book

Business Law

Name: Business Law
Author: Tejpal Sheth
ISBN: 9788131759417

by Tejpal Sheth

June 2011

Beginner

678 pages

20h

English

Pearson India

Read now

Unlock full access

Cover
Title Page
Contents
About the Author
Preface
1. The Indian Contract Act 1872: Nature and Kind of Contracts
1.1 Scope of the Act1.2 What is a Contract?1.3 Essential Elements of Valid Contracts—Section 101.4 Distinguish Between an Agreement and a Contract1.5 Types of Contract or Classification of Contract1.6 Distinguish Between Void and Voidable Contract1.7 Distinguish Between Void and Illegal Agreement1.8 Similarities Between Void and Illegal AgreementsList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
2. The Indian Contract Act 1872: Offer and Acceptance of an Offer
2.1 Essential Elements of an Offer (Proposal)2.2 Legal Rules as to Offer2.3 Distinguish Between Invitation to Offer and an Offer2.4 Classification of Offers or Kinds of Offers2.5 Distinguish Between General Offer and specific Offer2.6 Lapse of Offer or When Offer Comes to an End2.7 Legal Rules for the Acceptance2.8 General Rules as to Communication of Acceptance2.9 Communication of Offer and Acceptance—Sections 4 and 5List of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
3. The Indian Contract Act 1872: Capacity of Parties and Consideration
3.1 Capacity of Parties3.2 Minor3.3 Effect of Minor's Agreement3.4 Different Position of a Minor3.5 Minor's Liability for Necessities3.6 Person of Unsound Mind3.7 Person Disqualified by Law3.8 What Is Consideration?3.9 Type of Consideration3.10 Essentials of Valid Consideration3.11 Stranger to Contract and Stranger to Consideration3.12 Exception to the Rule of Stranger to Contract3.13 Exception to Rule ‘No Consideration No Contract’—Section 25List of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
4. The Indian Contract Act 1872: Free Consent
4.1 Meaning of a Consent—Section 134.2 Free Consent—Section 144.3 Coercion4.4 Certain Threats Do Not Amount to Coercion4.5 Undue Influence4.6 When a Person Is Deemed to Be in Position to Dominance of Will of Others?4.7 Distinguish Between Coercion and Undue Influences4.8 Fraud4.9 Essential Elements of Fraud4.10 Exception to the Rule—Silence Is Not Fraud4.11 Contract of Ubberimae Fidei4.12 Effects of Fraud4.13 Misrepresentation4.14 Essential Elements of Misrepresentation4.15 Distinguish Between Fraud and Mispresentation4.16 Similarities Between Fraud and Misrepresentation4.17 Mistake4.18 Distinguish Between Unilateral Mistake and Bilateral MistakeList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
5. The Indian Contract Act 1872: Void Agreement and Contingent Contract
5.1 When an Object or a Consideration is Unlawful?—Section 235.2 An Agreement Opposed to Public Policy5.3 Agreements in Restraint of Trade—Section 275.4 Agreement in Restraint of Legal Proceedings—Section 285.5 Agreements Unlawful in Parts5.6 Wagering Agreement—Section 305.7 Essentials of Wagering Agreement5.8 Effects of Wagering Agreement5.9 Distinguish Between a Wagering Agreement and an Insurance Contract5.10 Distinguish Between a Wagering Agreement and a Contigent Contract5.11 Illegal Agreement5.12 Contigent Contract—Section 315.13 Essential Features of Contigent Contract5.14 Rules Regarding Enforcement of Contingent Contract5.15 Uncertain Agreement5.16 Distinguish Between a Void Agreement and a Void ContractList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions

