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Indian Contract Act 1872 | BBA Campus

http://www.bbacampus.com/2014/01/indian-contract-act-1872.html

Indian Contract Act 1872. INDIAN CONTRACT ACT, 1872. The term contract has been defined by various authors in the various manners –. Salmond defined Contract –. 8220;A contract is an agreement creating and defining obligation between the parties.”. According to Anson –. 8220;A contract is an agreement enforceable at law made between two or more persons, by which rights are acquired by one or more to acts or forbearance on the part of the other and others.”. According to Sir Fredrick Pollock –. The agreem...

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Minor's Rights and Liabilities | BBA Campus

http://www.bbacampus.com/2014/01/minors-rights-and-liabilities.html

Minor's Rights and Liabilities. Right and liabilities of a Minor. The relation of partnership arises from a contract. Thus only those persons who are competent to make a valid contract can become partners in a firm. According to sec.11 of the Contract Act a minor is incompetent to contract. Therefore, a minor cannot become a partner in the firm. However with the consent of all the partners, a minor may be admitted to the benefits of the partnership (sec.30). Right of a minor –. To share profits –. A mino...

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Agency | BBA Campus

http://www.bbacampus.com/2014/01/agency.html

An agent is a person employed to do an act for another or a represent another in dealings with third persons. The person for whom such act is done, or who is so represented, is called ‘the principal’. The relationship between them is called “agency”. An agent, therefore, brings together his principal and the third person (sec.182). There are two essentials of the relationship of agency –. Implied agency – Implied agency arises from the conduct, situation or relationship of parties. It may be in...Agency ...

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Management Accounting Definition and Objectives | BBA Campus

http://www.bbacampus.com/2014/01/management-accounting-definition-and.html

Management Accounting Definition and Objectives. Management Accounting and its objective. The American Accounting Association define as follows “Management Accounting is the application of appropriate techniques and concepts in processing historical and projected economic data of an entity to assist management in establishing plans for reasonable economic objectives in the making of rational decisions with a view towards achieving these objectives.”. Objective of Management Accounting. Management account...

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Condition And Warranties | BBA Campus

http://www.bbacampus.com/2014/01/condition-and-warranties.html

Distinguished between condition and warranty –. Condition is a essential terms or stipulation of the contract which must be fulfilled for the performance of the contract. Warranty is a collateral or incidental stipulation to the main purpose of the contract. Breach of condition gives right to repudiate or treated the contract as broken or rescinded and also a right to claim damage. Breach of warranty gives right to claim damages only. Difference as to treatment –. Warranty as to title (sec.14) –. That th...

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Offer And Acceptance | BBA Campus

http://www.bbacampus.com/2014/01/offer-and-acceptance.html

A valid offer must comply with the following rules –. An offer must be clear, definite, complete and final. It must not be vague. An offer must be communicated to the offeree. The communication of an offer may be made by express words-oral or written or it may be implied by conduct. The communication of the offer may be general or specific. An offer that has been communicated properly continues as such until it lapses, or until it is revoked by the offeror, or rejected or accepted by the offeree. A count...

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Void Agreement | BBA Campus

http://www.bbacampus.com/2014/01/void-agreement.html

A void agreement is not enforceable by law [sec.2(g)]. It has no legal existence or sanctity. Agreement which is unenforceable in law would be void. The following types of agreements are void under Indian Contract Act –. Agreement made by an incompetent person, like as minor (sec11). Agreement made under mutual mistake as to a matter of fact essential to the agreement (sec.20). Agreement made under mistake as to a law not enforce in India (sec.21). Agreement made without consideration (sec.25). Every agr...