Business law competency of parties , consideration and object
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Business law competency of parties , consideration and object - for B COM, MCOM, CA, CMA.CS, MBA COMMERE STUDENT, BUSINESS MAN,ENTPENURE. Competency of persons Major ( Indian majority Act-1875- 18 Yrs other law may be 21 yrs – Guardians and Wards Act,1890 Mohiri bibi V Dharmodas Ghosh Raj Rani V Prem Adibm ( Film Producer) Sound Mind- Idiot-Lunatic- Drunkard Persons disqualified by Law Not to be declared to be insolvent by any law within the subject matter of law, alien enemy, Convict
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Indian Contract Act 1872 Competency Of The Parties to contract
The document discusses the requirements for competency to contract under Indian contract law. It outlines that parties must be of the age of majority, of sound mind, and not disqualified by law. Those deemed incompetent include minors under 18, persons of unsound mind like idiots and lunatics, and those disqualified such as aliens, convicts, and corporations. The Indian Contract Act of 1872 establishes these rules for determining the validity and enforceability of contracts in India.
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Capacity to contract
Section 11 of the Indian Contract Act states that a person is legally competent to enter into a contract if they are of the age of majority according to the laws where they reside and are of sound mind. Minors under 18 years of age, people who are mentally unsound, and those prohibited by law from entering contracts are not legally competent. Section 12 further defines being of sound mind as having the capacity at the time of agreement to understand the contract and make a rational judgment about how it impacts one's interests.
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THIS SLIDE COVER WHOLE TOPIC OF CAPACITY OF PARTIES TO CONTRACT AND WHICH ARE THE ONES WHO ARE NOT LIABLE TO DO CONTRACT.
Capacity to contract
The document discusses the capacity of parties to enter into a valid contract under Indian law. It explains that according to Section 11 of the Indian Contract Act, parties must be of the age of majority, of sound mind, and not disqualified by any law. Minors, people of unsound mind, and those disqualified by law lack contractual capacity. It further discusses definitions of minority, soundness of mind, and exceptions for lunatics, idiots, drunk/intoxicated people, and those disqualified such as aliens and insolvents.
Capacity and validity of contract
1. Capacity to contract under Indian law requires that parties are of the age of majority, sound mind, and not legally disqualified from entering contracts.
2. Any agreement with a minor is void, as a minor lacks capacity until age 18. While minors cannot be bound by contracts, they can receive partnership benefits and must return benefits received under a void contract.
3. To be of sound mind, one must understand the contract and rationally judge its effects on their interests, as defined in Section 12 of the Indian Contract Act. People who are occasionally unsound cannot contract during those periods.
Capacity to contract
The document discusses the capacity to contract under Indian law. It defines who is competent to enter into a contract according to Section 11 of the Contract Act, including those of the age of majority and of sound mind. It then discusses those who are incompetent to contract, such as minors under 18 years old, those of unsound mind (lunatics, idiots, drunk/intoxicated), and those disqualified by law like alien enemies and convicts. The document provides further details on the rules for minors, those of unsound mind, and those disqualified contracting. It also discusses exceptions for necessaries supplied to minors and those of unsound mind.
Capacity of parties to contract
The document discusses the legal capacity of parties to enter into a contract under Indian law. It summarizes key sections of the Indian Contract Act, 1872 regarding who is competent to contract, including being of the age of majority, of sound mind, and not otherwise legally disqualified. It also discusses cases related to the contracts of minors and people of unsound mind. Specifically, it summarizes a 1903 Privy Council case that established a minor's contract is void ab initio as a minor is not competent to enter into an agreement. It also examines the definition of sound mind and discusses evidentiary burdens regarding establishing mental capacity or incapacity.
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Indian Contract Act 1872 Competency Of The Parties to contract
The document discusses the requirements for competency to contract under Indian contract law. It outlines that parties must be of the age of majority, of sound mind, and not disqualified by law. Those deemed incompetent include minors under 18, persons of unsound mind like idiots and lunatics, and those disqualified such as aliens, convicts, and corporations. The Indian Contract Act of 1872 establishes these rules for determining the validity and enforceability of contracts in India.
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Capacity to contract
Section 11 of the Indian Contract Act states that a person is legally competent to enter into a contract if they are of the age of majority according to the laws where they reside and are of sound mind. Minors under 18 years of age, people who are mentally unsound, and those prohibited by law from entering contracts are not legally competent. Section 12 further defines being of sound mind as having the capacity at the time of agreement to understand the contract and make a rational judgment about how it impacts one's interests.
