An Agreement Not Enforceable By Law Is Said To Be Void

BUSINESS LAW. I SEM MBA ONE MRKS QUESTIONS: 1. What is void agreement Void means having no authorized worth and agreement means Arrangement, promise or contract made with someone. So void settlement means an settlement that has no authorized worth. “An settlement not enforceable by legislation is claimed to be void”. [Sec 2(g)] A void agreement has no authorized effect. An agreement which doesn’t satisfy the important components of contract is void. Void contract confers no rights on any particular person and creates no obligation.

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2. what’s voidable contract

Voidable Contract – An agreement which is enforceable by legislation on the option of one or more of the parties thereto, however not on the possibility of the other or others, three. Define quasi contract ? It is an obligation imposed by legislation in the absence of a contract to forestall unjust enrichment. 4. what is provide, acceptance, consideration, consent and capability to contract supply ; According to sec 2[a] “ When one person signifies to a different his willingness to door to abstain from doing something with a view to obtaining the assent of that different to such act or abstinence he’s said to make a proposal.

The provide can additionally be recognized a proposal or additionally it is caller promise. The person who makes the supply known as an offeror. The particular person to whom the provide is made known as offeree Acceptance is outlined as ” When the particular person to whom the proposal is made signifies his assent there to the proposal is alleged to be accepted. Consideration :When at the need of the promissor, the promisee or any other individual has carried out or abstained from doing, does or abstains from doing, guarantees to do or abstain from doing one thing such act or abstains or promise is called the consideration for the promise

Consent of the parties means that there’s good identify of thoughts of each events and there should not be any misunderstanding the topic matter of the contract.

Section thirteen of Indian Contract Act says “two or extra persons mentioned to consent after they agree upon the same thing in the identical sense”. Indian Contract Act “ 5. What is ab initio The time period “void ab initio”, which means “to be treated as invalid from the outset [beginning??? ] . For instance, in many jurisdictions where a minor person indicators a contract under that contract is handled as being “void ab initio”. 6. What are unlawful agreements

An illegal settlement, underneath the frequent law of contract, is one which the courts will not enforce as a end result of the purpose of the agreement is to attain an unlawful end. The unlawful end should outcome from efficiency of the contract itself. BusinessDictionary. com Contract whose formation, object, or performance is so iniquitous, against the legislation of the land, or opposite to public policy, that no court will entertain or implement it. Technically, it is a ‘no contract. ‘ In conditions where two mistaken doers enter into an unlawful contract and considered one of them takes benefit of the other, legislation normally will not intercede to rectify the state of affairs 7. hat is agreement against public coverage if any agreement is end in doing hurt to the public or in opposition to public welfare such agreement is opposed to public coverage and hence they’re void. The thought is that no can do hurt to the general public welfare or public good. Heads or instance of public coverage a) Agreement for Trading with enemy b) Trafficking in public workplace c) Interference with administration of Justice d) Stifling prosecution . e) Maintenance and Champerty f) Champerty means it’s the cut price during which a stranger promises to provide help money or other wise to a different individual in recovering property and to share it. ) Marriage brokerage contracts h) Agreement to do one thing against duty i) Agreement in restraint of parental rights j) Agreement restricting private Liberty J) Agreement to commit a criminal offense k ) Agreement in restraint of authorized proceedings it might [1] l) . Agreement in restraint of Trade . m) Agreements in restraint of marriage. n) Agreement to defraud creditors 8. what is indemnity A CONTRACT OF INDEMNITY is a contract by which one individual guarantees to avoid wasting the other from the loss brought on to him by the conduct of the promissor himself or the conduct of another particular person. . what are damages Damages which come up within the strange course of occasions from the breach of contract are referred to as odd damages. These damages constitute the direct loss suffered by the aggrieved party. 10. what is quantum meruit [Latin, As much as is deserved or earned] In the legislation of contracts, a doctrine by which the law infers a promise to pay a reasonable amount for labor and materials furnished, even in the absence of a particular legally enforceable settlement between the events. eleven. hat is injunction Injunction is a court order towards an individual who has promised not do something, restraining him from doing that factor. 12. define pledge The bailment of products as safety for payment of a debt or performance of a promise is called “pledge”. The bailor is on this case referred to as “pawnor”. The bailee known as “pawnee”. 13. What is hire purchase A rent buy settlement is a contract whereby the owner of the products lets them on hire to a different individual known as hirer or rent purchaser on fee of ent to be paid in instalments and upon an agreement that when a certain number of such instalmnets are paid the property in the items will cross to the hirer. 14. Define items underneath sale of goods act According to sale of products act 1930, sec 2 (7) goods means every sort of moveable property aside from actionable claims and cash and includes stocks and shares, growing crops, grass and things hooked up to or forming a part of the land which are agreed to be severed earlier than sale or under the contract of sale. 5. who’re drawer, drawee and payee Drawer, drawee The maker of a bill of trade or Cheque is identified as the “drawer”; the person thereby directed to pay known as the “Drawee”. “Drawee in case of need “: When the bill or in any endorsement there on the name of any person is given in addition to the drawee to be resorted to in case of need such person known as a “drawee in case of need”. Acceptor”: After the drawee of a invoice has signed his assent upon the invoice, or, if there are more components there of than one, upon certainly one of such part, and delivered the identical, or given notice of such signing to the holder or to some individual on his behalf, he’s called the “acceptor”. Acceptor for honour”: When a bill of change has been famous or protested for non-acceptance or for higher security], and any individual accepts it supra protest for honour of the drawer or of any one of many endorser, such particular person is identified as an “acceptor for honour”. Payee”: The person named in the instrument, to whom or to whose order the cash is by the instrument directed to be paid, is known as the “payee”. 16. what is a promissory notice Promissory observe 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 sure sum of money only to, or to the order of, a certain particular person, or to the bearer of the instrument. 17. hat is dishonour of cheque Dishonor of cheque means when a cheque is introduced to the banker, if the cheque is not paid by the banker, the chque will be returned or dishonored In simple when cheque couldn’t be en-cashed, or couldn’t get the cash for the cheque, will most likely be returned to the presenter which is dishonoring of the cheque Section 138 of the Negotiable Instruments Act, 1881: “Dishonour of cheque for insufficiency etc. , of funds within the account. Where any cheque drawn by a person on an account maintained by him with the banker for cost of any sum of money to another individual from out of that account for the discharge, in entire or in part, of any debt or other liability, is returned by the financial institution unpaid, either due to the amount of money standing to the credit score of that account is inadequate to honour the cheque or that it exceeds the amount organized to be paid from that account by an association made with that bank, such person shall be deemed to have dedicated an offence and shall, be deemed to have dedicated an offence and shall, with out prejudice to any other provision of this Act, be punished with imprisonment for a time period which may extend to 1 year, or with nice which may prolong to twice the amount of the cheque, or with each: 18. who is a consumer beneath COPRA Who is a consumer?

