11 July Business Law

Business law Afterschoool – developing change makers CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – OPEN FOR ALL FREE FOR ALL

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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

Anil promises to prepare a portrait of Ram in his house for Rs. 5000. He sends Raju to prepare painting. Is he right?  No.  As

per contract act, he has to do it himself.

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Quantum merit means?  As

much as merited

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What is earnest money?  When

a certain amount is deposited as security deposited for ensuring performance of contract, it is called earnest money.

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Are immovable goods covered by sale of goods act?  No.  It

covers only movable goods.

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Can we give future consideration?  Yes,

consideration may be past, present or future.

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What is agreement to sell? A

contract to sell future goods is called agreement to sell.

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Ra m mad e an offer to me . I se nt my app rova l thro ug h couri er. Howeve r the ma il wa s lost in betw ee n du e to floods. Wh en is con trac t co mp lete ?

 There

is no agreement – so no question of contract. Acceptance has not yet been communicated.

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Can we make an agreement to share profits from smuggling business?  No.  It

will be void agreement.  (illegal business).

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What is a reciprocal promise? A

promise in return of a promise.

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What is a knock out agreement?  An

agreement between bidders not to bid against each others.

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Agreement under coercion is ?  Voidable

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What do you mean by property in goods?  Ownership

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What is ultra vires act?  When

a company enters into agreement which is beyond its objects or beyond limits prescribed by its memorandum of association, such act is called ultra vires.

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What is doctrine of holding out?  When

a partner shows that he is a partner and represents himself as partner – he will have to bear responsibility of partnership also - that is called doctrine of holding out.

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What will happen if you make an agreement and subsequently know that it is impossible to do so?  Void

– under section 56.

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You have made a payment to Ram for arranging bull fight. However, govt. has not restricted bull fight. What will happen?  Agreement

becomes void and Ram will have to return your money back.

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You have sold goods of Rs. 50000 to Jitendra in 2004. You havn’t received payment for that. What will you do now?  Forget

about this money. It is time barred now (unless you have some other agreement). You cant do anything for time barred debts.

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You make a promise with Ankit Golchha that if it will rain, you will pay Rs. 5000. Is it valid?  All

wagering agreements are void.

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What is called to the offer that you make to general public?  General

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offer

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What is the difference between sale and bailment?  In

sale property transfer, in bailment only possession transfers  In sale consideration is mandatory – in bailment – consideration may or may not be there.  In sale, goods cannot be returned. In bailment – goods have to be returned.

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What is the difference between sale and hirepurchase? 

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In sale property transfers immediately, but in hire purchase, property transfers only on the payment of last instalment. Buyer can sell the goods – the hirer cannot sell the goods Buyer cannot refuse delivery or cannot terminate contract in between, but a hirer can terminate contract any time. Buyer is owner, hirer is bailee.

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What is difference between condition and warranty? 

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Condition is essential but warranty is collatoral to the main purpose. For not fulfillment of condition, you may terminate the contract. For non-fulfillment of warranty, you may claim damages. Breach of condition may be treated as breach of warranty – but not the vice versa.

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What is condition to title?  It

means that seller is owner of the goods and can sell the goods without any legal problems.  (see sec. 14 a)

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What are implied conditions ?  Sec.

14 – condition to title  Sec. 15 – condition regarding sale by description  Sec. 16 quality and fitness for use  Sec. 17. sale by sample  Condition regarding wholesome (especially for eatables) www.afterschoool.tk

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What are implied warranties?  Undisturbed

possession  Non-existence of encumbrances  Disclosure of dangerous nature of goods  Fitness by usage of trade

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What do you mean by NEMO DAT QUOD NON HABET?  No

one can give what he / she does not have.

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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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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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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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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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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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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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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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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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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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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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www.afterschoool.tk social entrepreneurship for better society

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS