Category: 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…

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…

Subject to such conditions and limitations as may be prescribed, the Court may, at any time, either of its own motion or on the application of any party,(a) Make such orders as may be necessary or reasonable in all matters relating to the delivery and answering of interrogatories, the admission of documents and facts, and the discovery, inspection, production, impounding and return of documents or other material objects producible as evidence;(b) Issue summonses to persons whose attendance is required either to give evidence or to produce documents or such other objects as aforesaid; ADVERTISEMENTS: (c) Order any fact to be proved by affidavit.After the plaint has been filed by the plaintiff and the written statement by the defendant in court, it may appear to a party that the nature of…

Dumping can be of several types, and the one adopted by a country largely depends upon its objectives and other attend it circumstances. 1. Persistent Dumping: This type of dumping is a continuous, long-term one. Its probability increases when international trade is characterised as in these days] by product differentiation and monopolistic competition.The reason for its persistence is that no single exporter finds it easy to get out of this pattern of activities. If it tries to do so, it runs the risk of getting competed out of the market. The situation can be remedied only if all the firms take a collective action, but this is highly unlikely. Image Source: leadtamuc.files.wordpress.com ADVERTISEMENTS: This phenomenon of two-way dumping may also be termed Reciprocal Dumping. This type was first given due…

The period from 1885 to 1905 is called moderate Phase of Indian Nationalism. The Moderates had made large number of people conscious of the evils of foreign domination and of the need for fostering patriotism.They believed in purely constitutional methods and agitated for piecemeal reforms in the Indian administration system. They had imparted the necessary political training to Indian people. The moderates also succeeded to create democratic temper among the people.But during these very years of the Congress, certain developments in India and abroad produced among the younger section of the nation, a group of people, who began to question the wisdom of the method of prayers and petitions followed by the moderates in order to achieve their political objectives. They were called extremist or militant nationalists. Image Source: images.slideplayer.com…

The Southwest Monsoon season in India starts with the onset of the Southwest Monsoon winds in June and continues till the middle of September. This is called the rainy season. The duration of the rainy season goes on decreasing from south to north and from east to west. In the extreme northwest it is for barely two months.The chief characteristics of the Southwest Monsoon season are high heat, high humidity, cloudy sky, several spells of moderate to heavy rains and strong surface winds. ADVERTISEMENTS: There is a significant drop in temperature. The day temperature registers a decline of 5 °C to 8 °C, between mid-June and mid-July. After this it remains almost constant throughout the rainy season. The night temperature is more uniform than the day temperature.The highest temperature is…

The basic features of capitalism are as under: Features 1. Right of private property: Right of private property is an inherent part of capitalism. The right of private property includes three things: (i) Every individual has the right to accumulate property, (ii) An individual is free to use his property according to his will and (iii) Right of inheritance, i.e., after death of an individual his property goes to his successors. ADVERTISEMENTS: Government protects the right to property. However, the freedom to use property is subject to government laws and regulations.The right of private property induces the people to work hard and increase production so that they can increase their property. Right of private property increases the rate of capital formation. Image Source : businesskorea.co.kr 2. Price mechanism: Price mechanism…

Every act of indiscipline is called misconduct. It is very difficult to prepare an exhaustive list of all such acts:1. Disobedience or willful insubordination.2. Theft, fraud or dishonesty in connection with employer’s goods or property. ADVERTISEMENTS: 3. Willful damage or loss of employer’s goods or property.4. Taking or giving any bribes or illegal gratification.5. Habitual absence without leave or unauthorised absence for more than a certain number of days.6. Habitual late attendance. ADVERTISEMENTS: 7. Habitual breach of any law applicable to the establishment.8. Riotous or disorderly behaviour during working hours at the establishment or any act subversive of discipline.9. Habitual negligence or neglect of work or frequent repetition of any act or omission for which fine may be imposed.10. Striking work or inciting others to strike in contravention of any…

Plato (427-347 B.C.) and Aristotle (384-322 B.C.) were the two early Greek political philosophers who made far-reaching and lasting contribution in the field of political science. In his famous book, ‘the Republic’, Plato justified moral significance of the State, its organic unity, educational functions and above all its supremacy over the individuals. Aristotle is said to be the intellectual child of Plato and in his famous book, ‘the Polities’, he first developed a systematic study of political science as an independent academic discipline. In fact, Plato’s ‘Academy’ and Aristotle’s “Lyceum” were the schools which aimed at preparing the future administrators, constitutional experts and rulers of the Hellenic City States. Aristotle is regarded as “the father of Political Science”, because of his far-reaching and permanent contribution in the field of political…

In the last 150 years, the rate at which species are disappearing is about thousands per decade; while natural extinction rate is only one or two species per decade. Some of the main causes are as follows: (i) Loss/degradation of Habitat: A habitat is place where living beings find food, cloth and shelter and a safe place to reproduce and bring up their offspring. Thus, loss of habitat is the greatest threat to the world. Image Source: 185.26.182.219 (ii) Overexploitation of Resources: A number of species like tigers, giant pandas etc. are on the verge of extinction because of overexploitation of resources. (iii) Pollution: ADVERTISEMENTS: Pollution is responsible for global climatic changes and for the extinction of most of the species. (iv) Extinction of weaker species due to aggressive non-native…