Bcom 1st Year Business regulatory Framework pdf notes
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|CHAPTER 1||Law of Contract (1872)|
|CHAPTER 2||Special Contracts|
|CHAPTER 3||Sale of Goods Act (1930)|
|CHAPTER 4||Negotiable Instrument Act (1881)|
|CHAPTER 5||the consumer Protection Act (1986)|
|CHAPTER 6||Foreign Exchange Manegement Act (2000)|
Bcom 1st Year Business regulatory Framework pdf notes
According to the Indian Contract Act, in order to be a valid contract, it is necessary that the parties have free consent. According to Section 10, “all agreements which are made with the free consent of the eligible parties to the contract”. Therefore, it is necessary to have ‘independent consent of the parties’ in the Act. The free consent of the parties is called when two people agree on one thing in the same sense. He is then said to have consented. Consent is then considered to be free if it is not given due to harassment, undue Influence, Fraud, Misrepresentation or Mistake. For example- If ‘A’ proposes to sell his cow in front of ‘B’ 500 and ‘B’ gives his approval on that proposal, then it would explain.
On the contrary, if showing ‘A’ razor and agreeing to take his cow from ‘B’ for ₹ 600, it will not be called ‘B’ free consent. Under Section 13 and 14, the meaning of consent is given. According to Section 13, “The consent given by two or more persons is deemed to have been agreed upon if they have agreed on the same thing in one sense”. In relation to Raffles Vs. The decision of Wichellhaus (1864) is important under which it is believed that both people need to agree on the same thing. In this regard Sarat Chandra Vs. The decision of Kanai Lal (1921) was also important. In which the consent of individuals from different prices was not considered appropriate. For example, 100 bales of cotton were from A ‘B’, which was to come from Mumbai by a ship named “Peerless”. Agrees to buy. Two ships named “Peerless” were to arrive from Mumbai. ‘A’ meant a ship that was to arrive in October, While ‘B’ meant another ship which was supposed to arrive in December. In such a situation, there was no agreement between them because both parties did not agree on the same thing with the same sentiment. Taking another example, ‘A’ falsifies and signs a form from ‘B’. ‘B’ was intended to sign only as a witness, while ‘A’ signed him as a party. Even in such a situation, consent cannot be said, because both parties agree on the same thing in different terms. While ‘A’ signed him as a party. Even in such a situation, consent cannot be said, because both parties agree on the same thing in different terms. While ‘A’ signed him as a party. Even in such a situation, consent cannot be said, because both parties agree on the same thing in different terms.
According to Section 14, free consent shall be deemed to be provided if (i) harassment, (ii) undue influence, (iii) fraud, misrepresentation or mistake. If any party has given its consent due to these reasons, then its consent will not be considered as free. For example, if ‘A’ is signed by ‘B’ on one check for payment of ₹ 10,000, then in such case ‘B’ made on the check
Effect on validity
In the absence of ‘consent’ in stagnation, it has meaning (void), but if there is consent, but there is no free consent, then the agreement of the party whose consent is not free is voidable. it happens.
Meaning and Definition of Proposal
Proposal for an agreement and its acceptance (Jhoni is necessary. According to section 2 (a), when a person expresses his desire to do or not to do any other person’s work, the person has to express his intention If we give our consent to do or not to do it, we are called a proposer. The proposer is called the promisor or proposer. The one before whom the motion is made is called the promiseee. For example- “A” say that he Preparing to sell 10 quintals of wheat at 175 per quintal, saying that ‘A’ offered to sell to ‘B’. Similarly ‘A’ would say to ‘B’ if ‘B’ gave him ₹ 500. If you give it, then it should not claim ₹ 700. Here ‘A’ proposes to stop claiming ‘B’.
Salient features of motion
(Main Characteristics of a Proposal)-
The offer must have the following characteristics
1. Existing of two Parties – There should be two parties to the offer, one promisee and the other promiseee, no person can propose on his own.
