Business Law

Description

Cover Contents Chapter 1 Nature and Formation of Contract Introduction Key Definitions Used in the Indian Contract Act Nature of Contract Elements of Contracts Classification of Contracts On the Basis of Validity/Enforceability On the Basis of Formation/Creation On the Basis of Performance/Execution English Law Exercise Chapter 2 Offer and Acceptance Introduction Proposal Express Offer and Implied Offer Specific or General Offer Essential Requirements of a Valid Offer Revocation of Offer Cross Offers Counter Offer Tenders Acceptance Essentials of a Valid Acceptance Effect of Silence on Acceptance Agreement to Agree in Future Counter Offer is not an Acceptance Communication of Offer, Acceptance and Revocation Revocation of Proposal and Acceptance Termination of Offer Revocation or Lapse of Offer—Sec. 6 Offer and Acceptance by Post Contracts over Telephone or Telex Exercise Chapter 3 Consideration Introduction Definition Types of Consideration Essentials of Consideration Privity of Contract Exceptions No Consideration – No Contract Exceptions Exercise Chapter 4 Capacity of Parties Introduction Definition Minors Minors in Indian Law Legal Decisions Constituting Necessities Liability of the Minor for Torts and Crimes Persons of Unsound Mind Idiocy Lunacy Drunken Persons Disqualified Persons Aliens Foreign Sovereigns Statutory Corporations Married Women Insolvent Person Professionals Exercise Chapter 5 Free Consent Introduction When is Consent said to be Free? Coercion Essentials of Coercion Burden of Proof Duress Effect of Coercion Undue Influence Essentials of Undue Influence Undue Influence—Consequences Defences Available against Undue Influence Pardanashin Women Fraud Elements of Fraud Mere Silence is not Fraud Fraud—Consequences Misrepresentation Essentials of Misrepresentation Consequences of Misrepresentation Mistake Mistake of Law Mistake of Fact Exercise Chapter 6 Legality of Object and Consideration Introduction Definition Agreements against Public Policy Exercise Chapter 7 Void Agreements Introduction Classification of Unlawful Agreements Agreements in Restraint of Trade Agreements in Restraint of Legal Proceedings Uncertain Agreements Wagering Agreements Essentials of Wagering Agreements Effects of Wagering Agreements Exceptions Agreements Contingent on Impossible Events [Sec. 36] Agreement to Agree in Future Illegal Agreement Exercise Chapter 8 Contingent and Quasi-Contracts Definition Essentials of Contingent Contracts Rules Regarding Enforcement of Contingent Contracts [Secs. 32 to 36] Quasi-Contracts Quantum Meruit Exercise Chapter 9 Performance of Contracts Introduction Tender Essentials of a Valid Tender Performance By Whom must the Contracts be Performed? Performance of Reciprocal Promise [Secs. 51–54 and 57] Time, Place and Manner of Performance [Secs. 46–50 and 55] Assignment of Contracts Contracts which Need Not be Performed Who can Demand Performance? Appropriation of Payments Rule in the Hallett’s Estate Case Exercise Chapter 10 Modes of Discharge of Contracts Introduction Discharge By Performance Tender Discharge by Mutual Consent [Sec. 62] Novation Rescission Alteration Remission Waiver Merger Discharge by Impossibility of Performance Impossibility at the Time of Contract Subsequent or Supervening Impossibility Exceptions The Doctrine of Frustration Effects of Supervening Impossibility Discharge by Lapse of Time Discharge by Operation of Law Discharge by Breach of Contract Actual Breach of Contract Anticipatory Breach of Contract Termination by Material Alteration Exercise Chapter 11 Remedies for Breach of Contract Introduction Cancellation or Rescission Restitution Specific Performance Injunction Damages General or Compensatory Damages Special Damages Nominal Damages Exemplary or Vindictive Damages Rules Regarding the Amount of Damages Difficulty in Calculating Damages Liquidated Damages and Penalty Conditions Regarding Payment of Interest Quantum Meruit Contract not Enforceable Exercise Chapter 12 Indemnity and Guarantee Introduction Contract of Indemnity Contract of Guarantee Extent of Surety’s Liability Kinds of Guarantee Specific Guarantee Continuing Guarantee Rights of Surety Rights