01Dec 2018 by admin

Seven important agreements that have been 'expressly declared', to be void by the Indian Contract Act

Trade
The last essential of a valid contract as declared by Section 10 is that it must not be one which is ‘expressly declared’ to be void by the Act. Thus, there arises a question, as to what are ‘expressly declared’ void agreements? The following agreements have been ‘expressly declared’, to be void by the Indian Contract Act:1. Agreements in restraint of marriage (Sec. 26).2. Agreements in restraint of trade (Sec. 27). ADVERTISEMENTS: 3. Agreements in restraint of legal proceedings (Sec. 28).4. Agreements the meaning of which is uncertain (Sec. 29).5. Agreements by way of wager (Sec. 30). ADVERTISEMENTS: 6. Agreements contingent on impossible events (Sec. 36).7. Agreements to do impossible acts (Sec. 56). Image Source:naturallyadvanced.files.wordprss.comAt the very outset, it may be borne in mind that the law declares these agreements…
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01Dec 2018 by admin

Seven implied conditions for the law that incorporates into a contract of sale of goods

Trade
Implied conditions for the law incorporates into a contract of sale of goods are given below:1. Condition as to title [Sec. 14 (a)]:In every contract of sale, the first implied condition on the part of the seller is that, in the case of a sale, he has the right to sell the goods and that, in the case of an agreement to sell; he will have a right to sell the goods at the time when the property is to pass. ADVERTISEMENTS: Ordinarily the seller has the right to sell the goods if either he is the owner of the goods or he is owner’s agent. As a result of this condition, if the seller’s title turns out to be defective the buyer is entitled to reject the goods and…
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01Dec 2018 by admin

Fifteen essential contents of a partnership deed

Finance
Important points that a Partnership Deed should cover are given below:The document in which the respective rights and obligations of the members of a partnership are set forth is called a ‘partnership deed’. It should be drafted with care and be signed by all the partners. It must be stamped in accordance with the Indian Stamp Act. Each partner should have a copy of the Deed. The firm should be registered and copy of the Deed should be filed at the time of registration with the Registrar of Firms because in the absence of such registration partners cannot enforce the conditions laid down in the Deed through a court of law. Image Source:s3.amasonaws.com ADVERTISEMENTS: The Deed should cover the following points:(i) The name of the firm and the names and…
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01Dec 2018 by admin

Seven important consequences of dissolution of a partnership firm

Trade
Important consequences of dissolution are listed below:1. Continuing liability of partners after dissolution (Sec. 45):Notwithstanding the dissolution of a firm, the partners continue to be liable as such to third parties for any act done by any of them which would have been an act of the firm if done before the dissolution, until public notice is given of the dissolution. ADVERTISEMENTS: The notice may be given by the firm or any partner. It must be given to the Registrar of Firms, in case of registered firms, in the local Official Gazette and in at least one vernacular newspaper circulating in the district where the firm’s principal place of business is situated (Sec. 72).In the absence of public notice of dissolution, however, the estate of a partner, who dies, or…
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30Nov 2018 by admin

Legal Provisions Regarding Section 39 of the Code of Criminal Procedure, 1973

Currency
Section 39 of the Code of Criminal Procedure casts a duty on every person who is aware (i) of the commission of, or (ii) of the intention of any other person to commit, the twelve offences listed below, to forthwith give such information to the nearest Magistrate or Police Officer.Omission to give such information is punishable under the Indian Penal Code, unless it is proved that such a person had reasonable excuse for not doing so, the burden of proof being on the person concerned. Image Source: newblog.jch.in ADVERTISEMENTS: The twelve offences under the Indian Penal Code referred to above are:(i) Offences against the State, specified in Ch. VI of the I.P.C.;(ii) Offences against public tranquility, specified in Ch. VII of the I.P.C.;(iii) Offences relating to illegal gratification; ADVERTISEMENTS: (iv)…
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29Nov 2018 by admin