2. Positive or Negative Proposal – An offer or willingness to perform or to abstain from an act is expressed by the proposer. In this way, the proposition is related to doing something positive or not doing it (negative). For example, if ‘Hawaii Prakashan’ is ready to sell its business to ‘Chitra Prakashan’ for Rs. 40,000,000, then it will be called a positive proposal in relation to the work. On the contrary, if the aerial publication asks ‘Chitra Prakashan’ by giving 50,000, that it should not open competition business against it for two years, then we will call it a negative proposition regarding not doing any work.
3. To make an offer by one, Party. – A wish is expressed in relation to one party doing or not doing something to the other party.
4. Aim to get Consent on the ProposalOne party places its proposal before the other party in such a way that the other party can give its consent in respect of doing or not doing it. If a person does not ask for consent from others, he can neither be called an offer nor can he be given a substance. For example, ‘A’, sitting in his friend-congregation, wants to marry his daughter with a worthy bride. This does not happen then. There is no proposal before it, nor can it be agreed by any person. In the Harris v. Nickerson case, the defendant advertised that he would sell something by auction at a certain location not far from London. According to the advertisement, the plaintiff reached the appointed place from London, But he found that the goods were not auctioned there. At this, the plaintiff filed suit for revocation of the contract against the defendant. It was decided that the defendant announced his only intent to propose by advertisement, not actually making any motion.
Thus, whether a particular statement is a genuine proposition or merely intended to be proposed, it is a matter of fact on which the court can decide after taking into account all the circumstances of the case.
In this way, a statement is not interrupted by a mere statement of intent, although the other party has acted only on the basis of that statement. In one case, a sister wrote to her future son-in-law, “My daughter … will have a part in the property that will be with me after her mother’s death.” It was decided that this was only a statement of intent.
(Legal Provisions in regard to Proposal)
Based on the decision of Hon’ble Judges, some statutory rules related to the proposal have been made, the main of which are –
1. Proposal should be in the form of a request (Proposal as a Request) – The offer should be in the form of a request, not as a command. For example- If ‘Kamal’ asks ‘Deepak’ to go to Delhi and bring a scooter for which he will be given remuneration, then it is a command, not a request, hence the proposal will not be called.
2. Proposal may be Specific or General –A proposal presented in front of a particular person is called a ‘special proposal’. In contrast, the proposal addressed to the general public is called a ‘general proposal’. For example- If ‘Kamal’ proposes to sell his watch from ‘Kanti’ for 200, then it will be called a clear offer and if he proposes to sell his watch to the entire population by advertisement for ₹ 200, we will call it a normal offer. In this regard, Carlill Vs. The decision of the Carbolic Smoke Ball Company (1893) is significant under which, according to a company release, “Anyone who becomes a victim of influenza after using the company’s medicine will be given company 1, 000 pounds. ” Mrs. Kalil used medicine. Later he got influenza for which he filed suit. The company, while giving its arguments, called it an invitation to the proposal, not calling it a proposal. Later this argument was considered meaningless.
According to the court, advertising was not just a statement of intent to reward; Balkh was a surety, and although the offer was not for a particular person but for a general opinion, it was accepted by any person or persons who accepted it by their behavior or by performing the conditions.
3. The terms of the proposal to be definite and clear (Definite and Clear Conditi of Proposal) – Vague or Uncertain proposal is not legally enforceable, so it is necessary that the conditions of the proposal must be fixed and not approved. Will be able to go. For example- a fortune-teller shopkeeper, while purchasing a ‘Vyana’ Sanniyam ‘, says that if it is lucky, the same book is completely unclear and cannot be called an offer in the absence of certainty.
4. Creating Local Relations – The proposal should be made with the view of establishing a valid relationship otherwise or the contract will not be possible. Such proposals which are related to social customs, traditions, prestige or entertainment cannot be submitted to establish legal responsibility; Such as boating, joint study, joint excursion, picture going etc.
