Management Notes

Management Notes

Reference Notes for Management

Business Law

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

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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

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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

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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

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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

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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

Types of Contract – Express and Implied Contract | Business Law

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Types of Contract

Types of Contract | Express and Implied Contract | Business Law | Management Notes Question: Briefly describe the differences (and any similarities) involved in the following contracts (3-5 pages): 1. An order placed over the phone for a pizza delivery. 2. The oral exchange at a restaurant when a waiter takes an individual order for … Read more

Rules regarding Transfer of Ownership – Ownership Transfer | Business Law

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Rules regarding Transfer of Ownership

Rules regarding Transfer of Ownership

The transfer of ownership means the passing of property in goods from seller to the buyer. When such property is regarded as transfer or when the ownership is shifted from seller to the buyer. These are the important question. If it is mentioned in the contract, both the parties should follow it. In absence of such terms, the parties should follow the rules regarding transfer of ownership which lay down under law. There are some rules, in this respect, under sections 48 to 53 of Contract Act, 2056 and under sections 18 to 23 of Indian Sales of Goods Act 1930. They are as follows

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Termination of Bailment – Major Reasons for Termination of Bailment | Business Law

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Termination of Bailment

Termination of Bailment

Termination of bailment means the bailment comes to end and the legal relationship of the parties is no longer remain. There are various circumstances under which the contract of bailment is terminated. The Nepalese Contract Act, 2056 has also laid down some legal provisions in respect of the termination of bailment. A contract of bailment terminates due to the following reasons:

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Bailee | 5 – Major Duties of Bailee | Business Law

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Duties of Bailee

Bailee

➦ A bailee is a person to whom the goods are delivered for specific purpose or for specific period of time.

➦ During the period he has actual possession over the goods bailed. The term bailee refers to an individual or entity that holds temporary possession of someone else’s property, typically under a contract.

➦ Typically, bailees are entrusted with the care, custody, and control of the property for a specific period or purpose, and are required to return it in the same condition to the rightful owner.

Some of the duties of the bailee are as follows:

Duties of a Bailee

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Essential Elements of Bailment – 5 Essential Elements | Introduction to Business Law

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Essential Elements of Bailment

Bailment is a contract, where the owner of goods makes delivery of his goods to another for some limited period or purpose. It is change of possession of goods, not transfer of ownership of goods as in sale. If a person gives some property to another upon a contract that it shall be returned to him or otherwise disposed off or sold out according to the order of the person delivering it, the contract is said to be the contract of bailment.

A person who delivers his goods temporarily to another is called the bailor and a person to whom goods are temporarily delivered is called bailee. The transaction between those two parties is known as a contract of bailment.

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