Law

Business Law AFTERSCHOOOL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Business law Dr. T.K. Jain. AFTERSCHOOOL Centre for social entrepreneurship Bikaner M: 9414430763 tkjainbkn@yahoo.co.in www.afterschool.tk www.afterschoool.tk www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is hire purchase?  A type of contract of sale – where property transfers to the buyer on payment of total price (in instalments). www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Can sale be about future goods?  Yes – under sale of goods act 1930 www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Are immovable goods covered under sale of goods act?  No. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What are implied conditions?    Conditions to title Condition that goods must be as per description / sample and in case of sale by describption & sample – the goods must be as per description & sample. Conditions that goods must be fit for use. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is a warranty?  A stipulation, which is not essential, but collateral to the main purpose of the contract, if proves false, gives the buyer the right to claim damages only. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Are growing crops and grass goods under sale of goods act?  Yes. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Can a seller stop the goods in transit (which have been sent to buyer)?  Yes – if he has not received the payment and the buyer has become insolvement. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is caveat emptor?  Let the buyer beware www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS When is caveat emptor not applicable?    Sale by sample Sale by description Sale by brand name www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS An unpaid seller has right against?  Buyer and goods both. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Contract of sale is executory or executed contract?  Both www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Which of the following are title to goods? Railway receipt 2. Invoice 3. Warehouse’s receipt / certificate 4. Wharfinger’s certificate Answer: all. 1. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Can there be implied condition? Yes both condition and warranties are both implied and express. Implied conditions include condition to title of goods, sale by description, sale by sample, fitness for use etc.  www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is delivery?  Voluntary transfer of goods from one person to another. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is agreement to sell?  A contract for sale of goods which provide that the property would pass to the buyer on full payment of price and execution of sale deed. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Can seller resell the goods?  1. 2. 3. 4. Yes in some cases only – these cases are : Goods are perishable Seller has given notice to buyer Seller has reserved the right to resell The buyer has not made the payment in a reasonable time. AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk What is right to lien?  The right of seller to retain the possession of the goods. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What are rights of unpaid seller? 1. 2. 3. Right to lien Right to stop the goods in transit Right to resell the goods www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is quasi contract?  A contract under which we assume that there is implied contract between the 2 parties. It may be any circumstance due to which there is quasi contract (though both the parties may not know each other) – for example finder of lost goods has quasi contract with owner. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What is essential test of partnership?  There must be an agreement between 2 or more parties to share profit / loss and to create mutual agency relation amoung themselves. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What are rights of partner?       Right to see the accounts Right to get information Right to be indemnified Right 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 is decided). AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk Does a partner has right to remuneration?  No (he may get if agreed). www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Does a partner has right to start competing business?  No. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I agree to sell wool to Mr. Ali of Karachi and to supply goods by December. Suddenly war (between India Pakistan) breaks out. I am not able to sell the goods. What is remedy with Ali?  Ali has no remedy – because war is an exceptional situation. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Gautam has a cow, which he gives to me to keep. (I am gratuitous bailee). After 6 months he returns back from world tour and takes away the 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. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I sell a car to you and put a condition that you cant sell the car further. Is it valid contract?  You can buy the car – but you cannot be bound not to sell the car – you may sell it if you like. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I have sold my car to you. The price is not yet fixed. Is it a valid contract?  Yes. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram is selling milk @ 10000 per liter. General price is Rs. 15 per liter. Hari buys from Ram 1 liter. Is it a valid contract?  Yes www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram sells goods to Rishabh and tells Rishabh that price will be fixed by Gautam. Is it a valid contract?  Yes www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram sells Rishabh’s car to Goutam in front of Rishabh and Rishabh did not speak. Now can Rishabh recover his car?  Buyer will get good right by estoppel rule so Rishabh cannot recover the car now. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I purchase cement from Ram. I accepted the goods and store them Later it becomes stone. What remedy do I have?  No rememedy www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I purchase cement from Ram. I rejected the goods after 4 days (till that time goods were in my godown) What remedy do I have?  