18 july business law

8/14/2019 18 July Business Law

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www.afterschoool.tk AFTERSCHOOOL MATERIAL FO

Business Law

AFTERSCHOOOL DEVELOPING CHANGEMAKERS

CENTRE FOR SOCIAL ENTREPRENEURSHIPPGPSE PROGRAMME

World Most Comprehensive programme in socialentrepreneurship & spiritual entrepreneurshipOPEN FOR ALL FREE FOR ALL


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Business law Dr. T.K. Jain.

AFTERSCHOOOL

Centre for social entrepreneurshipBikaner

M: [email protected]

www.afterschool.tkwww.afterschoool.tk
http://www.afterschool.tk/http://www.afterschoool.tk/http://www.afterschoool.tk/http://www.afterschool.tk/


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What is hire purchase?A type of contract of sale whereproperty transfers to the buyer on

payment of total price (in instalments).


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Can sale be about future goods?Yes under sale of goods act 1930


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Are immovable goods covered

under sale of goods act?No.


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What are implied conditions?Conditions to titleCondition that goods must be as per description / sample and in case of saleby describption & sample the goodsmust be as per description & sample.

Conditions that goods must be fit for use.


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What is a warranty?A stipulation, which is not essential, butcollateral to the main purpose of the

contract, if proves false, gives the buyer the right to claim damages only.


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Are growing crops and grass

goods under sale of goods act?Yes.


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Can a seller stop the goods in transit

(which have been sent to buyer)?Yes if he has not received the paymentand the buyer has become insolvement.


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What is caveat emptor?Let the buyer beware


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When is caveat emptor not

applicable?Sale by sampleSale by description

Sale by brand name


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An unpaid seller has right

against?Buyer and goods both.


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Contract of sale is executory or

executed contract?Both


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Which of the following are title

to goods?1. Railway receipt2. Invoice3. Warehouses receipt / certificate4. Wharfingers certificateAnswer: all.


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Can there be implied condition?Yes both condition and warranties areboth implied and express.

Implied conditions include condition to titleof goods, sale by description, sale bysample, fitness for use etc.


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What is delivery?Voluntary transfer of goods from oneperson to another.


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What is agreement to sell?A contract for sale of goods whichprovide that the property would pass to

the buyer on full payment of price andexecution of sale deed.


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Can seller resell the goods?

Yes in some cases only these casesare :

2. Goods are perishable3. Seller has given notice to buyer 4. Seller has reserved the right to resell5. The buyer has not made the payment

in a reasonable time.


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What is right to lien?

The right of seller to retain thepossession of the goods.


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What are rights of unpaid seller?

1. Right to lien2. Right to stop the goods in transit3. Right to resell the goods


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What is quasi contract?

A contract under which we assume thatthere is implied contract between the 2

parties. It may be any circumstance dueto which there is quasi contract (thoughboth the parties may not know eachother) for example finder of lost goodshas quasi contract with owner.


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What is essential test of partnership?

There must be an agreement between 2or more parties to share profit / loss and

to create mutual agency relation amoungthemselves.


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What are rights of partner?

Right to see the accountsRight to get information

Right to be indemnifiedRight to prevent entry of new partner Right to get interest on loan extended to

partnership firm (@6%).Equal share in profit (if no other share isdecided).


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Does a partner has right toremuneration?

No (he may get if agreed).


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Does a partner has right to startcompeting business?

No.

agree o se woo o r o


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agree o se woo o r. oKarachi and to supply goods byDecember. Suddenly war (between

India Pakistan) breaks out. I am notable to sell the goods. What isremedy with Ali?

Ali has no remedy because war is anexceptional situation.


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Gautam has a cow, which he gives

to me to keep. (I am gratuitousbailee). After 6 months he returnsback from world tour and takes awaythe cow. The cow has a calf also in

this period. Should I return calf also?Yes I am bound to return the calf as well.


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I sell a car to you and put a conditionthat you cant sell the car further. Isit valid contract?

You can buy the car but you cannot bebound not to sell the car you may sell it

if you like.


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I have sold my car to you. The priceis not yet fixed. Is it a validcontract?

Yes.

R i lli g ilk @ 10000 lit


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Ram is selling milk @ 10000 per liter.General price is Rs. 15 per liter. Haribuys from Ram 1 liter. Is it a valid

contract?Yes


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Ram sells goods to Rishabh and tellsRishabh that price will be fixed byGautam. Is it a valid contract?

Yes

Ram sells Rishabhs car to Goutam


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Ram sells Rishabhs car to Goutamin front of Rishabh and Rishabh didnot speak. Now can Rishabh recover

his car?Buyer will get good right by estoppel ruleso Rishabh cannot recover the car now.

I purchase cement from Ram I


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I purchase cement from Ram. Iaccepted the goods and store themLater it becomes stone. What

remedy do I have?No rememedy

purc ase cemen rom am


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purc ase cemen rom am.rejected the goods after 4 days (tillthat time goods were in my godown)

What remedy do I have?

I can return the goods as I have not yetsent my confirmation and Ram will have

to accept the goods as property has notyet passed to me if it is sale onapproval basis. If it is clear sale (not onsale on approval basis), then I dont haveremedy.


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I purchase cement from Ram. Ineither accepted nor rejected thegoods after 14 days (till that timegoods were in my godown), nowgoods become stone, What remedydo I have?

