What are the Rules Regarding Settlement of Accounts of a Firm After Dissolution? Explain Fully Introduction When a partnership firm is dissolved, it means that the business comes to an end, and all business operations are stopped. The next important step is to settle the accounts of the firm, which includes payment of debts, distribution […]
Explain the Law Related to Ambiguous and Inchoate Instruments Introduction The Negotiable Instruments Act, 1881 governs the use of financial documents like cheques, promissory notes, and bills of exchange in India. Among the many legal concepts under this law, the terms “ambiguous instruments” and “inchoate instruments” are important. These instruments refer to documents that are
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“Insufficiency of Consideration is Immaterial, but a Valid Contract Must be Supported by Lawful and Real Consideration.” Comment Introduction In contract law, consideration is one of the essential elements required to form a valid contract. It refers to something of value exchanged between the parties. The Indian Contract Act, 1872 emphasizes that although the consideration
Who are Treated as Persons of Unsound Mind? State the Legal Positions of Contracts with Such Persons Introduction Under the Indian Contract Act, 1872, a valid contract must be entered into by persons who are competent to contract. One of the conditions for competency is that the person must be of sound mind at the
BCOC-133 Business Law – Assignment Answer Compilation Below are the links to all the answers for the BCOC-133 assignment: Who are treated as persons of unsound mind? State the legal positions of contracts with such persons. “Insufficiency of consideration is immaterial, but a valid contract must be supported by lawful and real consideration.” Comment. Explain
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Introduction Fraud, under Section 17 of the Indian Contract Act, 1872, includes acts intended to deceive or to induce another party to enter into a contract. However, the law also provides that mere silence about facts does not amount to fraud, unless it falls within specific exceptions. This principle ensures that parties to a contract
“Mere silence as to facts is not fraud”. Explain with examples. Read More »
Introduction In contract law, one of the essential elements for the formation of a valid agreement is the intention to create legal relations. This principle distinguishes contracts from mere social or domestic arrangements. In commercial contexts, courts generally presume that the parties intend to be legally bound by their agreements. Main Body Intention to Create
Introduction The relationship between a principal and an agent forms the basis of agency law, governed under Chapter X (Sections 182–238) of the Indian Contract Act, 1872. An agent acts on behalf of the principal, creating a legal relationship with third parties. The law also addresses who can be an agent and whether a minor
Define ‘agent’ and ‘principal’. Can a minor be an agent? Discuss. Read More »
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
Discuss the common features among promissory note, bill of exchange and cheque. Read More »
Introduction An unpaid seller is a key concept under the Sale of Goods Act, 1930. When a seller of goods has not been paid the whole price or a negotiable instrument given for payment is dishonored, he is termed an unpaid seller. The law grants specific rights to protect the interests of such sellers. Main
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