I can return the goods as I have not yet sent my confirmation and Ram will have to accept the goods as property has not yet passed to me – if it is sale on approval basis. If it is clear sale (not on sale on approval basis), then I don’t have remedy. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS I purchase cement from Ram. I neither accepted nor rejected the goods after 14 days (till that time goods were in my godown), now goods become stone, What remedy do I have?  I will have to retain the goods and bear the burden as reasonable time has already elapsed. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS A,B,C start partnership. A becomes insane. What will happen?  Partnership will get dissolved. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Under which contract, there is an obligation created by law?  Quasi contract www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS An agreement enforceable by law is called?  Contract www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Who cannot make a contract?    Minor A person of unsound mind A person disqualified by law www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram agrees to sell goods to Mohan either at Rs. 500 or at Rs. 800. Is this contract valid?  Yes. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram agrees to sell his house (which is worth Rs. 50 lakh) to Shyam for Rs. 500. Is it a valid contract?  Yes www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Ram makes an agreement with shyam, under which Shyam agrees to close down his business. Is it a valid contract?  No – all such contracts which are in restrain of trade are invalid contract. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS What are rights of partner?       Right to see the accounts Right to get information Right to be indemnified Right 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 is decided). AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk ABOUT AFTERSCHOOOL Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Why such a programme?     To promote people to take up entrepreneurship and help develop the society To enable people to take up franchising and other such options to start a business / social development project To enable people to take up social development as their mission To enable people to promote spirituality and positive thinking in the world AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk Who are our supporters?   Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us. You can also support us – not necessarily by money – but by being promotor of our concept and our ideas. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS About AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs        Most flexible, adaptive but rigorous programme Available in distance learning mode Case study focused- latest cases Industry oriented practical curriculum Designed to make you entrepreneurs – not just an employee Option to take up part time job – so earn while you learn The only absolutely free course on internet AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk Workshops from AFTERSCHOOOL          IIF, Delhi CIPS, Jaipur ICSI Hyderabad Branch Gyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management, Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk Flexible Specialisations:           Spiritualising business and society Rural development and transformation HRD and Education, Social Development NGO and voluntary work Investment analysis,microfinance and inclusion Retail sector, BPO, KPO Accounting & Information system (with CA / CS /CMA) Hospital management and Health care Hospitality sector and culture and heritage Other sectors of high growth, high technology and social relevance www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Salient features: The only programme of its kind (in the whole world)  No publicity and low profile course  For those who want to achieve success in life – not just a degree  Indepth knowledge and expertise  Professional approac: World class approach  Strong intellectual and business capabilities  Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes  Scholarships for those from poor economic background  Latest and constantly changing curriculum – keeping pace with the time  Placement for those who are interested  Admissions open throughout the year  Latest and most advanced technologies, books and study www.afterschoool.tk AFTERSCHOOOL MATERIAL material FOR PGPSE PARTICIPANTS  Components               Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) Meditation, spiritualisation, and self development Essential softwares for business Business plan, Research projects Participation in conferences / seminars Workshops on leadership, team building etc. Written submissions of research projects/articles / papers Interview of entrepreneurs, writing biographies of entrepreneurs Editing of journals / newsletters Consultancy / research projects Assignments, communication skill workshops Participation in conferences and seminars Group discussions, mock interviews, self development diaryng Mind Power Training & writing workshop (by Dr. T.K.Jain) www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Pedagogy           Case analysis, Articles from Harvard Business Review Quiz, seminars, workshops, games, Visits to entrepreneurs and industrial visits Presentations, Latest audio-visuals Group discussions and group projects Periodic self assessment Mentoring and counselling Study exchange programme (with institutions out of India) Rural development / Social welfare projects www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Branches  AFTERSCHOOOL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Case Studies  We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs. www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS Basic values at afterschoool         Share to learn more Interact to develop yourself Fear is your worst enemy Make mistakes to learn Study & discuss in a group Criticism is the healthy route to mutual support and help Ask fundamental questions : why, when, how & where? Embrace change – and compete with yourself only AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS www.afterschoool.tk www.afterschoool.tk social entrepreneurship for better society www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS