Tag: introduction of business laws

ad volorem menas

State with the reasons whether the following statements are True or False:
Regret letter is often sent to the members.

Choose the correct answers from the alternatives given
Which of the following statements is not correct?

Principle Everybody is under a legal obligation to take reasonable care to avoid act or omission which he can foresee would injure his neighbor. The neighbor for this purpose is any person whom he should have in his mind as likely to be affected by his act.
Factual Situation Ram, while rushing to board a moving train, pushed Shyam, who was walking along with a heavy package, containing fire crackers. As a result, the package slipped from his hand and crackers exploded injuring a boy standing close by. A suit was filed against Ram, by the boy, claiming damages.
Decision

Damodar Valley Corporation is ___________.

Which of the following is not normally one of the reasons for a change in an investor's circumstances?

Consists of legal proposition(s)/principle(s) (herein after referred to as 'principle') and facts. Such principles may or may not be true in the real and legal sense, yet you have to conclusively assume them to be true for the purposes of this Section. In other words, in answering these questions, you must not rely on any principle except the principles those are given herein below for every question.
Further, you must not assume any facts other than those stated in the question. The objective of this section is to test your interest towards study of law, research aptitude and problem solving ability, even if the 'most reasonable conclusion' arrived at may be absurd or unacceptable for any other reason. It is not the objective of this section to test your knowledge of law.
Therefore, to answer a question, principle is to be applied to the given facts and to choose the most appropriate option.
Principle: According to Sec. 2 of the Industrial Disputes Act, 1947, Industrial dispute means any dispute or difference between employers and employers or between employers and workmen or between work men and workmen, which is connected with the employment or non-employment or the terms of employment or with the conditions of labour of any person'.
Facts: The employees of DK Enterprises met the management and requested half a day leave to allow them to celebrate a lunar eclipse, which was going to happen two days later. The management refused the request. Does this situation amount to an 'industrial dispute?

Given below is a statement of legal principle followed by a factual situation. Apply the principle to the facts given below and select the most appropriate answer.
Legal Principle: Contract is an agreement freely entered into between the parties. But when consent to an agreement is obtained to undue influence, the contract is voidable at the option of the party whose consent was so obtained.
Factual Situation: The pragya had been worked for a business man Anurag since the age of $18$, working for a range of Anurag's businesses. In $2000$, (aged $21$) Pragya purchased a flat. In $2005$, Mr. Anurag's business was facing financial difficulties, and he asked Pragya to offe up her flat as financial security against an overdraft facility for the business. In July of that year, the banks solicitors wrote to Pragya, advising that she should take Independent legal advice before putting her property up as a security for the debt. The bank also notified Pragya that the guarantee was unlimited in both time and financial amount. Having discussed the arrangement with Anurag, Pragya was unaware of the extent of the borrowing, but was assured that her mortgage would not be called upon, and that his own properties which were also used as security would be looked at first. A charge was executed over the Pragya's property in August $2005$. In $2009$, Mr.s Anurag's business went into liquidation and the bank formally demanded $Rs. 60,24,912$ from Pragya. Pragya raised the defence of undue influence - stating that Mr. Anurag had induced her to enter into the agreement, and the bank had full knowledge/ notice of this undue influence which should set aside the banks right to enforce the debt recovery against Pragya. Bank is contending that there is no undue influence.
Legal Principle: The acceptance must be absolute and unqualified, leaving no ground for doubt or uncertainty. If the acceptance is conditional, no valid contract is formed, and the offer can be withdrawn at any moment till the absolute acceptance has taken place within reasonable time of such offer.
Factual Situation: Delhi Government conducted an auction for the sale of license of wine shop. X offered the highest bid which was provisionally accepted "... subject to the confirmation of Chief Commissioner who may reject any bid without assigning any reasons." Since X failed to deposit the required amount, Chief Commissioner rejected the bid. The government held X liable for the difference between the bid offered by him and the highest bid accepted in reauction, and commenced proceedings for the recovery of the sum. It was contended on behalf of the government of Delhi that X was under a legal obligation to pay the difference as it was due to his default that a resale of the excise shop was ordered and hence X was liable for the deficiency in price and all expenses of such resale which was caused by his default.
Decide, giving reason, whether X is liable to make payment to the Delhi Government.

Purchase book records signify :

Ad hoc means ______________.