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    BLR

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    Section-wiseConTENTS.....,,,.000~2~O*”S v Tt ee ew eee were ee ee te LXUI Part I a CONTRACT AGREEMENT, CONTRACT, PROPOSAL AND ACCEPTANCE 3 DEFINITION OF CONTRACT reement..... . 3 Enforceable by Law. oe Scope......... booo i PROPOSAL OR OFFER... 2.2... : ; Communication of Proposal. . . 4 Implied proposals... .. . . “4 Intention to Contract... 2... - Family and social matters... . 6 Objective test of “intention” “7 Business matters. 7 |General Offers... . fee .8 Proposals acceptable by conduct... . 8 General offer of continuing nature 2 t and Invitation to Treat......... oa 9 Catalogues and display of goods......... 9 Announcement to hold auction . 10 Definiteness of proposal . 10 Free distribution of articles u Voluntary retirement scheme (VRS) « 1 Offers in Standard form Contracts . n 1. Reasonable notice of terms . . 2 2. Notice should be contemporaneous with contract . 13 3. Theory of fundamental breach . : 13 4. Strict construction , 4 5. Liability in tort . . 4 6. Unreasonable terms 15 Power of removal simpligiter i in contract of employment a. 15 16 7. Exemption clauses and third parties book bo seco0o5e BUSINESS LAW “cEPTANCE (contd) 4. AGREEMENT: CONTRACT, PROPOSAL AND 7 7 ErTANCE ae 7 Camano ror t J ceptance by conduct « «= °° Aeceptanes ion to oferoF : 8 Communication from acceptor oo os Jeon communication Mt NECA dhe in prescribed : ‘Mode ‘of communication— Acceptance Snow! Pr VN panner « : 18 Where no manner is prescribed...» : : pooco hen Contract is Concluded?” Bae cce » ‘Communication complete when posted . : 19 When parties in direct ‘communication. : hee a Supreme Court approval of Entores ruling) - 5 2 ‘Absolute and Unconditional ae a Counter proposals... - - : ane a Partial acceptance. .-- ++: a a 2 Inquiry into terms of proposal. - « - - - Hoeeno oe ‘Acceptance with condition subsequent. - =» - : 2 ‘Acceptance of counter-proposal. - — 1 Provisional acceptance cso ce 2 Acceptance and Withdrawal of Tenders . « - - - 2B No obligation to accept lowest tender... +--+ + m4 Lapse of Offer 7 : : m4 1. Notice of revocation . 3B Revocation of time-bound proposals... -- + +--+ 26 Withdrawal of general proposals. . - 2 Revocation of a bid . .. 26 2. Lapse of time o Bees 7. 5 By failure to accept condition precedent... + z 4. By death or insanity of offeror... - - 2 evocation of Acceptance... 0 +--+ . a 2. CONSIDERATION 28 = Derinimion, as S : 2B ‘At the Desire of the Promisor...-..-- +++ 2 ‘Act Done at Request... - +--+ - : 2» Promises of Charitable Nature . . . 29 Unilateral Agreements... - Boe eee 30 Revocation of unilateral promises. . . - : 0 Promissory Estoppel and Government Agencies 30 PRIVITY OF CONTRACT AND OF CONSIDERATION - - Soe bed Promisee or Any Other Person 30 Position of non-party beneficia 31 ivity of Consideration - 3 ity of Contract... 2... = : Loe : aie Postonininias coe = Exceptions to “Privity Rule”... 202-000 +° = 1 Trust or charge Be eee ce : ] DETAILED CONTENTS 2 CONSIDERATION (contd,) “ .. HAS DONE OR Ans; Past Consideration . 2. Marriage se tl FH 3 Acknaecattlement, partition or igement or estoppel STAINED FROM DOING ...” Past Act at Request Good Consideration SucH act, 1. Past voluntary service . . 2. Past service at request Past and executed consideration . Executory consideration ABSTINENCE OR PROMISE 15 CALLED CONSIDERATION . Consideration Must be of Some Value . Performance of Existing Duties . . pPoceptions to Consideration. . But need not be adequate. Inadequacy as evidence of imposition . . Forbearance to sue. . . . Performance of legal obligations. . . . Performance of contractual obligations. . . Pre-existing contract with promisor . Promise to pay less than amount due 1. Part-payment by third party 2. Composition... . . 3, Payment before time 4. Promissory estoppel. Pre-existing contract with third party Contracts under seal... ..-- Exceptions under Section 25. . 1. Natural love and affection 2. Past voluntary service - 3, Time-barred debt... ..- - i on Gift Actually Made [S. 25 Explanation I]. . Tnadequacy of Consideration [S. 25 Explanation II} 3. CAPACITY TO CONTRACT Minor E ‘Age of Majority . « Nat Effects of Minor’s Agreement Beneficial Contracts. \ Ral ture of Minor's Agreement No estoppel against minor No liability in contract or in Doctrine of restitution « «= - Relief under Specific Relief Act tort arising out of contract Contracts of marriage: « - peaeesnie cana eae contracts not included in beneficial contracts ins Option to retire from beneficial contracts on majority . tification. other family arrangements... . XI RRR SIRKE g SSSEBLEEEN xu TRACT (contd) Us. CAPACITY TO CON} es Liability for Necessaries Meaning of" Nature of liability 1 MIND Prnsons oF UNSOUN FREE CONSENT Factors VITIATING CONSENT ‘ORCION . ae u“ wacts Forbidden by Indian Penal Code Detention of Property JNDUB INFLUENCE vets v Ability to Dominate Will of Other . Relations of Dominion Over Others . - Real or apparent authority . - Fiduciary relation - - Mental distress . oe Urgent need of money, no distress . . Statutory compulsion, no distress. Burden of Proof... 