Business Law

AFTERSCHOOOL – DEVELOPING CHANGE

MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL

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 Business law
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
www.afterschoool.tk

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What is hire purchase?
A type of contract of sale – where
property transfers to the buyer on
payment of total price (in instalments).

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Can sale be about future goods?
 Yes – under sale of goods act 1930

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Are immovable goods covered
under sale of goods act?
 No.

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What are implied conditions?
 Conditions to title
 Condition that goods must be as per
description / sample and in case of sale
by describption & sample – the goods
must be as per description & sample.
 Conditions that goods must be fit for use.

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What is a warranty?
A stipulation, which is not essential, but
collateral to the main purpose of the
contract, if proves false, gives the buyer
the right to claim damages only.

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Are growing crops and grass
goods under sale of goods act?
 Yes.

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Can a seller stop the goods in transit
(which have been sent to buyer)?
 Yes – if he has not received the payment
and the buyer has become insolvement.

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What is caveat emptor?
 Let the buyer beware

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When is caveat emptor not
applicable?
 Sale by sample
 Sale by description

 Sale by brand name

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An unpaid seller has right
against?
 Buyer and goods both.

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Contract of sale is executory or
executed contract?
 Both

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Which of the following are title
to goods?
1. Railway receipt
2. Invoice

3. Warehouse’s receipt / certificate

4. Wharfinger’s certificate

Answer: all.

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Can there be implied condition?
 Yes both condition and warranties are
both implied and express.
Implied conditions include condition to title
of goods, sale by description, sale by
sample, fitness for use etc.

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What is delivery?
 Voluntary transfer of goods from one
person to another.

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What is agreement to sell?
A contract for sale of goods which
provide that the property would pass to
the buyer on full payment of price and
execution of sale deed.

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Can seller resell the goods?
 Yes in some cases only – these cases
are :
2. Goods are perishable
3. Seller has given notice to buyer
4. Seller has reserved the right to resell
5. The buyer has not made the payment
in a reasonable time.

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What is right to lien?
 The right of seller to retain the
possession of the goods.

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What are rights of unpaid seller?
1. Right to lien
2. Right to stop the goods in transit
3. Right to resell the goods

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What is quasi contract?
A contract under which we assume that
there is implied contract between the 2
parties. It may be any circumstance due
to which there is quasi contract (though
both the parties may not know each
other) – for example finder of lost goods
has quasi contract with owner.

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What is essential test of
partnership?
 There must be an agreement between 2
or more parties to share profit / loss and
to create mutual agency relation amoung
themselves.

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What are rights of partner?
 Right to see the accounts
 Right to get information
 Right to be indemnified
 Right to prevent entry of new partner
 Right to get interest on loan extended to
partnership firm (@6%).
 Equal share in profit (if no other share is
decided).

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Does a partner has right to
remuneration?
 No (he may get if agreed).

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Does a partner has right to start
competing business?
 No.

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I agree to sell wool to Mr. Ali of
Karachi and to supply goods by
December. Suddenly war (between
India Pakistan) breaks out. I am not
able to sell the goods. What is
remedy with Ali?
 Alihas no remedy – because war is an
exceptional situation.

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 Gautam has a cow, which he gives
to me to keep. (I am gratuitous
bailee). After 6 months he returns
back from world tour and takes away
the cow. The cow has a calf also in
this period. Should I return calf also?
 Yes I am bound to return the calf as well.

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I sell a car to you and put a condition
that you cant sell the car further. Is
it valid contract?
 You can buy the car – but you cannot be
bound not to sell the car – you may sell it
if you like.

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I have sold my car to you. The price
is not yet fixed. Is it a valid
contract?
 Yes.

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Ram is selling milk @ 10000 per liter.
General price is Rs. 15 per liter. Hari
buys from Ram 1 liter. Is it a valid
contract?
 Yes

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Ram sells goods to Rishabh and tells
Rishabh that price will be fixed by
Gautam. Is it a valid contract?
 Yes

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Ram sells Rishabh’s car to Goutam
in front of Rishabh and Rishabh did
not speak. Now can Rishabh recover
his car?
 Buyer will get good right by estoppel rule
so Rishabh cannot recover the car now.

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I purchase cement from Ram. I
accepted the goods and store them
Later it becomes stone. What
remedy do I have?
 No rememedy

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I purchase cement from Ram. I
rejected the goods after 4 days (till
that time goods were in my godown)
What remedy do I have?
I can return the goods as I have not yet
sent my confirmation and Ram will have
to accept the goods as property has not
yet passed to me – if it is sale on
approval basis. If it is clear sale (not on
sale on approval basis), then I don’t have
remedy.

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 I purchase cement from Ram. I
neither accepted nor rejected the
goods after 14 days (till that time
goods were in my godown), now
goods become stone, What remedy
do I have?

I will have to retain the goods and bear

the burden as reasonable time has
already elapsed.

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A,B,C start partnership. A becomes
insane. What will happen?
 Partnership will get dissolved.

