Business Laws

A company is a organisation with a separate identity and restricted liability that was founded for the purpose of conducting business. It is a juristic person with a separate legal entity from the persons who make it up, capable of its own rights and obligations, and endowed with the ability to continue in perpetuity. According […]

Introduction When two or more people come together to form a partnership, they agree to undertake specific duties and responsibilities in order to run the business. These duties and responsibilities are set out in the Partnership Act 1932, and this article will discuss some of the key duties of partners. In particular, we will look

Introduction A bailment is a legal term for a situation in which personal property is entrusted to another person for safekeeping. The person who entrusts the property is known as the bailor, while the person who agrees to safeguard the property is known as the bailee. Both parties have specific rights and duties that are

The doctrine of indoor management, popularly known as ‘Turquand’s Rule’ is an exception to the doctrine of constructive notice. It is a 150-year-old concept that came into existence to protect outsiders from enterprises.   When it comes to the meaning of the doctrine of indoor management, it states that an individual dealing with the company must

The definition states that the dissolution of a partnership firm involves an agreement between the partners, to dissolve their partnership and surrender their right to make claims against the business, receive distributions from it, and liquidate all its assets so that they can be distributed to each partner. Dissolution of partnership firms isn’t the only one

A partnership is a relationship between two or more people who join together to operate a business, each person contributing money and one or more of the following: skill, labour, materials. A partnership somehow doesn’t pay federal taxes on its revenue, but any gains or losses are distributed to the individual partners. On his or

Inventory cost is the cost of the assets, plant, machinery and all of it’s required materials to run your business. It’s also known as “rolling stock” or “stock-in-trade”. For example a grocery store might stock a variety of items (like milk cartons). This is called a fixed asset because it doesn’t change over time. The

A contract of guarantee is a legal agreement in which one participant assures another party’s accomplishment of a promise or reimbursement of a debt if the latter party misses to discharge the liability or accomplish the commitment. Introduction A guarantee implies holding themselves responsible for another person. In a guaranteed contract, the surety guarantees loan

What Is A Contingent Contract? The term contingent contract refers to a contract whose enforceability is directly dependent on the occurrence or non-occurrence of an event. According to Section 31 of the Indian Contract Act, 1872, a contingent contract is a contract to act or not do anything if a certain event related to the

When you purchase, you expect the product to be of good quality and meet the advertised standards. Most times, this is the case. But what happens when the product isn’t as described or doesn’t work? It is where conditions and warranties come in. In this article, we’ll discuss the difference between condition and warranty and