CAPACITY OF PARTIES (LAW)
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Capacity to contract
The document discusses the capacity of parties to enter into a valid contract under Indian law. It explains that according to Section 11 of the Indian Contract Act, parties must be of the age of majority, of sound mind, and not disqualified by any law. Minors, people of unsound mind, and those disqualified by law lack contractual capacity. It further discusses definitions of minority, soundness of mind, and exceptions for lunatics, idiots, drunk/intoxicated people, and those disqualified such as aliens and insolvents.
Capacity and validity of contract
1. Capacity to contract under Indian law requires that parties are of the age of majority, sound mind, and not legally disqualified from entering contracts.
2. Any agreement with a minor is void, as a minor lacks capacity until age 18. While minors cannot be bound by contracts, they can receive partnership benefits and must return benefits received under a void contract.
3. To be of sound mind, one must understand the contract and rationally judge its effects on their interests, as defined in Section 12 of the Indian Contract Act. People who are occasionally unsound cannot contract during those periods.
Capacity to contract
The document discusses the capacity to contract under Indian law. It defines who is competent to enter into a contract according to Section 11 of the Contract Act, including those of the age of majority and of sound mind. It then discusses those who are incompetent to contract, such as minors under 18 years old, those of unsound mind (lunatics, idiots, drunk/intoxicated), and those disqualified by law like alien enemies and convicts. The document provides further details on the rules for minors, those of unsound mind, and those disqualified contracting. It also discusses exceptions for necessaries supplied to minors and those of unsound mind.
Capacity of parties to contract
The document discusses the legal capacity of parties to enter into a contract under Indian law. It summarizes key sections of the Indian Contract Act, 1872 regarding who is competent to contract, including being of the age of majority, of sound mind, and not otherwise legally disqualified. It also discusses cases related to the contracts of minors and people of unsound mind. Specifically, it summarizes a 1903 Privy Council case that established a minor's contract is void ab initio as a minor is not competent to enter into an agreement. It also examines the definition of sound mind and discusses evidentiary burdens regarding establishing mental capacity or incapacity.
Capacity to contract
The document discusses capacity to contract under Indian law. It states that according to Section 11 of the Indian Contract Act, persons who have the capacity to contract are those who are of the age of majority, of sound mind, and not disqualified by any law. Minors under 18 years of age, persons of unsound mind, bankrupts, and those disqualified by law such as aliens from enemy countries lack the capacity to form legally binding contracts.
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The document discusses the capacity to contract under Indian law. It defines capacity as the competence or capability of parties to enter into a valid contract. Specifically:
- Section 11 of the Indian Contract Act states that a person has capacity if they are of the age of majority according to the law they are subject to, of sound mind, and not disqualified from contracting by any other law.
- Minors, persons of unsound mind, and those disqualified by law like aliens and insolvents lack the capacity to contract as their agreements would be void.
- For minors, agreements are void from the beginning and they cannot be held liable, with exceptions for beneficial contracts and necessaries. Persons of uns
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Capacity to contract refers to the legal ability of a person to enter into a valid and binding contractual agreement. Minors, people of unsound mind, aliens, enemies, foreign sovereigns, insolvents, and convicts generally lack full capacity to contract. Specifically, any agreement made by a minor is considered void, as minors are below the age of 18 and lack contractual competence. A person must possess soundness of mind and rational judgment to understand and evaluate the implications of a contract.
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The document discusses the competency of parties to form contracts under Indian law. It states that to be competent, one must be of age of majority, of sound mind, and not disqualified by any law. It then examines specific cases such as minors, persons of unsound mind, and those disqualified like insolvents or convicts. Contracts with minors are void, while those with persons of unsound mind may be void depending on mental state at time of agreement.
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The document discusses the key aspects of capacity to contract under Indian contract law. It explains that only individuals who are of the age of majority, of sound mind, and not restricted by any other law have the capacity to enter into a valid contract. Minors and persons of unsound mind lack capacity. Contracts entered into by such persons are void. The document outlines the specific rules regarding minors, including that contracts with minors are void and minors cannot be compelled to return benefits. It also discusses the treatment of contracts involving persons with unsound minds like idiots, lunatics, and intoxicated individuals.
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1) The document discusses the capacity of parties to enter into a valid contract under Indian law. It states that a person must be of the age of majority, of sound mind, and not disqualified by any other law to have contractual capacity.
2) It outlines various groups that may lack capacity, such as minors under 18, persons of unsound mind (idiots, lunatics, drunkards), and those disqualified by other laws like alien enemies or convicts.
3) For a contract to be valid, it requires free consent between the parties, a lawful object, and not be forbidden or opposed to public policy.
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The document discusses the legal capacity and competence of parties to enter into a contract under Indian contract law. It explains that minors, persons of unsound mind, and those disqualified by law cannot enter into valid contracts. Any contract with such parties is void. Specific provisions are outlined regarding agreements with minors, including exceptions for necessities. The liability of minors in tort and as agents is also addressed.
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The document discusses capacity to contract under Indian law. It states that according to Section 11 of the Indian Contract Act, persons who have the capacity to contract are those who are of the age of majority, of sound mind, and not disqualified by any law. Minors under 18 years of age, persons of unsound mind, bankrupts, and those disqualified by law such as aliens from enemy countries lack the capacity to form legally binding contracts.
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The note on copyright discusses:
1. The meaning of copyright which includes the exclusive rights over literary, dramatic, musical, artistic, cinematographic and sound recording works.
2. Ownership of copyright which generally vests with the author, except for works made during employment or commissioned works.
3. The summary captures the key aspects of copyright definition and ownership in 3 sentences as requested.
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The document discusses the capacity to contract under Indian law. It defines capacity as the competence or capability of parties to enter into a valid contract. Specifically:
- Section 11 of the Indian Contract Act states that a person has capacity if they are of the age of majority according to the law they are subject to, of sound mind, and not disqualified from contracting by any other law.
- Minors, persons of unsound mind, and those disqualified by law like aliens and insolvents lack the capacity to contract as their agreements would be void.
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Capacity to contract refers to the legal ability of a person to enter into a valid and binding contractual agreement. Minors, people of unsound mind, aliens, enemies, foreign sovereigns, insolvents, and convicts generally lack full capacity to contract. Specifically, any agreement made by a minor is considered void, as minors are below the age of 18 and lack contractual competence. A person must possess soundness of mind and rational judgment to understand and evaluate the implications of a contract.
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Business law establishes rules to govern business relationships and resolve disputes. The key Indian business laws include the Contract Act, Sale of Goods Act, Partnership Act, Negotiable Instruments Act, and Companies Act. For a contract to be valid, it requires offer and acceptance, lawful consideration, capacity of parties, lawful object, and intention to create legal relationship. A minor's agreements are void as a minor lacks contractual capacity. However, a minor can be a beneficiary or promisee and is not liable for torts directly connected to a void contract.
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The document discusses the competency of parties to form contracts under Indian law. It states that to be competent, one must be of age of majority, of sound mind, and not disqualified by any law. It then examines specific cases such as minors, persons of unsound mind, and those disqualified like insolvents or convicts. Contracts with minors are void, while those with persons of unsound mind may be void depending on mental state at time of agreement.
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The document discusses the key aspects of capacity to contract under Indian contract law. It explains that only individuals who are of the age of majority, of sound mind, and not restricted by any other law have the capacity to enter into a valid contract. Minors and persons of unsound mind lack capacity. Contracts entered into by such persons are void. The document outlines the specific rules regarding minors, including that contracts with minors are void and minors cannot be compelled to return benefits. It also discusses the treatment of contracts involving persons with unsound minds like idiots, lunatics, and intoxicated individuals.
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The document discusses the definition and essential elements of a valid contract according to Indian law. It defines a contract as an agreement that is enforceable by law. The key elements discussed include offer and acceptance, lawful consideration, intention to create legal relations, capacity of parties, lawful object, certainty of terms, and consent free from misrepresentation. It provides examples to illustrate these elements and explains exceptions where agreements may not amount to legally binding contracts, such as social agreements between family members.
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1) The document discusses the capacity of parties to enter into a valid contract under Indian law. It states that a person must be of the age of majority, of sound mind, and not disqualified by any other law to have contractual capacity.
2) It outlines various groups that may lack capacity, such as minors under 18, persons of unsound mind (idiots, lunatics, drunkards), and those disqualified by other laws like alien enemies or convicts.
3) For a contract to be valid, it requires free consent between the parties, a lawful object, and not be forbidden or opposed to public policy.
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The document discusses the legal capacity and competence of parties to enter into a contract under Indian contract law. It explains that minors, persons of unsound mind, and those disqualified by law cannot enter into valid contracts. Any contract with such parties is void. Specific provisions are outlined regarding agreements with minors, including exceptions for necessities. The liability of minors in tort and as agents is also addressed.
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The document outlines the 10 essential elements of a valid contract according to Indian contract law: 1) Proper offer and acceptance, 2) Intention to create a legal relationship, 3) Lawful consideration, 4) Competent parties, 5) Free consent, 6) Lawful object, 7) Certainty of meaning, 8) Possibility of performance, 9) Not declared void or illegal, and 10) Compliance with legal formalities such as writing or registration requirements. The elements must all be present for an agreement to be considered an enforceable contract under Indian law.
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The document discusses key concepts in corporate and business law, specifically the Indian Contract Act of 1872. It defines what a contract is under Indian law, noting that a contract is an agreement that is enforceable by law. It outlines the essential elements required for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties, lawful object, and certainty of terms. It also classifies contracts according to their validity, formation, and time of performance.
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This document summarizes the law around capacity to contract in India. It defines capacity as the ability to legally incur obligations and acquire rights. Minors (those under 18) are generally not competent to enter valid contracts as the law aims to protect them. An agreement with a minor is void, and the minor cannot later ratify it. However, a minor can recover money owed for necessities like food and clothes. Someone of unsound mind may also lack capacity if they cannot understand the contract or make rational judgments about its effects. Certain other groups are also legally disqualified from contracting.
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The document discusses various aspects of free consent that are important for forming a valid contract under Indian law. It defines consent, discusses essential elements like both parties agreeing on the same thing in the same sense, and notes that consent must be free from coercion, undue influence, fraud, misrepresentation, or mistake. It then provides more detailed definitions and explanations of coercion, undue influence, fraud, and mistakes - distinguishing between different types of each. Key differences between concepts like coercion and undue influence are also outlined.
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- Consideration refers to something of value that
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The Contract Act 1872 lays down the general principles of contract law in India. It establishes the requirements for a valid contract such as offer, acceptance, lawful consideration, capacity to contract, free consent, lawful object and intention to create legal relations. The Act also defines different types of contracts and addresses how contracts are formed, performed and discharged. It provides remedies for breach of contract such as damages, specific performance and injunctions. The Act aims to ensure parties to a contract are bound by certain core obligations while allowing flexibility in agreements.
Legality of Consideration and Object of an Agreement
This document discusses the legality of consideration and object in agreements under Indian contract law. It states that for an agreement to be a valid contract, the consideration and object must be lawful. Consideration or object would be considered unlawful if it is forbidden by law, defeats the provisions of any law, is fraudulent, involves injury to another person or property, is regarded as immoral or opposed to public policy by the courts. If any part of the consideration or object is unlawful, the entire agreement is void. There are some exceptions for agreements made without consideration in certain circumstances defined in the Indian Contract Act 1872.
Vikas Rai & Sobhit Jaiswal.pptx
This document provides an overview of contract law in India. It defines key terms related to contracts such as agreement, promise, offer, acceptance, and consideration. It outlines the essential elements required for a valid contract according to Section 10 of the Indian Contract Act, 1872. It also discusses different types of contracts such as valid, void, voidable, illegal, and unenforceable contracts. The document elaborates on concepts such as capacity to contract, minors' agreements, and the rules governing persons of unsound mind. Overall, the document presents a comprehensive introduction to basic contract law principles in India.
Indian Contract Act ppt.ppt
The document discusses key concepts related to contracts under Indian law, including the definition of a contract, agreement, offer, acceptance, consideration, capacity to contract, and essential elements of a valid contract. It provides definitions and explanations for various types of contracts such as express and implied contracts, absolute and contingent contracts, and more. It also outlines legal rules pertaining to offer, acceptance, consideration, and capacity to contract. The document serves as a comprehensive overview of contract law fundamentals under the Indian Contract Act of 1872.
Law of contracts
The document summarizes key aspects of contract law in India based on the Indian Contract Act of 1872. It discusses the definition of a contract and agreement, essential elements of a valid contract, types of unlawful agreements, and special kinds of contracts regarding indemnity, guarantee, bailment, pledge and agency. The summary covers general principles of contract law in India as well as special considerations.