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Under which contract, there is
an obligation created by law?
 Quasi contract

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An agreement enforceable by
law is called?
 Contract

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Who cannot make a contract?
 Minor

A person of unsound mind

 A person disqualified by law

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Ram agrees to sell goods to Mohan
either at Rs. 500 or at Rs. 800. Is this
contract valid?
 Yes.

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Ram agrees to sell his house (which
is worth Rs. 50 lakh) to Shyam for
Rs. 500. Is it a valid contract?
 Yes

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Ram makes an agreement with
shyam, under which Shyam agrees
to close down his business. Is it a
valid contract?
 No – all such contracts which are in
restrain of trade are invalid contract.

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What are rights of partner?
 Right to see the accounts
 Right to get information
 Right to be indemnified
 Right to prevent entry of new partner
 Right to get interest on loan extended to
partnership firm (@6%).
 Equal share in profit (if no other share is
decided).

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 ABO UT A FTERSCH OOO L
Afterschoool conducts three year integrated PGPSE (after
class 12th along with IAS / CA / CS) and 18 month PGPSE
(Post Graduate Programme in Social Entrepreneurship)
along with preparation for CS / CFP / CFA /CMA / FRM. This
course is also available online also. It also conducts
workshops on social entrepreneurship in schools and
colleges all over India – start social entrepreneurship club in
your institution today with the help from afterschoool and help
us in developing society.

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Why such a programme?
 To promote people to take up entrepreneurship
and help develop the society
 To enable people to take up franchising and
other such options to start a business / social
development project
 To enable people to take up social
development as their mission
 To enable people to promote spirituality and
positive thinking in the world

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Who are our supporters?
 Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
 You can also support us – not
necessarily by money – but by being
promotor of our concept and our ideas.

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About AFTERSCHOOOL PGPSE – the best
programme for developing great entrepreneurs

 Most flexible, adaptive but rigorous programme

 Available in distance learning mode
 Case study focused- latest cases
 Industry oriented practical curriculum
 Designed to make you entrepreneurs – not just
an employee
 Option to take up part time job – so earn while
you learn
 The only absolutely free course on internet
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Workshops from
AFTERSCHOOOL
 IIF, Delhi
 CIPS, Jaipur
 ICSI Hyderabad Branch
 Gyan Vihar, Jaipur
 Apex Institute of Management, Jaipur
 Aravali Institute of Management, Jodhpur
 Xavier Institute of Management,
Bhubaneshwar
 Pacific Institute, Udaipur
 Engineering College, Hyderabad

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Flexible Specialisations:
 Spiritualising business and society
 Rural development and transformation
 HRD and Education, Social Development
 NGO and voluntary work
 Investment analysis,microfinance and inclusion
 Retail sector, BPO, KPO
 Accounting & Information system (with CA / CS /CMA)
 Hospital management and Health care
 Hospitality sector and culture and heritage
 Other sectors of high growth, high technology and social
relevance

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Salient features:
 The only programme of its kind (in the whole world)
 No publicity and low profile course
 For those who want to achieve success in life – not just a
degree
 Indepth knowledge and expertise
 Professional approac: World class approach
 Strong intellectual and business capabilities
 Flexible – you may stay for a month and continue the rest of
the education by distance mode. / you may attend weekend
classes
 Scholarships for those from poor economic background
 Latest and constantly changing curriculum – keeping pace
with the time
 Placement for those who are interested
 Admissions open throughout the year
 Latest and most advanced technologies, books and study
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material
Components
 Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
 Meditation, spiritualisation, and self development
 Essential softwares for business
 Business plan, Research projects
 Participation in conferences / seminars
 Workshops on leadership, team building etc.
 Written submissions of research projects/articles / papers
 Interview of entrepreneurs, writing biographies of entrepreneurs
 Editing of journals / newsletters
 Consultancy / research projects
 Assignments, communication skill workshops
 Participation in conferences and seminars
 Group discussions, mock interviews, self development diaryng
 Mind Power Training & writing workshop (by Dr. T.K.Jain)

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Pedagogy
 Case analysis,
 Articles from Harvard Business Review
 Quiz, seminars, workshops, games,
 Visits to entrepreneurs and industrial visits
 Presentations, Latest audio-visuals
 Group discussions and group projects
 Periodic self assessment
 Mentoring and counselling
 Study exchange programme (with institutions out of India)
 Rural development / Social welfare projects

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Branches
 AFTERSCHOOOL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these
branches – and for promoting social
entrepreneurs.

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Case Studies
 We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us
to be in touch with entrepreneurs, so that
we may develop entrepreneurs.

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Basic values at afterschoool
 Share to learn more
 Interact to develop yourself
 Fear is your worst enemy
 Make mistakes to learn
 Study & discuss in a group
 Criticism is the healthy route to mutual support
and help
 Ask fundamental questions : why, when, how
& where?
 Embrace change – and compete with yourself
only
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www.afterschoool.tk
social entrepreneurship for better
society

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