6. The Indian Contract Act 1872: Performance of Contract
6.1 Essentials of a Valid Tender6.2 Effects of a Valid Tender6.3 Types of Tenders6.4 Contracts Which Need Not to Perform6.5 Who Can Perform Contract?6.6 Performance of Joint Promise—Sections 42–456.7 Time and Place for Performance of Promise—Sections 46–506.8 Who Can Demand Performance of Promise?6.9 Kinds of Reciprocal Promise6.10 Rules Regarding Performance of Reciprocal Promises6.11 Time Is the Essence of a Contract6.12 Appropriation of Payments—Sections 59–616.13 Assignment and Succession of a ContractList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
7. The Indian Contract Act 1872: Discharge of a Contract
7.1 Discharge of a Contract7.2 Discharge of a Contract on Performance7.3 Discharge of a Contract by a Mutual Agreement or by an Implied Consent7.4 Distinguish Between a Novation and an Alteration7.5 Distinguish Between a Rescission and an Alteration7.6 Discharge of a Contract by Impossibility of Performance7.7 Specific Grounds of Subsequent Impossibilities7.8 Cases Where a Contract is Not Discharged on the Ground of Supervening Impossibility7.9 Discharge of a Contract by Lapse of Time7.10 Discharge of a Contract by Operation of Law7.11 Discharge of a Contract by Breach of ContractList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
8. The Indian Contract Act 1872: Remedies for Breach of Contract and Quasi-contract
8.1 Rescission of a Contract—Section 398.2 Suit for Damages8.3 Kinds of Damages8.4 Suit for a Specific Performance8.5 Suit for Injunction8.6 Quantum Meruit8.7 Quasi-contract—Sections 68–728.8 Distinguish Between a Quasi-contract and a ContractList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
9. The Indian Contract Act 1872: Indemnity and Guarantee
9.1 Indemnity Contract9.2 Essential Elements of an Indemnity Contract9.3 Right of an Indemnity Holder—Section 1259.4 Guarantee9.5 Essential Elements of Contract of Guarantee9.6 Kinds of Guarantee9.7 Revocation of a Continuing Guarantee9.8 Surety's Liability—Section 1289.9 Rights of Surety9.10 Discharge of a Surety9.11 Difference Between a Contract of Indemnity and a Contract of GuaranteeList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
10. The Indian Contract Act 1872: Bailment and Pledge
10.1 What is a Bailment?10.2 Essentials of a Valid Bailment10.3 Types of Bailment10.4 Duties of a Bailee10.5 Duties of a Bailor10.6 Bailee's Rights10.7 Bailor's Rights10.8 Termination of a Bailment10.9 Lien10.10 Difference Between a General Lien and a Particular Lien10.11 Finder of Goods10.12 Pledge10.13 Rights of a Pawnee10.14 Rights of a Pawnor10.15 Pledge by a Non-owner10.16 Distinguish Between a Bailment and a PledgeList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
11. The Indian Contract Act 1872: Agency
11.1 Contract of Agency11.2 Essentials for a Valid Agency11.3 Test of an Agency11.4 Difference Between an Agent and a Servant11.5 Difference Between an Agent and an Independent Contractor11.6 Different Kinds of Agents11.7 Mode of Creating an Agency11.8 Requisites of a Valid Ratification—Sections 198–20011.9 Husband and Wife11.10 Extent of an Agent's Authority11.11 Delegation of Authority by an Agent11.12 Sub-agent—Section 19111.13 Substituted Agent or Co-agent—Section 19411.14 Difference Between a Sub-agent and a Substituted Agent11.15 Duties of an Agent11.16 Rights of an Agent11.17 Position of a Principal and an Agent in Relation to Third Parties11.18 Principal Relationship Where an Agent Contracts for a Named Principal11.19 Principal's Relation Where an Agent Contracts for an Unnamed Principal11.20 Principal's Relation Where an Agent Contracts for an Undisclosed Principal11.21 Personal Liabilies of an Agent11.22 Termination of an Agency11.23 Termination of an Agency by the Act of Parties11.24 Termination of an Agency by the Operation of Law11.25 Irrevocable AgencyList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