Sec 2d of the act gives the definition as Consumer means any one that Buys any items for consideration which has been paid or promised to be paid Or partially paid and partially promised or Under any system of deferred cost and Includes any user of goods with the consent Of the owner however Does not embrace a person who buys for resale Or for commercial objective or In respect of the service ii. Hires or avails of any services for consideration Which has been paid or promised to be paid Or partially paid and partially promised or Under any system of deferred cost and Includes any beneficiary of of such service with the approval of Of the proprietor 19. what is electronic governance What is electronic Governance? 01. LEGAL RECOGNITION OF ELECTRONIC RECORDS 02. LEGAL RECOGNITION OF DIGITAL SINGATURE 03. RETENTION OF ELECTRONIC RECORDS 04. USE OF ELECTRONIC RECORDS AND DIGITAL SIGNAURES IN GOVT. AND ITS AGENCIES 20. what’s digital signature

What is a Digital Signature? Answer: A digital signature authenticates electronic documents in an identical manner a handwritten signature authenticates printed paperwork. This signature can’t be solid and it asserts that a named particular person wrote or in any other case agreed to the document to which the signature is connected. The recipient of a digitally signed message can confirm that the message originated from the individual whose signature is connected to the doc and that the message has not been altered either deliberately or by accident since it was signed. Also, the signer of a document can not later disown it by claiming that the signature was solid. In other phrases, digital ignatures allow the “authentication” and “non-repudiation” of digital messages, assuring the recipient of a digital message of both the identity of the sender and the integrity of the message. 21. what’s prospectus Prospectus is the doc issued to the common public generally for elevating capital by the difficulty of shares, or for elevating loan by the problem of debentures or inviting deposits, from them. After perusal of this, the buyers might decide to subscribe to the share and debentures of the corporate or putting cash as deposits to the corporate. 22. what is give up of share and forfeiture of shares Forfeiture of Shares When a shareholder fails to pay calls, the corporate, if empowered by its articles, could forfeit the shares.

If a shareholder has not paid any call on the day fixed for payment thereof and fails to pay it even after his attention is drawn to it by the secretary by registered notice, the Board of Directors move a resolution to the effect that such shares be forfeited. Shares once forfeited turn into the property of the company and could additionally be bought on such phrases as administrators suppose fit. Upon forfeiture, the original shareholder ceases to be member and his name be removed from the register of members. Surrender of Shares After the allotment of shares, generally a shareholder isn’t capable of pay the additional calls and returns his shares to the company for cancellation.

Such voluntary return of shares to the corporate by the shareholder himself is called surrender of shares. Surrender of shares has no separate accounting remedy but it is going to be like that of forfeiture if shares. 23. what’s a patent A patent is a authorized monopoly granted for a limited time to the owner of an invention. It empowers the owner of an invention to forestall others from manufacturing, utilizing, importing or selling the patented invention. FIVE MARKS QUESTIONS 1. what are authorized rules regarding Acceptance ESSENTIALS OR LEGAL RULE OF ACCEPTANCE 1. It have to be absolute and unqualified. 2. It should be communicated to the offeree. three. It have to be in the prescribed type. four. It should be given inside reasonable time. 5. It should be from the offeree. 6.

It should be in response to a proposal. 7. It have to be earlier than the supply lapses. 8. It have to be given before provide is withdrawn. 9. It have to be accepted only when acceptor is aware of it. 10. It could also be expressed or could additionally be implied. 2. what are the different mode of terminating of company Termination of agency by the act of the events 1. By settlement : by mutual agreement it might be terminated 2. By revocation by principal i. e. cancellation by principal 3. By revocation by agent Termination by the operation of law three. When the contract is carried out four. Expiry of time 5. Death or insanity of the principal 6. Insolvency of the principal or agent 7. Destruction of the topic material eight.

Principal becoming an alien enemy – war etc. , 9. Dissolution of the corporate 10. If there’s a sub-agent and on termination of the main agent the sub agent service is also terminated 11. what are the characteristics of a joint stock company 1. A company is a separate entity from the members who fashioned it. It just isn’t a mere mixture of the share holders 2. A member may be a creditor of the company also three. A firm isn’t an agent or trustee of members There need not be any equitable distribution of shares among the many members of the corporate four. Company might sue and be sued in its name 5. A share holder is not part owner or co proprietor of the company or its property 6.

