4 July Business Law

8/14/2019 4 July Business Law

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BUSINESS LAW

Dr. T.K. Jain.

AFTERSCHOOOL

Centre for social entrepreneurship

BikanerM: 9414430763

[email protected]

www.afterschool.tk

www.afterschoool.tk
http://www.afterschool.tk/http://www.afterschoool.tk/http://www.afterschoool.tk/http://www.afterschool.tk/


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WHAT IS A CONTRACT?

AN AGREEMENT ENFORCEABLE BY LAW

(SECTION 2 (H) CONTRACT ACT 1872.


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ESSENTIAL ELEMENTS OF ACONTRACT? LAWFUL CONSIDERATION

FREE CONSENT

LAWFUL AGREEMENT

OFFER & ACCEPTANCE


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VOID CONTRACT?

AN AGREEMENT WHICH CEASES TO BE

ENFORCEABLE BY LAW

SECTION 2 (J)


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WHICH ARE VOID CONTRACT?

Mistake of facts sec. 20

Unlawful object sec 23

Agreement without consideration sec. 25

Agreement in restraint of marriage sec. 26

Agreement in restraint of trade sec. 27

Wager agreement sec. 30 Agreement against legal proceeding: sec 28.


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VOIDABLE CONTRACT?

AN AGREEMENT WHICH IS

ENFORCEABLE AT THE OPTION OF ONE

OR MORE PARTIES BUT NOT AT THE

OPTION OF OTHER PARTY IS CALLEDVOIDABLE CONTRACT.

SEC. 2 (I)


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WHICH ARE VOIDABLECONTRACTS? CONTRACTS MADE UNDER COERCION,

UNDUE INFLUENCE, FRAUD,

MISREPRESENTATION ETC.


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IS VOID CONTRACT SAME ASILLEGAL CONTRACT? NO

ALL ILLEGAL CONTRACTS ARE VOID

CONTRACTS BUT ALL VOID CONTRACTS

ARE NOT ILLEGAL CONTRACTS.


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HOW MANY TYPES OFOFFERS CAN YOU MENTION? GENERAL OFFER

SPECIAL OFFER

CROSS OFFER

COUNTER OFFER

STANDING OFFER


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I MAKE AN OFFER TO RAM TOBUY HIS HOUSE IN RS. 5

LAKH, HE MAKES ANOTHEROFFER TO SELL THE HOUSE

AT RS. 6 LAKH. WHAT IS HISOFFER? IS IT CROSS OFFER = NO IT IS COUNTER OFFER


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I MAKE AN OFFER TO RAM TOSELL MY HOUSE AT RS. 5

LAKH, RAM ALSO MAKES ANOFFER TO BUY MY HOUSE AT

RS. 5 LAKH. I SEND MYOFFER BY POST, HE SENDSHIS OFFER BY EMAIL. WHAT

OFFERS ARE THESE? CROSS OFFER.


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I TELL RAM THAT HE MAYBUY MY HOUSE AT ANY TIME

IN FUTURE AT RS. 5 LAKH.WHAT TYPE OF OFFER IS IT?

STANDING OFFER


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ESSENTIALCHARACTERISTICS OF AN

OFFER? DEFINITE EXPRESSED OR IMPLIED

OFFER IS NOT INVITATION TO OFFER

CERTAIN INTENED TO CREATE LEGAL RELATIONSHIP

OFFER MUST BE COMMUNICATED

MUST NOT CONTAIN A TERM THE NONCOMPLIANCE OF WHICH WILL AMOUNT TO

AGREEMENT


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I GIVE AN ADVERTISEMENT : I HAVE A COMPUTER TO

SELL IS IT AN OFFER? NO

IT IS AN INVITATION TO OFFER


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I MAKE AN OFFER: IF YOUDONT REPLY, I SHALL

ASSUME THAT YOU WILL BUYMY HOUSE IN RS. 5 LAKH ISIT AN OFFER? NO


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I MAKE AN ADVERTISEMENTTHAT I SHALL SELL MY

HOUSE FOR RS. 5 LAKH, TOTHE PERSON WHO HELPS MEIN MY LEGAL DISPUTE. IS ITAN OFFER. YES OFFER CAN BE CONDITIONAL

ALSO.