12. The Partnership Act 1932
12.1 Applicability of the Act12.2 Definition of Partnership—Section 412.3 Essential Characteristics of Partnership12.4 True Test of Partnership12.5 Cases Where No Partnership Exists—Section 612.6 Distinguish Between a Partnership and a Hindu Undivided Family12.7 Distinguish Between a Partnership and an Association12.8 Distinguish Between a Partnership and a Co-ownership12.9 Distinguish Between a Partnership and a Club12.10 Registration of Firm—Sections 56–7112.11 Registration of Alterations—Sections 60–6312.12 Time for Registration12.13 Effects of Non-registration—Section 6912.14 Types of Partners12.15 Position of a Minor Partner After Attaining Majority12.16 Who Can Be a Partner in the Firm?12.17 Rights of a Partner12.18 Partner's Optional Duties12.19 Partner's Compulsory Duties12.20 Partnership Property—Section 1412.21 Authority of Partner—Sections 19 and 2212.22 Acts Within the Implied Authority of a Partner12.23 Acts Outside the Implied Authority of a Partner12.24 Restriction on an Implied Authority12.25 Liability of a Partner12.26 Partner's Authority in Emergency12.27 Reconstitution of a Firm12.28 Distinguish Between Dissolution of a Partnership and Dissolution of a Firm12.29 Dissolution Without the Order of Court—Sections 40–4312.30 Dissolution with the Order of Court—Section 4412.31 Rights of Partners on Dissolution12.32 Liabilities of Partners on Dissolution12.33 Settlement of Accounts12.34 Garner Versus Murray Rule12.35 Mode of Giving a Public NoticeList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
13. Sales of Goods Act 1930
13.1 Applicability13.2 Definition13.3 Essentials of Valid Sales13.4 Distinguish Between a Sale and an Agreement to Sell13.5 Distinguish Between a Sale and a Hire-purchase13.6 Distinguish Between a Sale and a Bailment13.7 Contract for Work and Skill13.8 Types of Goods13.9 Price of Goods—Sections 9 and 1013.10 Consequences of Destruction of Specific Goods—Sections 7 and 813.11 Conditions and Warranties13.12 Implied Conditions13.13 Implied Warranties13.14 Distinguish Between a Condition and a Warranty13.15 Doctrine of Caveat Emptor13.16 Transfer of Ownership of Specific Goods—Sections 20–2213.17 Transfer of Ownership in the Case of Unascertained Goods—Sections 18 and 2313.18 Transfer of Ownership in Case of Goods Sale on Approval or on Sale or Return Basis—Section 2413.19 Passing of Risk13.20 Rules Regarding Delivery of Goods—Sections 32–3913.21 Unpaid Seller13.22 Rights of Unpaid Seller13.23 Right of Lien13.24 Right of Stoppage in Transit—Sections 50–5213.25 Right of Resale13.26 Right to Withhold Delivery of Goods13.27 Delivery to Carrier13.28 Buyer's Right Against the Seller or Remedies Against Seller—Sections 55–6113.29 Sale by Non-owners or Transfer of Title by Non-owners—Sections 27–3013.30 Auction Sale—Section 6413.31 Delivery of Goods in Contract by Sear RouteList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
14. The Negotiable Instrument Act 1881
14.1 Introduction to Negotiable Instruments14.2 Essentials or Characteristics of a Negotiable Instrument14.3 Presumptions as to Negotiable Instruments14.4 Promissory Note—Section 414.5 Essentials Characteristics of a Promissory Note14.6 Bill of Exchange—Section 514.7 Difference Between Promissory Note and Bill of Exchange14.8 Cheque—Section 714.9 Difference Between Bill of Exchange and Cheque14.10 Difference Between Electronic Cheque and Trancated Cheque14.11 Capacity of a Person to be a Party to a Negotiable Instrument14.12 Classification of Negotiable Instruments14.13 Distinguish Between Inland and Foreign Bills14.14 Incomplete Instrument or Inchoate Instrument—Section 2014.15 Distinguish Between Ambiguous Instrument and Inchoate Instrument14.16 Maturity of a Negotiable Instrument—Sections 22–2514.17 A Negotiable Instrument Made Without Consideration14.18 Negotiation—Section 1414.19 Endorsement—Sections 15 and 1614.20 Kinds of