A firm is an artificial legal particular person and revel in almost all of the rights and is subjected to the obligations as in the case of a natural individual. 7. The shares in the share capital of the company are transferable. Hence the life of the company is unbiased and has perpetual succession 8. The liability of the share holders could additionally be made limited to the unpaid worth of the share held by them 9. A firm being an individual has nationality and a domicile 10. A company is not a citizen and has not basic rights under the constitution. eleven. A company being a synthetic individual can act only via pure individuals 12. what are the implied authority of a partner

Implied authorities are those authorities which is not expressly made out but are implied within the conduct of the enterprise. For occasion: In Trading Firm the companions will have the following implied authority: 1. To have interaction a lawyer and defend the motion introduced against the agency, 2. To buy items of the kind which are used in the business of the firm, three. To interact servants to carry out the business of the firm, 4. To obtain cost of the money owed as a outcome of agency & give receipts for a similar, 5. To settle accounts with the individuals dealing with the firm, 6. To sell the goods of the firm, and seven. To borrow money for the aim of the agency 8. To pledge the products of the agency as security for the repayment of the identical. 9.

To make, draw, accept and endorse bills of exchange and other negotiable instruments within the name of the firm. thirteen. Explain what’s Memorandum of Association what are the essential clauses MEMORANDUM OF ASSOCIATION It is the constitution of the company which incorporates the fundamental circumstances upon which alone the corporate may be integrated. IT tells us the objects of the company’s formation and the utmost potential scope of it operation past which its motion can not go. Thus it defines the powers of the corporate with in which the corporate has to function and in case the corporate does anything beyond this powers it’s referred to as ULTRA VIRUS ie beyond the powers and as such it is void Various clauses are 1. Name clause 2. REGISTER OFFICE CLAUSE three.

OBJECT CLAUSE 4. LIABILITY CLAUSE 5. CAPITAL CLAUSE 6. ASSOCIATAION OF CLAUSE 14. what are the process for amendment of M/A Normally the memorandum will not be allowed to be modified However the dynamics of business calls for the changes to be made in the M/A The firm law offered for the amendments of the various clauses of the M/A. The amendments can be made by following the foundations and laws and likewise by following the procedure prescribed underneath the provisions of the corporate law NAME CLAUSE OF THE COMPANY Alteration in the memorandum relating to NAME CLAUSE OF THE COMPANY May be made by passing a SPECIAL RESOLUTION In the final physique meeting.

The firm has to acquire central Govt. permission In writing for the same. The registrar will enter the model new name within the place Of the earlier name of the corporate and a certificate Will be issued from that date solely the name of the Company stands modified. CHANGE IN THE REGISTERED OFFICE OF THE COMPANY [a] If the change of place is in the identical town/city firm can shift it registered workplace from place to another place in the identical metropolis, however it Must be intimated to the registrar with in 30 days. [b] if the change of place is from one city to a different city in the identical state firm has to move a particular resolution intimate the registrar with in 30 days.

Change within the Registered office of the company from one state to a different state For this company has to obtain the confirmation from company legislation board. A discover must be give to the registrar with in 30 days and the company has to inform the Registrar from which state it is shifted and in addition to Registrar to which state is shifted. CHANGE IN THE OBJECT CLAUSE OF THE MEMORANDUM On the next grounds the company is allowed To amend the object of the corporate is to be adopted ( To amalgamate with different company By passing a strange resolution in the common Body assembly it may be modified, provided There is a clause in the article of association

To this effect. It may be for Increase Consolidate Convert Sub-divide or Cancel shares 15. what are the contents of Article of Association ARTICLE OF ASSOCIATION often provide for the next ( The use of widespread seal of the company ( The alteration of capital how and to what extent ( The borrowings of the company the mode & limits Minimum and most of administrators, names of the primary Directors And their duties and removing ( Dividends and reserve funds ( Accounts and audit ( Appointments of secretary, manager and so forth ( Adoption of contract entered into by the promoters ( Remuneration to promoters ( Special provisions for amalgamating and (Winding up 16. ho can and who can not enter into a sound contract According to sec eleven “ each person can enter into contract who is of the age of the majority in accordance with the legislation to which he’s subject and who is of sound thoughts and is not disqualified from contracting by any law to which is topic ” As per this section the next type of individuals can’t enter into contract 1. Minor 2. Person of unsound mind three. Persons disqualified by legislation 17. what’s a quasi contract Under certain circumstances, an individual might obtain a benefit to which the legislation regards them as higher entitled, or for which the legislation considers him to pay the other particular person, although there is not any contract between the events.

Such relationships are termed as quasi-contracts, as a result of, although there is not a agreement or contract between the parties, they’re put in the identical position as if there have been a contract between them. A quasi-contract rests on the bottom of equity that an individual shall not be allowed to complement himself unjustly at the expense of different. The principle of unjust enrichment requires: •That the defendant has been ‘enriched’ by the receipt of a ‘benefit’. •That this enrichment is at the expense of the plaintiff: and •That the retention of the enrichment is unjust. 18. what is coercion what are the authorized rules? Coercion means forcibly compelling a person to enter into a contract. In such case the consent is obtained by using drive or threat it’s a voidable contract. Coercion is committing or threatening to commit any act forbidden by Indian Penal code, or unlawful detaining or threatening to detain any property to the bias of any particular person no matter with the intention of inflicting any person to enter into an agreement. ” 1. The coercion must be committing of any act forbidden by IPC 2. The coercion must be threatening to commit an act forbidden by IPC . three. The coercion must be illegal detaining of any property or threatening to detain the property. 4. The act of coercion should be accomplished with an intention of creating other party to enter into an settlement. 5. IPC might or will not be in force where the coercion is committed 6. The act of coercion could additionally be initiated by any individual 7.