For example, if ‘A’ invites ‘B’ to dine here and spends a lot of money on dishes for his hospitality, but ‘B’ cannot come due to some reason, then ‘A’ for the amount spent. Cannot prosecute In this regard, Balfour Vs. The decision of Balfour, (1919) is significant in which Mr. Balfour went to spend England holidays with his wife. There his wife became unwell and as a result his wife had to be treated in England. Balfour was to return to his job in Lanka. On his return, he promised his wife that he would continue to send 30 pounds each month. For some time he sent the said amount, but later due to differences he stopped sending the said amount. Later, his wife filed a case of breach of promise against him.
5. Mere Expressing Desire will not Constitute Proposal – If a person expresses only his desire to propose, his wish cannot be called a proposal. For example, it is only a wish, not a proposal, by ‘A’ to put 30,000 in his daughter’s wedding in his friend-congregation. In this regard, Harris Vs. The decision by Nickerson (1973) is significant, under which the defendant came out with a statement that he would auction his belongings some time away from London on a fixed date, according to which the plaintiff arrived at a certain place from London but the auction was canceled. For this, the plaintiff prosecuted his damages. The judgment stated that it is only the will of the proposal, not the proposal.
6. Communication of Proposal required –The offer can take the form of a contract only if it has been approved. The question of acceptance arises when the information reaches the person who wants to approve it. It is a general rule that no person can approve an offer ‘until the person is made aware of the proposal in real terms. In this regard, Lalmon Shukla Vs. The decision of Gauri Dutt (1930) is significant. Under this, the plaintiff defendant has a money which was sent to search for the lost nephew of the plaintiff. In the meantime, the release promised a reward of ₹ 501 to the person who drowns the lost child. It was said in the judgment that the question of his acceptance does not arise in ignorance of the proposal. The proposal may be expressed by words or conduct and may be written, oral or implied (practical or circumstantial).
For example- Roadways runs its bus from Dehradun to Ghaziabad at a fixed fare, this is the implied proposal of Roadways. Any passenger traveling will have to pay the prescribed fare.
7. Offer and invitation isolated offer (Offer and Invitation to make An Offer is not One Thing) does not aim to achieve consensus invitation for the purpose of obtaining consent of the other person in -prastav the proposal. This type of agreement is difficult to distinguish, which originally appears to be a Prima Facie offer, but in reality they are only invited to make an offer. This difference can be fixed after taking into account all the circumstances of the case dependent on the intent of the parties. Thus, by not offering yourself, inviting others to propose are two separate things.
(i) Railway Time Table,
(ii) Notice of sale by auction,
(iii) Invitation for tender,
(iv) Company statement,
(v) incorporation of price list and
(vi) Answer to price inquiry.
A contract signifies a statutory liability between two or more persons whose definition as per Section 2 (h) of the Indian Contract Act, 1872 is as follows: “Any agreement which is enforceable by the Rajnium is called a contract.” Various scholars have defined it in this way – Any agreement that creates liability between two parties is called a contract. “
Essential signs or elements of valid contract
Although all definitions throw light on a single approach, the definition given by Sir Faizarak Pollock is considered more scientific and the definition given by the Indian Anubus Manik is similar. Thus all the definitions are based on the Shamik of Soda, but all the lawmakers are silent about what the scientific contract is. From this point of view Section 10. expands the definition of contract. Accordingly, “all agreements are contracts which, for justifiable consideration and purpose, are made with the free consent of the parties to the ability to express themselves, which have been expressly endorsed and which are at the behest of any particular Act Certified and registered by written or witness. ” Based on this, the main features of the contract are as follows-
(1) Agreement between two parties, proposal and self-acceptance of proposal
(2) The agreement is enforceable by law, for which the following things will be necessary
(i) legal capacity of the parties,
(ii) Free consent of the partics,
(iii) Lawtul consideration and obist,
(iv) Agreement to be written, certified or endorsed by the witness
1. Agreement between two parties -It is necessary for the agreement to have two or more parties. A party’s statutory proposal must be approved by the other party. The agreement should not be futile, meaningful, illegal and unenforceable. In this way, one should be the one presenting the proposal which is called the proposer and the other should be the approver who is called the promisor or promisee. According to clause (a), a contract is deemed to be meaningless or futile when the differences in a futile and futile contract (contract) are not met by the conditions of section 10. From the legal point of view, no recognition is given to both vain or pointless communicators. Following are the basis of difference between these two.
