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B) What Are The Various Types of Contracts and Its Features?
B) What Are The Various Types of Contracts and Its Features?
II. Acceptance: When the person to whom the proposal is made, signifies his
assent there to, the proposal is said to be accepted.
III. Promise: A proposal when accepted becomes a promise. In simple words,
when an offer is accepted it becomes promise.
IV. Promisor and Promisee: When the proposal is accepted, the person
making the proposal is called as promisor and the person accepting the
proposal is called as Promisee.
V. Consideration : When at the desire of the promisor, the Promisee or any
other person has done or abstained from doing or does or abstains from
doing or promises to do or to abstain from doing something such act or
abstinence or promise is called a consideration for the promise.
VI. Agreement: Every promise and every set of promises forming the
consideration for each other. In short,
VII. Reciprocal Promises: Promises which form the consideration and part of
the consideration for each other are called 'reciprocal promises'.
VIII. Void agreement: An agreement not enforceable by law is void.
IX. Contract: An agreement enforceable by Law is a contract. Therefore, there
must be an agreement and it should be enforceable by law.
X. Voidable contract: An agreement is a voidable contract if it is enforceable
by Law at the option of one or more of the parties there to (i.e. the
aggrieved party), and it is not enforceable by Law at the option of the other
or others.
XI. Void contract: A contract becomes void when it ceases to be enforceable
by law.
B) Implied Contracts – A legally-binding obligation that results from the actions,
behaviour, or circumstances of one or more parties to a contractual agreement is known as
an implied contract.
Express Contracts – An express contract is one in which all of the terms have been
agreed upon by the parties at the moment the agreement was made in writing or in
verbal mode.
Unilateral Contracts – In these types of contracts, an agreement is made where one
party agrees to pay a certain amount only after the occurrence of an action. Such
contracts can only be carried out if the contract’s promise is kept by the other party.
Bilateral Contracts – These are contractual agreements where both parties make an
agreement that’s mutual. As a result, the parties involved are established, and the
contract is created through the exchange of proposals and agreements. These
agreements, often known as two-sided contracts, are the most typical type of
contracts used today.
Executory Contracts – A contractual agreement where both parties have ongoing
performance requirements and when there are unfulfilled duties on both sides. For
instance, the majority of leases and contracts for the sale of commodities in which
the buyer has not made the required payment and the vendor has not delivered the
products are executory contracts.
Executed Contracts – A signed agreement that creates a business relationship
between two or more parties is known as an executed agreement. Each party
promises to uphold the legal duties agreed upon within the written agreement once
the contract is fully executed.
5. A) The Industrial Employment Act of 1946 is an important piece of labor legislation in India.
It aims to regulate the employment conditions in industrial establishments and to provide a
uniform framework for the terms and conditions of employment.
The act is significant because it provides a legal framework for the employer-employee
relationship in industrial establishments. It defines the duties and responsibilities of both
employers and employees and lays down the procedure for settling disputes. The Act also
provides for the appointment of a certifying officer who is responsible for certifying the
standing orders of an industrial establishment.
B) Some of the silent features of the Industrial Employment Act of 1946 are:
The Act applies to all industrial establishments employing 100 or more workers.
The Act provides for the certification of standing orders which regulate the conditions
of employment in industrial establishment.
The Act provides for the settlement of disputes arising out of the application or
interpretation of standing orders.
The Act provides for the appointment of a certifying officer who is responsible for
certifying the standing orders of an industrial establishment.
The Act provides for the submission of draft standing orders by the employer to the
certifying officer.
The Act provides for the amendment of standing orders after they have been certified.
The Industrial Employment Act of 1946 has had a significant impact on the labour life in India.
The Act has helped to regulate the employment conditions in industrial establishments and
to provide a uniform framework for the terms and conditions of employment. The Act has
also helped to protect the right of workers and to ensure that their working conditions are
fair and just. It has contributed to the growth of industrialization in the country by providing
a stable and predictable environment for industrial employment. Overall, the Act has been an
important step towards ensuring social justice and equality in the workplace.
