1 August Business 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

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

BUSINESS LAW Dr. T.K. Jain. AFTERSCHOOOL Centre for social entrepreneurship Bikaner M: 9414430763 [email protected] www.afterschool.tk www.afterschoool.tk www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PERSON DEMAND SPECIFIC PERFORMANCE IN THE CASE OF CONTRACT?  YES

– SEE SEC. 58 sale of goods act (SUBJECT TO PROVISIONS OF SPECIFIC RELIEF ACT).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A sold 1000 bales to B. B sold half of them to C immediately and asked C to take delivery directly from A. As C went to A to take delivery of goods, B became insolvent. A being unpaid seller refuses to deliver the goods. What should C do? C

has no remedy = A need not give delivery. (sec. 53, sale of goods act – right of unpaid seller to take lien of the goods). www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A and B are partners in AB & sons. A dies, B continues business and earns Rs. 10 lakhs. A’s representative demand share in this 10 lakh also (which took place after A’s death) are they justified?  Yes

= as per section 50, the partners/ their representative has share in such profit till business is completely wound up. www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

The maximum number of partners is mentioned in which act?  The

company Act.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is most important element in partnership?  Options:

profit sharing, business, agreement, all these .

 Solution:

all these combined:  Business to be carried out by one or all acting for all.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can set off be claimed by unregistered firm ?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can an unregistered firm file a suit against third party?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can partners file a suit aginst their firm in an unregistered firm?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What will happen if a partner dies?  Dissolve

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the firm.

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Is a partner an agent of the firm?  Yes,

he is principal as well as agent.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner appoint a lawyer to defend the company?  Yes

(without asking others).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner borrow money for day to day business ?  Yes

(implied authority).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner buy or sell goods for firm in usual conduct?  Yes

(implied authority).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner make the firm a partner in another firm?  No

.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner inspect books of accounts?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a pertner demand remuneration ?  No

(if it is provided in contract, he may demand, otherwise not).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A firm is compulsorily in dissolved in some cases, mention any 2 such cases?  The

firm is involved in unlawful business  All the partners become insolvent / die

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

If I enter into a contract with my Doctor for sale of my house, which could be the possible defect in the contract?  Undue

influence.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I purchased Hyundai Car from Goutam thinking that this is in good condition. The car is second hand, but seems to be in good condition. However, I later find that the engine is defective. Can I repudiate the contract?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

While selling car Goutam was not aware of the fact that the engine was defective. He assured the buyer that the engine is good. Can the buyer repudiate the contract? What kind of defect is there in the contract?  Yes

– it is the case of misrepresentation.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

While selling car Goutam was aware of the fact that the engine was defective. He assured the buyer that the engine is good. Can the buyer repudiate the contract? What kind of defect is there in the contract?  Yes

it is the case of FRAUD.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

While selling car Goutam being Chartered Accountant of the buyer requested the buyer to buy the car and threatened that if the buyer doesn’t buy, he would not be happy.. Can the buyer repudiate the contract? What kind of defect is there in the contract?  Yes

– it is the case of undue influence.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Mr. Rishabh invited me to a Lavish Dinner on the occasion of completing CPA, CMA, CFP, CFA and CIMA. He makes bookings in Clarks and makes huge expenses. However, I don’t reach the venue. Mr. Rishabh feels bad on having wasted Rs. 5 Lakh. Can he claim this money from me?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Anju, Lata & Khushboo make a promisory note and give it to me. The promissory not is of Rs. 30 lakhs. On due date only one of them is available. She asks me to take 1/3 of the money (her share). What should I do? I

can claim Rs. 30 Lakh (total amount) from her.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A gets married to B. At the time of marriage, B’s father promises to A’s father that he will make payment of Rs. 10000 to A every month. A claims that she didn’t get any money. Can A file a suit against B’s father?  Yes.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is rescission of a contract?  Cancellation

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/ termination of the contract.

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is Novation?  Change

in nature of obligations in a contract (it will create a new contract).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Sec. 9 of partnerships talks about something important. What is that?  Duties

of partners.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner be expelled by other partners?  Yes

– only in good faith or as per terms of agreement.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I make a proposal to R&R Co. Ltd. , they send me an acceptance. It is an agreement?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can an offer be communicated by conduct (no use of words)?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is the basic concept of contract?  Offer

+ Acceptance.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I make an offer to Ram, Can his son make an acceptance?  No

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I make an offer to Ram to sell my car for cash Rs. 2 lakh, Ram says yes but says that instead of cash, he will give me some shares of Rs. 2 Lakh. Is it acceptance?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I make an offer to Rishabh that buy my car in Rs. 2 lakh and I further tell him that if he doesn’t reply in a month, I shall assume that he is willing to buy the car. Rishabh doesn’t reply. Is there an acceptance?  No

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is the maximum number of partner can I take up in a firm. My firm deals in banking products?  10

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I make an offer to Ram that I want to sell my Car to him for Rs. 50000. Ram does not give me written acceptance, but he tells me his acceptance on phone. It is a valid acceptance?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I have displayed a book at my bookstore for Rs. 300. one customer comes and gives 300 and demands the book. I tell him that this is not for sale. I apologise. The customer insists. Who is right?  Buyer

is right.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

ABO UT A FTERSCH OOO L 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.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Why such a programme? 

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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

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

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.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

About AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs     

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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

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

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

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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 FOR PGPSE PARTICIPANTS material 

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)

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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

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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.

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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.

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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

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk social entrepreneurship for better society

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS