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The purchase price could be in cash or in shares of a predator company or a combination of both. 2) When is a person said to be of unsound mind?
3) What is Misrepresentation? Misrepresentation is a contract law concept. It means a false statement of fact made by one party to another party, which has the effect of inducing that party into the contract. For example, under certain circumstances, false statements or promises made by a seller of goods regarding the quality or nature of the product that the seller has may constitute misrepresentation. A finding of misrepresentation allows for a remedy of rescission and sometimes damages depending on the type of misrepresentation. 4) Is past consideration valid in Indian Law? When the consideration of one party was given before the date of promise, it is called past consideration. Suppose X does a work for Y (without expecting any payment) in the month of January. However, in February, Y promises to pay some money. Here, the consideration of X is past consideration. Under Indian Law, past consideration is good consideration because the definition of consideration is section 2(d) includes the words has done or abstained from doing . 5) Define a contract of Insurance? An insurance contract is a "contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder." 6) What is Negotiable Instrument? A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. According to the Negotiable Instruments Act, 1881 in India there are just three types of negotiable instruments i.e., promissory note, bill of exchange and cheque. 7) Define the term goods . Goods are the articles, creations, properties that are made purchased or otherwise possessed for the purpose of transferring them for a price or consideration in the course of business. 8) Under what circumstances the rule of Caveat Emptor is applicable? Caveat Emptor (Let the buyer beware) is a warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects. When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs. This rule is not designed to shield sellers who engage in Fraud or bad faith dealing by making false or misleading representations about the quality or condition of a particular product. It merely summarizes the concept that a purchaser must examine, judge, and test a product considered for purchase himself or herself. 9) Explain the term Property in Goods. The property in the goods is said, to be transferred from the seller to the buyer when the latter acquires the proprietary rights over the goods and the obligations linked thereto. 'Property in Goods' which means the ownership of goods, is different from ' possession of goods' which means the physical custody or control of the goods.
a court order requiring performance exactly as specified in the contract. both parties in under a contract must receive something. This is not a valid contract. of that which is not true. and not as a regular business. (5) any such act or omission as the law specially declares to be fraudulent. 13) Define Corporate Veil . except in real estate transactions and other unique property. (4) any other act fitted to deceive. 12) What is a Bill of Lading ? A bill of lading (BL .this is money given to punish a person who acted in an offensive and egregious manner in an . (4) Liquidated Damages . or to induce him to enter into the contract.sometimes referred to as BOL or B/L) is a document issued by a carrier to a shipper. So. or by his agents. by one who does not believe it to be true.only recoverable if expressly provided for in the contract. 11) Who is a private carrier? Private Carrier is one who provides transportation or delivery of goods for money. as the courts do not want to get involved with monitoring performance. (1) the suggestion as a fact. If only one side gets "consideration" then its not a valid contract. (2) Consequential and Incidental Damages . there would be potential losses if there was a breach. at the time of the contract. Discuss It means. if I get the money and I don t get the car for whatever reason. just for the particular instance. (3) Attorney fees and Costs . I want to buy your car for $500. Example. Fraud and its effect on the validity of contract. "Fraud" means and includes any of the following acts committed by a party to a contract. Legal concept that separates the personality of a corporation from the personalities of its stockholders (shareholders). with intent to deceive another party thereto his agent. On the flip side. then there is NO mutual consideration as I am paying the money but I am getting nothing for it.these are damages specified in the contract that would be payable if there is a fraud. This remedy is rare.money for losses caused by the breach that were foreseeable. A contract is voidable on the grounds of Fraud. Public Company Private Company 15) What is the difference b/w Direct and Indirect Taxes? Direct Taxes Indirect Taxes Section B:Consideration is essential and necessary element of binding contract . but have not yet been received by the purchaser. Remedies in case of breach of contract. (3) a promise made without any intention of performing it. acknowledging that specified goods have been received on board as cargo for conveyance to a named place for delivery to the consignee who is usually identified. (1) Compensatory Damages . (2) the active concealment of a fact by one having knowledge or belief of the fact. and protects them from being personally liable for the firm's debts and other obligations. (5) Specific Performance . This is mutual consideration. Foreseeable damages means that each side reasonably knew that.money to reimburse you for costs to compensate for your loss.10) When are goods deemed to be in transit? Goods in transit refers to merchandise and other inventory items that have been shipped by the seller. (6) Punitive Damages . or with his connivance. I get $500 and I get a car. 14) Distinguish between Public and Private Company.
