K.K. SOLUTIONS.

BUSINESS LAW.

Change of place of registered office within a state.

K.K. SOLUTIONS.
BUSINESS LAW.

Contract of Agency-- Two parties.

GuaranteeThree parties.

Contract of

Contract of BailmentTwo parties.

IndemnityTwo parties.

Contact of

K.K. SOLUTIONS.
BUSINESS LAW.

K.K. SOLUTIONS.
BUSINESS LAW.

Instruments --- A written document by which a right is created in favour

of some person
Possession of an instrument

Type of negotiable instrument

K.K. SOLUTIONS.
BUSINESS LAW.

Partners nor known to the world --- Dormant partner

K.K. SOLUTIONS.
BUSINESS LAW.

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BUSINESS LAW.

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BUSINESS LAW.
MATCH THE FOLLOWING:Jus impersonal
person

Right against a particular

Handling over the key of a go down

Symbolic delivery

Different buyers try to buy the goods

by outbidding each other

Auction

Auction

Goods are sold to that buyer

who gives highest price

MATCH THE FOLLOWING:An offer made by a offerer to definite person

Communication of proposal
A promise to purchase one more lucky stone if the
Not enforceable & binding
previously bought lucky stone
proves lucky
Tenders are invited for the supply of certain specified goods
Specific offer
Person entering only for the benefits of the partnership firm
Minor

MATCH THE FOLLOWING:Mercantile agent

No authority to sell

Buyer gets a good title to the goods

joint owners
A bill of exchange was received but dishonored
seller
Sale by a Pawnee or pledge
tide to die goods

Sale by one of
Unpaid
Buyer gets a good

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Sale

Property in goods is
transferred from buyer to seller

Transfer of property in goods

For the price

Seller and buyer

sale of goods

Parties to the contract to the

A term contract of sale

to sell

Both sale and agreement

MATCH THE FOLLOWING:Formation of legal relationship

Contract

Promisor and promise

An offer

Cross offer
identical offer

When two parties make

Every promise and set of promise forming

formation of a contract consideration for each other

Essential for

MATCH THE FOLLOWING:No actual transfer of property at time of contract

sell

Agreement to

Conditional or absolute
A seller guilty of fraud
Damages to the goods by a third party
can take action

Only owner

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:A mercantile agent is in possession of goods

with the consent of the seller
Appropriation of goods

Exceptions
Sale shall be valid

Performance of the contract of sale

Sale by owner

Only owner can take action

by a third party

Damage to goods

MATCH THE FOLLOWING:Invitation to offer

Catalogues

Quotations ;

General offer of reward to the public is made

Actual offer
by giving an advertisement in the news
paper
The rule of estoppels is not applicable
fact

Mistake of

Agreement with or by minor

Void

MATCH THE FOLLOWING:A contract which ceases to be enforceable by law

Void contracts

An agreement to act impossible in itself void

performance

Possibility of

Lax non cogit ad impossibilia

The law does not compel

in any way to do what is
impossible

Agreement, the meaning of which is not certain

Void
Agreement
or capable of being made certain

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Jus impersonal

individual

Right against particular

Auction

Goods are sold to that buyer

who gives highest bid/price

Handling over Key to go down

Symbolic delivery

Different buyers try to buy the same goods

by outbidding each other

Auction

MATCH THE FOLLOWING:The person making the proposal

Promisor

All contracts other than formal contracts

contracts
A minor can not be a partner
firm

Simple
Partnership

The validity of contracts depends upon their form

Formal
contracts
only and no consideration is required in such
contracts

MATCH THE FOLLOWING:When the properties in goods has not passed to the buyer
Right to sue for price
No notice of resale is given to the buyer, the unpaid seller
Purchase price
is entitled to
Right to sue for the interest
unpaid seller

Rights of an

Seller expressively reserve a right of resale

surplus, if any on sale

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To retain

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:A holding company control over a subsidiary company

Holding company
Documents includes any notice, circulation, advertisement, etc
Prospectus
Govern the internal affairs of the company
Articles of association
Constitution and objects of the company
Memorandum

MATCH THE FOLLOWING:Impossibility is known to the parties to the

Absolutely
void
contract at the time of contract
Non- occurrence of a particular state of thing
impossibility

Supervening

Ways of discharging a contract

goods and money

Tender of

Remedy against the guilty party when there

the contract
is a breach of contract

Recession of

MATCH THE FOLLOWING:National commission may pass an order to pay cost

frivolous complaint

Vexation or

Appeal in the Supreme court from the order of the

30 days
National commission

Filed within

Protection of action taken in good faith

No complaint

Complaint fails or omits to comply any order passed

Imprisonment
for not less then 1 month
by District forum

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Caveat Emptor

Let the buyer beware

Actual delivery

Physical delivery

Delivery

Voluntary transfer of passion of

goods from one person to
another

The goods should be of such quality and

Merchantable
quality
they are commercially saleable under the
description by which they are
known in the market

