25 July 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

WHICH SECTION OF PARTNERSHIP ACT 1932 DEALS WITH MINOR ADMITTED TO THE BENEFIT OF PROFIT?  30

SECTION

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WHEN IS PARTNERSHIP RECONSTITUTED?  NEW

PARTNER JOINING  DEATH OF PARTNER  RETIREMENT  EXPULSION OF A PARTNER  INSOLVENCY

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CAN A PARTNER ACQUIRE IMMOVABLE PROPERTY ON BEHALF OF FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER COMPROMISE ON BEHALF OF FIRM (WITHOUT OTHER’S CONSENT)?  NO

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CAN A PARTNER OPEN A BANK ACCOUNT OF FIRM IN HIS OWN NAME?  NO

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CAN A PARTNER WITHDRAW A SUIT / PROCEEDINGS FILED ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER BUY GOODS FOR FIRM (WITHOUT OTHER’S CONSENT)?  YES

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER PLEDGE GOODS (WITHOUT OTHER’S CONSENT)?  YES

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER ADMIT A LIABILITY IN A CASE AGAINST FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER SIGN A PROMISSORY NOTE ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  YES

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CAN A PARTNER SIGN A BILL OF EXCHANGE ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  YES

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER SELL IMMOVABLE PROPERTY ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER ENTER INTO PARTNERSHIP ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

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CAN A PARTNER SUBMIT A MATTER FOR ARBITRATION ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER IN A FURNITURE SHOP, SELL FURNITURE ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  YES

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN A PARTNER BUY DEFECTIVE GOODS (THIS PARTNER KNOWS ABOUT DEFECT) ON BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

– OTHER PARTNERS MAY REJECT THE DEAL.

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CAN A PARTNER ASK A PERSON TO JOIN AS NEW PARTNER BEHALF OF THE FIRM (WITHOUT OTHER’S CONSENT)?  NO

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a partner leave partnership at any time?  No

(proper notice has to be given).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I left partnership on 1 January. Mr. Rishabh dealt with company on 2 Jan and got cheated by the firm. Can Rishabh sue me (there was no notice of my retirement from partnership)?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

X,Y,Z are partners. X & Y decide to remove Z from partnership. Can they do it?  Refer

to sec. 33: 1. they must have contract for this 2. majority must agree 3. it should be done in good faith 4. it should be in the interest of partnership 5. there should be notice to Z. 6. Z should be given an opportunity to be heard.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A,B,C are partners. Wives of A & B fought. A removed B from partnership (with consent from C) is it OK?  No

– as there is no logical ground for removal of B.

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A,B & E are partners. A is adjudged an insolvent on 1 January. On 2nd January the firm is awarded a new contract which is very profitable. Will A get the benefit?  No

– the firm is not liable to give anything or take any thing for any act after 1 January (the day A is declared insolvent).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What can an unpaid seller do?  Can

take possession of goods during transit  Stop the goods in transit  Sell the goods  Claim / sue  Cannot demand back the goods already sold. www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

When is acceptance complete under contract law?  As

soon as it is posted / communicated.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can there be a contract, where price is to be fixed by third party. What will happen if 3rd party refuse to fix price?  Yes-

there may be contract  The contract will become void – if 3rd party refuse to fix price.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I demanded 100 bales from Ram and contract signed. Ram sent me only 50 bales. Can I reject the contract?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

When is a public notice necessary regarding partnership?  When

a partner retires  When a partner is expelled  (no notice is necessary when a partner dies).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can we make contract for sale of goods which are not present?  Yes

= for example, a farmer can make a contract to sell his entire crop (which is not yet ready).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Registrar of firm is a public servant under sec ???? Of Indian Penal Code?  Sec.

21

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Before partnership act, what was the law on partnership?  Chapter

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11 of Indian Contract act 1872.

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Before sale of goods act, what was the law on sale?  Chapter

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7 of Indian contract Act.

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I send a proposal to Rishabh to sell my house in 10 lakhs. I send this proposal on 11 Jan. by post. Before the post reaches Rishabh, I telephone him and reject my proposal. Can Rishabh accept my offer?  No

– as there is no offer (the offer was rejected even before it reached).

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Are wager contracts legal?  They

may not be legal but they are void contracts.

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Is a wager agreement contingent contract?  Yes

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Ram gave a promissory not to Shyam, a minor. Can Shyam sue Ram for payment of the promissory note?  Yes.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a subpartner sue a firm for his share ?  No.

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AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

A,B are partners. A introduces Ram as his partner to Z. Ram takes away goods worth Rs. 10 lakh from Z and disappears. Can Z sue A & B?  Yes

= partnership by holding out Sec. 28 says that if the partners show someone as their partner, they are liable of that person’s conducts.

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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