Deepak Jain.ppt
This document provides an overview of contract law in India according to the Indian Contract Act of 1872. It defines key terms related to contracts such as agreement, promise, offer, acceptance and consideration. It outlines the essential elements required for a valid contract, including offer and acceptance, intention to create a legal relationship, consensus, consideration, capacity to contract, free consent, legality of object, possibility of performance, and writing and registration. It also discusses different types of contracts such as valid, invalid, express, implied, absolute, contingent, executed and executory contracts. Finally, it covers important aspects related to capacity to contract, including rules around minors and unsound persons entering into agreements.
The indian contract act, 1872 for class
The document discusses Indian contract law. It defines key terms like contract, agreement, offer, acceptance, consideration and consent. It explains essential elements of a valid contract and different types of contracts. It also covers capacity to contract, free consent, coercion, undue influence, fraud, misrepresentation and mistake. Finally, it discusses unlawful and void agreements.
BCom-Sem1-Indian-Contract-Act-Presentation.ppt
The document discusses key concepts in contract law under the Indian Contract Act of 1872. It defines a contract as an agreement that is enforceable by law. The essential elements of a valid contract are offer and acceptance, intention to create a legal relationship, consensus between the parties, consideration, capacity to contract, free consent, legality of purpose, and possibility of performance. It also discusses different types of contracts such as express versus implied contracts, absolute versus contingent contracts, and valid versus invalid contracts. It provides details on important concepts like offer, acceptance, consideration, and capacity to contract.
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Legality of Consideration and Object of an Agreement
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This document defines auditing and outlines the key concepts and principles of auditing. It begins by defining auditing as the accumulation and evaluation of evidence about information to determine the degree of correspondence between the information and established criteria. The document then discusses the objectives of auditing, which include detecting errors and fraud, and determining if financial statements present a true and fair view. It also covers the basic principles that govern audits, such as integrity, objectivity, competence, audit planning, documentation, accounting systems, audit evidence, and reporting. Overall, the document provides a comprehensive overview of the fundamental concepts in the practice of auditing.
Costing labour cost -ECO 10- IGNOU
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Labour
• This is the cost, incurred in the form of remuneration paid to the employees or labour of the organization. The workforce required to convert material into finished product is called labour. It can be direct or indirect.
• Direct Labour - The portion of wages and salaries which can be identified and charged to a single cost unit
• Indirect Labour - Cannot be directly related with the production of specific goods or service. Ex: Foreman, storekeeper, time keeeper etc
completion law 2002
completion law 2002 FOR CA,CMA,CS ,MBA,BBA,BCOM,MCOM,,PROFESSIONAL
All businesses have a duty to act lawfully, but there are more practical reasons why compliance with competition law is particularly important.
On a broad level, the main aim of competition law is to ensure that markets remain competitive
• The Competition Act, 2002 was passed to encourage competition in markets in India.
• The Competition Act broadly covers anti-competitive agreements, abuse of dominance and regulation of combinations.
• During combinations, i.e mergers or takeovers, the businesses of the transferor and transferee are to be studies from the point of view of anti-trust aspects(i.e Comeptition aspects). This process is competition law due diligence.
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Direct and online marketing
Direct marketing consists of direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships
No intermediaries
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CH- 3 CONCEPTUAL FRAMEWORK OF CORPORATE GOVERNANCE
FOR CS PROFESSONAL, CA, CMA
Definitions of Corporate Governance
• ICSI Principles of Corporate Governance
• Need for Corporate Governance
• Theories of Corporate Governance
• Evolution and Development of Corporate Governance
• Elements of Good Corporate Governance
The root of the word Governance is from ‘gubernate’, which means to steer. Corporate governance would mean to steer an organization in the desired direction. The responsibility to steer lies with the board of directors/governing board.
• Kautilya’s Arthashastra maintains that for good governance, all administrators, including the king were considered servants of the people. Good governance and stability were completely linked. There is stability if leaders are responsive, accountable and removable. These tenets hold good even today.
• Corporate Governance Basic theories: Agency Theory; Stock Holder Theory; Stake Holder Theory; Stewardship Theory
OECD has defined corporate governance to mean “A system by which business corporations are directed and controlled”. Corporate governance structure specifies the distribution of rights and responsibilities among different participants in the company such as board, management, shareholders and other stakeholders; and spells out the rules and procedures for corporate decision making. By doing this, it provides the structure through which the company’s objectives are set along with the means of attaining these objectives as well as for monitoring performance.
CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS
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Stakeholder Concept
• Recognition of Stakeholder Concept In Law
• Stakeholder Engagement
• Stakeholder Analysis
• Types of Stakeholders
• Caux Round Table
• Clarkson Principle of Stakeholder Management
• Governance Paradigm and Stakeholders
• Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Shareholders, for example, supply capital; suppliers offer material resources or intangible knowledge; employees and managers grant expertise, leadership, and commitment; customers generate revenue and provide infrastructure; and the society builds its positive corporate images.
• A director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as a whole, and in the best interest of the company, its employees, the community and the environment.
• Stakeholder engagement leads to increased transparency, responsiveness, compliance, organizational learning, quality management, accountability and sustainability. Stakeholder engagement is a central feature of sustainability performance.
• Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure.
• Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special interest groups.
• Customers are considered as the king to drive the market and they can sometimes exercise influence by consolidating their bargaining power in order to get lower prices.
• The lenders put a check and balance on the governance practices of an organization to ensure safety of their fund and as a societal responsibility.
• The organization which builds a mutually strong relationship with its vendors improves its overall performance in the marketplace.
• The society provides the desired climate for successful operation of a company business. If society turns against the company, then business lose its faith in the eyes of other stakeholders be it government or customer.
CH 14 SUSTAINABILITY
FOR CS PROFESSIONAL, CA, CMA
Sustainable Development
• Role of Business in Sustainable Development
• Sustainability Terminologies
• Corporate Sustainability
• Corporate Sustainability and Corporate Social Responsibility
• KYOSEI & TRIPLE BOTTOM LINE (TBL)
• One of the fundamental characteristics of a corporate is perpetuity. In the eyes of law, it is treated as a separate legal entity which can hold assets and bear liabilities, can sue and be sued.
• The word sustainable is derived from sustain or sustained. The synonyms of the word sustained as per the Collins Thesaurus include perpetual, prolonged, steady.
• Sustainable development is a broad, concept that balances the need for economic growth with environmental protection and social equity.
• WCED recognized that the achievement of sustainable development could not be simply left to government regulators and policy makers. It recognized that industry has a significant role to play.
• Four fundamental Principle of Sustainable Development- Principle of Intergenerational equity; Principle of sustainable use; Principle of equitable use or intergenerational equity; Principle of integration.
• Corporate Sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments. corporate sustainability describes business practices built around social and environmental considerations • Key drivers need to be garnered to ensure sustainability - Internal Capacity Building strength; Social impact assessment; Repositioning capability; Corporate sustainability.
• Kyosei philosophy reflects a confluence of social, environmental, technological and political solutions. It works in five stages-- First is economic survival of the company. Second is cooperating with labour. Third is cooperating outside the company. Fourth is global activism, and fifth is making the government/s a Kyosei partner
• In 1999 Elkington developed the concept of the Triple Bottom Line which proposed that business goals were inseparable from the societies and environments within which they operate.
• The emergence of corporate responsibility, from being a niche interest of environmentalist and pressure groups to one public. Concern, has in part, stemmed from the realization that corporate governance and social and environmental performance are important elements of sustained financial profitability.
ETHICS AND GOVERNANCE CH 1
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SECRETARIAL AUDIT – AN OVERVIEW
The document provides an overview of secretarial audits for companies. It discusses that secretarial audits verify compliance with corporate laws and regulations. The objectives are to check and report on compliance, identify non-compliances, and protect stakeholders. The scope includes checking compliance with various acts like the Companies Act, SEBI regulations, and listing agreements. Secretarial audits are beneficial as they strengthen governance, reduce penalties for non-compliance, and provide assurance to directors, investors and regulators. A secretarial audit is conducted by a practicing company secretary and follows steps like planning, documentation, discussions, and issuance of a report.
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IGNOU BCOM ECO-10 (Elements of Costing) Study Material –Dear Learners, The full downloadable free study materials of ECO-10 (Elements of Costing) are listed below to facilitate your studies for securing good marks in upcoming term end examinations. Though, your performance in examination will mostly depend on your efforts only. Even though, I can assure you that the following study materials will proof to be cabalistic in your efforts.
