legal aspects of busine-prince duddhatra-9724949948

8/7/2019 Legal Aspects of Busine-prince Duddhatra-9724949948

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Presented By: Yash Thakkar

prince dudhatra-9724949948


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y Glo ssary

y Offer o r, Pr o po ser o r Prom iso r - Pers o n m aking the

o ffer.

y Offeree o r Pr o po see To whom o ffer is m ade.

y

Aceepto

ro

r Prom

isee When Offeree/Pro

po

see acceptsthe o ffer.



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y Offery An o ffer is a pr o po sal by o ne party t o an o ther t o enter

int o a lega ll y binding agree m ent with hi m . Elem entso

f Mercantile Law by N.D . Kap

oor.

y Key:y Definite Offery Unqua lified Acceptance - Restricted Acceptancey Assent - T o Agree



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y Express Offery Is any o ffer which is sp o ken, written o r verba l.

y Im p lied Offery An o ffer which has lo gica l co nsequence fr om co nduct o f

the parties o r its circu m stance.

y

Specific Offery If an o ffer is m ade t o particu lar pers o n.

y G enera l Offery

Is an m ade t o m ass any o ne.prince dudhatra-9724949948


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y Offer m ust be such as in law is capab le o f beingaccepted and giving rise t o lega l re lati o nship.

y Term s o f o ffer m ust be definite, una m bigu o us and

certain.y An Offer m ay be distinguished fr om :

y A Dec larati o ny A State m ent o r Ann o unce m enty An invitati o n t o m ake an o ffer o r t o do businessy Newspaper advertise m ents are n o t o ffers

y Offer m ust be c omm unicated



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y Offer m ust be m ade with a view t o o btaining theassent.

y Offer sh o u ld n o t co ntain a ter m the n o n-c om p liance o f

which m ay be assu m ed t o amo unt t o acceptance.y Ex: Pub lishing C om pany Media C o rp o rati o n sends y o u

a m ail stating y o u wi ll be m ade a m em ber o f newCo smo pol itan Magazine f o r an year ly m em bership feeso f $500 if y o u d o no t rep ly to this letter within 15 days wewill co nsider y o u have accepted t o be o ur m em ber.

y A State m ent o f price is n o t an o ffery Ex: Qu o atati o n



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y A tender is definite o ffer o r standing o ffer .

y Definite Offer Tender s One ti m e transacti o n

y Standing Offer Tender s C o ntinuing transacti o ns



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y To an o ffer what a lighted m atch is t o a train o f gunp o wder. It pr o duces s om ething which cann o t bereca ll ed o r und o ne .

y Offer when accepted = Pr om ise

y Express Or I m p lied



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y It m ust be abs ol ute and unqua lifiedy It m ust be c omm unicated t o the o ffero r MOU, Drafty It m ust be acc o rding t o the mo de prescribed o r usua l

and reas o nab le mo dey It m ust be given within a reas o nab le ti m ey It cann o t precede an o ffery It m ust sh o w an intenti o n o n the part o f the accept o r

to fulfil ter m s o f the pr om isey It m ust be given by the party o r parties t o whom the

o ffer is m ade



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y It m ust be given bef o re the o ffer lapses o r bef o re theo ffer is withdrawn

y It cann o t be i m plied fr om silence Magazine

Mem bers



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y Exchange o f som ething in va lue is an essentia l elem ent t o pro ve co ntract are n o t v o id

y

Ele

ments

of C

onsiderati

ony It m ust mo ve at the desire o f the pr om iso r

y If y o u perf o rm an activity with o ut an desire o f prom iso r.Exam ple pe o ple washing y o ur car o r windscreen o n trafficsigna l o r parking lo t.

y It m ay mo ve from the pr om isee o r any o ther pers o n.y Exam ple: If Jay lends mo ney t o Stacey at an agreed interest

rate , if Jay m ade an c o nditi o n that interest t o be d o nated t o Paru l Institute o n mo nth ly basis.



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y It m ay be an act, abstinence o r f o rbearance o r a returnprom ise

y Exam p le com prom ise o f disputesy Exam p le sett lem ent with credit o rs

y It m ay be past present o r futurey It need n o t be adequatey It m ust be rea l and n o t i ll uso ry y It m ust be s om ething which the pr om iso r is n o t

already b o und t o do y It m ust n o t be i ll ega l, immo ra l o r o pp o sed t o pub lic

pol icy



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y Min o rsy Any agree m ent is v o idy He/she can be a pr om isee o r a beneficiary y His agree m ent cann o t be ratified by hi m o n attaing the age o f m ajo rity.y If he has received any benefit under an v o id agree m ent he is entit le to keep the

goo ds o r services and n o t pay any c om pensati o n.y He/She can a lways c laim m ino rity.y There is n o specific perf o rm ance o f the agree m ent .y He/She cann o t enter int o a co ntract o f a Partnership.y He/She cann o t be dec lared bankrupty He is liab le f o r necessaries supp lied o r necessary servicesy He/She can be an agenty Parents/ G uardians are n o t liab le f o r co ntracts with m ino ry A m ino r is liab le in civi l wro ng

y Pers o ns o f uns o und m indy Pers o ns disqua lified by any law t o which the subject



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y Pers o ns o f uns o und m indy Idio tsy

Lunaticsy Drunken o r int o xicated pers o ns

y Pers o ns disqua lified by any law t o which the subjecty Serving Cri m ina l Detenti o ny

Bankrupty A lien Ene m ies



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y If it is f o rbidden by lawy If it is o f such a nature that if per m itted, it w o u ld

defeat the pr o visio ns o f lawy If it is fraudu lenty If it inv ol ves o r im plies injury t o the pers o n o r pr o perty

o f ano thery If the c o urt regards it as i mmo ra l



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y Ex turpi cause n o n o ritur acti o No acti o nsy In pari de licto , po tio r est c o nditi o defendentis One

party has perf o rm ed and an o ther fai ls to perf o rm No

reversa l o r o b ligati o n enf o rced by c o urt.


legal aspects of busine-prince duddhatra-9724949948

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