MATCH THE FOLLOWING:Any joint or co-owners of the property sharing profits

Not partners
resulting of the transaction
relating to joint property
Persons who are entered into partnership with alone
Partners
another are called individually
The name under which the new partnership business
Firm name
is carried out
Any person who is an outsider, having contracts or
party
true relationship with the firm

Third

MATCH THE FOLLOWING:The person whom the promissory note has been endorsed
Holder
A bill of exchange
stamped

Must be

Implied authority to contracts debts and pledge the credits of the

family
Karta of HUF
A bill of exchange is payable
expiry of a time

At the

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Commission of some sort of crime

Illegal acts

A promise to pay what a third party shall determine

Wagering agreements (enforceable)
is perfectly void in a
contingent contract
Avoid contract formed but subsequently become void
of goods ( wagers)
The promise must be conditional one

Tender

Promise to pay under

various Insurance policies

MATCH THE FOLLOWING:An endorser gives up some right under the

Facultative
endorsement
instrument by express words
Negotiable instrument can be transferred
endorsement & delivery

Negotiation by

Endorsement are irregular and faulty

cheque by bank

Reasons to return

Unsecured bearer cheque

cash be self

Issued for withholding

MATCH THE FOLLOWING:Drunkards when under the influence of drugs

unsound mind
Contracts entered into with minor

Persons of
Void

A consideration subsist in only words and its

Unreal
consideration
performance is physically impossible
Persons who are devoiced of any thinking power

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Idiots

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Persons whose mental powers are deranged

Lunatic
because of some mental strain
Acts such as fear: a threat to beat, physical
compulsion menace to goods; etc

Coercion

It must be done by the party or his agent

Fraud

Contracts with minor for necessities of life

Valid contract

MATCH THE FOLLOWING:Any party deceiving another party by concealing

Fraudulent
object
any material fact relating to contract
Damages which are very heavy in amount

The object or
consideration of an
agreement

Consideration to injure any person or property of

agreement
another party
Defeat the provisions of any law
Specific performance

Unlawful
Unlawful agreement

Attempted performance

MATCH THE FOLLOWING:Mutual and independent promises

perform his promise

Each party has to

Promises to be performed simultaneously

concurrent promises

Mutual &

Transfer of rights and benefits under a contract

Assignment
Termination of the relationship between the
a contract
parties to a contract

15

Discharge of

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:An agreement not to prosecute any offender or criminal

prosecution

Stifling

Agreement for threatening pleader, witness, etc

with course of justice

Interference

Where consideration is an act of sexual immorality

Illegal

Agreement by way of champerty & maintenance

void

Not absolutely

MATCH THE FOLLOWING:Contract caused by a mistake as to any law in force in India

Performance at proper time
No relationship between promisor and promise
promises

Dependent

A contract entered with pardashin woman who

Presumed to
have been entered by observes complete seclusion of the action
undue influence
Criminal offence

Fraud

MATCH THE FOLLOWING:No consideration, no contract

to completed gifts

Not applicable

Some act or forbearance or promise: suffered or

No
consideration
made by the promisor for the promise
A promise given to pay in whole or in part of
necessaries
past voluntary services
Creating an agency

Supply of

Binding & enforceable

without consideration

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Demand of cheque amount by giving notice

Mandatory

Cancelling a cross

Material alteration

Cross an uncrossed cheque

alteration

Immaterial

Procedure of bank
customers norms

Know your

MATCH THE FOLLOWING:Modus et convention vincit legam

agreement overrule law

The customs &

The buyer must get the goods that was

description
described in the contract

Correspond to

What is expressed makes what is implied to cease

facit ceassare tacitum

Expressum

Transfer of property in goods

delivery

Constructive

MATCH THE FOLLOWING:General offer of reward to the public is made

Quotations,
Catalogues
by giving an advertisement in newspaper
Agreement with or by a minor
void

Absolutely

Invitations to offer

Actual offer

The rule of estoppels is not applicable

fact

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Mistake of

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Transfer of property in goods

important object

Very

The buyer must get the goods that was

description
described in the contract

Correspond to

Modus et convention Vincent legam

delivery

Constructive

What is expressed makes what is implied to cease

facit ceassare tactum

Expressum

MATCH THE FOLLOWING:An agent is a person who represents

person

Another

Minor is not himself liable to

Principal

Act of agent is

Act of principal

The authority of an agent may be

implied

Expressed or

MATCH THE FOLLOWING:National Commission

Delhi

Situated in New

Appeal in the Supreme court

Against the order passed

by the National
Commission

Transfer of cases from the District Forum

Judriation of
National Commission
to one State to the District Forum of
another State
Parties or their agents appear before the
National Commission