1. Basis of Section – According to Section 2 (j), which is barred from being enforceable by the Arbitrator, it is said to be meaningless, that is, when it is with a minor, without reward, based on mistake, If there is an unethical or impossible compromise against public policy, it is said to be futile. In contrast, according to Section 2 (i), an agreement which is based only on the will of one party is called a void contract. That is, when the agreement is effected by harassment, undue influence, fraud or misrepresentation, it is said to be meaningless.
2. Basis of Recognition – Any party in vain contract. May not be enforceable by, but a voidable contract may be enforceable by one party, that is, a voidable contract is not enforceable by any party with the help of Rajaniam. Therefore, no recognition has been given to the futile contract by the Rajnium, while it can be recognized by the Rajnium in a futile contract, at the will of the party who has suffered the loss.
3. Basis of Transferability – The goods received under a futile contract cannot be transferred to a third party, that is, the third party may not get good rights, but under a futile contract, the third party is good. The right can be obtained, if he has acquired the object by paying a fair price of the goods in good faith.
4. Basis of Time or Period – Valid contract remains meaningless from beginning to end. In contrast, a futile contract is initially statutory and remains statutory until the empowered party declares it futile.
Meaning of coercion
‘Harassment’ means any act or threat of doing something which is forbidden by the Indian Penal Code. Or to illegally withhold or threaten to prevent any property from causing harm to a person so that that person becomes involved in the agreement. It is not necessary that the Indian penal law must necessarily apply where ‘harassment’ is used.
According to Section 15, “Harassment” means any act or threat to do something which is prohibited by the Indian Penal Act or from this point of view, two persons should be included in the contract or obtained their consent for the contract. To go or to illegally withhold or threaten to stop that person’s property. ” Thus according to the analysis of this definition, if a person acts against (i) Indian penal legislation or
(ii) If the property is illegally restrained, it will be called harassment. Where oppression has been used, the prevalence or absence of Indian penal legislation is unimportant.
Activities Forbidden by Indian Penal Code –
Indian penal legislation does not give consent to do every act. There are many acts which are forbidden by penal legislation; For example, do not let anyone’s corpse be raised or threat of suicide etc.
2. Unlawful Detention of Property In one case, an agent refused to return a certain book of accounts and other important forms as long as the employing agency was in its time. Do not free him from all his obligations. Such liberation had to be given by the employer and the new agent obtained the sub books. It was decided that the discharge letter was given by the plaintiff from the harassment of the defendant and hence it was futile on the plaintiff’s will. But there will be no statutory threat or prohibition harassment. Restraining or threatening to block someone’s property is also considered ‘harassment’.
Effect of Coercion on the Validity of Contract
According to Section 19, a contract induced by harassment is futile at the will of the aggrieved party. It is necessary that the prohibition or intimidation used for harassment should be illegal. Statutory threats or prohibitions will not be considered harassment.
Meaning of Undue Influence
A contract is deemed to be motivated by undue influence when the relationship between the two parties is such that each of the parties is in a position to influence each other’s will and exercise that position with the desire to gain undue advantage over the other. Brought in Thus, it is not enough just to be in a position to have an undue influence of a party, but it is also necessary to be used with the view of gaining an unfair advantage of that situation. According to Section 16, “a contract shall be said to have been induced by improper use when the parties have such a relationship that they may affect each other’s will and to obtain an unfair advantage over each other.” Use the situation. ” Thus, to prove undue influence, two facts are required –
(i) It is necessary to have such a relationship between the parties, in which one party can influence the will of the other party and
(ii) The party should use the position with a view to availing unfair advantage.
State of Influencing the Will –
The state of influencing desire is often said to be in the following situations –
1. More Power – Where the relationship between the parties is such that one of them has more power over the other, so that it can gain dominance over the other, such as father and son, lender and distressed debtor, guru and Disciples, zamindars and farmers or protectors and protectors.