Endorsements—Sections 16, 50, 52 and 5614.21 Negotiation Back14.22 Distinction Between Negotiation and Assignment14.23 Crossing of Cheque14.24 Bouncing or Dishonour of Cheques—Sections 31 and14.25 Holder—Section 814.26 Privileges of a Holder in Due Course14.27 Difference Between Holder and Holder in Due Course14.28 Payment in Due Course—Section 1014.29 Protection to Paying Banker—Section 8514.30 Liability/Duty of the Paying Banker and Collecting Banker—Section 12914.31 When Banker Must Refuse to Honour a Customer's Cheque14.32 Banker May Refuse to Honour a Customer's Cheque14.33 Effect of Non-presentment of Cheque Within Reasonable Time14.34 Material Alteration—Sections 87–8914.35 Acceptance of Bill14.36 Dishonour by Non-acceptance14.37 Acceptance for Honour14.38 Payment for Honour14.39 Dishonour by Non-payment14.40 Notice of Dishonour14.41 Noting and Protesting—Sections 99–104a14.42 Drawee in Case of Need14.43 Discharge of a Negotiable Instrument14.44 Discharge of a Party14.45 HundiList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
15. Consumer Protection Act 1986
15.1 Object of the Act15.2 Extent and Coverage of the Act15.3 Rights of Consumer15.4 Definition15.5 Who Can File a Complaint15.6 Redressal Machinery Under the Act15.7 How to File a Complaint15.8 Relief Available to the Consumers15.9 Procedure for Filing the Appeal15.10 Speedy Disposal15.11 Powers of the Dispute Redressal AgenciesList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
16. Foreign Exchange Management Act 1999
16.1 Application of Act—Section 116.2 Fera vs. Fema16.3 Definition16.4 Authorized Persons16.5 Current Account Transaction16.6 Export of Goods and Services16.7 Capital Account Transactions—Section 2(e)16.8 Acquisition and Transfer of Immovable Property in india16.9 Acquisition and Transfer of Immovable Property Outside India16.10 Establishment in India of Branch or Office or Other Place of Business16.11 Acceptance of the Deposit16.12 Export and Import of Currency16.13 Possession and Retention of Foreign Currency16.14 Realization, Repartiation and Surrender of Foreign Exchange16.15 Enforcement Directorate16.16 Departmental Adjudication—Section 1616.17 Compounding of Offence16.18 Liberalized Remittance Scheme for Resident IndividualsTest Your KnowledgeMultiple Choice QuestionsAnswers—Multiple Choice Questions
17. Information Technology Act 2000
17.1 Introduction17.2 Objective of the Act17.3 Scope of the Act17.4 Definitions17.5 Digital Signature17.6 Electronic Governance17.7 Digital Signature Certification17.8 Cyber Regulations Appellate Tribunal17.9 Penalties and Adjudication17.10 Offences17.11 Liability of Body Corporate17.12 Duties of Controllers of Certifying Authority17.13 Duties of the Certifying Authorities17.14 Duties of the Subscriber17.15 Power of the Central Government to Make Rules—Section 8717.16 Issue Not Covered in Information Technology ActList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
18. Companies Act 1956: Types of Company and Its Characters
18.1 Definition of a Company18.2 Characteristics of a Company18.3 Body Corporate18.4 Lifting of the Corporate Veil18.5 Illegal Association18.6 Effects of an Illegal Association18.7 Advantages of Incorporation18.8 Definition of a Public Company18.9 Definition of a Private Company18.10 Distinction Between Private and Public Company18.11 Limited Liability Companies18.12 Unlimited Liability Company18.13 Conversion of a Private Company into a Public Company18.14 Government Companies18.15 Foreign Company—Section 59118.16 Holding and Subsidiary Companies18.17 Promotor18.18 Legal Position of Promoters18.19 Duties of Promoter18.20 Preliminary Contracts or Pre-incorporation Contract18.21 Effects of Pre-incorporation Contracts18.22 Steps to Obtain Certificate of Incorporation18.23 Certificate of Commencement of BusinessList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
19. Companies Act 1956: Memorandum, Article of Association and Prospectus
