|BUSINESS ENTITY | | | | | | | | | | | |Sole Proprietorship |Partnership
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they carry on business by entering into contracts. The law relating to contracts is to be found in the Indian Contract Act‚ 1872.The law of contracts differs from other branches of law in a very important respect. It does not lay down so many precise rights and duties which the law will protect and enforce; it contains rather a number of limiting principles‚ subject to which the parties may create rights and duties for themselves and the law will uphold those rights and duties. Thus‚ we can say that
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MS EDUCONZ PVT. LTD. LAW& AUDIT What is Law? Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society. Why Should One Know Law? One should know the law to which he is subject because ignorance of law is no excuse. Sources of Mercantile Law in India English Mercantile Indian Status Law Judicial Decisions Customs and Usages STUDY NOTE – 1 : INDIAN CONTRACT ACT‚ 1872 Section 1:Short Title The
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4. NOTES 4.1. THE ESSENTIALS OF A VALID CONTRACT A. ESSENTIAL No 1 The Parties Must Act Within Their Contractual Capacity What is contractual capacity? We view it in relation to the concepts of personality and legal status: PERSONALITY – determines that you are a legal entity or persona. As a result of this personality you acquire legal status ie your legal status defines that legal personality further. STATUS then describes your legal “condition” eg a married woman‚ A public
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Australia interpreted the word `formed` (past tense) in s51(xx)‚ meaning the companies already exist. The companies which are to be created or incorporated will therefore not be subjected to the Commonwealth law. This narrow interpretation by the High Court denied the Commonwealth the power to make laws over the incorporation and regulation of companies. Section 51 (xx) was also considered to be very restrictive‚ applying only to foreign trading or financial corporation‚ leaving doubt whether it would
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March 2001 Agency Law and Contract Formation ISSN 1045-6333 AGENCY LAW AND CONTRACT FORMATION Eric Rasmusen Discussion Paper No. 323 05/2001 Harvard Law School Cambridge‚ MA 02138 The Center for Law‚ Economics‚ and Business is supported by a grant from the John M. Olin Foundation. This paper can be downloaded without charge from: The Harvard John M. Olin Discussion Paper Series: http://www.law.harvard.edu/programs/olin_center/ March 2001 Agency Law and Contract Formation
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COMPETITION LAW IN INDIA‚ US & UK: A COMPARITIVE ANALYSIS (Internship Report-November 2012) Submitted by: Srishti Dutt Vth Year‚ B.A.LL.B (Hons.) National Law University Delhi ACKNOWLEDGEMENTS I would like to thank the staff and members of the Competition Commission of India without whose help the Report would have been extremely tough to be completed. I would like to thank Dr. Satya Prakash‚ my supervisor and guide in helping me throughout the duration of my internship. My graititude
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Regulatory Laws and Torts in Alumina Simulation Kathleen Kraft-Smith LAW 531 Martine Anderson University of Phoenix Regulatory Laws and Torts in Alumina Simulation Alumina is a manufacturing plant specializing in automotive components‚ packaging materials‚ bauxite‚ refining‚ and smelting. Lately this organization has been dealing with an EPA violation that occurred‚ and was corrected‚ five years ago through an individual that states harm has occurred based on this violation. A closer
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Law of India refers to the system of law in modern India. Some of contemporary Indian law shows substantial European and American influence. Various legislations first introduced by the British are still in effect in modified forms today. During the drafting of the Indian Constitution‚ laws from Ireland‚ the United States‚ Britain‚ and France were synthesised into a refined set of Indian laws. Indian laws also adhere to the United Nations guidelines on human rights law and the environmental law.
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acceptance * ‘Capacity or the ability to understand the consequences of a contract by persons of such age prescribed by law & those with sound mind. * ‘Mutual consent’ or agreement on the terms of a contract ‘consideration’‚ or reward for goods or services rendered. The element that distinguishes a contract from casual agreements is that it is legally binding: The law provides a remedy in the event that the promise is broken. Legally‚ certain types of contracts should be in writing‚
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