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1. Memorandum of Association:
The Memorandum of Association is the
constitution of the company and provides the
foundation on which its structure is built. It is
the principal document of the company and
no company can be registered without the
memorandum of association. It defines the
scope of the company’s activities as well as its
relation with the outside world.
67. Chanderprabhu Jain College of Higher Studies & School of Law
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Articles of Association
The rules and regulations which are framed for
the internal management of the company are
set out in a document named Articles of
Association. The articles are framed to help
the company in achieving its objectives set out
in memorandum of association. It is a
supplementary document to the
memorandum.
68. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
The nature of Articles of Association
may be explained as follows:
(i) Articles of association are subordinate to
memorandum of association.
(ii) These are controlled by memorandum.
(iii) Articles help in achieving the objectives laid
down in the memorandum.
(iv) Articles are only internal regulations over
which members exercise control.
(v) Articles lay down the regulations for
governance of the company.
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Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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Kinds of shares
1. Ordinary Shares
This is the most commonly issued share type,
essentially the same as common stock in U.S.
equities. Ordinary shares carry voting rights, but
not usually any special rights beyond that.
Ordinary shares may be subdivided into different
classes such as A or B and have different share
prices.
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Kinds of shares
2. Cumulative Preference Shares
This share type roughly corresponds to preferred
stock shares of U.S. companies. Like U.S.
preferred stock, they come with the stipulation
that any scheduled dividends that cannot be paid
when due are carried forward and must be paid
before the company can pay out ordinary share
dividends.
71. Chanderprabhu Jain College of Higher Studies & School of Law
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Kinds of shares
3. Preference Shares
This is a slightly less preferred share type. Preference shareholders have the right
to be paid dividends prior to dividends being paid for other share types.
Preference shares do not typically carry voting rights.
4. Bearer Shares
Bearer shares are most commonly in the form of warrants – a legal document
certifying that the bearer is entitled to own the shares designated in the warrant.
The warrants usually come with vouchers enabling the bearer to claim any due
dividends. Warrants are completely transferable.
5.Redeemable Shares
As the name implies, redeemable shares are issued with the shareholder agreeing
that the shares can be redeemed – bought back by the company – either after a
certain time period or on a given date. Redeemable shares can vary according to
which party, either the company or the shareholder, has the option to exercise the
company
72. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
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UNIT-5
73. Chanderprabhu Jain College of Higher Studies & School of Law
Plot No. OCF, Sector A-8, Narela, New Delhi – 110040
(Affiliated to Guru Gobind Singh Indraprastha University and Approved by Govt of NCT of Delhi & Bar Council of India)
DIRECTORS
• DIRECTOR, senior level management position.
• Company director, a member of a board of
directors, a group of managers of a company.
• A director is a person from a group of
managers who leads or supervises a particular
area of a company
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Managing director
The person who is an overall in-charge of the
running of an organization or business.
A managing director is someone who is
responsible for the daily operations of a
company, organization, or corporate division.
In some countries, the term is equivalent
to CEO (Chief Executive Officer) the executive
head of a company.
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Appointment of director
1. Minimum two directors in case of Private Limited Company.
2. Minimum three directors in case of Public Limited Company.
3. In the case of one person Company minimum one director.
4. Maximum 15 directors any Company shall have If Company wants
to have more than 15 directors necessary approvals is required
under the law.
5. Further, every Company should have one Resident Director (i.e a
person who has lived at least 182 days in India in the previous
calendar year.)
6. Director’s appointment is covered under section 152 of
Companies Act, 2013, along with Rule 8 of the Companies
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Qualifications for Directors
• The Companies Act does not prescribe any qualifications for
Directors of any company.
• Apply for DSC: In India, The appointment of directors can be only
done thru the digital signature and so 1st step is to create DSC.
• Apply for DSC: That’s the mandatory requirement for becoming a
director in a Company. A person must have DIN i.e. Director
Identification Number which can be obtained online by filing DIR -3
on MCA.
• Documentation Preparation: A letter in writing stating his consent
as Director; A letter in writing to the effect that the person is not
disqualified to be appointed as Director as specified under Law;
qualifications for Directors.
77. Chanderprabhu Jain College of Higher Studies & School of Law
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Rights/Powers and Duties of Directors
under the Ordinance:
• Section 86: Further issue of Capital:
The decision to increase the capital of the company by the issue of further shares lies with
the directors of such company. With respect to further issue of shares, if existing members
decline or do not subscribe to the offer of new shares, the directors have the power to allot
and issue such shares in such manner as they deem fit.
• Section 159: Calling of Extraordinary General Meeting
An extra ordinary general meeting may be called at any time by the directors for
consideration of any matter requiring approval of the company in a general meeting.
• Section 160: Presiding General Meeting:
The chairman of the Board of Directors presides as chairman at every general meeting of the
company. If there is no such chairman, or if at any meeting he is not present within fifteen
minutes after the time appointed for holding the meeting, or is unwilling to act as chairman,
any one of the directors present may be elected to be chairman.
• Section 180: Casual Vacancy on the Board of Directors
Any casual vacancy in the Board of Directors of a company is filled up by the directors.
• Section 191: Remuneration of the Directors:
The directors in general meeting determine the remuneration of a director for performing
extra services, including the holding of the office of chairman.
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Powers of Directors with regard to managing
the business of the company
• to make calls on shareholders in respect of moneys unpaid on their shares;
• to issue shares;
• to issue debentures or any instrument in the nature of redeemable capital;
• to borrow moneys otherwise than on debentures;
• to invest the funds of the company;
• to make loans;
• to authorize a director or the firm of which he is a partner or any partner of such
firm or a private company of which he is a member or director to enter into any
contract with the company for making sale, purchase or supply of goods or
rendering services with the company;
• to approve annual or half-yearly or other periodical accounts as are required to be
circulated to the members;
• to approve bonus to employees;
• to incur capital expenditure on any single item or dispose of a fixed asset in
accordance with the limits as prescribed by the Commission from time to time;