19.1 Define the Memorandum of Association19.2 Purpose of Memorandum of Association19.3 Provisions Relating to Printing and Signature of Memorandum19.4 Form of Memorandum of Association—Section 1419.5 Contents of the Memorandum—Section 1319.6 Legal Requirements as to the Name Clause19.7 Legal Requirements as to the Registered Office Clause19.8 Display of Registered Office Address19.9 Legal Requirements as to the Objects Clause19.10 Legal Requirements as to the Liability Clause19.11 Capital Clause19.12 Association or Subscription Clause19.13 Provisions for Change in the Name Clause of Memorandum of the Company or Alteration of Name Clause19.14 Procedure to Change Registered Office from One Place to Another Within the Same City19.15 Procedure to Change Registered Office from One City to Another Within Jurisdiction of the Same ROC Within the Same State19.16 Procedure to Change the Registered Office from the Jurisdiction of One ROC to the Jurisdiction of Another ROC Within the Same State (Section 17a)19.17 Procedure to Change the Registered Office from One State to Another19.18 Procedure for Changing the Objects Clause of the Memorandum19.19 Alteration of Liability Clause19.20 Doctrine of Ultra Vires19.21 Effects of Ultra Vires Transaction19.22 Articles of Association19.23 Distinguish Between Memorandum and Articles of Association19.24 Provision Relating to Printing and Signature of Article19.25 Contents of the Articles of Association19.26 Procedure for the Alteration of the Articles of Association19.27 Limitations on Alteration of Articles19.28 Binding Effects of Memorandum and Articles of Association19.29 Doctrine of Constructive Notice19.30 Doctrine of Indoor Management19.31 Exceptions to the Doctrine of Indoor Management19.32 Prospectus19.33 Circumstances When the Prospectus Is Not Required to Be Issued19.34 Abridged Prospectus19.35 Statutory Requirements in Relation to a Prospectus19.36 Red Herring Prospectus19.37 Contents of a Prospectus—Section 56/Schedule II19.38 Refusal to Register Prospectus by ROC19.39 Statement in Lieu of Prospectus19.40 Shelf Prospectus and Information Memorandum19.41 Mis-statement in Prospectus19.42 Liability for Mis-statement in Prospectus19.43 Defenses Available to Directors in case of Misleading Prospectus19.44 Defenses Available—to Experts in case of Misleading ProspectusList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
20. Companies Act 1956: Share Capital
20.1 Share Capital20.2 Nature of Shares20.3 Equity Shares20.4 Preference Shares20.5 Kinds of Preference Shares20.6 Redemption of Redeemable Preference Shares20.7 Equity Shares with Differential Rights or Non-voting Shares20.8 Voting Rights to Shareholders—Section 8720.9 Allotment of Shares20.10 General Provisions to the Allotment of Shares20.11 Legal Rules as to Allotment—Sections 69–7520.12 Minimum Subscription20.13 Irregular Allotment20.14 Return of Allotment20.15 Underwriting Agreement20.16 Brokerage20.17 Alteration of Share Capital Clause—Section 9420.18 Reduction of Share Capital20.19 Procedure to the Reduction of Share Capital20.20 Diminution of Share Capital20.21 Issue of Shares at Premium20.22 Utilization of Securities Premium Amount20.23 Conditions for the Issue of Shares at Discount20.24 Stock or Stock Certificate20.25 Distinguish Between ‘Share’ and ‘Stock’20.26 Forfeiture of Shares20.27 Legal Requirements for the Forfeiture of Shares20.28 Effect of Forfeiture of Shares20.29 Surrender of Shares20.30 Lien on Shares20.31 Bonus Shares20.32 Pre-emptive Right or Right Shares—Section 8120.33 Call on Shares20.34 Requisite of Valid Calls20.35 Calls in Arrear20.36 Calls in Advance20.37 Buy-back of Shares20.38 Member20.39 Who Can Become a Member of Company—Section 4220.40 Minor as Member of Company20.41 Termination of Membership20.42 Rights of a Member of the Company20.43 Rights of Members as a Group20.44 Transfer of Shares20.45 Procedure of Transfer—Section 10820.46 Nomination20.47 Transmission of Shares20.48 Share Certificates20.49 Distinction Between Share and Share Certificate20.50 Duplicate Share Certificate20.51 Debenture20.52 Types of Debentures20.53 Rights of Debenture Holder20.54 Debenture Trustee20.55 Functions of Debenture Trustees—Section 117B20.56 Provisions for Creation of DRRList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