2-6 ++ Presumption of Undue Influence 1. Unconscionable bargains... . « beeb 55D Unconscionableness in money-lending transactions. 4 2, Inequality of bargaining power or economic duress 4 3. Contracts with pardanashin women . . Rescission [S.19-A]....... REPRESENTATION [S. 18] 1. Unwarranted Statements . . . 2.Breach of Duty... ... bo0cd oa aae 3. Inducing Mistake about Subject-matter Suppression of material and vital facts . Change of circumstances. Inducement. . . Expression of opinion. . . . 7 Means of discovering truth with ordinary diligence 55 Frau oe Assertion of Facts Without Belief in Their Truth [S. 17(1)] « Active Concealment [S. 17(2)] = Concealment by mere silence is no fraud. é When silence is fraud © 1. Duty tospeak 0) é 2. Where silence is deceptive coe é 3. Change of circumstan: 7 4. Half truths 3 Promise e a f Perfo ; ‘ fe Othe Without Intention of Performing [S. 173)] A Re mee Fitted to Deceive [S, 17(4)] ... . - - 705) é Distinction Beton SPecially Declared to be Fraudulent [5:17 ° @ ig 'n Fraud and Mi a Right of Rescission and its a | Misrepresentation 1. By affirmation DETAILED CONTENTS, 4, FREE CONSENT (contd.) 2. By lapse of time. . . 3. Rights of third parties Method of Rescinding Cont Restitution . Damages for Innocent Misrepre TARE. Definition of Consent Definition of Mistake What Constitutes an Mistake as to Identity. Assumption of false name - Mistake caused by takeover of business - Mistake of identity caused by fraud... Where identity is specially important . . Mistake as to Subject-matter. . 1. Non-existent subject-matter 2. Mistake as to title or rights... . . 3. Different subject-matters in mind... . . . 4. Mistake as to substance of subject-matter Mistake as to quality of subject-matter Mistake as to Nature of Promise . . . . - Where contract fails to express parties’ intention... Documents mistakenly signed or non est factum Limitations. . . . 1. Mistake of both parties. . 2. Erroneous opinion . . . 3, Mistake of fact and not of law. ct [S. 66). ntation VA ential Fact 5. LEGALITY OF OBJECT UNLAWFUL AGREEMENTS. ss s+ Object and Consideration . . . . - 1, Forbidden by Law. 2. Defeat any Law . 3. Fraudulent. 4, Injurious to Person or Property 5, Immoral Dealings with sex workers legal cohabitation Dancing girls 6. Public Policy Heads of Public Policy 1. Trading, with enemy 2. Trafficking in public oftices 3. Interference with administration of justice {@) Interference with the course of justice (#) Stifling prosecution (Q Maintenance and “champerty” 4, Marriage brokerage contracts . 5, Unfair or unreasonable dealings XI 70 70 70 85 BESREREEE xv 5. BUSIN' ITY OF OBJECT (contd.) LEGALI REEMENTS. VO semements Unlawful in T Part [S. 24] « ‘agreements Without Consideration [S. 25] - x aeteaint of Marriage [S.261 : “Restraint of Trade [S. 27] Profession, trade or business. . . Collusion between bidders and tenderers . Freedom of press Restrictions in lease Exceptions Statutory exceptions . : 1. Sale of goodwill... ... . 2. Partnership Act . : Under judicial interpretation 1. Trade combinations . 2. Solus or exclusive dealing agreements 3. Restraints upon employees: During employment After termination of employment : Protection of trade secrets. ....... Restraint of Legal Proceedings [S. 28] Enforcement of contractual rights not to be restrained. Limitation of time... . . . Effect of amendment . . . : Forfeiture and surrender of rights... : “Absolutely”: Partial Restriction as to Jurisdiction . . . Exceptions... 0.2.0... eee 1. Reference of future disputes to arbitration | |. 2. Reference of existing questions to arbitration. Uncertain Agreements [S. 29] . Agreement to agree or negotiate . Preliminary negotiations taking definite shape Partial uncertainty: “capable of being made certain”. Lock-out agreement bees Option for renewal of tenancy. Wagering Agreements [S. 30] Definition of “Wager”... . . 1. Uncertain event... . . 2, Mutual chances of gain or loss 3. Neither party to have control over the event . 4. No other interest in the event . Speculative transactions Effects of wagering transactions Collateral transactions. . Exceptions . 1. Horse-race. . . « uy, 2. Crossword competitions Mlegal and Void Agreements . Unenforceable . Exceptions . 1 Where contract still executory SSSLLIRRKESSSSSSSSE SESE 101 102 102 103 103 103, 103 103 104 104 104 104 . 104 105, 105 i 105 105, . 106 106 | “ Consequences of failure . [iu DETAILED CONTENTS 5. LEGALITY OF OBJECT (conta) 2. Parties not “in pari delicto” . 3. Where recovery possibl 4. Collateral transactions 5. Severance 6.“ DISCHARGE OF CONTRACT [__Moprs oF piscitanen . Discharge by Performance Performance le without relying on illegal agreement. of contingent contracts Where Enforcement Depon ‘pends Upon the Happening of an Event (5.32 When Performane mning of : wen ttrmance Depends Upon the Non-happening ofan Event Linked with Human Conduct [S. 34] |. Time-bound Contingency . Impossible Events Saeeeeeee Parties’ Duty to Perform or Offer to Perform 1. Offer must be unconditional [S. 38(1)] . 2. Proper time and place and ability to do the whole [S. 38(2)] Who Should Perform........ . Performance of Joint Promises Joint Promises Susp reer rey Either or survivor savings bank account . Time and Place for Performance [Ss. 46-50] . Debtor to seek his creditor... .. . . _ Performance of Reciprocal Promises [Ss. 51-54). . Effect of one party’s default Time for Performance [S. 55]... . . : Factors which make time of essence . Time is of essence in commercial transactions Construction contracts . . Sale transactions. Time for reporting. . . - . - Right to seek extension of time . . . . Land and property dealings. . Sale of shares. : Non-commercial matters . . POSSIBILITY OF PERFORMANCE AND FRUSTRATION - Initial Impossibility [5.56]... - - - Subsequent Impossibility [S. 56] Commercial hardship. . . . - Specific Grounds of Frustration. 1. Destruction of subject-matter 2. Change of circumstances - Escalation . . eee eens 3, Non-occurrence of contemplated event - 4, Death or incapacity of party...» +» + 5. Government or legislative intervention 6. Intervention of war... - + - 7. Application to leases xv 106 106 107 107 109 109 109 109 110 m m m1 2 n2 13, 113 m4 5 n6 16 uz 18 ug im 12 12 123, 13 123, 13 123 124 124 at 125 125 125 125 127 127 .. 127 = 28) . 128 129 129 129 . 130 . 130 RGE OF CONTRACT (contd.) Theories of Frustration . 1. Theory of implied term. - 11 2. Just and reasonable solution, oe a Effects of Frustration oe peoeok 1. Frustration should not be self-induced. 7 es 2. Frustration operates automatically , a 3. Adjustment of rights (restitution). » B32 Peeerbevld [ig Quantum meruit claims... ||| : boo || ag Becomesvoid = 2 soo oo ie Ecglishiow Seen 134 Appropriation of Payments...) chee ia 1. Appropriation by debtor... .. | : age 2. Appropriation by creditor... .. |. — 136 3. Appropriationbylaw .... 1... 1. 136 Discharge by Agreement... 2.0... ae a Contracts which need not be performed [S.62] |. 136 Novag 136 2 Change otparics a 137 2. Substitution of new agreement... ... 1.) 137 Facilities for Performance... . 7 ia7 Interdependent promises. . . iy Rescission and restoration . . . ie Remission of performance [S. 63] Boao ie +. 138 eeceepiance Ofless sum 138 Waiver... Saas 139 Be 140 40 Abandonment . 140 Material alteration... .......0..~~~, . 40 Cast-CONTRACTS OR CERTAIN RELATIONS RESEMBLING THOSE CREATED By CONTRACT $95 0655 oo5e ee 4 ML Rationale : | : wi 1. Supply of Necessaries (S.68])................. ae 2. Payment by Interested Person [S. 69]... . . foe 8 Payer must be interested in making payment... . |. 43, But should not be bound to pay Baa oa 143. Defendant should be under legal obligation to pay . +. 43 Payment by one to another a6 . . 43 3. Liability to Pay for Non-gratuitous Acts [S. 70) .. 43 Not intending to act gratuitously... 0.0...) 11.) 4d Service should have been rendered without request. i “Lawfully does”... Renae oe -. MS Contract void under Article 299 or otherwise. |)... vee MS Non-gratuitous acts 2... 20... — - 46 Payment for work already done 11146 “Enjoys the benefit”. 2). || a . + 46 4. Finder of Goods [S.71]..... 2). So ae ————_S—tsts DETAILED. CONTENTS 6, DISCHARGE OF CONTRACT (conta, 5. Mistake or Coercion (8.72 Mistake of actor of lay Mistaken Payment of taxes ‘ange of position by paye ; a {-Discuarce wy Breach. |” 5 Anticipatory Breach reliance on payment ‘Ace : Acceptance of repudiation by aggrieved par Consequences of not accepting repudi tion Failure to Perform Promise Wholly. Termination by notice»... __Damaces FoR Breach 5 ‘Remoteness of Damage Rates in Hadley v Bao” fives covery of special dam. knowl Of apecial circumstances eed Special circumstances already known Re-examination of the two rules : House of Lords restored original vitality of the two rules Section 73, Contract Act... +++ = coc Section 73 declaratory of “Hadley v Baxendale” rules Meaning of market price oe. Agreement to provide finan. « Building contracts. Measure oF DAMAGES « - Nominal Damages, No Loss Situation Mera Pain ae pare voappenr arene Holiday C065 i appropiate steps 0 Pro! SS Pots pets de 0 ease Ne ey te int's interest omees «ac wedding eee Failure ye ro ate booked Bending reeePtiOn Damages for Jp of confidence f Injunction a Restrainins Breach of Contract rit Ret at Termination shi hit Remedy jon of Dealership wi of Letter of Intent and Writ Remedy reasonable conduct XVI 7 7 147 48 49 49 149 149 150 BI 152 152 152 152 153 154 1B 157 157 138 139 139 158 160 160 160 lel 1682 162 led 163 163 163 los lot lot lot tot 165 165 165 166 166 166 . 167 167 XVIII BUSINESS LAW 6. DISCHARGE OF CONTRACT (contd.) Transactions concerning property . . 168 Aggrieved party not to be inflicted with ‘unusual burdens in the name of “mitigation” a 168 +. 169 ++ 169 Contributory negligence . Exclusion of S. 73: Arbitration Clause . Liquidated Damages and Penalty [S. 74] English Law Court’s power to reduce specified amount Application to hire-purchase transactions. Heavy amount as evidence of penalty . Fixed figure constitutes ceiling... . . . Section 74, Contract Act . . . ‘Common features between English and Indian laws. Forfeiture of earnest money or deposit. . . Where no loss caused... ... - : Where profit follows Forfeiture of earnest money only when reasonable to dso... . 173, No forfeiture where extra costs otherwise recovered . 