6. A) Arbitration is a procedure in which a dispute is submitted, by agreement of the parties,
to one or more arbitrators who make a binding decision on the dispute. In choosing
arbitration, the parties opt for a private dispute resolution procedure instead of going to
court.
The types of arbitration are:
Commercial arbitration: This is the most common type of arbitration, used to resolve disputes
in the business world, such as contract disputes, employment disputes, or disputes between
companies.
International Arbitration: This type of arbitration is used to resolve disputes between parties
located in different countries. It is often used in international trade and commerce, where
parties may prefer to avoid the uncertainties of foreign court systems.
Labour arbitration: This type of arbitration is used to resolve disputes between labour unions
and employers, such as grievances related to collective bargaining agreements or
employments contracts.
Consumer arbitration: This type of arbitration is used to resolve disputes between consumers
and businesses, such as disputes over product defects or service quality.
Judicial arbitration: In some jurisdictions, judges may order parties to participate in arbitration
before a trial. This is often used to encourage settlement or to streamline the court process.
B) The basic difference in 1940 and 1996 Act was that in the former one a party could
commence proceedings in court by moving an application under Section 20 for appointment
of an arbitrator and simultaneously could also move an application for interim relief under
the Schedule read with Section 41(b) of the 1940 Act. The later one does not contain any
provision similar to Section 20 of the 1940 Act but the court can pass orders even before the
commencement of the arbitration proceedings.
Another difference was that in the former act, there was no requirement to give reasons for
an award until and unless agreed by the parties to arbitration. However, in the later Act, the
award has to be given with reasons, which minimized the Court's interpretation on its own.
There were changes with respect to the award passed by the arbitral tribunal in the 1940 and
1996 Act.
7. A) The roles of various stakeholders in professional practice are:
Direct The Management: The stakeholders can be a part of the board of directors and
therefore help in taking actions. They can take over certain departments like service,
human resources or research and development and manage them for ensuring
success.
They bring in money: Stakeholders are the large investors of the company and they
can anytime bring in or take out money from the company. Their decision shall depend
upon the company's financial performance. Therefore they can pressurize the
management for financial reports and change tactics if necessary. Some stakeholders
can even increase or decrease the investment to change the share price in the market
and thus make the conditions favourable for them.
Help in Decision Making: Major stakeholders are part of the board of directors.
Therefore they also take decisions along with other board members. They have the
power to disrupt the decisions as well. They and bring more ideas a threaten the
management to obey them. The stakeholders also have all the powers to appoint
senior-level management. Therefore, they are there in all the major decision-making
areas. They also take decisions regarding liquidations and also acquisitions.
Corporate Conscience: Large stakeholders are the major stakeholders of the company
and have monitored over all the major activities of the company. They can make the
company abide by human rights and environmental laws. They also monitor the
outsourcing activities and may vote against any business decision if it harms the long
term goals of the company.
Other Responsibilities: Apart from the above four major roles they also have some
other roles to play in the company. They can identify new areas for market penetration
and increased sales. They can bring in more marketing ideas. They also attract other
investors like honeybees in the company. They can be a part of a selection board or a
representative for the company. Moreover, they can take all the major social and
environmental decisions.
B) A protected disclosure is a qualifying disclosure under the Employment Rights Act 1996
that is made by a worker that they reasonably believe shows serious wrongdoing within
the workplace. This will typically relate to some form of dangerous or illegal activity that
the person has witnessed at work.
Deficiencies in state of the art:
One of the deficiencies in the state of art of protected disclosure mechanism is
that many whistle-blowers still face retaliation even when there are laws and
policies in place to protect them. Retaliation can take many forms, such as
termination, demotion, harassment or blacklisting and it can have a chilling effect
on others who might otherwise come forward.
Another deficiency is that many protected disclosure mechanisms are reactive
rather than proactive.
Additionally there is often a lack of transparency and accountability in protected
disclosure mechanisms.