Assignments

Discuss the common features among promissory note, bill of exchange and cheque.

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Introduction Promissory notes, bills of exchange, and cheques are three key negotiable instruments governed by the Negotiable Instruments Act, 1881. These instruments play a vital role in facilitating credit and ensuring secure and efficient financial transactions. While each has unique features, they also share several common characteristics. Main Body Definitions Promissory Note (Section 4): A […]

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Define and distinguish between ‘condition’ and ‘warranty’.

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Introduction In the context of contracts of sale, the terms “condition” and “warranty” refer to the stipulations related to the quality, fitness, or performance of the goods sold. These concepts are defined under the Sale of Goods Act, 1930. Understanding their differences is crucial as they determine the remedies available in case of breach. Main

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“An agreement in restraint of trade is void”. Examine this statement mentioning exceptions, if any.

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Introduction The freedom to practice any profession, or to carry on any trade or business, is a constitutional right under Article 19(1)(g) of the Indian Constitution. In line with this, Section 27 of the Indian Contract Act, 1872 declares that agreements in restraint of trade are void. However, there are certain exceptions where such restraints

“An agreement in restraint of trade is void”. Examine this statement mentioning exceptions, if any. Read More »

Discuss the essentials of a contract of bailment and state the rights and duties of a bailee.

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Introduction Bailment refers to a contractual relationship in which one person (the bailor) delivers goods to another (the bailee) for a specific purpose under the agreement that the goods shall be returned after the purpose is fulfilled. The concept of bailment is governed by Chapter IX of the Indian Contract Act, 1872, from Sections 148

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What are the rules regarding settlement of accounts of a firm after dissolution? Explain fully.

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Introduction The dissolution of a partnership firm marks the end of the relationship among partners and the closure of business operations. Once a firm is dissolved, the final step involves settling its accounts. This process is governed by the Indian Partnership Act, 1932, specifically Section 48, which outlines the priority of payments and rules for

What are the rules regarding settlement of accounts of a firm after dissolution? Explain fully. Read More »

Explain the law related to ambiguous and inchnate instruments.

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Introduction The Negotiable Instruments Act, 1881 governs various types of financial documents used in trade and commerce, including promissory notes, bills of exchange, and cheques. Two critical concepts under this Act are ambiguous instruments and inchoate instruments. Understanding these helps in identifying the legal status and enforceability of such documents. Main Body 1. Ambiguous Instruments

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“Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration.” Comment.

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Introduction Consideration is one of the essential elements of a valid contract as per Section 10 of the Indian Contract Act, 1872. It refers to something in return – an act or abstinence – given by the promisee in exchange for the promisor’s promise. However, the adequacy or sufficiency of consideration is not necessarily a

“Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration.” Comment. Read More »

Who are treated as persons of unsound mind? State the legal positions of contracts with such persons.

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Introduction The Indian Contract Act, 1872 lays down essential conditions for entering into a valid contract. One such requirement is that the parties must be competent to contract. Among those deemed incompetent are persons of unsound mind. Understanding who qualifies as unsound and how their contracts are treated legally is crucial for ensuring fairness and

Who are treated as persons of unsound mind? State the legal positions of contracts with such persons. Read More »

Briefly discuss the function of accounting.

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Introduction Accounting is often referred to as the language of business. It involves the systematic recording, reporting, and analysis of financial transactions of a business. Its primary function is to provide accurate and timely financial information that supports decision-making, planning, and control within an organization. Main Body Functions of Accounting 1. Recording Transactions This is

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