174 Security money under other contracts . . . ‘174 Effect of partial breach . . : 1A Minimum charges. - 14 Remedy by Way of Writ . . 17 Reinstatement 15 Statutory Compensation . 175 [ASSIGNMENT OF CONTRACTS. « 15 Assignment of Liabilities 176 Assignment of Rights. . 176 Effect and Formalities of Assignment . . 7 Consideration ...... 20... 7 Subject to equities. : wz Notice of assignment . . . . 7 27, CONTRACT OF INDEMNITY 178 INDEMNITY ee fe Definition and Nature (8.124). 2221.) | cece e ee 1B Definition in English Law . . , bene 1B Definition in S. 24 narrower oo 178 Extent of Liability [S. 125] . . . i ee Commencement of Liability . : : 2.179 Specified time for notice... .. 2... 180 8. GUARANTEE 181 Contract oF GuaRANTER 181 Definition - 181 Economic Functions of Guarantee 181 Parties 31 181 Collateral Liability | DETAILED CONTENTS 8__ GUARANTEE (contd.) Essential Features of Guarantee 1. Principal debt . h Guarantee for void debt Guarantee of minor's debt 2. Consideration [S. 127] Benefit of principal debtor, enough consideration 3. There should be no misrepresentation or concealment (Ss. 142-143] 4. Writing not necessary [S. 126] Extent oF Surety’s Liapiity Co-Extensive. Condition Precedent to Liability Novation of Main Contract... . Surety’s Right to Limit his Liability Liability Under Continuing Guarantee Liability Under Bank Guarantee... . . Letters of Credit and Bank Guarantees No Arbitration About Bank Guarantee. . . . Joint-Debtors and Suretyship (S. 132]. DiscHaRce OF Surety From LiaBILITY cee 1. By Revocation [S. 130]... . - 2. By Death of Surety [S.131] . 3. By Variance [S. 133]. . Effect of decree against surety 4. Release or Discharge of Principal Debtor [S. 134] - L Release of principal debtor . . . . . . Effect of Debt Relief Acts. : Application of insolvency laws IL Act or omission . . . . 5, Composition, Extension of Time and Promise not to Sue (S. 135] Composition ... . . Promise to give time . Promise not to sue Forbearance to sue Promise to give time made with third person 6. By Impairing Surety’s Remedy [S. 139] Creditor's duty in realising security Duty when security is hypothecation 15 oF SuKEry Rights Against Principal Debtor 1. Right of subrogation [5. 140] Rights before payment 2, Right to indemnity [5. 45] Rights Against Creditor 1. Right to securities (5. 141] 2. Right of set off Right Against Co-sureties 1. Effect of releasing a surety [5. 13] 2. Right to contribution [Ss. 146-147], Indemnity and Guarantee Distinguished . 182 182 182 182 182 183 184 184 184 185 185 1% 187 188 190 11 191 192 192 198 193 195 135 195 195 200 20 200 20 201 201 201 203 204 204 204 205 BUSINESS LAW XX BAILMENT 7 Contract oF BAILMENT 1) EsseNTIALS ePINITION AN! : aera Delivery of Possession ‘Actual or constructive Bank locker t >, Delivery Upon Contrac Now contrac ral bailments Contract, express or implied 3, Conditional Delivery . je delivery: - Durty oF BaILor ‘Duty of Gratuitous Bailor Duty of Bailor for Reward [S- 150). Dories oF BALE. - : 1. Duty of Reasonable Care (5.151). - Loss by theft. . bao Burden of proof. Laws due to act ofbailee’s servant « « Bailee's own goods lost with those of bailor 23 Involuntary baile . foe. 050 23 Contract to contrary . 24 2, Duty not to Make Unauthorised Use [S. 154] 215 3. Duty not to Mix [Ss. 155-157]... . - - . 25 4, Duty to Return [Ss. 160 and 165] « 216 27 ‘Termination of gratuitous bailment ... 0000s eee 5. Duty not to Set Up Jus Tertii (Ss. 166-167]... 2.260202 02-2 27 ‘Transfer of shipping documents . . 218 6, Duty to Return Increase [S. 163] . 218 Finder {Ss. 168 and 169] 218 Ricuts oF BAILEE . - 219 1. Right to Compensation [S. 164] 219 2. Right to Necessary Expenses or Remuneration [S. 158] . 219 3. Right of Lien [Ss. 170-171] Particular Lien {S. 170]. Exercise of labour and skill . General Lien [8.171]. . . (a) Bankers (b) Factors (© Wharfingers @) Attorneys of High Court (© Policy-brokers : Pime-barred Debts and Lien ypes of Lien Covered by the Ac 4. Right to Sue [Ss iB and 1811 aes | eer 5 ee ee ACT, 1930 (contd) i ‘ale and Agreement toSell - ao When cereement to sell becomes sale (5. 44) - 414 Agreement to Sell and Hire-purchase - - ao 6 : 416 Formalities of Sale [S- ee Subject-matter of Contract [S. 6]. - Effect of Destruction of Goods 15.7) Goods Perishing after Agreement to Sell The Price [S.9.--- 02sec Fixing of price... 5. + oe Agreement to sell at valuation [S. 10] ConpiTions AND WARRANTIES. IMPLIED CONDITIONS . . . «+ + 50 1. Condition as to Title [S. 14] - 2, Sale by Description (S. 15]... - +--+ - Purchase on basis of description - Packing as description. Meaning of correspondence with description . 3, Sale by Description as well as by Sample [S. 15] '4, Exceptions to Principle of Caveat Emptor [S. 16] . - - Statement of caveat emptor ee F————_CUE - (a) Fitness for buyer’s purpose [S. 16(0] = - - = - Gale under trade name [Proviso to S. 16(1)] . - (&) Merchantable quality [5.162]. - -- : ‘Meaning of merchantable quality . - ( Marketability. ..