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Obligatory

K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Agent

Act diligently

Bailor

Owner of goods

Bailee
goods

To take care of

Bailment means

To deliver goods

MATCH THE FOLLOWING:Retirement of partner

partners

Voluntary act of

Dissolution of firm
the firm

Evidence against

Copy must be published in the Local Official

Mode of
Public notice
Gazette and one copy to be sent to Registrar
Office
Partners make any admission concerning the
with the term of the business of the firm
agreement of partnership
Reconstitution

In accordance

Effect of admission

MATCH THE FOLLOWING:Constitute to be liable to the third party

A partner retiring from

his firm fails to give
public notice

No agents for each other

Liability of firm

No separate legal entity

Partnership

Partnership firm

Mutual Agents

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:Joint ownership of property

evidence of partnership

Prime facie

Share in profit

Co-ownership

Joint Hindu Family business

Hindu Law

No business is carried out and is

Society
not a profit carrying organization

MATCH THE FOLLOWING:Non occurrence of a particular state of thing

contract

Supervening

Impossibility is known to the parties to the

Initial
impossibility
contract at the time of a contract
Remedy against the guilty party when there
the contract
is a breach of contract

Recession of

Way of discharging a contract

goods and money

Tender of

Absolutely void

Contingent contract

MATCH THE FOLLOWING:State commission

Central Government

Established by

Deficiency

Inadequacy in the
quantity & nature of
goods

National Consumer Dispute Redressal

District Forum
Redressal Forum

Not required
Consumer Dispute

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K.K. SOLUTIONS.
BUSINESS LAW.

MATCH THE FOLLOWING:A partner by holding out

represents himself as partner

An outsider who

Performs acts in emergency

Right of a partner

Right to receive advance by a partner

The authority of a partner

Debtor
Subject to the contract

Creditor
his acts

The partner to binds himself to

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K.K. SOLUTIONS.
BUSINESS LAW.

Multiple Choices Important Questions:1. The essential qualifications o a holder in due course must be a
Holder for a valuable consideration
Holder
Holder of the negotiable instrument
Finder of an instrument
2. Agency may be created in any one of the following ways
Agency by Friendship
Agency by express Agreement
Agency by implied agreement
Agency by estoppels or by holding out
3. There are three redressed agencies for the settlement of the
dispute for the consumer
District forum
State commission
State commission
District court
4. The memorandum of a company shall be
Divided into paragraphs numbered consecutively
Printed
In English language only
Signed by each subscriber
5. Delivery of wrongful quantity may be delivery of goods
Less than contracted for
In excess of the quantity contracted for
Contracted for mixed with other goods
Of 1000 no of cotton bundles
6. If the seller sells the goods, even though he is not the owner of
the goods the buyer gets a goods tide to die good in cases
where a sale is by
A person who finds the lost goods under certain
circumstances
A Pawnee of a pledge under certain circumstances
An official assignee or liquidator
A member of a family
7. Every Prospectus shall state the matters specified in part I of
schedule II of the companies Act issued by
Or on behalf of any person engaged in formation of company
Experts not engaged or interested in the formation of
company

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K.K. SOLUTIONS.
BUSINESS LAW.
Or on behalf of a company
Or on behalf of any person interested in formation of
company
8. Under section 2(I) (II) of consumer protection Act, members
includes the president and a member of the
National commission
District forum
State commission
City forum
9. The District forum has power within the state to
Transfer complaint in any other District forum within the
state
File a complaint
Entertain a complaint
Entertain complaint on any subject matter
10.

The party defrauded can

Avoid or rescind the contract
Sue for damages in the court
Insist for the performance
Continue with the contract

11.
Contents of a complainant under the consumer disputes Act
are
Issuing of commission for the examination of witness
The relief that the complainant claims
The facts relating to the complainant
Attachment of the documents
12.

The companies having Articles are

Company limited by guarantee
Unlimited Company
Public Limited Company
Company limited by shares

13.
The conditions must be fulfilled before a seller can be
deemed to be an unpaid seller are that he must be
Have sold goods against cash and the price must be due
Unpaid either wholly or partly
Have an immediate right of action for the price
Have not sold the goods for price
14.
A Sleeping partner is one who
Share in the profit
Does not take any active part
Invest capital

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K.K. SOLUTIONS.
BUSINESS LAW.
It is disclosed principal
15.

Right of an unpaid seller against the buyer personally are

Right to sue for price
Right to repudiate the contract
Right to sue for damages
Right to waive off the price

16.

Fraud includes
Concealment to fact
Promise without intention to perform
Silence equivalent to speech
Any act to deceive

17.

The prospectus is
A document raising share capital
Issued to invite the subscription to shares
A prospectus can be, any notice
Invitation made to individual

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BUSINESS LAW.

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