I will have to retain the goods and bear the burden as reasonable time has

already elapsed.


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A,B,C start partnership. A becomesinsane. What will happen?

Partnership will get dissolved.


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Under which contract, there isan obligation created by law?

Quasi contract


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An agreement enforceable bylaw is called?

Contract


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Who cannot make a contract?

Minor A person of unsound mind

A person disqualified by law


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Ram agrees to sell goods to Mohaneither at Rs. 500 or at Rs. 800. Is thiscontract valid?

Yes.


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Ram agrees to sell his house (whichis worth Rs. 50 lakh) to Shyam for Rs. 500. Is it a valid contract?

Yes

Ram makes an agreement with


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Ram makes an agreement withshyam, under which Shyam agreesto close down his business. Is it a

valid contract?No all such contracts which are inrestrain of trade are invalid contract.


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What are rights of partner?

Right to see the accountsRight to get information

Right to be indemnifiedRight to prevent entry of new partner Right to get interest on loan extended topartnership firm (@6%).Equal share in profit (if no other share isdecided).


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ABO UT A FTERSCH OOO L

Afterschoool conducts three year integrated PGPSE (after class 12 th along with IAS / CA / CS ) and 18 month PGPSE(Post Graduate Programme in Social Entrepreneurship)along with preparation for CS / CFP / CFA /CMA / FRM . Thiscourse is also available online also. It also conductsworkshops on social entrepreneurship in schools andcolleges all over India start social entrepreneurship club inyour institution today with the help from afterschoool and helpus in developing society.


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Why such a programme?

To promote people to take up entrepreneurshipand help develop the societyTo enable people to take up franchising andother such options to start a business / socialdevelopment projectTo enable people to take up social

development as their missionTo enable people to promote spirituality andpositive thinking in the world


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Who are our supporters?

Afterschoolians, our past beneficiaries,entrepreneurs and social entrepreneurs

are supporting us.You can also support us notnecessarily by money but by beingpromotor of our concept and our ideas.


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About AFTERSCHOOOL PGPSE the bestprogramme for developing great entrepreneurs

Most flexible, adaptive but rigorous programmeAvailable in distance learning mode

Case study focused- latest casesIndustry oriented practical curriculumDesigned to make you entrepreneurs not justan employeeOption to take up part time job so earn whileyou learnThe only absolutely free course on internet


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Workshops fromAFTERSCHOOOL

IIF, DelhiCIPS, Jaipur ICSI Hyderabad BranchGyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management,Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad


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Flexible Specialisations:Spiritualising business and societyRural development and transformationHRD and Education, Social DevelopmentNGO and voluntary workInvestment analysis,microfinance and inclusionRetail sector, BPO, KPOAccounting & Information system (with CA / CS /CMA)Hospital management and Health care

Hospitality sector and culture and heritageOther sectors of high growth, high technology and socialrelevance


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Salient features:The only programme of its kind (in the whole world)No publicity and low profile courseFor those who want to achieve success in life not just adegree

Indepth knowledge and expertiseProfessional approac: World class approachStrong intellectual and business capabilitiesFlexible you may stay for a month and continue the rest of the education by distance mode. / you may attend weekendclassesScholarships for those from poor economic backgroundLatest and constantly changing curriculum keeping pacewith the timePlacement for those who are interestedAdmissions open throughout the year

Latest and most advanced technologies, books and studymaterial


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ComponentsPedagogy curriculum and approach based on IIM Ahmedabad and ISBHyderabad (the founder is alumnus from IIMA & ISB Hyderabad)Meditation, spiritualisation, and self developmentEssential softwares for businessBusiness plan, Research projectsParticipation in conferences / seminarsWorkshops on leadership, team building etc.Written submissions of research projects/articles / papersInterview of entrepreneurs, writing biographies of entrepreneursEditing of journals / newslettersConsultancy / research projectsAssignments, communication skill workshopsParticipation in conferences and seminarsGroup discussions, mock interviews, self development diaryngMind Power Training & writing workshop (by Dr. T.K.Jain)


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Pedagogy

Case analysis,Articles from Harvard Business ReviewQuiz, seminars, workshops, games,

Visits to entrepreneurs and industrial visitsPresentations, Latest audio-visualsGroup discussions and group projectsPeriodic self assessmentMentoring and counsellingStudy exchange programme (with institutions out of India)Rural development / Social welfare projects


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Branches

AFTERSCHOOOL will shortly open itsbranches in important cities in Indiaincluding Delhi, Kota, Mumbai, Gurgaonand other important cities.Afterschooolians will be responsible for managing and developing these

branches and for promoting socialentrepreneurs.


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Case Studies

We want to write case studies on socialentrepreneurs, first generation

entrepreneurs, ethical entrepreneurs.Please help us in this process. Help usto be in touch with entrepreneurs, so thatwe may develop entrepreneurs.


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Basic values at afterschoool

Share to learn moreInteract to develop yourself Fear is your worst enemy

Make mistakes to learnStudy & discuss in a groupCriticism is the healthy route to mutual supportand help

Ask fundamental questions : why, when, how& where?Embrace change and compete with yourself only

www afterschoool tk
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www.afterschoool.tk social entrepreneurship for better society
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18 july business law

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