13Oct 2018 by admin

Brief Notes on Mercantilism Theory of International Trade

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Mercantilism, the first theory of international trade emerged in England in the middle of 16th century, formed the backbone of economic thought from 1500-1800 AD. The basic premise or philosophy of this theory is that a country would be stronger if its exports exceeded imports. In the process, the country would accumulate gold and silver, the basis of power and wealth.Consistent with this philosophy, government subsidised exports and put barriers to imports. The mercantilists were interested in a surplus in balance of trade, than maximisation of trade. Some colonialist countries used their colonies to support this objective.Colonies were used as source of raw materials and markets for finished products. The industrial structure of colonies was broken so that markets for export goods can be there. This kind of exploitation was…
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11Oct 2018 by admin

Difference between Article 64 and Article 65 of Limitation Act

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Article 65 relates to suits for possession based on title while Art. 64 deals with suits based on possession and not on title. In the case of Art. 64, the onus lies on the plaintiff to prove his possession within 12 years, while in the case of Art. 65 it is for the defendant to prove when his possession became adverse. In a suit governed by Art. 64 the nature of possession is not material but under Art. 65 the possession to be a material is adverse possession of the defendant. Image Source: grandlifestyle.com ADVERTISEMENTS: In Ramaiah v. N.R. Narayana Reddy, (2004 AIR SCW 4695), it is pointed out by the Supreme Court that the Article 64 is restricted to suits for possession on dispossession or discontinuance of possession, whereas…
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10Oct 2018 by admin

6 Important Characteristics by Which People Differ (According to Psychologists)

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People differ in many characteristics. But Psychologists have taken interest in the following characteristics: 1. Differences in Abilities: The term ‘ability‘ includes both what a person can do now and what he can learn to do in future. A motor mechanic has mechanical ability, a film actress the ability for acting, and a singer the ability for singing. From their present performance, we know that they possess these abilities. Good many of us could repair motor cars, act, or sing, if we were trained. So good many of us, too, have these abilities. image source: creatingpositivefutures.com ADVERTISEMENTS: Some motor mechanics quickly find out what is wrong with a car while others take much longer. Similarly, training benefits some persons more than it benefits others. So we see that there are…
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10Oct 2018 by admin

Section 294 of Indian Penal Code, 1860 – Explained!

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Legal Provisions of Section 294 of Indian Penal Code, 1860.Obscene acts and songs:Doing any obscene act in a public place or singing etc. any obscene songs in such a place has been made an offence under this section. The section states that whoever annoys others by either doing any obscene act in any public place, or by singing, reciting or uttering any obscene songs, ballad or words, in any public place or near it, shall be punished with simple or rigorous imprisonment for a term extending up to three months., or with fine, or with both. Image Source: absinthe.com.a ADVERTISEMENTS: The section requires doing of any obscene act, or signing, reciting or uttering of any obscene songs, ballad or words. While the former must be in any public place, the…
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09Oct 2018 by admin

What is the Period of Limitation for a Suit against a Carrier for Compensation for Non-delivery of or Delay in Delivering Goods?

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Article 11: (Art. 31 of the Act 1908):The period of limitation for a suit against a carrier for compensation for non-delivery of or delay in delivering goods is three years and the time of limitation runs from the time when the goods ought to be delivered. Image Source: redlinecourierservice.com ADVERTISEMENTS: Articles 10 and 11 contemplate suits against a carrier. The expression ‘carrier’ has not been defined in the Limitation Act. The expression ‘common carrier’ is defined in the Carrier’s Act in Section 2 as follows:“A common carrier denotes a person engaged in the business of transporting for hire property from place to place by land or inland navigation. In Rahim Saheb v. Governor General of India, [(1955) MLJ 406], it has been held that the definition of ‘common carrier’ as…
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09Oct 2018 by admin

What is the Period of Limitation for a Suit for an Account and a Share of the Profits of a Dissolved Partnership?

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Article 5:The period of limitation for a suit for an account and a share of the profits of a dissolved partnership is three years and the time from which period begins to run is the date of the dissolution. Image Source: thomasnevin.files.wordpress.com ADVERTISEMENTS: Partnership relationship arises as a result of agreement between the two or more persons pertaining to a business carried on by them collectively. The Article 5 contemplates a suit between the partners inter se and does not apply to an account by a partner against a sub-partner. The Article 5 would not apply unless a partnership is dissolved.In Veronika v. Philips, (1975 Ker.LT 182), it has been held that for applicability of Article 5 the following ingredients are necessary to be fulfilled:(i) There should have been a…
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09Oct 2018 by admin

What is the Period of Limitation for a Suit for Specific Performance of a Contract?

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Article 54: (Art. 113 of the Act of 1908):The period of limitation for a suit for specific performance of a contract is three years and the time of limitation starts to run from the date fixed for the performance, or, if no such date is fixed, when the plaintiff has notice that performance is refused. Image Source: ndieambassador.com ADVERTISEMENTS: According to the Contract Act, a ‘contract’ is an agreement enforceable by law. A contract is an agreement between two or more persons by which rights are acquired by one or more parties to define acts or forbearances on the part of other or others. So the contract is an agreement resulting its obligation. The ‘specific performance of a contract’ means its actual execution according to its terms and conditions.When there…
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09Oct 2018 by admin

What is the Period of Limitation for a Suit for Possession of Immovable Property?

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Article 64: (Arts. 142 & 144 of the Act of 1908):The period of limitation for a suit for possession of immovable property based on previous possession and not on title, when the plaintiff while in possession of the property has been dispossessed is twelve years and the period of limitation begins to run from the date of dispossession. Image Source: rrscb.com ADVERTISEMENTS: In Naran Bahara v. Mohan Majhi, (AIR 1985 Ori. 40), it has been held that under the Limitation Act, 1963, all suits for possession of immovable property have been brought under two categories namely, (i) suits based on the right of previous possession and not on proprietary title and II the suits-based on proprietary title. The first class of suits will attract Article 64 and the suits based…
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08Oct 2018 by admin

What is the Period of Limitation for a Suit to Enforce Payment of Money Secured by a Mortgage?

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Article 62: (Art. 132 of the Act of 1908):The period of limitation for a suit to enforce payment of money secured by a mortgage or otherwise charged upon immovable property is twelve years and the period of limitation starts to run when the money sued for become due. Image Source: timedotcom.files.wordpress.com ADVERTISEMENTS: Article 62 governs suits to enforce payment of money secured by mortgage or otherwise charged upon the immovable property. In Vala Punja v Puna Mavji, (AIR 1963 Guj. 112), it has been held that the Article 62 is applicable to all suits for sale or foreclosure regarding mortgage as well as to suits to enforce charge within the meaning of Section 100 of the Transfer of Property Act.Art. 62 is attracted only in respect of a mortgage or…
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08Oct 2018 by admin

What is the Period of Limitation for a Suit to Set Aside a Transfer of Property?

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Article 60: (Art. 44 of the Act of 1908): (a) The period of limitation for a suit to set aside a transfer of property made by the guardian of a ward by the ward who has attained majority is three years and the period of limitation starts to run when the ward attains majority. Image Source: diasnotary.com ADVERTISEMENTS: (b)(i) The period of limitation for a suit to set aside a transfer of property made by the guardian of a ward by the ward’s legal representative when the ward dies within three years from the date of attaining is three years and the period of limitation begins to run when the ward attains majority.(b)(ii) The period of limitation for a suit to set aside a transfer of property made by the…
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