2. Reliable Relations – where there are: trusting relations between the parties; Such as — lawyer and patient.
3. Mental condition – where a person contracts with a person whose mental condition is not good due to old age, illness or mental or physical suffering; Like doctors and patients.
4. Undue Advantages – In order to prove undue influence, one must also prove that undue advantage has been achieved. Only when the returns are inadequate can the behavior be said to be inappropriate and it can be understood that undue advantage has been achieved.
5. Liability to Prove – It is assumed when it is proved that one party is in a position to influence the will of the other party and that the behavior itself or on the basis of the evidence presented seems inappropriate That contract was motivated by undue influence. Now the burden of proving that the contract was not motivated by undue influence will be on the person who is in a position to influence the will of the other party. – According to Section 16 (3), the responsibility of proving that the contract was not motivated by undue influence will rest on the person who is in a position to influence the will of the other.
Impact of undue influence on contract
(Effect of Undue Influence on Validity of Contract)-
According to section 19 (a), when the agreement of an agreement has been obtained by undue influence, then such contract is voidable by the party whose acceptance is taken by undue influence.
Difference between harassment and undue influence
(Differences between Coercion and Undue Influence)
1. Basis of Method – Harassment involves the use of physical force or threat of force by one party against the other party when consent is obtained by moral influence under undue influence.
2. Basis of Validity – In case of harassment, the contract is futile at the willingness of the Chancellor. In the case of undue influence, the contract may be terminated completely or may be terminated on such terms as the Court deems fit.
3. Basis of Relationship – In oppression the parties do not have to have a definite relationship whereas in the undue influence it is necessary to have a relationship between the two parties.
4. Basis of Parties – It is not necessary for the torturer to be against the promisee by the undertaker, in the undue influence the settlement is between the parties only.
Meaning and Definition of Consideration
The essential characteristic for a valid contract is that there should be a fair return and purpose for the contract. If it is lacking in a contract (with few exceptions), it will be called a ‘betting’ or ‘gambling’ stagnation and hence in vain. According to the English Republic, every ‘ordinary’ contract should be on the basis of consideration, but a ‘sealed’ contract is valid even without consideration. According to the Indian Contract Act, “all those agreements are contracts which require the fair consent of the parties who are eligible to contract for fair return and purpose” ie justified consideration and purpose in a contract. According to the English rule, every ordinary contract should be on the basis of consideration, but the contract under seal is valid even without consideration. Yield and purpose are two different names from the point of view of the two parties. For example- ‘A’ ₹ 10, 000 to sell its’ Chetak scooter ‘B’. In such a situation, 10,000 returns for ‘A’. And ‘Chetak Scooter’ for ‘B’. According to Section 2 (d), “When the will of the promisor. But the pledgee or any person has done or has been or is reluctant to do any work. If the tax remains contrary, or if you promise to do it or be disgusted, then the Jathwa vow of Aer, is called a reward for that promise. ” In other words, the commitment to be made by the person or other person at the will of the donor. Our pathology is called a byproduct which can take the form of past, future or present, hence
Symptoms of reward
(Characteristics of Consideration)
1. The reward should be given at the will of the promisee (Consideration must move at the desire of the promiser)
In the absence of the willingness of the Chanaata, the work done cannot be considered as a reward. In The decision of Saabadh (1880) is significant in which ‘A’. On the request of the District Collector, a market was built, after which ‘B’ promised ‘A’ that he would give commission to ‘A’ on the sale by his agency in that market. It was decided that the promise to give the commission of ‘B’ is not valid.
2. The reward may be on behalf of the pledgee or other person (The idea may proceed from the promisee or any other person). “It is not necessary that the promise is given only by the pledgee, it can also be given by any other person.”
In this respect, the Doctrine of Constructive Consideration is recognized according to which, although it is not necessary to give the reward by the pledgee himself, he must be a party to the reward itself. ” In this regard Chinayya Vs. The decision of Ramayya (1891) is significant in that the father gave all his wealth to his daughter on the condition that she would give some annual amount to her uncle (father’s brother). On the same day, the daughter pledged to give the annual amount, but after some time the daughter stopped giving the annual amount, saying that there is no reward from the uncle, but his plea was not heard by the court.
