A misrepresentation occurs when one party communicates false information, either innocently or fraudulently, to another during the formation of a contract. False statements can be made orally, in writing, or even non-verbally. Misrepresentation can take many forms, including false statements of fact, concealment of information, or misleading or ambiguous statements.
The concept of undue influence refers to a situation where one party exerts excessive and improper influence over another party, undermining the free will and independent judgment of that party. It occurs when the parties have a special or fiduciary duty, trust, confidence, or dominance.
An undue influence occurs when one party exploits the dependence, weakness, or emotional state of the other party in order to gain a competitive advantage over the other.
In contract law, coercion is the act of compelling someone to enter into a contract against their will by using force, threats, or undue pressure. As a result, the individual is deprived of exercising independent judgment and freely consenting to the terms of the contract. Physical violence, blackmail, intimidation, or threats of harm may all constitute forms of coercion.
An act of coercion, such as the use of force or threats, is required to establish coercion. It can be overt or covert, but it must be sufficient to influence the decision-making process of the coerced party. In addition, the coerced party must be threatened with imminent harm. It may be directed at the coerced party themselves, their family, reputation, or property. Finally, there must be a causal link between the threat and the contract. The coerced party must demonstrate that they would not have entered into the contract if not for the threat.
In contract law, free consent emphasizes the voluntary and informed agreement between parties who enter into a contract. It signifies that the consent given by each party must be free from any undue influence, coercion, misrepresentation, mistake, or fraud. The principle ensures that contracts are entered into willingly, with an understanding of their terms and conditions, and without any unfair advantage being gained.
Free consent implies that the agreement between parties is the result of the genuine exercise of their free will. The principle of autonomy is at the core of free consent, which ensures that both parties have freely and consciously agreed to the terms of the contract without any external pressure or unfair treatment.
A consideration is something of value that is given by each party to a contract as a fundamental concept in contract law. A contract’s presence distinguishes it from a mere promise or gratuitous arrangement, which is another crucial element in the formation of a legally binding agreement.
Consideration is the exchange between the parties involved in a contract that has been bargained for. Essentially, it indicates that one party has provided something in exchange for the other party’s promise or performance.
An essential aspect of consideration is reciprocity. Both parties must provide consideration, which signifies a mutual exchange of promises or obligations. This reciprocity distinguishes contracts from unilateral contracts, where consideration is only given by one party upon a specific event occurring. By requiring consideration, parties are sure to enter into contracts voluntarily and intend to be legally bound.
It can take various forms, including money, goods, services, forbearance, or even a promise to do or refrain from doing something in the future. In order to enforce contractual obligations, consideration must demonstrate the parties’ intention to be bound by their promises. In contractual relationships, it ensures fairness, prevents exploitation, and promotes the principle of quid pro quo.
It is a branch of civil law or private law that makes specific rules for business transactions. Accordingly, business law is the law that governs business activities and provides various provisions for the commercial world. It is the body of legal rules and regulations that govern business transactions and conduct, also known as commercial law or mercantile law.
It is an area of law that deals with the rights, obligations, and responsibilities of individuals and entities engaged in commercial activities. The main purpose of business law is to provide a legal framework that promotes fair and ethical business practices, protects the interests of parties involved in business transactions, and ensures the stability and predictability of the business environment. A wide variety of legal principles and rules govern various aspects of business operations.
The law is a set of rules and regulations established by a government to regulate behavior within a society. Through the centuries, the concept of law has evolved, shaped by various legal systems and philosophical perspectives. It’s a framework that sets standards, resolves disputes, and maintains social order.
One of the key features of law is that it is generally created and enforced by the state or government, which has the authority to create and enforce laws. Depending on the legal system structure, laws are either enacted through legislative processes or promulgated by executive authorities.
The primary purpose of law is to regulate human conduct and promote justice. It sets boundaries for acceptable behavior, establishes rights and obligations, and describes the consequences of non-compliance. Law enhances social stability, facilitates cooperation, and facilitates economic transactions because it provides a predictable and consistent framework for conducting business.
Law is not static but evolves over time to reflect changing societal values, advancements in technology, and new legal challenges. A legal system adapts by implementing legislative reforms, interpreting court decisions, and developing legal doctrines. Additionally, international law aims to foster cooperation among nations and address global issues. As laws are influenced by social and political factors, critics of law argue that they can be used as tools of oppression or inequality.
For example, Afghanistan has banned girls from joining universities. However, Law can also be used to protect individual rights and promote social justice, as it can provide mechanisms to address injustices.
Law is a multifaceted concept that encompasses rules and regulations established by governing authorities to govern behavior within a society. Legal systems differ across countries and are shaped by cultural, historical, and philosophical influences, but they serve a vital role in maintaining social order, promoting justice, and resolving disputes.
In spite of its imperfections, law serves as a fundamental framework for organizing human conduct and upholding equity and fairness.
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.
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.
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 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.
A) Allow law enforcement to investigate abuse cases.
B) Protect researchers from disclosing conflicts of interest.
C) Prevent subjects from knowing the purpose of a study
D) Protect identifiable research information from compelled disclosure.