The coercion may be by way to threat to commit suicide. 19. what’s a fabric alteration Material Alteration is nowhere defined, however S. 87 talks concerning the impact of Material Alteration as “Any material alteration of Negotiable Instrument renders the same void as in opposition to anyone who is a party thereto on the time of creating such alteration and doesn’t consent thereto, unless it was made to be able to carry out the frequent intention of the original parties;…….. If for instance in a cheque , when the next is altered it quantity to material alteration. (a) The date; (b) The sum payable, either for principal or curiosity; (c) The time or place of fee: d) The quantity or the relations of the parties; 20. Describe numerous kinds of endorsements [pic] Endorsement in clean means the endorser will simply signal on the reverse of the instrument. It is payable to the bearer thereof. Endorsement in full means the endorser sign his name and also provides the name of the particular person to or to the order of specified individual. Restrictive endorsement means the endorser restricts the additional negotiations and the switch. Example: Pay A only Pay to the account of B solely Qualified endorsement excludes the legal responsibility of the endorser or make it conditional. Example: Pay D or order sans recourse. Pay D or order without recourse to me. Pay D or order at his own danger.

Sans Frais means it indicate the endorser just isn’t responsible for bills incurred on account of the invoice. Example: Pay X or order sans frais 21. what is crossing who can do it, what are the types? CROSSING OF CHEQUES Crossing means placing two parallel transverse traces throughout the face of a cheque, with or without word s. (lines necessary not words) Crossing applicable for cheques solely and not to promissory notes or bill of exchange. Crossing is path of drawer to paying banker. According crossed cheque may be paid to or via a bank only (in cash or through clearing) and never cross the counter, to payee or holder. Crossing could be carried out by drawer , banker or holder.

A common crossing may be converted into a special crossing. Crossing is general crossing or particular crossing. When two lines are put with or without words, it’s general crossing (Sec 123) and when only name of the financial institution is written, it’s special crossing (Sec 124). In common crossing lines are essential and in particular crossing the words are important. As per Sec 126, specially crossed cheques may be paid to the financial institution in whose favour crossed. Cheque crossed in favour of 2 banks can’t be paid (Sec 127) until certainly one of them is agent, to whom it will be paid. Two branches of a bank for this function, are just one bank. Not negotiable is a legitimate crossing (Sec 130). It doesn’t negotiation I. e. assing on higher title to the transferee (transferee can not ecome holder in due course). It is direction to accumulating bank. Paying financial institution has to pay such cheques in regular curse. Account payee crossing just isn’t outlined and it is results of banking Practices. Such cheques can’t be endorsed and these could be credited to account of the payee solely. Crossing may be cancelled by drawer solely underneath his full signatures by writing the words crossing cancelled. Paying bank gets protection on fee of crossed cheques u/s 128 by ensuring that the payment is made sooner or later. 22. what are the presumption of the NI What are the presumptions of Negotiable Instruments?

Until the contrary is proved, the following presumptions shall be made :— (a) of consideration – that each negotiable instrument was made or drawn for consideration, and that every such instrument, when it has been $ accepted, indorsed, negotiated or transferred, was accepted, indorsed, negotiated or transferred for consideration; – – (b) as so far – that each negotiable instrument bearing a date was oide or drawn on such date; – – (c) as to time of acceptance – that each accepted bill of change was accepted inside an inexpensive time after its date and earlier than its maturity;  – – (d) as to time of transfer – – that every transfer of a negotiable instrument was made earlier than its maturity; – – (e) as to order of indorsements – hat the indorsements appearing upon a negotiable instrument had been made within the order in which they appear thereon;  (f) as to stamps – that a misplaced promissory note, bill of change or cheque was duly stamped; – – (g) that holder is a holder sooner or later – that the holder of a negotiable instrument is a holder sooner or later : provided  that, the place the instrument has been obtained from its lawful owner, or from any individual in lawful custody thereof, by the use of an offence or fraud, or has been obtained from the maker or acceptor thereof by the use of an offence or fraud, or for illegal consideration, the burden of proving that the holder in the end lies upon him. [section 118] (h) as to dishonour- f a go well with file upon an instrument which has been dishonored the court shall on proof of protest presume the actual fact of dishonour. 23. what is noting and protesting of a bill Noting and protesting When a negotiable instrument is dishonoured, so as to create to proof of dishonour the holder could approach a notary public and have the fact of dishonour noted both on the instrument itself or on a separate piece of paper or partly upon both. Noting must made inside affordable time after dishonour. The notary might enquire from the celebration liable in regards to the dishonour and if nonetheless the instrument is not paid the notary might make a note of the precise fact of dishonour.

The notice ought to include the next particulars: 1. The fact that the instrument is dishonoured 2. The date on which it is dishonoured 3. The causes if any for dishonour four. Why the holder treats it dishonour 5. Payment of notary expenses 6. Parties protest : Sec. 100 7. Protest is one step further to noting eight. If the holder will get the actual fact of dishonour famous he may also have the dishonour and noting licensed by the notary public. Thus a holder will get a certificates from the notary public certifying the very fact of dishonour. 9. Such certificates is identified as protest. 10. Protest must be accomplished inside a reasonable time. 24. what is hacking underneath cyber legislation. Discuss the types of cyber crimes

Hacking means whoever with the intent to cause or knowing that to is prone to trigger wrongful loss or injury to the general public or any particular person destroys or deletes or alters any info residing within the pc useful resource or diminishes its value or utility or impacts it injuriously by any means commits hacking Types of crimes: HACKING CRACKING SECURITY RELATED CRIMES NET WORK PACKET SNIFTERS THIRD PARTY ACCESS INTERNET PROTOCOL SPOOFING AN OUTSIDE THE NET WORKER ATTACKS AN IP ADDRESS, USING THE CLIENT SERVER TO GET DATA PASSWORD ATTACKS PASS WORD ATTACH MAY BE MADE BY DIFFERENT METHODS LIKE BRUTE FORCE TROJAN HORSE PROGRAMME IP SPOOFING ATTACK CAN YIELD