- +--+ (ii) Reasonable fitness for general purposes Defective packing Partly defective. . Satisfactory quality - Examination by buyer (© Conditions implied by tr (a) Express terms [5-164]. «=» 5. Sale by Sample [S. Woes Bulk to correspond with sample . - : bo Opportunity to compare pulk with sample... - - 7 Free from defects rendering goods unmerchantable. Buyer's State of Knowledge About Goods. - - - - [MpLiep WARRANTIES. + = 01” oe oe ‘1 Quiet Possession [S. 14(6)] « «5-0 * 2. Free From Encumbrance [S- Ol - Condition Reduced to Warranty {S. 13]. -- 1, Waiver by buyer - <5 ° 2. Acceptance of goods by buyer. ++ = cep dition reduced to warranty only for remedial purpo: To £91 oat nS 240) wo 231 still appropriation ‘ i tots : ! sosert ineffective 0 | ie adsot or mr nal and of 8 oe Delivery tocar Acknowledgeme! Delivery to post office. - + *" Reservation of right of disposal [S.25] i Property passes On compliance with selle ee eer Rusk and Property Go Together coe Separation of Risk from Property Delay in delivery of good: Trade customs . . - - Express agreement 1’s conditions. TaangenorTITLE.. +--+ erect ttt Nemo Dat Quod Non Habet....-- 6+ essere rrr L 9 Exceptions . - . J. Estoppel [S. 27] ' nas by negligence 2 Sale by mercantile agent [S. 27, Provi . 27, Prov: ¢ (a) Mercantile agent Woven ie (b) In possession as mercantile agent 7 With owner'sconsent..........00. 0. se. re (4) Must sell while acting as mercantile agent je acting as mercantile agent... . i intile agent 25050 a ¢) Buyer 5] a od faith and without ni Ac y) & d A with otice td.) 14. SALE OF GOODS ACT, 1930 0" er (9-25) 3. Sale by joint Ow” cession by person in 4. er ea avoidance of cont 5. Seller in possession ean 6. Buyer in possession befor PERFORMANCE oF CONTRACT: - Delivery [S. 33] Part delivery [S. 34] Duty of buyer to ask for Rules as to Delivery [S. 36] 1. Place of delivery 2. Time for delivery . popecac m 3. Delivery by attornment : m 4. Time for tender of delivery : F 5. Expenses of delivery Delivery of wrong quantity [5.37] - 1. Short delivery 2. Excess delivery. . |. 3. Delivery of mixed goods Instalment deliveries [S. 38] . . Delivery to carrier or Sharfinger is 33] viene - 4% delivery [5-35] Seller's duty [S. 39(2)] 75 Sea transit [S. 39(3)] . 475 Contracts Involving Sea Routes ee 1. FOB Contracts... .. . . oe 2. CIF Contracts...... 2.02. : A 46, 3. Ex Ship Contracts | |. | : . . 479 Deterioration During Transit [5.40]... 1... . 459 Acceptance [S. 42}... .... 7 : | 480 Right of Examination [S. 41] . 481 Duty After Rejection [S. 43] . . 452 | Liability of Buyer for Refusing to Receive Goods s “I 482 (—"Rucurts oF Unpatp Setar acainst Goons... . 483 Definition of Unpaid Seller [S. 45]. . : 483 Rights of Unpaid Seller... . . . . : 484 1. Unpaid Seller's Lien [8.47] ......... 484 Effect of part delivery [S. 48] . . 485 Termination of lien (8. 49] 486 1. By delivery to carrier 486 2. By delivery to buyer 487 3. By waiver... ... 487 4. By tender of price 48 2. Stoppage in Transit. . 487 Lien and stoppage in transit distinguished 487 Requirements of stoppage in transit 488 Commencement and end of transit [S. 51] - 488 1. Delivery to buyer [S. 51(1)] 489 2. Interception by buyer [S. 51(2)] 489 3. Acknowledgement to buyer [S. 51(3)] = 4. Rejection by buyer [S. 51(4)]. prpacoattiee Ot Ly icone [UE wa onder ot vr ene prams tacie case | Ch Ge ‘ sls Report of tion or pquir 5 tr ba th at vein of contrave’ ntion or Abuse of ° after Fine ooners he mmission 4 sto ”7 Ss. 28) Dom tS riee 1) Position 520 vivinon Freed for Miestigation oF C8 ombination® y {5.301 320 Procedure 1" © ane of Notice nder sea nations {S. 31. 2 Orders of the mission on CET” pin 521 s. 10) . : 521 “approval of combi nations [5 “AIS cts Outside India put with Effect on Com petition i in n India (8. 32). .. 522 Power to Pass interim Orders [9 3) poo .. 52 5M [Omitted by 2007 Amendment] .. 522 Appearanee Before ( ommission a 522 Power to Re gulate Procedure [S. Bere 522 Appeals to Supreme Court [S _ 524 Uiitair Trading, and English Law re CCRCe "524 ‘The Trade Descriptions Acts, ygopand 1972. 524 Part IV NEGOTIABLE INSTRUMENTS NEGOTIABLE INSTRUMENTS ACT, 1881 an Definition of Negotiable Instrument Object of the Act pes vee DD ans OF NEGOTIABLE INSTRUMENT LL Promissory Note [S. 4] 1. Writing. 2. Promise to pay 3. Unconditional . . 4. Money only... 5. Certain parties 6. Signature... . \ pilot Exchange [8.5] L.Writing..... . 2Ordertopay.. os... .) STRUMENTS ACT, 1881 (contd. sur of C 15, NEGOTIABLE IN Dishono’ —. stified Banker’ Liability for Unjustifi L When justified in refusing S io 1. Where cheque eae cee 2. Where cheque outdate 7 see 3, When funds insufficient 4, When ra : 7 5. Where cheque mutilated ee cere eees 6. Where cheque of doubtful ee ot agree . bee 7. Where customer's signature ded payment . 8. Where customer has ae mm 9. Where customer has died...» » beoboeogee 10. Where customer has eee aecey ee ae el. 11. Where customer has become a Logie a 12, Where garnishee order has been issue I hut Criminal Liability of Drawer for Issuing Cheques wi Fund [Ss. 138-147] Compounding of offence [S. 147] Summary trial [S. 143]... . , Service of summons [S. 144] . . Evidence on affidavits [S. 145] Evidentiary value Raising of Amount . , Forgery of Signature... ||” Estoppel against forgery | | Forgery in Indorsement [S. 85] Travellers’ Cheques... |, |” Uability of Transferor by Delivery 1. Warranty of genuineness 2. Right to transfer... 