Rights and Duties of Liquidator Major Points Discussed | Fundamentals of Business Law

Rights and Duties of Liquidator

Rights and Duties of Liquidator

Rights of Liquidator


a) On behalf of the company, to initiate or defend a legal action.
b) When necessary, auction or sell all movable and immovable assets of the company.
c) Resolve all debts and liabilities of the company and call on shares that are not fully paid up.
d) Issue, approve, or endorse promissory notes and bills of exchange in the company’s name.
e) Upon approval from the office, he is permitted to mortgage the assets of the company to raise funds for the liquidation expenses.
f) Making arrangements with creditors who make claims or settle loans or compromises.
g) The appointment of employees who will assist him/her if needed.
h) Liquidators are entitled to remuneration after the liquidation is completed.
i) In the case of a liquidation, the liquidator has the right to take custody of the company’s books of accounts and assets.

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Importance of Business Law – 8 Major Points | Fundamentals of Business Law

Importance of Business Law

Importance of Business Law

Business law is also known as mercantile law or commercial law and governs the dealings of business organizations in commercial matters. All laws that provide guidance on how a business may be set up and run legally are included in business law. There are many laws and rules that govern how a business can be set up, how to start and manage it, how to run it legally, and how to sell or close it. Business transactions and dealings include contracts, laws governing corporations, other business organizations, commercial papers, income tax, secured transactions, intellectual property, and other business-related activities.

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Wagering Contract – Difference between Wagering and Contingent contract | Business Law

Wagering Contract

Wagering Contract | Difference between Wagering and Contingent contract | Business Law Wagering Contract Meaning Wagering Contract is absolutely a void contract. In case of Wagering Contract the parties are not interested in the occurrence of the event except for the winning or losing the best amount. The  uncertain event is the sole determining factor … Read more

Quasi Contract – Meaning, Types and Examples | Business Law

Quasi Contract

Quasi Contract 

Quasi Contract Meaning

Quasi Contract is a type of contract that deals with the rights or liabilities accruing from relations resembling those created by Contract. It is not a real contract and thus called a consensual contract based on the agreement of the parties. These contracts are based on the principal of Equity and Justice that prevent enrichment of one person at the cost of another. It is created by a judge to correct a circumstance in which one party acquires something at the expense of the other.

These arrangements may be imposed when goods or services are accepted, though not requested, by a party. The acceptance then creates an expectation of payment. There are certain dealings which are not contracts strictly, though the parties act as if there is a contract. The contract Act specifies the various situations which come within what is called quasi contract.

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Unpaid Seller – Rights and Duties of Unpaid Seller | Business Law

Unpaid Seller

Unpaid Seller 

Those sellers who aren’t paid are unpaid sellers. The Seller of goods is deemed to be an unpaid seller when the Whole price hasn’t been paid; a conditional payment was made by bill of exchange, cheque and other negotiable instruments that have been dishonored. In short, when the seller doesn’t get cash value for his goods in time he becomes an unpaid seller. While in credit sale it takes time for the buyer Tor the payment of goods sold. In such cases, the seller isn’t called unpaid seller until the time-bound is crossed. Then after he 1s called unpaid seller.

Under section 54 of the Unpaid Seller Protection Act, a seller has right to reject a buyer’s offer and retake possession of the item. The buyer must make an offer within three days after receiving notice from the seller that the seller is rejecting their offer. If the buyer does not make an offer, then the seller may take back possession of the item.

For example, Krishna buys a motorbike from Hari on January 1, 2004, and promises to pay the cost of a motorbike on 31st  January 2004. In this example, up to 31st January 2004, Hari 1Sn t called unpaid seller then after he is called unpaid seller.

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Agency By Ratification – Essential of Valid Ratification | Business Law

Agency By Ratification

Agency By Ratification | Essential of Valid Ratification | Business Law Agency by ratification definition Ratification means the subsequent adoption and acceptance of an act origin done by a person without instruction or authority of the other. So when a person adopts or accepts the acts of another who acted as his/her agent without his/her … Read more

Intellectual Property Rights (IPR) – Copyright Infringement and Patent Infringement | Business Law

Intellectual Property Rights (IPR)

Intellectual Property Rights (IPR) | Copyright Infringement | Patent Infringement | Napster Research In Motion (RIM)’s Blackberry Case | Business Law  Case Question In 1999-2000, online file sharing service Napster was sued for copyright infringement by various parties (including recording artists, record labels, and a recording industry trade association). Napster eventually was forced to shut … Read more

Types of Bankruptcy Laws – What is Bankruptcy Law ? | Business Law

Types of Bankruptcy Laws

Types of Bankruptcy Laws | What is Bankruptcy Law? | Business Lawn |Management Notes | Non-Dischargeable debt What is Bankruptcy? When the business organization or we can say the person involved in the business is unable to pay the outstanding debts then the condition is considered as bankruptcy. By the proceeding of bankruptcy, creditors are … Read more

Employee and Independent Contractor – Differences and Examples | Business Law

Employee and Independent Contractor

Employee and Independent Contractor | Differences and Examples | Business Law | Management Notes Question Write a 3 – 5 page paper address the following: ● Describe and discuss the differences between an “employee” and an “independent contractor.” ● Examine the labor laws that frame such categories. Illustrate how one can distinguish the two, and … Read more