CAPACITY TO CONTRACT MUST BE THERE 6. THERE MUST BE FREE CONSENT 7. THE OBJECT MUST BE LAW FUL 8. IT MSUT NOT HAVE BEEN DECLARED AS VOID 9. IT MUST NOT BE FOR DOING IMPOSSIBLE THINGS 10. LEGAL FORMALITIES MUST BE OBSERVED [ explain every level few lines ] 2] What are the modes of discharge of a contract? Ans : [pic] [explain each one in few lines] 3] What is consideration? state the exception to the rule no consideration no contract? Ans : CONSIDERATION is one of the essentials of a sound contract. It is the value of the promise It is something in return QID PRO QUO ACCORDING TO SECTION 2 d OF INDIAN CONTRACT ACT

When at the want of the promisor, the promisee or some other particular person has carried out or abstained from doing, does or abstains from doing, guarantees to do or abstain from doing one thing such act or abstains or promise is called the consideration for the promise [pic] [pic] [pic] [pic] [explain every with few lines] 4] When the consent is alleged to be not free? Ans : FREE CONSENT Consent of the parties means that there’s good establish of thoughts of both parties and there should not be any misunderstanding the subject matter of the contract. Section 13 of Indian Contract Act says “two or more individuals stated to consent after they agree upon the identical thing in the identical sense”. It is consensus advert idem i. e assembly of minds.

Mohan has two automobiles one green and the other Red, he provided to Sohan to sell one of his car for Rs 2,00,000/-Sohan has accepted thinking that he will but red car where as Mohan had green automotive in his mind to promote. In this case no contract will come up as there is no meeting of mind or there is not a consensus advert idem. Definition of a Free Consent Section 14 defines “Consent is said to be free when it’s not caused by- 1. Coercion 2. Undue Influence 3. Fraud 4. Mis representation 5. Mistake If the consent of the other get together to the settlement is obtained by any of the above is not any consent and the contract is VOIDABLE . 5] What are void agreements that are expressly declared by law? Ans: 1. .Agreements by incompetent events [sec 11] 2. Agreements made beneath mutual mistake [sec 20] 3.

Agreements where the consideration or objects are illegal 4. Agreements where the consideration or objects are unlawful partly 5. Agreements made with out consideration 6. Agreements in restrain of marriage (sec. 26) 7. Agreements in restrain of trade (sec. 27) eight. Agreements in restrain of legal proceedings (sec. 28) 9. .Agreements the meaning of which is uncertain (sec. 29) 10. .Agreements by method of wager (sec. 30) eleven. .Agreements contingent on inconceivable occasion (sec. 36) 12. Agreements to do inconceivable acts (sec. fifty six 13. In reciprocal promise to do which is illegal 1. Explain the cures for breach of contract [pic] Rescission Rescission An action to undo the contract. • Available if there has been: – A materials breach of contract – Fraud – Undue influence – Mistake Damages • ordinary damages – loss suffered by the plaintiff on account of the breach and could be both common or particular damages • exemplary damages – punitive and may be awarded for non-economic loss CASE: Jackson v Horizon Holidays [1975] • Awarded where a plaintiff is able to sue for a specified sum, which have to be a genuine or bona fide pre-estimate of the particular loss that will circulate from the breach. • Unliquidated damages • Awarded where an injured celebration has no fixed sum in mind and leaves the courtroom to decide the quantity. • Penalty A menace to make sure efficiency and not enforceable as a result of they are not a genuine pre-estimate of the harm that may outcome from the breach CASE: Dunlop Pneumatic Tyre Co v New Garage and Motor Co Ltd [1915] Quantum meruit is a Latin phrase which means “what one has earned”. In the context of contract regulation, it means something alongside the strains of “reasonable value of services”. When the get together to a contract has performed his part and if he contract get discharged as a end result of some purpose, then the get together who has performed his obligation should receive as much as he earned or entitled despite the actual fact that the contract will get discharged This right relies on quantum meruit.

Specific efficiency is a treatment sought in civil courtroom, as an alternative of cash. It requires a defendant to truly go through with a sure motion he promised to do, as an alternative of just paying cash for not preserving his promise. Specific efficiency is referred to under the legislation as an “equitable” remedy If a person entered into contract to do some factor and when backed out from that performance, the aggrieved celebration can go to the court looking for specific performance for making the defaulting get together to do the performance in time period of the contrct. INJUNCTION A court docket order that orders a celebration to do or refrain from doing a sure act (or acts) versus a cash judgment.