against Creditor Rights against Principal Debtor Rights against Co-sureties Discharge of Surety Discharge of Surety by Revocation Discharge of Surety by the Conduct of Creditor Discharge of Surety by Invalidation of Contract Exercise Chapter 13 Bailment and Pledge Introduction Definition of Bailment Requisites of Bailment Does Deposit of Money Constitute Bailment? Bailment and Sale Bailment and Hire-purchase Classification of Bailments On the Basis of Charge On the Basis of Benefits Duties and Rights of Bailor and Bailee Duties of Bailor Duties of Bailee Rights of Bailor Rights of Bailee Termination of Bailment Lien Pledge Rights of Pawnor Rights of Pawnee Duties of Pawnor Duties of Pawnee Finder of Goods Duties of Finder of Goods Rights of Finder of Goods Pledge by Non-owners Carrier of Goods Meaning of Charge Meaning of Mortgage Sale Vs. Mortgage, Pledge and Hypothecation Exercise Chapter 14 Law of Agency Introduction Contract of Agency—Special Features General Rules Regarding Agency Classification of Agents Creation of Agency Liabilities of the Principal towards Third Parties Named Principal/Disclosed Principal Unnamed Principal Undisclosed Principal Revocation/Renunciation Termination of Agent’s Authority as to Third Persons Duties of Principal Rights of Principal Duties of Agent Rights of Agent Delegation of Authority of Agent Exceptions to the General Rule [Sec. 190] Effects of Delegation of Authority Personal Liability of an Agent Termination of Agency By the Act of the Parties By Operation of Law Effects of Termination Irrevocable Agency Exercise Chapter 15 Formation of Contracts under the Sale of Goods Act, 1930 Introduction Contract of Sale Sale Elements of Contract of Sale Distinction between Sale and Agreement to Sell Sale and Hire-purchase Agreement Essentials of Hire-purchase Agreement Meaning of Goods—Sec. 2 (7) Documents of Title to Goods [Sec. 2 (4)] Classification of Goods Price of Goods Modes of Fixing the Price Earnest Money Conditions and Warranties Stipulations as to Time Condition and Warranty [Sec. 12] Distinction between Condition and Warranty Circumstances when a Condition can be Treated as Warranty Implied Conditions and Warranties [Sec. 14–17] Implied Warranties as to the Title and Possession [Sec. 14] Implied Conditions as to the Description [Sec. 15] Implied Conditions as to Quality or Fitness (Caveat Emptor) [Sec. 16] The Exceptions to the Doctrine Implied Condition as to the Mercantile Quality [Sec. 16(2)] Usage of Trade [Sec. 16 (3)] Sale by Sample [Sec. 17 (1)] Exercise Chapter 16 Transfer of Property and Rights of an Unpaid Seller Introduction Transfer of Title by Non-owners [Secs. 27–30] General Rule as to Transfer of Title [Sec. 27] Exceptions to the Rule Performance of the Contract Rules Regarding Delivery of Goods Rights of the Buyer Acceptance Rights of an Unpaid Seller Rights of an Unpaid Seller against Goods [Sec. 46] Rights of Unpaid Seller against the Buyer Personally Auction Sale Exercise Chapter 17 Value Added Tax Meaning of VAT Meaning of VAT Objectives of VAT How does VAT work? Levy of VAT and Types of VAT Methods of computation of VAT Benefits to Government Traders Consumers Problems of VAT Meaning of Cost Cascade Advantages of VAT Disadvantages of VAT Exercise Chapter 18 Insurance Introduction The Insurance Act, 1938 Life Insurance Corporation Act, 1956 General Insurance Business(Nationalisation) Act, 1972 Insurance Regulatory and Development Authority (IRDA) Act, 1999 Meaning of Insurance Important Definitions Functions of Insurance Duties of the Insurers Rights of Insurers Principles of Insurance Types of Insurance Life Insurance General Insurance Exercise Chapter 19 Consumer Protection Act Introduction Significance of the Consumer Protection Act Rights of Consumers Important Definitions Judicial Decisions Consumer Protection Councils Central Consumer Protection Council State Consumer Protection Council Redressal Machinery under the Act District Forum State Commission National Commission Complaints before the District Forum and State Commission Limitation Period for Filing of Complaint Administrative Control Nature and Scope of the Remedies under the Act Appeals Penalties Excercise