3. There must be some consideration. There must be some consideration of the contract. According to Section 25, adequate loss of consideration is not necessary. Although it is not necessary to get the returns, it is necessary to have some value in the eyes of the Republic. In this regard, Jagindra Vs. The decision of Chandra Nath (1903) is significant in that it was said that the returns should be real and not imaginary. According to the English diplomacy, the sufficiency of consideration is not necessary.
Intent to contract
(Meaning of Competency of Contract)
In order to legalize the contract, it is necessary that the parties must have the ability to contract, otherwise no agreement can take the form of a contract. The parties’ ability to contract is one of the essential features of the contract. According to Section 11, “Every person is eligible to contract, according to the Rajnium under which he comes, is an adult, has a healthy brain and is not disqualified by the respective Rajaniyam.” By analyzing this section it becomes known that the persons who do not have the ability to contract, are-
(ii) A man of unsound mind,
(iii) Disqualified by contracting by the law to which he is a subject
It is generally agreed by the Rajniyam that every contract is eligible to be done and if a person claims to be free from liability on the basis of ineligibility to contract, then he / she must prove such disqualification.
1. Minor – A person who is not able to become an adult is called a minor. Under the Indian Adulthood Act, a person who completes the age of 18 years is called an adult and if a person has been appointed guardian of his property, he will be an adult on completion of 21 years of age.
2. Unsound Mind –A contract with a crazy, native idiot, a drunk-eared person is considered futile. According to Section 12, a person of healthy mind is a person who, while contracting, can understand what he is contracting and what will be the effect on his interest. An Insane, Idiot, or drunk drunk person cannot be called a healthy brain. From the point of view of contracting with a healthy person, it was decided in this way: (i) An India which is mostly healthy, but if it has an unhealthy brain at the time of contracting, then the contract made with it will be in vain, (ii) A person who is mostly of brain. If the contract is made of a healthy mind while making the contract, then the contract made with it will be valid, but the other party will have to prove that the boat floated while making the contract belonged to the teller. Singing contracts with a lunatic is also not valid.
Other Disqualified Persons
Individuals are considered ineligible due to political status such as foreign enemy, foreign society, moment or representative, prisoner or criminal, disqualified due to high profession, jag barin doctor, some institutions and individuals who are unable to contract due to legal status Ho. Corporations, married women, etc. – are unqualified parties to the contract.
Protecting the interests of minors by diplomacy
(Protection afforded to Minors by the Indian Contract Act)
Minority is said to be a disqualification, in fact it is a defense provided by the courts to Avaya. This statement seems to be right… ”Rajaniyam protects his minors, defends their property and rights, pardons their deprivations, protects them in statutory proceedings on their behalf, Judge Talk Adviser, Jury their The servant and the politician are his guardians. ” The present situation in relation to the ability of a minor to communicate is as follows:
1. Contract with a Minorit Void – Contract entered into by an adult is considered meaningless from the beginning. According to Section 112, entire contracts made with minors are considered meaningless. Even if the minority of the other party is not aware of the minority, the agreement made with him is considered meaningless. In this regard, Mohiri Bibi Vs. The decision of Dharmdas Ghosh (1903) is significant in which 8,000 Mahajans were captured by the minor with the possession of 20,000 properties.
Mohri Bibi vs Dharmadas Ghosh
In this case the minor had taken a mortgage of his property for 20,000, out of which the lender had paid 8,000 for the minor. Submitted suit to repeal the minor mortgage. This said contract on the part of the other party was meaningless and the minor was abandoning it, therefore, 8,000 given to the minor under Section 64 and 65 of the Indian Act, should be returned. It was decided by the Privy Council that the contract was in full (not meaningless), so in such circumstances a question of returning the rupee could arise. Sections 64 and 65 cannot apply in cases where no contract can be granted. Minors can not legally deal, Pant its required aThe loan can be taken on the security of its assets to meet the interests, the minor is unable to enter into any statutory agreement. It is not a statutory agreement to take or buy any goods or property for profit. But to fulfill his essential (life-related) needs. The loanee can take loan on the property and the lender is entitled to payment from the spouse of the minor as per Section 68. The necessities of life will depend on the economic condition of the minor’s life and standard of living. According to Coke, the difficulties of life include-
(i) House rent,
(ii) food and clothing,
(iii) The expenses of the minor and his wife on necessities, medicine, etc.
