...contracts is embodied in the Contract Act, 1872. The law of agency being a branch of the law of contracts, the same is incorporated in the said Act by giving it a full chapter on the subject. Thus sections 182 to 238 of the Contract Act, 1872 deal with the subject of Agency. Special enactments are also there and where a provision of a special Act is in conflict with the provision of the general Act, the former shall prevail unless the special law itself states otherwise. The wisdom behind this principle is to maintain consistency in law and to oust any ambiguity or confusion concerning any subject. PARTIES TO THE CONTRACT OF AGENCY AGENT AND PRINCIPAL: AGENT: Agent is an individual or firm authorized to act on behalf of another (called the principal), such as by executing a transaction or selling and servicing an insurance policy. The agent does not assume any financial risk in the transaction. The function of the agent is to act on behalf of his principal in bringing about a contract between his principal and a third party. The relationship between principal and agent can arise in many ways, by contract under seal or in writing or verbal, by contract implied from the conduct or situation of the parties and by ratification. An agent such as a director has a lot of duties for the company. He must act in good faith in the interests of the company. As well, he has duty to avoid actual and potential conflicts of interest. If the agent breaches his duty, he may be sued by the company...
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...INDIAN LAW SOCIETY'S LAW COLLEGE, PUNE LONGISH TERM PAPER ON COMPARATIVE ANALYSIS OF ARTICLE 299 SUBJECT :- COMPARATIVE CONSTITUTIONAL LAW. SUBMITTED BY:- AJINKYA SALUNKHE LLM-Ist YEAR ROLL NO:- 739 SUBMITED To- Prof.Prashant Gaikwad INDEX. 1) TITLE 2) NATURE OF STUDY 3) SCOPE 4) IMPORTANCE & SIGNIFICANCE 5) LITERATURE REVEIW 6)RESEARCH QUITIONS 7) OBJECTIVES OF RESEARCH 8) CHAPTERISATION 1) Introduction. 2) Article 299 of Indian Constitution. 3) Contract by union & State shall be executed.(299 (1) ) Position of informal...
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...section 11 : “Every person is competent to contract who is of age of majority according to law to which he is subject, and who is of sound mind, and is not disqualified from contracting by any law to which he is subject.” It means that the following three categories of persons are not competent to contract. 1. A person who has not attained the age of majority, i.e., one who is minor. 2. A person who is of unsound mind 3. A person who has been disqualified from contracting by some law. Although the above mentioned categories of persons are not competent to contract, yet they may sometimes be making some bargains, taking some loans, or be supplied with some goods by third parties, or be conferred with some benefits etc., the position of such person in such like situations is being discussed below. THE POSITION OF A MINOR Who is a minor ? A person who has not attained the age of majority is a minor. Section 3 of the Indian Majority Act, 1875 provides about the age of majority. It states that a person is deemed to have attained the age of majority when he completes the age of 18 years, except in case of a person of whose person or property a guardian has been appointed by the Court in which case the age of majority is 21 years. Nature of a minor’s agreement As noted above a minor is not competent to contract. One question which arises in case of an agreement by a minor is, whether the agreement is void or voidable? The Indian contract Act does not have any...
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...Page 1 of 19 PARTNERSHIP It is a CONTRACT whereby two or more persons (1) bind themselves to CONTRIBUTE money, property, or industry to a COMMON FUND (2) with the intention of dividing the PROFITS among themselves or in order to EXERCISE a PROFESSION a STATUS and a FIDUCIARY RELATION subsisting between persons carrying on a business in common with a view on profit CHARACTERISTICS OF THE CONTRACT OF PARTNERSHIP [C, C, L, I, AS, NP] 1. CONSENSUAL perfected by mere consent 2. CONTRIBUTION of money, property or industry to a COMMON FUND 3. object must be a LAWFUL one 4. INTENTION of DIVIDING the PROFIT among the PARTNERS 5. “AFFECTIO SOCIETATIS” the desire to formulate an ACTIVE UNION, with people among whom there exist a mutual CONFIDENCE and TRUSTS 6. NEW PERSONALITY the object must be for profit and not merely for the common enjoyment otherwise only a co-ownership has been formed. HOWEVER, pecuniary profit need not be the only aim, it is enough that it is the principal purpose BUSINESS TRUSTS when certain persons entrust their property or money to others who will manage the same for the former RULES ON CAPACITY TO BECOME A PARTNER 1. a person capacitated to enter into contractual relations may become a partner 2. an UNEMANCIPATED MINOR CANNOT become a partner UNLESS his parent or guardian consents 3. a MARRIED WOMAN, cannot contribute conjugal funds as her contribution to the partnership UNLESS she is permitted to do so by her husband...