For instance: An injunction may be obtained to prevent a copyright infringer from reprinting copyrighted supplies; in divorces there are frequently mutual restraining orders (a form of injunction) requiring each parties to leave one other alone; A courtroom order which restrains one of many events to a suit in equity from doing or allowing others who are beneath his management to do an act which is unjust to the opposite party; If a party has threatened to remove marital property, or has threatened to kidnap, a court docket may prohibit the celebration from touching any marital property or eradicating the kid from the county. 2. Explain the implied conditions &warranties beneath sale of products act

Implied conditions There are sure implied conditions and warranties in a contract of sale by operation of regulation they are said to be implied conditions ;and warranties. There are sure implied circumstances and warranties, although it was not specifically part of the contract, the regulation implies that such issues are there. Example When a consultant exhibits a sample and take the order when he supplies the majority, the majority have to be of the same high quality as of sample shown , there might be an implied situations that the sample and the majority ordered must be the same if not the customer can reject the identical and cancel the contract Implied situations 1. Conditions as to the title right here is an implied condition that in each sale, the seller has the title to the goods which he’s promoting and has a right to sell the products, if the title of the goods is flawed eg stolen goods, the customer can reject it, in case of purchaser has bought the products where there isn’t a title he has return to the true owner and recover the cash from the vendor 2 sale by description There is an implied situations if the sale is by description, that the goods shall correspond with the description if not buyer can reject it. three sale by sample There is an implied conditions in each sale by pattern that goods shall correspond to the pattern quality – Buyer to have cheap time to check – goods must be free from defects – 4. Sale by pattern and description – There is an implied conditions in case of sale by pattern and outline that the products provided must meet both as per sample and also as per description – 5. Condition as to high quality and fitness There is an implied circumstances in each sale that the products sold is what the customer wanted ;and if the customer relies upon the sellers judgment and the vendor offers with such goods, then the products must be of cheap quality and match for the aim. – – 6 situation as to merchantability – There is an implied conditions in a sale that the products or article offered has merchantable quality. – TV, watch, frig, bulp – – 7 situation as to wholesomeness – There is an implied conditions in a sale that goods equipped have to be free from defects. – The food articles if provided it have to be match for consumption – – 8. Conditions implied by the customs and usage – Some time the customs and usage requires sure high quality or fitness, and in such circumstances the products should match that circumstances. – IMPLIED WARRANTIES 1 QUIET POSSESSION – There is an implied guarantee in every contract of sale that the client shall have quiet possession and delight of the nice purchased by him, if not buyer can maintain vendor responsible for breach of guarantee. – 2. FREE FROM ENCUMBRANCE – There is an implied situations that the goods shall be free from any encumbrance or costs in favour of any third party. – 3 Implied warranty annexed by usage of trade – If trade has utilization as to fit ness for a particular purpose it should match that. 3. Who is an unpaid seller talk about his rights Section forty five lays down that a vendor is unpaid : (1) When the whole of the value has not been paid or tendered. 2) When a negotiable instrument or a bill of trade has been received as conditional fee and the situation in which it was obtained has not been fulfilled by reason of the dishonor of the instrument or otherwise. The seller remains as unpaid seller as long as any portion of the value, nevertheless small, remain unpaid. Where the whole of value has been tendered, and the seller refused to simply accept such a tender, seller ceases to be an unpaid vendor. In such a case the seller loses all excessive right in opposition to the goods. If there is a period of credit then the seller isn’t unpaid till the price turn out to be due. Against if there is a condition connected to cost it should be fulfilled.

The unpaid seller’s right can be exercised by an agent of the seller to whom the invoice of main has been endorsed, or a consignor or an agent who has himself paid, or is immediately answerable for the worth. Rights of an unpaid vendor The sale of Goods Act has expressly given two kinds of proper to an unpaid seller of goods, particularly : (1) Against the goods (a) When property within the goods has passed (i) Right of lines (ii) Right of stoppage of goods in transit (iii) Right of re-sale (b) When property in the goods has not passed (i)Right of withholding delivery. (2) Against the client personally (i) Right to make use of for value (ii) Right to sue for damages (iii)Right to sue for interest. four.

Explain the sale by non house owners sale by non-owners The basic rule of law is that “ nobody can give that which one has not got” an individual who is not the owner thereof and who does not sell them beneath the authority or with the consent of the owner, the client acquires no higher title to the goods BUT THERE ARE CERTAIN EXCEPTION TO THIS RULE THAT IS EVEN A PERSON IS NOT THE OWENR HE CAN SELL THE GOODS AND CONVEY GOOD TITLE UNDER CERTAIN CONDITONS: 1 SALE BY MERCANTILE AGENT a mercantile agent is a person who represents the principal, the mercantile agent makes sales of products which belongs to the principal, however sale by a mercantile agent will give the client good title.

Only the next should be glad at be time of sale: – He should have possession of products – Sold within the odd course of business – Buyer acted in good faith – No notice of the authority of the vendor – 2. SALE BY ONE OF THE JOINT OWNERS – one of many joint owner of the goods can sell it and pass a good title to the customer provided the vendor has possession and the buyer has bought in good religion – 3. Sale by person having voidable title under contract – he will must have possession – the contract has not been cancelled – in good religion without discover of faulty title buyer has purchased the goods. – four sale by seller in possession of goods after sale he vendor in possession of products already offered can again promote it to another buyer – he should be in possession – Buyer should have given consent to maintain the goods – in good religion without notice of faulty title buyer has purchased the products 5. sale by buyer in possession of goods earlier than sale he have to be in possession seller must have given consent to keep the goods in good religion with out discover of defective title new purchaser has bought the products 6. Sale by unpaid vendor an unpaid seller by exercising his proper to resell can sell the products. 7. Sale by pledgee if the pledgor fails to release the products pledge, lastly the pledgee has a right to promote the products to third party by auction or personal sale. eight. Sale by official receiver

Official receiver or assignee is a person appointed to do the winding up strategy of the company, he shall be appointed the courtroom. In the method of winding up/dissolution , the official receiver can dump the products and convert it to money for settlement of the account. The purchaser in such case will get good title. 5. Narrate the modes of creation of Agency There are 4 modes of creation of agency 1. By specific settlement 2. By implied settlement 3. By ratification four. By operation of law 5. Express means both by writing or by oral 6. Implied means arising out of conduct and behavior of the events. It could additionally be by estoppel means “ the place any individual by his conduct or by his ords spoken or written leads willfully another particular person to believe that a certain state of affairs exists and induces him to behave on that belief in order to alter his earlier place, he’s precluded from denying subsequently the fact of that state of affairs. EXAPMLE: Anand tells Babu within the hearing of Ramu that he is the agent of Ramu. Ramu doesn’t object it [actually Anand not his agent] Later Babu supplies certain items to Anand who pretends to behave as agent of Ramu. Ramu is liable to the quantity to Babu. By keeping fairly he led Babu to imagine that Anand is Ramu’s agent. Here Ramu is stopped from denying that Anand just isn’t his agent. AGENCY BY HOLDING OUT