21. Companies Act 1956: Meeting
21.1 Kinds of Company Meetings21.2 Requisites of a Valid Meeting21.3 Different Manner of Serving Notice to Members21.4 Provisions Regarding Notice of a General Meeting21.5 Statutory General Meeting (SGM)—Section 16521.6 Statutory Report21.7 Contents of Statutory Report21.8 Annual General Meeting (AGM)—Section 16621.9 Notice of the AGM21.10 Default in Holding an AGM21.11 Usual Business at an AGM21.12 Extra Ordinary General Meeting—EGM21.13 EGM on Requisition21.14 EGM by CLB/Tribunal21.15 Proxy21.16 Revocation of Proxy After Appointment21.17 Alternate Proxy21.18 Quorum for General Meeting21.19 Chairman of a General Meeting21.20 Powers of the Chairman of a General Meeting21.21 Poll21.22 Postal Ballot21.23 Procedure for Passing Resolution by Postal Ballot21.24 Business Passing Resolution Through Postal Ballot21.25 Adjournment of a Meeting21.26 Meeting of Debenture Holders21.27 Meeting of Creditors21.28 One-man Meeting21.29 Motion21.30 Kinds of Resolutions21.31 Resolution Requiring a Special Notice21.32 Circulation of Member's Resolution21.33 Minutes of Proceedings of the General Meeting21.34 Meaning of Board of Directors21.35 Classify the Type of Powers that Can Be Exercised by the Board21.36 Powers of the Board of Directors Which Can Be Exercised at Their Meeting21.37 Powers that Can Only be Exercised by the Board of the Directors of a Public Company with the Consent of the Company in a General Meeting21.38 Frequency of Board Meetings—Section 28521.39 Board Meeting on a Public Holiday—Section 28821.40 Place and Time of Board Meeting21.41 Notice of Board Meeting—Section 28621.42 Content of Board Meeting Notice21.43 Quorum for a Board Meeting—Section 28721.44 Chairman of a Board Meeting21.45 Voting at a Board Meeting21.46 Minutes of Board MeetingList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
22. Companies Act 1956: Management of the Company
22.1 Definition of a Director22.2 Who Can Be Appointed as Director?22.3 Disqualification of the Director—Section 27422.4 Legal Position of a Director22.5 Appointment of Directors22.6 Appointment of the First Directors22.7 Appointment of Directors at a General Meeting22.8 Appointment of Director Other Than a Retiring Director—Section 25722.9 Consent of the Director with ROC and Company—Section 26422.10 Director Identification Number—Section 26622.11 Appointment of Director by Board of Directors (BOD)22.12 Appointment of Additional Director—Section 26022.13 Filling Up Casual Vacancy—Section 26222.14 Alternate Director—Section 31322.15 Appointment of Director by Central Government—Section 40822.16 Appointment of Directors by the Third Party—Nominee Director22.17 Assignment of Office by Director—Section 31222.18 Minimum and Maximum Number of Directors22.19 Small Shareholders Directors (SSD)—Section 25222.20 Maximum Number of Directors22.21 Number of Directorship—Section 27522.22 Vacation of the Office of a Director—Section 28322.23 Removal of a Director22.24 Removal of Director by a Shareholder—Section 28422.25 Compensation for the Loss of Office—Section 31822.26 Removal by Central Government—Section 388B22.27 Removal of the Director by CLB/NCLT—Section 40222.28 Resignation by the Director22.29 Validity of the Acts of the Director Where His Appointment Is Invalid—Section 29022.30 Power of the Board of Directors22.31 Manner of Exercise of BOD Power22.32 Restriction on the Powers of Directors—Section 29322.33 Political Contributions by the Directors—Section 293A22.34 Interested Director22.35 Disclosure of the Director's Interest—Sections 299 and 30022.36 Loans to Directors—Section 29522.37 Managing Director—Section 2(26)22.38 Disqualification of a Managing Director—Section 26722.39 Manager—Section 2(24)22.40 Disqualification of a Manager—Section 38522.41 Distinction Between a Managing Director and a Manager22.42 Managerial Remuneration22.43 Salient Features of Sch-XIII22.44 Office or Place of Profit—Section 314List of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