3. Not to be valueless within kin Position of Transfer Liability of Indors 5]. ability Under Accommod Instrument without cons| sence OF failure of ight to Duplicate “heque [S. 31] Tor Owe, “Be Of trance Holder's Rj Paesenrnuny Presentment for acce Time for pres ’ n Presentment for p, Plance |S. 61) | IMeNt for sight |S, 62] ‘ayment [S, 64) 5 Time for presentment 5 Place for presentment Maturity [Ss. 21-95) Days of grace |S, 22) Instruments payable g, Instrument payable DETAILED CONTENTS XXXIX 15, NEGOTIABLE INSTRUMENTS ACT, 1881 (contd.) Provisions Applicable to Presentment for Acceptance and Payment. . . 570 Presentment to agent, etc [S. 75] . Delay when excused...» « _, When Presentment Unnecessary \ Prscuarca FROM LIABILITY. «5. 1. By Cancellation [S. 82] . - 2. By Release [S. 82(0)|. « 3. By Payment [S. 82(0] « eee 4. By Allowing more than 48 hours to Accept [S. 83]. - « - 5. By Qualified Acceptance [S. 86]. . . . - : 6. By Delay in Presenting Cheque [S. 84]. 7. By Material Alteration [Ss. 87, 88, 89]. . - (@ Intentional alteration... - - - - (b) Material alteration... . « (© Apparent alteration [S. 89] . - Extinction of debt [5.87]. - - 8. By Negotiation Back {S. 90] . MiscELLANEOUS PROVISIONS Notice of Dishonour ... eee eves 1. Dishonour by non-acceptance [S. 91] - - 2. Dishonour by non-payment [S.92]. « - Mode of giving notice [5.94] Duty to transmit [8.95] . - When dispensed with [S. 98] - Noting [5.99] - nee Pee Protest for better security [S. 100, para 2]. Contents of protest [S. 101] . . Notice of protest [S. 102]... - Protest of foreign bills [S. 104] . « Noting equivalent to protest [S. 104-A] Reasonable Time [Ss. 105, 106, 107] - Generally. . - - ek For notice of dishonour [S. 106] [ACCEPTANCE AND PAYMENT FOR HONOUR ‘Acceptance for Honour [S. 108] » Liability of acceptor for honour [S: 111] Payment for Honour [S. 113] Right of payer for honour [S. 114] Drawee in Case of Need [S. 115] Compensation [S. 117]. » SPECIAL RULES OF EVIDENCE Presumptions [S. 118] 1, Presumption as to consideration 2, Presumption as to date. . 3. Time of acceptance 4. Time of transfer. - 5, Order of indorsements . 6. As to stamp 570 ts [& ‘341- eo nce with Indi Presumpl'® Crosse CH aut snk. windsol ross! General C wos 1 Spect ial CW 0 account 4 Payee nly Not Ne} gotiable Who May Cross ‘i 1, By drawer - 2. The holder 3, The banker, vent of Crosse: eee of Collecting Banker [S. 1. For customer. 2 Asagent .- +++ 3, Crossed cheque 4, Good faith and without negligence. Part V COMPANY LAW NATURE OF COMPANY AND REGISTRATION 595 Corporate PERSONALITY AND ADVANTAGES OF INCORPORATION . - + 595 . 595 1. Independent corporate existence. . 2. Limited liability... . . 3. Perpetual succession. 4. Transferable shares. 5. Separate property . . 6.A company can sue and be sued in its corporate name . r . company attracts professional management . . . . . . nee privilege of collecting interest-free money fae public for its business by making a public issue or ugh private placement of shares and other securities VELAILEVCUNIENIS ALL 16. NATURE OF COMPANY AND REGISTRATION (contd.) Disadvantages. . » 596 1. Lifting the corporate veil . + 596 (@ When it becomes necessary to determine the legal character of a corporation . 596 (b) For benefit of revenue . . . 597 (c) When company conceived and brought forth for fraudulent purposes bocce eee (@) Agency or trust and government company... . - 597 (©) Under statutory provisions 2. Formality and expense 3. Company is not citizen . REGISTRATION AND INCORPORATION . . « Certificate of Incorporation [Ss. 34 and 351 Pre-incorporation Contracts... . . « ‘Commencement of Business [S. 149] . . . _Hipsoxannn ‘oF ASSOCIATION \ 1, Name Clause 2. Registered Office Clause 3. Objects Clause . 4. Liability Clause... . . 5. Capital Clause Subscription. . see Objects, Powers and Ultra Vires. . . Alteration of Memorandum . Alteration of name [S. 21] . a Alteration of registered office and object ‘clauses sis 17) aa ARTICLES OF ASSOCIATION ©. 6 6-2 Articles in Relation to Memorandum. . Binding Force of Memorandum and “Articles sis 36) 1. Members bound to the company . aaRaRneassadsgaesysy 2. Company tomembers ...-.- +++ 605 3, Neither company, nor members bound to outsiders - + 605 4. Members inter se . . . 606 Alteration of Articles [S. 31] 606 Constructive Notice . . 607 Indoor Management . 607 1 Knowledge of irregularity. . 608 2. Suspicion of irregularity. . - . - - 608 3. Forgery - 608 4, Representation through articles 608 Prosrectus - i 609 Definition . . 609 Application Forms [8.56] - - 609 PublicIssue ....-.---- * 609 Information Memorandum . 610 Contents of Prospectus. ...... 0... 610 Procedure for changing terms of prospectus [S. 61]. él Issuing Houses (Deemed Prospectus) [S. 64] SS BUSINESS LAW XLIV 16. NATURE OF COMPANY AND REGISTRATION (contd.) - 644 | Powers of Directors [5.291]. . 64g 1, Mala fide . + + 644 2. Board incompetent ea 3. Deadlock. 7 6s 4. Residuary powers. . 645 Statutory Provisions : Cone peo ge ooo: ; Power exercisable with resolution of board of directors . . 645 Power exercisable with general body resolution... . . =. 