It is a department of estoppel, right here a previous constructive act on the part of the principal is required to determine the agency subsequently. Prasad used to send his servant Suresh to a near by store to buy various goods for him on credit, Prasad used to pay for a similar. This was happening. On one fine Friday, Suresh went to the store and purchased on credit score many gadgets and made big invoice and took away all the products and escaped. After some time the store owner demanded the money from Prasad who informed that he has not asked his servant to purchase something and he [servant]made it on his personal. Matter went to court ,court docket held that because of the act of Prasad allowing Suresh to purchase on credit for him established an company by Holding out, & he has to pay three. AGENCY BY NECESSITY

Some time due to necessity one person becomes agent of the other, and in such case the principal is held responsible to pay or compensate the agent created out of necessity. Great northern railways vs swaffield A Horse was sent by train. When it arrived at the destination Station no physique took the delivery. The Station Master of the Railway firm has to care for the horse and to feed the horse. Railway firm became the agent by necessity and there fore the consignor has to pay. AGENCY BY RATIFICATION Some thing a person may act on behalf of another individual without prior data of that person. Williams vs north china insurance coverage co, A insures P’s items without the authority of P P accepts the identical and pays the premium.

Here P ratifies the action of A and he turn into the agent by ratification. AGENCY BY OPERATION OF LAW Sometime agency arises by operation of regulation, when an organization is fashioned its promoters are its agents by operation of law. A partner is the agent of the agency. 6. What are the rights and duties of purchaser and seller RIGHTS OF BUYER 1. Right to get supply of the goods as per contract 2. Right to reject the goods if the seller sends completely different quality or quantity of products three. Right to cancel if the vendor does not observe terms/condition four. Right to look at the products 5. Right against seller for breach of contract DUTIES OF BUYER 1. Duty to use for the supply 2. Must accept the products and pay the value 3.

May refuse to accept the installments 4. If completely different high quality or amount is delivered and if he accepts he has to pay for a similar 5. If seller sends the products ordered and not ordered additionally, buyer may settle for that are ordered and reject relaxation RIGHTS OF SELLER • Right to get payment • Right to sue for the value • An unpaid vendor has lien, proper to stoppage in transit, resale DUTIES OF SELLER 1. Prepare all documents essential in time 2. Deliver the goods to purchaser 3. Deliver at the place fastened or traditional office 4. Deliver at enterprise hours 5. He has to bear the value of supply 7. Who is a director how he is appointed what are their rights and duties Who is a Director?

Since the company is a man-made particular person and as it cannot act by itself some one has to do the work on behalf of the company This makes it needed that the company’s business should be entrusted to some pure person hence there is a want for a human being to behave as a director of the company. The director just isn’t defined in the co regulation but Directors are these natural individuals who manager the affairs of the corporate. The are collectively called as board or board of directors. Qualifications Only individual could be appointed as directors and no body corporate , association or agency shall be appointed as a director. This is to carry particular person individual answerable for the work carried out by him He ought to have signed as director and filed with register his consent to turn into director of an organization.

He ought to hold or purchase qualification shares as mentioned within the A/A, with in 2 months of his appointment The qualification share shall not be more than Rs. 5000=00 Disqualification If a directors doesn’t get qualification share inside 2month of his appointment? [ if he acted as director without qualification share then he has to pay Rs. 500=00 per day If he’s of unsound thoughts If he is undercharged bancrupt If he is convicted , and 5 years just isn’t completed after jail time period If he not paid calls in arrears If there may be any court order Appointment of director First administrators will be named in A/A of the co If not they shall be decided by the subscriber of the M/A Or All the subscribed of M/A shall be administrators Appointment of the administrators by the company

In the General Body meeting the administrators will be appointed While 1/3 of director can be permanent and Remaining 2/3 are liable to retire by rotation They can be reappointed Appointment of directors by Board of Directors BOD can appoint extra director till subsequent annual common physique Casual vacancies may be stuffed if the A/A permits BOD can appoint an alternate directors if authorized by A/A or General physique Appointment of administrators by third celebration Some time when bank advances large advances they nominate a director on the board of the company to ensure the top use of funds Appointment of Director by Central Govt. Central Govt. to be able to forestall Mis management or

To take care of minority share holder Will appoint directors for three years They needn’t have qualification or will retire by rotation The powers of the directors may be broadly divided into two 1. Statutory powers 2. Managerial powers Statutory energy The law has given all administrators statutory powers Board of directors can exercise the next powers by passing board decision 1. Power to make calls on shares 2. Power to problem debentures 3. Powers to borrow cash four. . Powers to invest the funds of the co 5. 5. Powers to make loans 6. 6. On taking approval from basic physique they can: 7. promote or lease or dispose the whole or a part of the businesses enterprise eight. emit or allow time for repayment of debt due by administrators 9. appoint a sole promoting agent for more than 5 years 10. problem bonus shares eleven. reorganize the share capital of the co Other powers 1. To appoint further director 2. To fill up casual vacancies of director three. To sanction powers to director to enter into contracts with the co four. To appoint MD 5. To put money into any share of another company 6. To declare solvency eight. Describe the different sorts of company (1) Chartered Companies Those firms which are integrated underneath a special charter by the king or sovereign similar to East Indian Company. Such firms are hardly ever fashioned now-a-days as trading firms. (2) Statutory Companies