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...To be returned to HMSO PC12Cl for Controller's Library R. No. Bin No. Box No. *, y : R0 Z.; Partnership Act, 1890. Year. [53 & 54 VICT] [CH. 39.] ARRANGEMENT OF SECTIONS. Nature of Partnership. Section. Definition of partnership. 2. Rules for determining existence of partnership. 3. Postponement of rights of person lending or selling in consideration of share of profits in case of 1. insolvency. 4. Meaning of firm. Relations of Partners to persons dealing with them. 5. Power of partner to bind the firm. 6. Partners bound by acts on behalf of firm. 7. Partner using credit of firm for private purposes. 8. Effect of notice that firm will not be bound by acts of partner. 9. Liability of partners. 10. Liability of the firm for wrongs. 11. Misapplication of money or property received for or in custody of the firm. 12. Liability for wrongs joint and several. 13. Improper employment of trust-property for partnership purposes. 14. Persons liable by "holding out." 15. Admissions and representations of partners. 16. Notice to acting partner to be notice to the firm. 17. Liabilities of incoming and outgoing partners. 18. Revocation of continuing guaranty by change in firm. 19. 20. 21. 22. 23. Relations of Partners to one another. Variation by consent of terms of partnership. Partnership property. Property bought with partnership money. Conversion into personal estate of land held as partnership property...
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...the personal property of another. 3. Rule of Law:Crime:Theft of services Stealing Services. 4. Rule of Law:Crime:Embezzlement Stealing money entrusted to you. 5. Rule of Law:Crime:Extortion Unlawful obtaining money from another. 6. Rule of law:Crime:Vandelism Willful and malicious destruction of the property of others. 7. Rule of law:Crime: Bribary Offering or receiving something of value to influence a person in the performance of an official duty. 8. Rule of law:Crime: R.I.C.O Under the RICO it is a federal crime for any person to use income derived from a pattern of racketeering activity to acquire an interest in a enterprise. 9. Rule of Law: Intentional Torts: Battery A battery is the intentional and harmful or offensive touching of another without consent. 10. Rule of law: Intentional Torts: Assualt Is placing a person in immediate apprehension of one's physical safety. 11. Rule of Law:Intentional Torts: Assault/Battery Defenses o 1. Self defense is defending yourself and a third party using only enough force that is necessary. o 2. Discipline is a parent using enough force that is reasonable and necessary. 12. Rule of Law: Intentional Torts: False Imprisonment:Defense o False imprisonment is the intentional confinement of another person for an appreciable time without consent. o Defense: Consent 13. Rule of law:Intentional Torts: Defamation of Character Defamation of character is publication of a false statement about a person that brings one into hatred...
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...Executive Summary Various issues in the common law arise when agents make contracts on behalf of principals. Should a principal be bound when his agent makes a contract on his behalf that he would immediately wish to disavow? The tradeoffs resemble those in tort, so the least-cost avoider principle is useful for deciding which agreements are binding and can unify a number of different doctrines in agency law. In particular, an efficiency explanation can be found for the undisclosed-principal rule, under which the agent's agreement binds the principal even when the third party with whom the contract is made is unaware that the agent is acting as an agent. Agency deals with situations in which one person -- the principal-- uses another person -- the agent-- to act on his behalf. Sometimes the acts of the agent are attributed legally to the principal, sometimes not. Clearly, agency is central to business dealings. No owner of a business can do everything himself; he must delegate some things to agents, and this is true not only of large corporations but of sole proprietorships that have employees who work for the owner. In partnerships, the partners act as each other’s agents. And in corporations, the shareholders are completely unable to act on their own behalf; they delegate authority to a board of directors, who in turn delegate authority to the officers of the corporation. In this report we will discuss the formation and types of agencies with a detail analysis of the evident...
