legal business for business Flashcards
(45 cards)
What does Business Law refer to?
Rules and regulations governing commercial interactions, including contract law, company law, and partnership law.
Define Jurisprudence.
Philosophical or theoretical study of law, exploring the origin, meaning, purpose, and interpretation of laws.
What is the highest court in the Indian legal system?
Supreme Court.
List the structure of the Indian Legal System.
- Supreme Court
- High Courts
- District and Subordinate Courts
Define a contract as per Section 2(h) of the Indian Contract Act, 1872.
An agreement enforceable by law.
What are the essential elements of a valid contract?
- Offer and Acceptance
- Free Consent
- Lawful Consideration
- Capacity to Contract
- Lawful Object
- Certainty and Possibility
- Intention to Create Legal Relationship
- Not expressly declared void
What are the types of contracts?
- Valid
- Void
- Voidable
- Illegal
- Unenforceable
- Executed
- Executory
- Express
- Implied
- Quasi-contract
How can contracts be discharged?
- By performance
- By mutual agreement
- By impossibility
- By operation of law
- By breach
What are the types of breach of contract?
- Actual
- Anticipatory
List the remedies for breach of contract.
- Damages (compensatory, nominal, punitive)
- Specific performance
- Injunction
- Rescission
- Quantum Meruit
Define Agency.
A relationship where one person (agent) is authorized to act on behalf of another (principal).
How can an agency be created?
- Express agreement
- Implied by conduct
- Agency by estoppel
- Agency by necessity
- Agency by ratification
What are the types of agents?
- General agent
- Special agent
- Mercantile agent
- Sub-agent
- Co-agent
What are the duties of an agent?
- Follow instructions
- Exercise reasonable care and skill
- Render proper accounts
- Act in good faith
How can an agency be terminated?
- By mutual agreement
- Revocation by principal
- Renunciation by agent
- Death/insolvency
- Completion of agency
Define Sale as per Section 4 of the Sales of Goods Act, 1930.
Transfer of property in goods for a price.
What is an Agreement to Sell?
Future or conditional transfer of goods.
List the types of goods.
- Existing Goods (specific, ascertained, unascertained)
- Future Goods
- Contingent Goods
What is the difference between a Condition and a Warranty?
- Condition: Essential to main purpose
- Warranty: Secondary provision
What does the Doctrine of Caveat Emptor state?
Let the buyer beware – Buyer must examine goods before purchase.
When does ownership of goods pass?
- When goods are specific and put in deliverable state
- Contract specifies time of transfer
- Unascertained goods become ascertained
What are the seller’s and buyer’s duties under a sales contract?
- Seller’s Duty: Deliver goods
- Buyer’s Duty: Accept and pay
Define Partnership as per Section 4 of the Partnership Act, 1932.
A relationship between persons who have agreed to share profits of a business carried on by all or any of them acting for all.
List the essential elements of a partnership.
- Agreement between two or more persons
- Sharing of profits
- Mutual agency