(iv) Travel expenses, +
(v) cow of the dead rite
(vi) Loans for taking prestige goods,
(vii) expenses necessary to protect the property and
(viii) The cost of marriage of a minor. The decision of this relationship is important in which the items of decoration and decoration were not considered to be the necessities of life, hence the minor cannot be compelled to pay the prices of these items.
3. Minor as an A g ent as an agent –
Although a minor can be appointed as an agent, as per section 184, the owner is responsible for each of his actions and the owner cannot compensate him for willful wrongdoing, for not performing duties. A minor agent may be appointed and all agreements made by such minor in the progress of the agency shall be binding on his employer, but the employer shall not be entitled to receive compensation from the minor agent for any loss caused by negligence or duty violation. Will happen.
4. Minor as a Partner as Partner –
As per Section 30 of the Indian Partnership Act, a minor cannot be a partner, but can be included in the benefit of the partnership with the consent of all partners. The minor is not personally liable for the loss. Within six months of adulthood, he will have to give notice of staying or not in his firm.
5. Minor cannot be declared insolvent
A person who is not eligible to contract can neither be considered as a debtor nor can he be declared insolvent.
6. Minor’s Position in a Joint Stock ompany
A minor can become a shareholder of the company unless the articles of association prohibit him to become a shareholder. But ‘he will not be personally responsible. In this regard, Jaffer Vs. a Bank Ltd. The decision of is important.
Meaning and definition of holder
According to section 8 of the exchange deed, “the holder of a promissory note, bill of exchange or check” means any person who keeps it in his name and. The officer is entitled to receive the money due from the parties concerned. When a promissory note, exchange bill or check is lost or destroyed, its holder is the person who was its officer at the time of such loss or destruction. ”
According to the analysis of the above definition, the holder must have the following things:
1. Right to keep in your name (Right to keep in Own Name) –
The holder can be the same person who has the right to retain the document in his own name, he can get it from Payee, Endorsee or as a carrier. The holder of the document by theft cannot be considered its holder.
2. Right to get the money –
The second requirement for the holder is that he should have the right to receive the rupee in his own name. Such a person, who is not entitled to receive money even after keeping the article in his possession, cannot become a holder in terms of law.
Meaning and definition of the legal practitioner
(Meaning and Definition of Holder-in-due-course)
According to Section 9, “the legal practitioner” means a person who had obtained the right from a person before the payment of money in lieu of consideration and not having sufficient reason for the belief that any defect in his right exists. Was, receives a promissory note, exchange bill or check, if it is payable to the bearer, it becomes payee-endorsed if it is payable on command. ” Ho. According to the analysis of the appropriate definition, it is necessary for the legal practitioner to have a pledge of the following things.
Contract of Sale
Goods contract is also a special type of trade contract. Arrangements related to this .. Agreement are included in the Goods-selling Act. According to Section 2 of this Act, this Act is called ‘Sale of Goods Act, 1930’. The Act extends to the whole of India except the states of Jammu and Kashmir and came into force from July 1, 1930. Prior to 1980, the arrangements related to the sale of goods were embodied in sections 76-123 of the Indian Contract Act, 1872, but these arrangements did not throw light on many questions that arose in relation to the sale of goods. For this reason, the Parliament of India repealed these arrangements in the year 1963 in the sewage contract and replaced them with a new Act ‘Sale of Goods Act, 1930’, by which the diplomacy related to sale of goods was made complete and scientific. .
