Business Laws 1

8/8/2019 Business Laws 1

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UNIT I-III


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OVERVIEW OVERVIEW

What is court ? Who is police ? Why they are ?What is court ? Who is police ? Why they are ?

What it does in the business management ?What it does in the business management ?

Indian Contract Act 1872

Types of contractsTypes of contracts

Sale of Goods Act, 1930Sale of Goods Act, 1930


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- Legislature Body!

- Judge, Lawyer, etc

- Police

- For what ?

- Cant we without them ?

Answer is obvious

- Legislature Body!

- Judge, Lawyer, etc

- Police

- For what ?

- Cant we without them ?

Answer is obvious

INTRODUCTIONINTRODUCTION


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B USINESS PERSPECTIVE B USINESS PERSPECTIVE

- social behavior

- ethical standards and expectations

- trade, industry and commerce

- contracts, Sale of goods, Partnership,

Insurance, Insolvency, Companies

- social behavior

- ethical standards and expectations

- trade, industry and commerce

- contracts, Sale of goods, Partnership,

Insurance, Insolvency, Companies


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INDIAN CONTRACT ACT 1872INDIAN CONTRACT ACT 1872

Promises made at time of transaction and performing

later is called a __________.


later is called a __________.


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later is called a __________


later is called a __________ CO NTRA C T


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NOTE: ALL CONTRACTS ARE

AGREEMENTS BUT ALL AGREEMENTS ARE

NOT CONTRACTS


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- Essentials of valid contract- section 10,29 and 56

- Two parties

- Offer And Acceptance

- Lawful consideration

- Intention to create legal relations


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- section 10,29 and 56

- Capacity of parties

- Free consent

- Lawful object

- certainty

- Writing and registration

- Possibility of performance


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`

- An agreement not enforceable by law is said to be void

Example:

- A agrees with B for good consideration that shewill not marry C. It is a void contract.

- A agrees with B that she will marry him only. It is

a void contract of marriage.


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- It means fulfilling of their respective legal

obligations created under the contract by

both the promiscr & the promisec

Example:

- A promises to paint a picture for B by a certain day at a

certain price. A dies before the day. The contract cannot beenforced either by As representation or by B.


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- the term quasi contract has been used because such acontract resembles with a contract so far as result or effect

is concerned but it has little or no affinity with a contract

in respect of mode of creation.

- The plaintiff should be interested in making the payment inorder to protect his own interest & the payment should not be

voluntary one. Moreover, the payment must have been done ingood faith & not to manufacture evidence of title to land or any other thing.

Example:


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HOW IT IS MADE ?- A contract of sale is made by an offer to buy or sell goods for

a price and the acceptance of such offer.

-The law relating to sale of goods act , which came into force

on 1 st July 1930.

-The Act contains sixty-six sections and extends to the whole

of India except Jammu & Kashmir.

- A minor amendments in the Act were made by sale of goods

Act, 1963


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- A contract whereby the seller agrees to transfer property

in goods to the buyers, for a price .- A verbal contract .

- A contract of sale of goods results , like any other

contract , by an offer by one party and its acceptance bythe other party

M EANING M EANING


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CHARACTERISTICSCHARACTERISTICS

- Two parties

- Transfer of property- Goods

- Price

- A sale & an agreement to sell- Caveat Emptor

A contract of sale

of goods is acontract wherebythe seller transfersor agrees to transfer the property in

goods to the buyer for a price.


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Documents

Business Laws 1