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± DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME ± World¶ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL
www.afterschoool.tk 10/11/2010www.aftersch oool.tk
AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS
INDIAN CONTRACT ACT
Dr. T.K. Jain.
Centre for social entrepreneurship Bikaner M: 9414430763 email@example.com www.afterschool.tk, www.afterschoool.tk
www.afterschoool.tk 10/11/2010www.aftersch oool.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 2
10/11/2010www. it becomes a promise. forming the consideration for each other.What is a agreement? Every promise and every set of promises. promise cannot be one sided.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 3 .. . Only a mutual promise forming consideration for each other is µagreement¶.aftersch oool.A person makes a proposal (offer). [section 2(e)]. When it is accepted by other. is an agreement. However.
[section 2(d)]. or does or abstains from doing. something.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 4 . such act or abstinence or promise is called a consideration for the promise. the promisee or any other person has done or abstained from doing. or promises to do or to abstain from doing. 10/11/2010www.What is a consideration? When.aftersch oool. at the desire of the promisor.
All agreements are not contract.aftersch oool. . Lawful object Free consent of both parties 10/11/2010www. Only those agreements which are enforceable by law are µcontracts¶.Conditions of a contract« Offer and acceptance. * proposal and its communication * acceptance of proposal and its communication * Agreement by mutual promises * Contract * Performance of Contract.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 5 ..
but not at the option of the other or others.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 6 . Voidable contract is there in following cases : Coercision Misrepresentation Fraud 10/11/2010www. [section 2(i)].aftersch oool.What is a voidable contract? An agreement which is enforceable by law at the option of one or more of the parties thereto. is a voidable contract.
It is an obligation which law created in absence of any agreement.What is a quasi contract? Quasiµ means almostµ or apparently but not reallyµ or as if it wereµ. This term is used when one subject resembles another in certain characteristics but there are intrinsic differences between the two.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 7 . or supply of necessity or other such conditions. Quasi contractµ is not a contractµ. There are certain relations resembling those created by contract ± like finder of a lost goods.aftersch oool. It is based on equity.. 10/11/2010www.
aftersch oool. as much as earned by himµ. The principle is that even when contract comes to a premature end. In such case. the party should get amount proportional to the work done/services provided/goods supplied 10/11/2010www. he is entitled to get a proportionate amount i. This is not by way of damagesµ or compensation for lossµ. if a party has executed part of contract.e. A contract may come to end by * breach of contract * contract becoming void or * Voidable contract avoided by party.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 8 .Quantum meritus It means : as much as earnedµ.
e.aftersch oool. The goods are to be returned after the purpose is over. In bailment. when the purpose is accomplished. A ³bailment´ is the delivery of goods by one person to another for some purpose. upon a contract that they shall. be returned or otherwise disposed of according to the directions of the person delivering them. And the person receiving the goods is called µbailee¶.Bailment It is act of delivering goods for a specified purpose on trust. ownership is not transferred. but property i. possession of goods is transferred.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 9 . 10/11/2010www. The person delivering the goods is called the ³bailor´.
or who is so represented.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 10 .Who is an agent? An ³agent´ is a person employed to do any act for another or to represent another in dealings with third persons. is called the ³principal´ [section 182] 10/11/2010www. The person for whom such act is done.aftersch oool.
Consideration is not necessary for creation of agency also.aftersch oool. a contract which is based on natural love.Is consideration necessary in contract? Yes. 10/11/2010www. an agent is entitled to get remuneration as per contract. but there are some exceptions agreement between husband and wife.. if there is an agreement. However.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 11 .
aftersch oool. 10/11/2010www.When agency cannot be terminated in the middle? Agency coupled with interest (section 202) * Agent has already exercised his authority (section 203) * Agent has incurred personal liability.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 12 .
aftersch oool.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 13 . 10/11/2010www.What are the duties of the principal? * Pay remuneration to agent as agreed * Indemnify agent for lawful acts done by him as agent * Indemnify Agent for all acts done by him in good faith * Indemnify agent if he suffers loss due to neglect or lack of skill of Principal.
tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 14 .aftersch oool.Rights of the principal? Recover damages from agent if he disregards directions of Principal * Obtain accounts from Agent * Recover moneys collected by Agent on behalf of Principal * Obtain details of secret profit made by agent and recover it from him * Forfeit remuneration of Agent if he misconducts the business 10/11/2010www.
* Agent s duty to pay sums received for principal [section 218] * Agent s duty on termination of agency by principal s death or insanity . * Agent s duty to communicate with principal [section 214] * Not to deal on his own account.aftersch oool. in business of agency [section 215].[section 209]. 10/11/2010www.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 15 .What are the duties of agents towards principal? * Conducting principal¶s business as per his directions * Carry out work with normal skill and diligence * Render proper accounts [section 213].
aftersch oool. 10/11/2010www.What are the duties of the principal * Pay remuneration to agent as agreed * Indemnify agent for lawful acts done by him as agent * Indemnify Agent for all acts done by him in good faith * Indemnify agent if he suffers loss due to neglect or lack of skill of Principal.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 16 .
10/11/2010www.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 17 .aftersch oool.About AFTERSCHO OL PGPSE .World¶s most comprehensive programme on social entrepreneurship ± after class 12th Flexible ± fast changing to meet the requirements Admission open throughout the year Complete support from beginning to the end ± from idea generation to making the project viable.
tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 18 .aftersch oool.Branches of AFTERSCHO OL PGPSE programme is open all over the world as free online programme. 10/11/2010www. Those who complete PSPSE have the freedom to start branches of AFTERSCHO OL A few branches have already started one such branch is at KOTA (Rajasthan).
and commitments. sharing.Workshop on social entrepreneurship We conduct workshop on social entrepreneurship ± all over India and out of India also . 10/11/2010www.in school. college.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 19 . association or any such place .aftersch oool. These workshops are great moments of learning.just send us a call and we will come to conduct the workshop on social entrepreeurship. club.
articles / reports writing & presentation of them in conferences / seminars 3.FREE ONLINE PROGRAMME AFTERSCHO OL is absolutely free programme available online ± any person can join it. Study material / books / ebooks / audio / audio visual material to support the study 4. case studies ± writing and analysing ± using latest tools of management 2.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 20 .aftersch oool. The programme has four components : 1. business plan preparation and presentations of those plans in conferences / seminars 10/11/2010www.
tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 21 .100% placement / entrepreneurship AFTERSCHO OL has the record of 100% placement / entrepreneurship till date Be assured of a bright career ± if you join AFTERSCHO OL 10/11/2010www.aftersch oool.
Pursue professional courses along with PGPSE AFTERSCHO OL permits you to pursue distance education based professional / vocational courses and gives you support for that also. Many students are doing CA / CS/ ICWA / CMA / FRM / CFP / CFA and other courses along with PGPSE.aftersch oool.tk AFTERSCHO OL's MATERIAL FOR PGPSE PARTICIPANTS 22 . Come and join AFTERSCHO OL 10/11/2010www.
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