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Lutfar Rahman
Faculty
College of Business Administration
What is contract?
It is mentioned in section
The
For
What
What
What
Summery
of Contract:
A contract is constituted by agreement
and enforceability by law, and an
agreement is constituted by promise and
consideration, and a promise is constituted
by offer and acceptance, and
consideration is constituted by the desire
of promisor and act or refrain by the
promisee.
When
To
Promise
Proposal
Agreeable by law
Consideration
Acceptance
Consequence of
parties
Free consent
Object must be lawful
Consideration must be
lawful
Not declared by law as
void.
Express
Implied
Valid
An
This
This
Definition
Where
Here,
Nature of Willingness: It
should be affirmative or
negative i.e., to do
something or to abstain
from doing something
Willingness
Willingness is expressed to
another person. His
expression must be heard by
others to make an offer.
If
Mere
For
Examples:
1) A says to B to sell his computer to him for
a certain price it is a specific proposal
made to one specific person, B which is
capable to be accepted only by B alone,
and no other person except B can accept
the offer.
2) A makes an offer to sell some computers at
low price and specifically mentions in the
offer that it is made only for the law students
it is an offer made to a specific class of
persons.
Offer
Since
Offer
Offers
Tenders:
Display
Lord
Advertisements:
The
Timetables
By
In
Example#1
Example
#2:
A: I will sell two cars together for Tk 5 lacs.
B: I agree to purchase any one of it for Tk
2.5 lacs.
Here Bs statement does not constitute a
valid acceptance. Because it is not
absolute one as required by law. It
excluded something from the original offer
and agreed partially, so it is not a valid
acceptance.
Example
#3:
A: I will sell my computer to you for Tk 50
thousands only
B: I agree to accept for Tk 49 thousands
Here also Bs statement is not a valid
acceptance, because it is a statement with
a variation and deviation from the offer.
Thus
Free
Meaning
Consent
An
1)
Explanation
Explanation
bearer
Endorsement
Example:
I,
a)
b)
G)
The
Short-term
Bills
The
When
Every
No
The
If
The
No
In
Every
The
As
When
Promissory note
1) It is an unconditional
promise to pay
2) Two parties are involved
here (a) Drawer, (b) Payee
3) The liable person for making
payment signs the note to
pay and hence there is no
need for endorsement
4) Maker of the promissory
note is primarily responsible
to pay
5) There is no need to issue
notice for dishonoring the
promissory note
Bill of Exchange
1) It is an unconditional order to pay
2) Three parties are involved here, (a)
Drawer, (b) Drawee, Payee
3) It needs endorsement in maximum
cases except one or two cases.
4) Here maker is responsible if drawee
dishonors bill of exchange and
abstain from making payment to the
payee.
5) Here notice is issued to dishonor the
bill of exchange. In case of dishonor
and payment held up, responsible
persons to be notified through
Notary Public.
Promissory note
Bill of Exchange
Law of
Sale of Goods and Hire Purchase
This
Sec
Railway
For
Sec
Sec
Standing
The
4.Sale
4(4)
Subject
Two
parties are required for contract. - Buyer means a person who buys or
agrees to buy goods. [section 2(1)].
Seller means a person who sells or
agrees to sell goods. [section 2(13)]. A
part owner can sale his part to another
part-owner. However, if joint owners
distribute property among themselves as
per mutual agreement, it is not sale as
there are no two parties.
Where
section
Property
Note
Bilateral
Graff Vs Evans:
The accused was the manager of a club. The club
was not licensed for the sale of intoxicating liquors,
but these were supplied by the manager to the
members at fixed prices.
This was held to be not a sale within the meaning of
licensing Acts. It was merely a distribution of the
liquors among the members, they being the joint
owners of the club. But if the club were an
incorporated body, the result would perhaps have
been different.
Compulsory
And
On
Where
The
Fifty-two
Where
Distinguish
The
The
The
The
Thus
Letting
Hire-purchase
The number of installments to be paid by the hirepurchaser along with the amount of each
installment and the date of payment of each
installment.
The down payment (a partial payment made at the
time of purchase, with the balance to be paid later)
if any, the down payment means the amount which
is required to be paid by hire-purchaser to the hire
vendor at the time of commencement of hirepurchase agreement.
The rate interest charged by the hire vendor
(optional).
is paid
in installments.
The goods are delivered in the possession of
the purchaser at the time of commencement
of the agreement.
Hire vendor continues to be the owner of the
goods till the payment of last installment.
The hire-purchaser has a right to use the
goods as a bailer.
The
The
Thus
The
Company Law
The
Private Company
means a company which has a minimum paid
up capital of one lakh rupees or such higher paid up capital
as may be prescribed, and by its Articles-(a) restricts the right
to transfer its shares, if any(b) limits the number of its
members to fifty not including
(i) persons who are not in the employment of the
company; (ii) persons who, having been formerly in the
employment of the company, were members of the
company while in that employment ceased , and(c) prohibits
any invitation to the public to subscribe for any shares in,
or debentures of, the company;(d) prohibits any invitation or
acceptance of deposits from persons other than its members,
directors or their relatives.
Public
which
(a) is not a private company;
(b) has a minimum paid up capital of five
lakh rupees/such higher paid up capital, as
may be prescribed;
is a private company which is a
subsidiary of a company which is not a
private company.
4.Number of Directors
[Sec.252]Minimum two in case of Private Co. and
minimum three incase of Public Company.
5.Restriction on appointment of directors
[Sec.266]To become a director of public company,
such persons have to agree to buy qualification shares
and file a copy of consent with the Registrar of
Companies giving their willingness to become director
of public company.
6.Restriction on invitation to subscribe for shares
A public Co. can invite the general public to subscribe
for companys shares but not private company.
7.Transfer[Sec.82]
Public companys shares are transferable but not private
companys shares.
8.Special Privileges:
A private company enjoys some special privileges but not a
public company.
9.Quorum[Sec.174]
If the Articles of Association do not provide for a greater
quorum, then five members personally present is a quorum for
public company. It is two in case of private company.
10.Managerial Remuneration[Sec.198].
Total managerial remuneration cannot exceed 11% of its net p
rofit incase of public company , but there is no such restriction
in case of public company.
Meaning:
It contains
1.The
2.The
1.Name
Clause
2.Registered Office Address Clause
3.Objects Clause
4.The Capital Clause
5.The Liability Clause
6.The Association Clause
Incorporating benefits
Incorporating has many benefits
for business
owners. That is why incorporating is a crucial
step to make to take your entrepreneurship to
the next level. Main benefits of incorporating
a business are Tax Advantages and Legal
Protection. The main tax advantage is that
the owners get to pay company's expenses
before the taxes. Here's income and resulting
assets schema before and after incorporating
Incorporating
Corporations
The
The
Directors
Share
allotments
Share transfers
General meetings
Board meetings
Appointment and removal of directors