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I MAKE AN OFFER I WANTTO SELL MY HOUSE AT RS. 5

LAKH. IN CASE ANY PERSONIS INTERESTED, HE SHOULDSEND THE REPLY BY EMAIL.MOHAN REPLIES BY POST. ISIT VALID ACCEPTANCE?

NO THE ACCEPTANCE HAD TO BETHROUGH EMAIL ONLY (IT WAS

CONDITIONAL OFFER).


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WHAT IS ACCEPTANCE?

WHEN A PERSON CONVEYS HIS

WILLINGNESS / ASSENT TO OTHER

PERSONSS OFFER (SEC. 2 (B))


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ELEMENTS OF ACCEPTANCE?

MUST BE ABSOLUTE AND UNQUALIFIED

MUST BE COMMUNICATED

MUST BE MADE IN PRESCRIBED

MANNER

MUST BE WITHIN TIME

MAY BE DONE BY CONDUCT ALSO


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RAM SENDS ME AN OFFERREQUESTING TO SELL

GOODS OF RS. 5000. I DONTSEND ACCEPTANCE. I SENDTHE GOODS. IS IT VALIDACCEPTANCE?

YES ACCEPTANCE CAN BE BY

CONDUCT ALSO.


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I SEND AN OFFER TOJITENDRA BY POST. I SEND IT

ON 1 JULY BUT JITENDRARECEIVES IT ON 10 JULY.WHEN DID I MAKE ANOFFER? 10 JULY


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IN THE PREVIOUS QUESTION,WHEN CAN I WITHDRAW MY

OFFER AND HOW?

BEFORE 10 JULY MY WIDHDRAWAL

MUST REACH BEFORE MY OFFER BYANY MEANS


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WHAT IS CONSIDERATION?

AT THE DESIRE OF PROMISOR, THE

PROMISEE OR ANY OTHER PERSON HAS

DONE SOMETHING OR ABSTAIN FROM

DOING OR DOES OR ABSTAINS FROMDOING OR PROMISES TO DO OR

ABSTAIN FROM DOING SOMETHING

SUCH ACT / ABSTINANCE IS CALLED

CONSIDERATION FOR PROMISE

SEC. 2 (D)


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ELEMENTS OF CONSIDERATION?

Must be at the desire of promisor

May be present future or past

Need not be adequate.

Must be real

May be for doing something or for not doing

something


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If I tell a police officer toprotect me and in exchange

to that I offer to pay him Rs.5000. Is it validconsideration? It is the duty of police officer to protect.

Therefore such consideration is not valid.


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I tell Jitendra to give me hishouse and in return I

promise to show him anelephant with horns. Is it avalid consideration?

No we know that elephent with horn is notpossible so this is not a valid consideration.


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Which are the agreements,which are valid without

consideration? Based on natural love Based on past voluntary services

Time barred debt

Gifts

(In other cases, agreement without

consideration is void as per section 25).


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A husband promises to givehis car to his wife without

consideration. Is thisagreement valid? Yes based on natural love


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There was an agreementbetween Ram and Shyam,

can Hari go to court toenforce this agreement? In some cases third party can also go to the

court to enforce the agreement. These arethe matters where third party is involved in

the matter as beneficiary.


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When can third party sue foragrement? Beneficiary in the case of trust

A female member in the case of HUF

agremeents for provision of marriange

expenses In cse of estoppel by acknowledgement

Where benefit from contract have been

assigned to some other person


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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 socialentrepreneurship 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?

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 / socialdevelopment project

To enable people to take up social development as

their mission

To enable people to promote spirituality and positivethinking 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 bymoney but by being promotor of our

concept and our ideas.


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About AFTERSCHOOOL PGPSE the bestprogramme for developing greatentrepreneurs 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 fromAFTERSCHOOOL 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 material


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Components

Pedagogy curriculum and approach based on IIM Ahmedabad and ISBHyderabad (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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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 itsbranches in important cities in India includingDelhi, Kota, Mumbai, Gurgaon and other

important cities. Afterschooolians will beresponsible for managing and developingthese branches and for promoting socialentrepreneurs.


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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 withentrepreneurs, 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
http://www.afterschoool.tk/


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better society
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Documents

4 July Business Law