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...PARTNERSHIP ( It is a CONTRACT whereby two or more persons (1) bind themselves to CONTRIBUTE money, property, or industry to a COMMON FUND (2) with the intention of dividing the PROFITS among themselves or in order to EXERCISE a PROFESSION ( a STATUS and a FIDUCIARY RELATION subsisting between persons carrying on a business in common with a view on profit CHARACTERISTICS OF THE CONTRACT OF PARTNERSHIP [C, C, L, I, AS, NP] 1. CONSENSUAL ( perfected by mere consent 2. CONTRIBUTION of money, property or industry to a COMMON FUND 3. object must be a LAWFUL one 4. INTENTION of DIVIDING the PROFIT among the PARTNERS 5. “AFFECTIO SOCIETATIS” ( the desire to formulate an ACTIVE UNION, with people among whom there exist a mutual CONFIDENCE and TRUSTS 6. NEW PERSONALITY ( the object must be for profit and not merely for the common enjoyment otherwise only a co-ownership has been formed. HOWEVER, pecuniary profit need not be the only aim, it is enough that it is the principal purpose BUSINESS TRUSTS ( when certain persons entrust their property or money to others who will manage the same for the former RULES ON CAPACITY TO BECOME A PARTNER 1. a person capacitated to enter into contractual relations may become a partner 2. an UNEMANCIPATED MINOR CANNOT become a partner UNLESS his parent or guardian consents 3. a MARRIED WOMAN, cannot contribute conjugal funds as her contribution to the partnership UNLESS...
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...Organizations The following are some important concepts in business organizations: Incorporation The law permits the creation of artificial or legal persons. An example of such is an incorporated company. This means that such an organization has a legal personality separate from its members. Legal Personality Under The English Law, all human beings have a legal personality. A legal personality is made up of a person’s legal rights and duties. However, the extent of these rights and duties is dependent on whether the person is an adult or a minor. A minor has limited rights and few duties. By operation of the law, an incorporated company has a legal personality Limited/unlimited Liability As a result of an incorporated organization having its own legal personality, its members are not generally liable for the debts of the organization. This however is in contrast to a partnership which does not have a legal personality separate from the partners. Here, partners have unlimited liability for partnership’s debts. Also, a sole proprietor has unlimited liability for his business. Forms of Business Organizations Sole Proprietorship/ Trader (One-man business) This is usually a natural person engaged in business without being associated with others. If he engages in business and use a name other than his name then he must register the name of the business under the Registration...
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...energy for completing our reports. We eagerly and most genuinely would like to express our sincere gratitude to respected Faculty, (MD Saiful Islam Jilani) Lecturer, Department of Business Administration, Southeast University for overall supervision of this work, valuable suggestions, reviews and comments during the program. We are also extremely grateful to (Advocates abul hossen ) , Advocates of high court who has sacrificed his valuable time in providing me necessary information and made detailed comments that has contributed to the planning of this report. In addition, we gladly acknowledge the valuable cooperation and assistance we have received from the employees of high court. It will be really injustice if we do not thank them because without their cooperation we could not do anything. Table of content Part -1 • IMMOVABLE PROPERTY ONLY • SALE • MORTGAGE • LEASE • EXCHANGE • GIFTS • ACTIONABLE CLAIM Part – 2 • Definition of Mortgage • References to mortgagors and mortgagees to include persons deriving title from them. • Rights and Liabilities of Mortgagor Right of mortgagor to redeem. • Obligation to transfer to third party instead of re-transference to mortgagor. • Right to inspection and production of documents. • Right to redeem separately or simultaneously. • Accession to mortgaged property • Right of usufructuary mortgagor to recover possession. • Accession acquired in virtue of transferred ownership...
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...agencies of government. Clean hands doctrine a rule of law that a person coming to court with a lawsuit or petition for a court order must be free from unfair conduct (have "clean hands" or not have done anything wrong) in regard to the subject matter of his/her claim. Common law is based on precedent (legal principles developed in earlier case law) instead of statutory laws. It is the traditional law of an area or region created by judges when deciding individual disputes or cases. Constitutional law – a body of law dealing with the distribution and exercise of government power. Criminal Law versus Civil Law – Civil * between you and another citizen (no government involved); * disagreements between citizens were no crime has been committed (only e.g. injury); * designed to compensate parties (including businesses) for losses as a result of another conduct ; * e.g. speeding and parking violations; * don’t result in loss of freedom, though they can result in loss of privileges or fines. Criminal * between you and the government/law; * are a protection of society; * Congress and House of Representatives are involved; * When the individuals break the laws/are against the government; * actions that have been declared illegal; * they are prosecuted by the state (city, state or country); * normally punished with fines and/or loss of freedom through jail or probation; * Both of them can be also combined Jurisprudence is the science and philosophy...