645 Board’s sanction for contracts in which directors interested [S. 297] . 645 Power to Make Political Contributions [S.293-A].. 002, te Contributions to National Defence Fund etc [S. 293-B]. . 646 Duties of directors, . oe . 646 |: Duty of good faith: Liability for breach of trust . 646 Trading in corporate control (Ss, 319-321] 647 (iisuse of corporate information... 647 Competition by directors... |" 647 2. Duty of care: Liability for negligence...) 77 647 3 oa to oe Heine Liability for non-attendance . 648 oo aC '. 5 Duty to disclose interest ox oy sor aeCIOTS defaults io Meetings of Di _- rectors [Ss, 285-2 Suorum (Ss, 287-288) Registers of Directors 1. Register of dire, 2. Register of di st [Ss. 299-399] 86]. eB Loans Remu Ompensation Director wit and Validity 5 ; veel gg Ctr [S, 313] Validity of Acts [s. 290). ' a Sopot eae oe ; Mana, ing PERSONNE, : e 314) ..: VY INVESTIGATIONS. « - ° : Powers of Investigation Is be | On members’ application 5 a a report by Registrar under Section 24 3. Under Section 257 Powers of Inspectors [S. 240] Investigation of ownership of company {S. 247] Investigation of ownership of shares [S. 248] ADMINISTRATIVE CONTROLS - Restrictions upon transier of shares and debentures (5. 250] Company Law Board. : Constitution and powers [S. 10-E]. Appeals Against Orders of CLB [5 15-F) dvisory Committee {S. 410], 1 KiXps or COMPANY... .. Unlimited Companies [S. 12] DETAILED CONTENTS XLVI 16, NATURE OF COMPANY AND REGISTRATION (contd,) Guarantee Companies = Private Companies . . . : : : . os 699 - 699 ‘Advantages of private company. When Private Company becomes Public Company 1. Convention by default [5. 43] 2. Conversion by operation of law: Deemed public company is 43. a 2 3. Conversion by choice [S. 44] Conversion of Public into Private Company [S. 30(0)] - - o Foreign Companies (S.591] . 0.00... ee ee ‘Accounts of foreign company [5. 594]. Prospectus of foreign company (Ss. 3-608 Government Companies [S.617] . . . Holding Company and Subsidiary [S. 4] Investment in holding company [S. 42]. Ilegal Associations [5.11]... . . : : sevens RUCONSTRUCTIONS AND AMALGAMATIONS . Gee eee eee Compromises and Arrangements... . oe Reconstruction and Amalgamation : ee 208 Demerger 4 ‘Take Over and Acquisition of Minority Interest [S. 395] .- Amalgamation in National Interest [S. 396] aoa Preservation of Books etc [S. 396-A] Deruncr Comranues [S. 560] - Restoration [5. 560(6)] L—WinpingUr......-.... Winding Up by Court 1. Special resolution 2. Default in holding statutory meeting 3. Failure to commence business 4. Reduction in membership... . 5. Inability to pay debts. 6.Just and equitable... . 2... Who Can Apply [5.439] ........... 1. Petition by company . vee 2. Creditor’s petition [S. 439(8)]. . 3.Contributory’s petition... . . 4, Registrar's petition (5. 439(5)} 5. Central Government's petition Powers of Court on Hearing Petition [S. 443] ‘Commencement of Winding Up [S. 441] . Consequences of Winding Up Order. Procedure of Winding Up by Court . ‘Statement of affairs [S. 454]... . Report by official liquidator (5. 455] Powers of liquidator [S. 457] Committee of inspection [S. 464] General Powers of Court. Leelee Settlement of list of contributories [S. 467]... 3 Aj Voluntary Winding Conpuct oF WINDING ur Contributories (5:42 Past Liabilities If Is Payment of Preferential Payments ‘Other Payments: Unclaimed dividends Antecedent and Other ‘Tran: Fraudulent preference ti Avoidance of voluntary trans! Avoidance of attachment 535] «+ - Disclaimer of onerous property [S- 535] - Proceedings Against Delinquent Officers « - « Liability for fraudulent conduct of business [S- Falsification of books (S-539]- «0 77” Frauds by officers [5.540]. = = + noo Misfeasance proceedings [S: 543] - ae Prosecution of Delinquent Officers and Members Special statutory protection [S. 633]. — Wrongful Withholding of Property [S. 630}. + ‘Annulment of Dissolution [S. 559} Winding Up of Unregistered Company [Ss. 582-590] Period of Limitation [S. 458-A] - . Registration Offices [S. 609] . - Inspection, Production and Ev’ Changes Made by the Companies Producer companies . Objects and reasons. . . sal]. - fer. Parr VI IN EG TELLECTUAL PROPERTY RIGHTS : ane MARKS ACT, 1999 \ Meaning of Trade Mark [Chap. 1] Register and C ‘onditions for Regi egistration [Chay P-2]. 2. eee of Regi Power of Regis ‘gistrar and other offi Tada ce withdraw or poor IS.3]) 2... Bit and offices Bop eee ELS. A] =. 78D 731 , ee ener eee DETAILED CONTENTS: XIX JE MARKS ACT, 1999 (contd) Register of trade marks [S. 6] . Classification of goods and services [S.7] - Publication of alphabetical index {S. 8] 59 ibsolute grounds for refusal of registration [S: 9]. - _ oe ». 732 B66 73 : 73 ” Limitation as to colour [S. 10] : : 733 : Relative grounds for refusal of registration [S. 11] - « + 734 ‘Test of well-known trade mark [Sub-s 6] .« - . 735 Registration in case of honest concurrent use [5 ii 736 pranibition of registration of names of chemical elements OF vaternational non-proprietary names {5.13} « - . 736 cael names and representations of living persons oF Person’ recently dead [5.14]... « « Bi eosccccnoe 736 Registration of parts of trade marks and of marks 22 9 ‘series (S. 15] . 