Block- 1 Basic Concepts
Unit-1 Nature and Scope
Unit-2 Concept of Cost and Its Ascertainment
Block- 2 Materials and Labour
Unit-3 Procurement, Storage and Issue
Unit-4 Inventory Control
Unit-5 Pricing the Issue of Materials
Unit-6 Labour
Block- 3 Overheads
Unit-7 Classification and Distribution of Overheads
Unit-8 Absorption of Factory Overheads
Unit-9 Treatment of Other Overheads
Block-4 Methods of Costing
Unit-10 Unit Costing
Unit-11 Reconciliation of Cost Financial Accounts
Unit-12 Job and Contract Costing
Unit-13 Process Costing
1. Cost Accountancy
2. Cost Accounting
2.1 Definition of Cost Accounting 2.2 Objectives of Cost Accounting 2.3 Importance of Cost Accounting 2.4 Advantages of Cost Accounting 2.5 Limitations of Cost Accounting 2.6 Reports Generated by Cost Accounting Department
3. Installation of Cost Accounting System
3.1 Basic Considerations 3.2 Steps in Introduction 3.3 Essentials of a Good Cost Accounting System 3.4 Difficulties in Introduction
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Here are the journal entries for the transactions under the British approach:
1. Ajit's Capital A/c Dr. To Cash A/c (Capital introduced)
(Personal, Real)
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(Real, Real)
3. Purchase A/c Dr. To Cash A/c (Goods purchased for cash)
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4. Cash A/c Dr. To Sales A/c (Goods sold for cash)
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CSR - CORPORAT SOCIAL RESPONSIBILITY
CSR
Concept of CSR
CSR and Corporate Governance
CSR related concepts
Legal aspect
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public.
Corporate social responsibility (CSR) is a self-regulating business model that helps a company be socially accountable — to itself, its stakeholders, and the public.
Balance of Triple Bottom line (Economy, Environment, society)
CSR-CORPORAT SOCIAL RESPONSIBLITY
CSR-
CORPORAT SOCIAL RESPONSIBLITY
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- 2. I M POSSIBLE 2 I M POSSIBLE Bibek Prajapati (FCMA, CS , MBA, M COM, ). My kind request for you Please like , subscribe ,comment and don’t forget to share Pray to God for the success in Life Thank You
- 3. Validity of Contracts Competency of persons Major ( Indian majority Act-1875- 18 Yrs other law may be 21 yrs – Guardians and Wards Act,1890 Mohiri bibi V Dharmodas Ghosh Raj Rani V Prem Adibm ( Film Producer) Sound Mind- Idiot-Lunatic- Drunkard Persons disqualified by Law Not to be declared to be insolvent by any law within the subject matter of law, alien enemy, Convict
- 4. Effects of Minors Contracts Void abinitio No Estoppel (The Indian Evidence Act, 1872) Application of Doctrine of Restitution (Principle of Traceability) No Ratification No Liability for contracts as well as torts Beneficial contract ----Minor liable Marriage Contract Contract of service and apprenticeship ( Apprenticeship Act 1850) Parents and Guardian liable only if the minor acts as an agent Continued………
- 5. Surety ( Liable) Minor as an agent ( Not liable) but can bind the others ( principal) Specific performance of Contract Can make other’s liable for the negotiable instrument (can endorse, draw, deliver, negotiate) Cannot be declared insolvent Cannot be shareholder of a company Cannot enter as a partner under the Partnership Act,1932
- 6. Persons of Unsound Mind Can be permanent and temporary Idiot –Lunatics ( permanent) Void But can make contract during the lucid intervals Drunkard ( voidable)
- 7. Disqualification Under the Law Alien enemy Convict Insolvency- inability to discharge his liabiltiy Applies to the court either by himself or by his creditors Can enter into contract if the “ Order of discharge” has been made by the court
- 8. Consideration Ex nudo pacto non oritur actio (An agreement made without consideration is void) Consideration is price paid for a promise Consideration can be : Past Present ( Executed) Future (Executory)
- 9. Exceptions to the Rule Love and affection (Rajlukhy V Bhootnath) Voluntary Services (Upton Rural District council case) Time barred debt (Tulsi Ram case) Gift Agency Charitable subscriptions
- 10. Unlawful object and Consideration Sec 23- talks about the illegality of object and consideration Forbidden by law Defeats the provisions of law Object and consideration are fraudulent Injurious to any person or property Immoral
- 11. Against Public Policy- What is public policy? 1.Interference with the court of justice, 2.Agreement in restraint of prosecution, 3.Agreement of Maintenance and champerty (Valid in India except – when it is unreasonable or unjust to other party- or when it is made with a malicious intention) 4.Marriage brokerage contract 5.Unfair and unreasonable dealings (Unfair contracts like Employer -employee, teacher- pupil etc)
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