These companies are fashioned by special acts of Legislatures or Parliament. e. g. ; the Reserve Bank of India, the Industrial Finance Corporation, Damodar Valley Corporation. (3) Registered Companies Such Companies which are incorporate beneath the Companies Act, 1956 or had been registered underneath the previous Companies Act. Form the viewpoint of legal responsibility there are three kinds of Companies (1) Limited Companies In case of such corporations, the liability of every member is proscribed to the extent of a face worth of shares held by him. Suppose A takes a share of Rs 10. , he remains liable to the extent of that amount. As soon as that quantity in paid, he’s no more liable. (2) Guarantee Companies

The liability of the member of such corporations is restricted to the quantity he has undertaken to contribute to the property of the corporate in the occasion of its wound up. This assured amount is limited to fixed sum which is specified within the memorandum. Cambers of commerce, commerce associations and sports activities golf equipment are often guarantee issues. The object of such firms is to not make profit and distribute dividend. (3) Unlimited Companies They are nothing however massive partnership registered underneath the Companies Act and the members simply like companions have unlimited legal responsibility and each share contribution in addition to their property are at stake when the company is to be wound up. Such corporations are rare today. From the point of view of Public investment corporations could also be of two varieties: (1) Private Companies :

A private company means an organization which by its articles (a) restricts the right to switch its shares, if any (b) limits the number of its members to fifty excluding previous or present employees of the corporate who are additionally members of the corporate. (c) Prohibits any invitation to the public to subscribe for any shares in our debentures of the company. (2) Public Companies : Public companies are those corporations which are not non-public firms. All the three restrictions aren’t imposed on such companies. 9. What are the agencies under client protection act to redress the dispute How the buyer disputes are settled? What is the procedure, Discuss CONSUMER DISPUTES REDRESSAL AGENCIES. Establishment of Consumer Disputes Redressal Agencies. There shall be established for the purposes of this Act, the following agencies, particularly:— (a) a Consumer Disputes Redressal Forum to be often identified as the “District Forum” established by the State Government in each district of the State by notification: (a) District Forum in a district. (b) “State Commission” established by the State Government within the State by notification; and c) National Consumer Disputes Redressal Commission established by the Central Government by notification. 10. What is the position of centre and state consumer safety council The State Consumer Protection Council The State Council will be established by the State Government by notification on the date talked about in it.

The Minister who handles shopper affairs within the State Government would be the Chairman of the council. The State Government can prescribe other members, who share these pursuits, to be appointed at official or unofficial degree. The Central Government may nominate not more than 10 such members. Procedure for Meetings: At least two conferences of the State Council will happen yearly. However, a member of the council may name the assembly whenever they discover it necessary. The time and place of the meeting will be decided by the Chairman. The State Government shall, by notification, create a council for each district on the date talked about within the notification, as offered in clauses (a) to (f) of section 6.

Such a council will be referred to as the District Consumer Protection Council. The Central Consumer Protection Council The Central Government is required to represent the Central Consumer Protection Council by notification on the date specified in it. The Minister dealing with client affairs within the Central Government will be the chairman of the council. Other members, official or unofficial, who share these interests, may be prescribed. Procedure for Meetings One assembly of the Central Council will be held yearly. However, if the members really feel the need of the meeting, they will call it. The place and time of the meeting might be decided by the Chairman.

Some of the objects of the Central Council are to guard the next rights of the consumers: • shopper training. • search redressal in opposition to unfair commerce practices. • advertising of hazardous goods and providers. • access to quite lots of goods and services at competitive prices. • information about quality, quantity and purity of products or providers. 11. How a company be shaped what are the phases within the formation [pic] 12. When a patent may be revoked? Grounds for revocation of patent >< 1. Patent already granted 2. Person to whom it’s granted is not entitled three. Wrongfully obtained the patent 4. Not a model new invention 5. Mis-REPRESENTATION 6.

Not patentable under the act 7. Already in use in India eight. Wrong mentioning of the supply or 9. geographical origin If regarding atomic power the Govt, could ask for revocation 10. In the public curiosity. 13. What innovations are not patentable According to the patent act the next invention Are not patentable a) An invention which is frivolous which is contrary to properly established regulation b) Invention prejudicial to the general public order or setting towards public properly fare c) Mere scientific principle or discovery and so forth, of an summary concept or discovery of any residing or non living things occurring in nature d) Discovery of know substance i. new property or new use of a identified course of and so on. , e) Admixture i. e substance obtained by a mixture of some thing f) Arrangement or rearrangement or delicate of a known thing/device or function and so forth g. Process of remedy of human being or animals that is any process for the medical, surgical, curative of human beings or animals, h. Plants and animal in part of entire aside from micro organism however including seeds varieties and species and primarily biological process for manufacturing or propagation i. Mathematical programme that could also be a mathematical or a business methodology or a pc programme per se or algorithms j. Literary programme i. e. iterary dramatic musical or artistic work or another aesthetic creation what so ever together with cinema. TV. , k. Mental act or technique of taking part in video games l. A presentation of knowledge m. Topography of built-in circuits n. Traditional data on invention which in effect or a conventional data or which is an aggregation or duplication of known properties or conventional know parts o. Atomic power p. Those substance which are used in meals or drug q. Those inventions related to substance prepared or produced by chemical process. However, methods or processes of manufacture shall be patentable -> now product patent can be coming /*/*/*/*/*/*/*/*/*/*/*/*/*/*/*/*

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