. Yet it is possible for speculators to gamble with insurance by investing money in mutual insurance funds in the hope of a greater return.the terms of the contract are changed to reflect what the parties actually intended. You generally cannot collect punitive damages in contract cases. though the time the outcome is revealed is listed on a schedule. Insurers are seeking to prevent catastrophic losses when probable events like fires and earthquakes occur.117) The liable party should compensate all the charges like noting and protesting etc. -Compensation to holder of the instrument -Re-exchange in case foreign holder of instrument -Compensation to endorser (with 18% interest) -Re-draft Penalties for dishonored cheques by insufficiency of funds (sec.138) -imprisonment which may extend to 2 years or fine twice the amount or both . (8) Reformation . is seen as good. You cannot sue for the unpaid gambling debt. Wagering is an attempt to earn money. Insurance.the contract is canceled and both sides are excused from further performance and any money advanced is returned. flood insurance only pays when property in a flood plain is damaged in a flood. Differences in Legal Enforcement Wagers are not enforceable in court. If so. Wagering and gambling have historically been condemned by organized religions as a challenge to pre-destination as ordained by the divine. Rules as to compensation (sec. only the timing is unknown. the insured party can sue for payment. Wagers cover arbitrary events like dog races or lotteries. the act of mitigating the risk of total disaster. Differences in Events Insurance covers losses in case of specific events. The only restrictions are that premiums were paid and that the damage is covered by the insurance contract.effort to deter the person and others from repeated occurrences of the wrongdoing. (7) Rescission . Bill Of Exchange There are three parties namely drawer. drawee and payee The drawer and payee may be the same person There is an unconditional order to drawee to pay according to the drawer s direction Payable after sight must be accepted by the drawee or someone else on his behalf before it can be presented for payment Promissory Note There are only two parties viz maker and payee Maker cannot be the payee Contains an unconditional promise by the maker to pay to the payee or to his order Presented for payment without any prior acceptance by the maker Liability of a maker of promissory note is primary and absolute. The outcome is unknown. The liability of the drawer is secondary and conditional Rules determining the amount of compensation payable in case of dishonor of instrument. The risk is known. Is contract of Insurance a wager? Explain. Insurance contracts are legally enforceable in court. Insurance only pays to repair or replace destroyed property. dated and signed two-party instrument containing an unconditional promise by the maker to pay a definite sum of money to a payee on demand or at a specified future date. For example. There is no profit motive in insurance. Differences in Intent Gamblers take unnecessary risks. A promissory note is a written. Distinguish from Bill of Exchange. Define Promissory note.
the seller can resale the goods. In agreement to sell. A contract of sale is a legal contract of an exchange of goods. In agreement to sell.Contract of Sale. case of sale risk passes along with the property In sale seller has no right to resale the goods because ownership has been passed On insolvency of buyer. Difference b/w Sale and Agreement to Sell. . risk is also not transferred. services or property to be exchanged from seller (or vendor) to buyer (or purchaser) for an agreed upon value in money (or money equivalent) paid or the promise to pay same. The original buyer can only claim damages for breach of contract. if buyer becomes insolvent the seller can refuse to deliver the goods unless he is paid in full. Agreement to sell creates jus-in-personam (right against an individual) In case of agreement to sell as the property is not transferred. Sale Sale is an executed contract In sale property transfers immediately at the time of sale A sale creates jus-in-ram (right against the whole world). In agreement to sell. Agreement to sell Agreement to sell is an executory contract In agreement to sell property is transferred after sometime. the buyer cannot compel the seller. It is a specific type of legal contract. the official receiver can claim delivery of goods from the seller in case of sale On insolvency of seller in sale the buyer can compel official receiver to deliver the goods to him.
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