23. Payment of Bonus Act 1965
23.1 Introduction23.2 Application of the Act23.3 Act Not to Apply to Certain Classes of Employees—Section 3223.4 Definition23.5 Who Is Entitled to Bonus?23.6 Disqualification for Bonus—Section 923.7 Computation of the Number of Working Days23.8 Who Is Liable to Pay Bonus?23.9 Payment of Minimum Bonus—Section 1023.10 Payment of Maximum Bonus—Section 1123.11 Calculation of Bonus with Respect to Certain Employees—Section 1223.12 Adjustment of Customary or Interim Bonus—Section 1723.13 Set On and Set Off of Allocable Surplus—Section 1523.14 Liability of the New Firm to Pay Bonus—Section 1623.15 Presumptions About the Accuracy of Balance Sheet and Profit and Loss Account of the Company—Section 2323.16 Procedure as Regards the Recovery of Bonus—Section 2123.17 Time Limit for the Payment of Bonus—Section 2223.18 Powers of Inspectors—Section 2723.19 Application of the Act to Establishment in Public Sector—Section 2023.20 Bonus Linked with Production or Productivity—Section 31A23.21 Power of Exemption—Section 36List of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
24. The Payment of Gratuity Act 1972
24.1 What is Gratuity?24.2 Scope of Payment of Gratuity Act 197224.3 Definition24.4 Circumstances in Which the Gratuity Becomes Payable24.5 To Whom Is the Gratuity Payable?24.6 Calculation of the Amount of Gratuity Payable24.7 Forfeiture of Gratuity—Section 4(B)24.8 Rules for the Nomination of Gratuity24.9 Rules as to Determination of the Amount of Gratuity24.10 Payment of Gratuity in Case of a Dispute—Section 7(4)24.11 Rules for the Recovery of Gratuity—Section 824.12 Compulsory Insurance of the Employee24.13 Rules Regarding Appointment of an Inspector Under the Act24.14 Powers of Inspectors24.15 Provisions Relating to Penalties—Sections 9–1224.16 Appeal for Payment of GratuityList of Landmark JudgementsTest Your KnowledgeMultiple Choice Questions
Copyright

Content preview from Business Law

2 The Indian Contract Act 1872: Offer and Acceptance of an Offer

Learning Objectives

In this chapter, the students come to know the

Offer and its essential elements.
Kind of offer.
Lapse of offer.
Acceptance of an offer and its requirements.
Rule of communication for an offer and acceptance.

An offer is the first step in the formation of a contract. An offer is a proposal by one person to another to enter into a contract. The term offer is defined under Section 2(a) as under:

‘When one person signifies to another, his willingness to do or abstain from doing anything with a view to obtaining the assent of the other, to such an act or abstinence, he is said to make a proposal’.

2.1 ESSENTIAL ELEMENTS OF AN OFFER (PROPOSAL)

From the above definition, ...

Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.

Read now

Unlock full access

More than 5,000 organizations count on O’Reilly

O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.

Julian F.

Head of Cybersecurity

I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.

Addison B.

Field Engineer

I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.

Amir M.

Data Platform Tech Lead

I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.

Mark W.

Embedded Software Engineer

Publisher Resources

ISBN: 9789332511248

Cloud Computing

Data Engineering

Data Science

AI & ML

Programming Languages

Software Architecture

IT/Ops

Security

Design

Business

Soft Skills

Business Law

by Tejpal Sheth

2