737 Registration of trade marks as associated trade marks [S. 16] . - - - - 737 Dissolving associateship (9. 16(5)] Byes cc Effect of registration of parts of amark [5.17]. - <= 00070777 738 Procedure and Duration of Registration {Chap. 3] . a 738 ‘Application for Registration {S. 18] : oe Withdrawal of acceptance [S. 191 i. 738 ‘Advertisement of application [5.20] . 738 Opposition to registration [S. 21] Se5ec 739 Correction and amendment [9:22] 0 Registration (S. 23] 740 Jointly owned trade marks (S: 24] we. 740 sony om, renewal, removal and restoration of registration [s.25} . - 740 Prteat of removal from register for failure to pay fee for _ renewal [S.26] - o . 7A Le ettect ot Registration (ROBT de ma [82 al ‘No action for infringement of unregistered trade mark (S.27] . -- - 741 Droparagement of val'sgoods «000000 a2 Rights conferred by registration [S.28]- wee AZ Infringement of registered trade marks [5, 2). we TAZ Deceptive similarity, colourable difference . « +. Ak Defence of acquiescence. = - + « - » 745: No infringement before registration. =... * » 745 Limits on effect of registered trade mark [S30]. - = 746 Right acquired through use. 87 Registration as prima facie evidence of validity (8.3) eee TAT Protection of registration on ground of distinctiveness in Semin eases) 2 .. 7 Effect of acquiescence (5. 33]. - - - ee m7 Saving for vested rights [5-38]. 0000000 TT m8 Personal nouns oheo » 748 Prior users. eo aS eee . 748 saving for use of name, address or description of goods or services [5.35] ------ 7s etre? peeae 748 Garing for words used as name or description of goods or services [5.36] - - - eer AB Assignment and Transmission (Chap. 5} » 749 Proprictor’s power to assign and give — os ) 17, TRADE MARKS act, 1999 (contd) Sena issibi vred trade marks [S. 391750 apitity and transmissiOe e assign esgronent oF ans seating, multiple exclusive rights [9- 40] eee . 750 Restriction on assignment: 12° F - t parts of —— ‘be created in different P: eee 7 Conditions for assignmer Assignability and ‘en emissibility of certificate trade marks Ss 43) . 752 ‘Assignment and transmission of associated trade marks [ J. 752 Registration of assignment id transmissions (5:45) - os BL Use of Trade Marks and Registered Users [ChaP: Cio 1. 732 Proposed use of trade mark by company to be formed [S. 46] 752 Removal from register and Tienitations on non-use [5- AT) oo 733 Prevention of trafficking in trade marks. - . 754 Registered users [S. 48] : 734 Registration as registered us » 734 Cancellation of registration 2 be 755 Power to call for information ‘regarding registered Users {s.51]. - - - 756 Right of registered user for proceedings against {infringement [S. 52] 756 No right of permitted user to take proceeding against Wnfringement (5.53) = 2a eee + 736 Registered user not to have right of assignment oT fe aamrinsion (5.2) creeiease Oi obac ook: . 756 Use of one associated or s' bstantially identical trade marks equivalent to use of another LT vee TST Use for export trade and use when form of trade connection changes [S. 56] : - vce eee ene BT Rectification and Correction of Register {Chap.7] -- ++ a Power to cancel or vary registration and to rectify the register [8.57] 757 Correction of register {S. 58] - weet 737 ‘Alteration of registered trade marks [8.59] - 7 Adaptation of entries in register to amended or sub‘ * “lansification of goods or services [8.60] - «+ - . 738 Collective Marks (Chap. 8]. -- = - pee .. 739 Special provisions for collective marks [S. 6]. 739 Collective mark not to be misleading as to character or : _isnifiance [S.6]..-- ee vee DO a raat ee by regulations governing use of = Infineon oF eae a regulations by registrar [S. 64] - - - 759 Ratna eee gs by registered proprietor (S. 67]. - oe) _ eae removal of registration of collective iinet ween Deven e eee 760 Definitions. 26). (Chap... 0... +++ pa 70 TIS ED ee , mats 18.65] * axe not applicable to certification trade 7m istration of certification te bo5n5o00 760 tificatio mn trade marks [S. 70] "760 7. TR Board [S. 58] Implied warranty on sale of indica ds [S.: ~ Powers of Registrar [S. ‘ol = eer Hed Exercise of discretionary power by Registrar (S. 61] be Death of party to proceeding [S. 63] 1 787 Jurisdiction for infringement suits [S. 66]... « 787 Relief in suit for infringement or passing off [5.67]... .. . 787 Injunction. . . peewee hs ae aa : 788 Damages... . - ices a |. 788 Impleadment of authorised user [S. 68]. . . . _ - 788 Evidence of entries and things done by the Registrar [S. 69] _. 788 Registrar and officers not compellable to produce register [5.70]. . . 788 Power to require goods to show indication of origin [S. 71] 789 Trade usages [5.75]... 0002-000 vee ss 789 Indexes [S. 77] : areas Wien te open So rable never (oI Rule-making power [Section 87]. eee 790 18. COPYRIGHT ACT, 1957 791 a Objects eect eect tt eee TH Preliminary [Chap. I]... .--- - : pogocob oa 7 Publication [5.3] - . — er! Disputes to be decided by Copyright Board [5.6]. «+--+ 00° 791 Nationality of author in case of unpublished work [S.7]. .-- + « 792 Domicile of corporations [S. 8]. - - ee) 2 (

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