Presentation on Important

terms of business legislation

Presented by
Vikas Saini
210101010005
 Hundi -  Hundi is an unconditional order in writing made by a person
directing another to pay a certain sum of money to a person named in the
order. Hundis, being a part of the informal system have no legal status and
are not covered under the Negotiable Instruments Act, 1881.
 Promissory note - A promissory note is a legal, financial tool declared by a
party, promising another party to pay the debt on a particular day. It is a
written agreement signed by drawer with a promise to pay the money on a
specific date or whenever demanded.
 Cheque - The cheque is an instrument with an unconditional order,
addressed to the banker. It is signed by the person who has deposited cash in
the bank. A cheque can be issued for a current account or the savings account
and can be used to deposit or pay money to other people through the bank
account.
 Bill of exchange -A bill of exchange is a written order used primarily in
international trade that binds one party to pay a fixed sum of money to
another party on demand or at a predetermined date.
 Oppression - The term 'oppression' is not clearly defined by Company Law
2013, the court of law defines is conduct that involves a visible departure
from the standards of fair dealing and a violation of conditions that require
fair – especially with regard to the right of shareholders.
 Assignment - Assignment is a legal term whereby an individual, the
“assignor,” transfers rights, property, or other benefits to another known
as the “assignee.” This concept is used in both contract and property law.
The term can refer to either the act of transfer or the
rights/property/benefits being transferred.
 Endorsement - the act of the owner or payee signing his/her name to the
back of a check, bill of exchange or other negotiable instrument so as to
make it payable to another or cashable by any person.
 Sans Recourse Endorsement - A clause inserted into an agreement which
indicates that the endorser does not wish to incur liability if the document
of title is not honored. It is essentially saying that the other party is entering
into agreement at his or her own risk.
 Tacit Contract - Tacit contracts are contracts that draw inference from the
conduct of the parties to an agreement. One can say that tacit contracts are
similar to implied contracts. It is also possible to say that tacit contracts are a
subset of implied contracts, and therefore both the contracts go hand in
hand.
 Implied Contract - An implied contract arises from the conduct of the
parties. The contract creates legally binding obligations between parties. The
contract is not based on any written or oral agreement between the parties.
An example of an implied contract is implied warranty arising upon purchase
of a product.
 Doctrine of supervening impossibility - The doctrine of supervening
impossibility or the doctrine of frustration becomes applicable when a
contract becomes impossible to perform due to the happening of some
unforeseen circumstances which were beyond the control or calculation of
the parties involved.
 Principle of Unjust enrichment - A person who has been unjustly enriched
at the expense of another is required to make restitution to the other.
 Indemnity - The word indemnity means security or protection against a
financial liability. It typically occurs in the form of a contractual agreement
made between parties in which one party agrees to pay for losses or damages
suffered by the other party.
 Guarantee - A 'contract of guarantee' is a contract to perform the promise,
or discharge the liability, of a third person in case of his default.
 Law of estoppel - a legal rule which prevents someone from saying in court
that something they have previously stated as true in court, or that has
been established by the court as true, is in fact not true.
 Legal Binding - A “binding contract” is any agreement that's legally
enforceable. That means if you sign a binding contract and don't fulfill your
end of the bargain, the other party can take you to court.
 Pledge - The bailment of goods as security for payment of a debt or
performance of a promise is called 'pledge'. The bailor is in this case called
the 'pawnor'. The bailee is called 'pawnee'. —The bailment of goods as
security for payment of a debt or performance of a promise is called 'pledge'.
 Bailment - A "bailment" is the delivery of goods by one person to another for
some purpose, upon a contract that they shall, when the purpose is
accomplished, be returned or otherwise disposed of according to the
directions of the person delivering them. The person delivering the goods is
called the "bailor".
 Contract of Agency - Contract of the agency is a legal relationship, where
one person appoints another to perform on the transactions on his behalf.
 Implied Contract - An implied contract arises from the conduct of the
parties. The contract creates legally binding obligations between parties. The
contract is not based on any written or oral agreement between the parties.
An example of an implied contract is implied warranty arising upon purchase
of a product.
 Executory contract - Executory Contracts. In an executory contract, the
consideration is either the promise of performance or an obligation. In
such contracts, the consideration can only be performed sometime in the
future, hence the name executory contract. Here the promises of
consideration simply cannot be performed immediately.
 Possession -possession, in law, the acquisition of either a considerable degree
of physical control over a physical thing, such as land or chattel, or the legal
right to control intangible property, such as a credit—with the definite
intention of ownership.
 Discharge of contract - The discharge of a contract occurs when both parties
are refused to perform the obligations can be referred to as discharge by
performance.
 invalid Guarantee - Any guarantee which has been obtained by means of
misrepresentation made by the creditor, or with his knowledge and
assent, concerning a material part of the transaction, is invalid.
 Continuing Guarantee - A continuing guarantee may at any time be revoked
by the surety, as to future transactions, by notice to the creditor.
THANKS
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