14 Multiple Choice Questions (MCQs) With Answers on Money, Banking and Public Finance

Finance
(a) “Money is what money does” – who said? (i) Crowther(ii) Robertson ADVERTISEMENTS: (iii) Walker(iv) Marshall Image Source: adegboyegailori.com(b) Direct exchange of goods against goods is called: ADVERTISEMENTS: (i) Charter(ii) Money(iii) Barter(iv) None of these ADVERTISEMENTS: (c) What possess general acceptability? (i) Bank draft(ii) Money(iii) Bill of exchange(iv) None of these (d) Which type of deposits gives highest rate of interest? (i) Current deposit(ii) Fixed deposit(iii) Recurring deposit(iv) None of these(e) Which bank deals with short-term credit? (i) Agricultural bank(ii) Commercial bank(iii) Industrial bank(iv) None of these(f) Which of the following is not the function of the commercial bank? (i) Issue of paper notes.(ii) Acceptance of deposits(iii) Advancing loans(iv) Credit control(g) Which of the following is not near money? (i) Paper notes(ii) Treasury bill(iii) Bond(iv) Bill of exchange(h) Which bank…
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29Nov 2018 by admin

What is the Scope of Political Sociology? – Explained!

Globalization
It is not easy to describe the scope of Political Sociology; it has been a relatively new field of study which is still developing. Its literature is as yet quite limited. Various political sociologists define its nature and scope in several different ways.Two major groups of scholars have discussed the scope of Political Sociology in two different ways. ADVERTISEMENTS: (1) According to Greer and Orleans, “Political Sociology is concerned with the structure of the state, the nature and the conditions of the legitimacy; the nature of the monopoly of force, and peoples relations with their with their respective states.In other words, the scope of Political Sociology is held to concern with state, power, consensus and legitimacy, participation and representation and the relationship between economic and political development. Image Source: i.guim.co.uk(2)…
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28Nov 2018 by admin

Legal Provisions of Order II of Code of Civil Procedure, 1908 (C.P.C.), India – Frame of Suit

Trade
Every suit shall, as far as practicable, be framed so as to afford ground for final decision upon the subjects in dispute and to prevent further litigation concerning them. (Order II, Rule 1). The above rule signifies that the object of the legislature appears to be that as far as possible all matters in dispute between the parties relating to the same transaction should be disposed of in the same suit. Where there is common question of law and fact separate suits are neither necessary nor desirable.Splitting of Claim [Order II, Rule 2]: (1) Every suit shall include the whole of the claim which the plaintiff is entitled to make in respect of the cause of action; but a plaintiff may relinquish any portion of his claim in order to…
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28Nov 2018 by admin

9 Important Elements That Makes a Nation Superbly Powerful

Economic Development
The ability of nation to use power depends upon different factors but no single factor is entirely responsible for the growth of national power. Moreover, mere existence of various elements does not make a nation powerful. It is the ability to skillfully harness and use these factors that leads to national power.Different Classification of Elements of Power: According to Morgenthau: Permanent and Temporary ADVERTISEMENTS: According to Organski: Natural and SocialAccording to Palmer and Perkins: Tangible and IntangibleBroadly speaking there is following elements of power: Image Source: abduzeedo.com (1) Geography: Among the geographical elements of power size, location, climate, topography and boundary are important ones. The exponents of geographical elements include. (a) Size: ADVERTISEMENTS: The large size of a country enables it to accommodate large population. It can also be a…
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28Nov 2018 by admin

10 Important Measures of Legislative Control in India

Budget
Some of the important measures of legislative control are as follows: 1. Control of Administrative Policy: Legislation is the most important function of legislature. By laying down rules through legislative enactments, the legislatures limit as well as influence the authority and policies of the government. Image Source: thebluediamondgallery.com 2. Control of Appropriations: ADVERTISEMENTS: The executive is at the mercy of legislature for all aspects of revenue and expenditure. No revenue can be levied nor can any expenditure incurred without the sanction of the legislature. Moreover, the budgetary discussion provides opportunity to the representatives of the people to criticize the government on aspects that are unwarranted.It is the most effective means of legislative control over executive. 3. Audit and Report: In India, the report of CAG (Comptroller and Auditor General) of…
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