Meaning and Definition of Goods Contract
According to Section 4 (1) of the Sale of Goods Act, “a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the ownership of the goods for a fixed price.” For example – ‘A’ sells his watch to ₹ 500 for ‘B’. Here an item-selling contract for a watch between ‘A’ and ‘B’ will be called. Similarly, if ‘A’ contracts to give ‘B’ his old bicycle in 200: then it will be called a contract of sale.
Main Characteristics of a contract of sale
On the basis of the above analysis and other provisions, the main features of a sales contract are as follows –
1. Main Elements of a valid Contract- The sale of goods is a part of the Contract Act, but the original purpose of passing it separately in 1960 was to make it more elaborate. Therefore, commodity-selling logicians must have all the necessary characteristics that are in a valid contract; Such as having qualified parties, getting their free consent, proper consideration etc.
2. Existance of both Purchaser and Seller – Like other contracts, it also has parties. These parties are called buyers and sellers respectively in the Goods and Contracts. The buyer is the person who agrees to buy the item at a fixed price and the seller is the one who agrees to take the fixed price of the item.
3. Existance of Goods – The content in seller correspondents is goods. Goods (each except currency and suitable but both) means each type of movable property. The goods may be of definite or uncertain nature, sale of immovable properties (land, buildings, ponds etc.) does not fall under this category.
4. Determined Price – The value of the sale of goods is its value. The seller is given its value as a byproduct of the item. This approach is different from the 19. Gift or Barter system of barter.
5. ownership transfer ( Transfer Of Ownership) – Section 4 (3) the transfer of ownership of the object may be followed by immediate or long Havikreta it ‘Sales’ if Sekreta gets to transfer immediately the object, if the word of the husband If it is called ‘agreement of sale’. According to Section 4 (4), the agreement shall be called ‘sale’ when the time has passed or the conditions under which the goods were to be transferred.
6. Contract of sale between a part owner and another part owner Home (Contract of sale may be between One Part of Owner and the other) The contract of sale can be between a part owner and another share owner.
7. Sales contract (contract of sale baie Absolute or Conditional) – According to Section 4 (2), the sale contract can be absolute (Absolutan, or with condition (Conditional)).
Difference between “sale” and “agreement to sell”
1. Basis of Right of Transferability – In a contract of sale, the goods are transferred immediately from the seller to the buyer. On the contrary, in the agreements of sale, the transfer of goods does not take place at the same time but after some period, that is, sale – an execution contract. Conversely, the execution of a sale agreement takes place in the future, meaning it is an executable contract.
2. Basis of Rights – In the consonants of sales, the universal right of the object is found and he can use the object arbitrarily before the whole world. Conversely, mutual rights of both parties arise in the sale agreement, wherein the buyer and seller can file suit against each other.
3. Basis of Execution – Execution is completed in sales correspondents.
4. Basis of Risk – The risk of the goods in the sale contract is on the buyer. In contrast, the risk of the sale agreement rests with the seller.
5. Basis of Non-delivery of Goods – In a sales contract, if the seller makes an error in delivering the goods, the buyer has the right to be the original owner of the person who has the goods. I could get the goods. On the contrary, in the sale agreement, he can only sue for damages.
6. Basis of Non-payment – In the sale, if the buyer makes an error in paying the price of the goods, the seller can submit a suit for the price received. Conversely, if the buyer is unable to obtain the goods or to disburse the price, the seller may file a suit for his damages.
Meaning of unpaid vendor
As per section 45, unpaid seller means a person who has not been paid the entire value of the article or has been dishonored while presenting the bill received on the date of the bill. According to this definition, the seller will be considered as a person who either owns the item himself or is a marketable person. For example – ‘A’ sold a radio to B for ₹ 5,000, out of which ‘A’ got ₹ 2,000 from ‘B’. In such a situation, ‘A’ will be called unpaid seller. Similarly sold a radio to ‘B’ for which he also wrote a Bill bf Exchange. ‘B’ accepted that bill. He became dishonored after the bill was introduced by ‘A’, in which case ‘A’ would be called unpaid seller. All such ‘persons’ who are in a position to sell are all placed in the category of the seller.