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...parties or outsiders. Step 2: Discuss the Principles of Law Under Section 7(1) of Partnership Act 1895 WA, partnership refers to a structure where two or more persons in a business are acting in common with a view of profit. Partnerships can be formed formally by written agreement which contains the rights and obligations of the partners and facilitates the resolution of disputes within a partnership. However, if the agreement is deficient, Partnership Act will be referred for resolutions. Partnership can also be formed by oral agreement or implied by the conduct of the parties (Harris, Hargovan and Adams, 101-103). Partners in a partnership are in a fiduciary relationship which partners have the duty to act in good faith, including avoid conflicts of interests, not make private profits, not compete with the firm and not disclose confidential information. The rules related to interests, rights and duties of partners will be provided in the written or oral agreement. (Harris, Hargovan and Adams, 131). Nevertheless, they are all being determined based on the Partnership Act 1895 WA – Section 34. Under Section 35(1) of Partnership Act 1895 WA, to expel a partner from a partnership, the power of expulsion has to be stated clearly in the partnership agreement; otherwise, no majority of the partners can expel any partner (Harris, Hargovan and Adams, 138). Section 35(2) of Partnership Act 1895 WA...
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...the agent acts on the principal’s behalf in entering K’s etc…. 1. if done within the scope of the agency (enter into K, etc…) anything done by the agent is binding on the principal 1. principal may be liable in K, tort, property, etc…. (Vicarious liability) ii. question of agency is a factual matter to be determined as a “matter of fact” b. Res 3d Agency 1.01 (definition of “Agency”) i. Agency relationship created when (First Question to ask when dealing with agency) 1. The principal manifests assent to have the agent act on the principal’s behalf and under the principal’s control; and 2. The agent manifests assent or otherwise consents so to act 1. When agency exists the principles of attribution bind’s the principals to agents dealings with third parties 2. manifestation need not be by words (spoken or written), it may be created by conduct/actions i. Agent rx believes that Principal has manifested assent, and has rx accepted ii. (Notes….Legal Consequences of Agency) 1. Inward Looking Consequences: relate to the relationship between the principal and the agent and are largely governed by the contracts between the parties and by the law of fiduciary duties 2. Outward Looking Consequences: relates to the relationship among the principal, the agent, and a third party and are governed by various “principles of attribution” (authority….actual/apparent) 1. Tend to be the primary focus where central issue is agency formation 2. Come about because principals can be held...
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...ways on how a contract can be discharged. First way on how a contract can be discharged is discharge by performance.For discharge by performance to occur, the contract must be exactly or substantially performed, to allow for recovery of the contract price. Partial performance does not allow for recovery of the contract price but payment may be recovered in restitution for the work. Failure to perform a contract according to its terms will be a breach of the contract This can be illustrated by the example of a contract for the sale and purchase of goods. The contract will be performed when goods corresponding to the requirements (description) have been delivered. The case , Re Moore and Landauer [1921]. Moore and Landauer (1921) led to what some may see as a harsh decision. A contract provided for the sale of 3,000 tins of canned fruit. The tins of fruit were to be packed in cases of 30 tins. It was discovered on delivery that half the cases contained only 24 tins although the total number of tins was still 3,000. The market value was not affected. The Court of Appeal invoked the Sale of Goods Act and held that, notwithstanding that there was no loss, the buyer could reject the whole consignment because goods must correspond with the description. Another harsh decision can be found in Cutter v Powell (1795). The facts were that a seaman who was to be paid his wages after the end of a voyage died just a few days away from port. A court ruled that his widow was not able to...
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...Section 7(1) of the Partnership act states that a partnership can be defined as the contractual relationship between two or more persons with a common view for profit. Partnerships don’t always have to be written contracts. They can be deemed as functional partnerships by other means. Informally- Oral Agreement: is where partners agree to start a business in common and proceed to start up a business with a common view of profit by just word of mouth. As shown in the Miah V Khan[2000] UKHL 55; [2001] 1 All ER 20 case. The partnership fell out before operations of the Indian restaurant had began, but even though they had not carried out business together, they were still deemed a partnership because they worked in common and had a common view to profits. Conduct: Partners can be working together and aiding each other in earn profit but not being in a contract together. The partnership act still classifies them as partners .This can be reflected in the Goudberg V Herniman Assoc Pty Ltd [2007]VSCA 12. Williams engaged an artichect to draw up floor plans for the venture and both partners were liable to pay the cost of the plans .Partnerships can be assessed and identified by three main criteria as specified in the Partnerships Act: * The partners have to be carrying on a business - whether it be trade, occupation or profession. * The business has to be carried out in common – Partners have to have the same amount of authority as one another. * There has to...
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