FACEBOOK BEATS GOOGLE

Facebook passed Google as the most visited website in the US in 2010, according to a survey by the web tracking firm Experian Hitwise.

The social networking site also claimed the top search term of the year, with variations on its name filling four of the 10 most popular searches, the survey found. In all, Facebook searches accounted for 3.48 percent of all web searches in the US in 2010, a 207-percent increase over 2009.

The study found that Facebook accounted for 8.93 cent of all US website visits in the year, ahead of Google.com's 7.19 percent and third-placed Yahoo Mail with 3.85 percent.

However if all Google's various properties are taken into account, the web search giant did overtake Facebook with 9.85 percent of all website visits. Microsoft's msn.com and bing.com also made it into the list of top ten websites, as did myspace.com.

Other terms in the top 10 searches included 'youtube', 'craigslist', 'myspace', 'ebay' and 'yahoo'.

Source :Yahoo News

HAPPY CHRISTMAS AND NEW YEAR ....

Christmas Tree at Christ University Kengeri Campus

BUSINESS LAW SHORT NOTES

1. Law- Body of principles recognised and accepted by the state for the administration of justice.

2. Business law –Law relating to industry, trade and commerce.

3. Contract – An agreement enforceable by law. [Sect 2(h)]

4. Valid contract- A Contract which fulfills all the essential elements of a Contract as laid down in Sec 10 of the Contract Act.

5. Void Contract – A Contract which ceases to be enforceable by law becomes void, when it ceases to be enforceable. [Sect 2(j)]

6. Void Agreement -An agreement not enforceable by law.

7. Voidable Contract- A Contract which can be avoided or set aside at the option of the aggrieved party. An agreement which is enforceable by law at the option of one or more of the parties there to but not at the option of other or others. [Sect 2(i)].

8. Illegal Contract- Contract which is either prohibited by law or otherwise against the rule of public policy

9. Unenforceable Contract- A Contract which cannot be enforced in a court of law because of some technical defects.

10. Express Contract- A Contract entered into between the parties by words spoken or written.

11. Implied Contract-is one which is inferred from the act of conduct of the parties.

12. Quasi Contract- A Contract which is not intentionally entered into by the parties. It is created by the law.

13. Executed contract- A Contract in which both the parties have performed their respective obligations.

14. Executory contract- A Contract in which both the parties have yet to perform their obligations.

15. Unilateral contracts- A Contract in which one party has performed his share of obligations at the time of the formation of the Contract.

16. Bilateral Contract- A Contract in which obligations of both the parties are outstanding at the time of the formation of the Contract.

17. Contract of record- A Contract of record is either a judgment of court or a recognisance (A written acknowledgment of a debt due to the crown)

18. Agreement-Every promise and every set of promises forming consideration for each other. [Sect 2(e)]

19. Consensus ad idem- means identity of minds. The parties to the agreement must have agreed about the subject matter of the agreement in the same sense and in the same time.

20. Legal obligation- A legal tie which imposes upon a person to do or abstain from doing something.

21.Offer/proposal- When one person signifies to another his willingness to do or abstain from  doing anything with a view to obtaining the assent of that other to such act or abstinence he is said to make a proposal. [Sect 2(a)]

22. General Offer- an offer is made to world at large or public.

23. Specific Offer - an offer is addressed to a definite person or body of persons.

24. Express Offer – an offer made by words spoken or written.

25. Implied Offer- an offer Implied from the conduct of a person

 26. Cross Offer-When two parties make identical offers to each other in ignorance of each other’s offer.

27. Standing Offer /tender –An offer for the continuous supply of certain goods at a certain rate over a definite period.

28. Counter Offer- When an offer is accepted with some modification in terms of the offer, such qualified acceptance amounts to a Counter Offer.

29. Acceptance When the person to whom an offer is made signifies his assent there to , the  offer is said to be accepted.

30. Express Acceptance- When an offeree expresses his acceptance by words spoken or written.

31. Implied Acceptance – An Acceptance derived from the conduct of the offeree

32. Communication of an offer –complete when it comes to the knowledge of the person to whom it is made.

33. Communication of an Acceptance –Communication of an Acceptance is complete:

As against the proposer -when it is posted duly stamped and properly addressed/

As against the acceptor – when it reached the hands of the proposer.

34. Consideration-when at the desire of the promisor the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstains from doing something. Such act abstinence or promise is called a consideration for the promise.

35. Quid pro quo- means something in return.

36.Free consent-A  Consent is said to be free when it is not induced by “Coercion, undue influence, misrepresentation, fraud or mistake.

37. Consent - 2 or more persons agree upon the same thing in the same sense.

38. Coercion- Forcing a person to enter into a contract.

     Definition-   -Committing or threatening to Commit any act forbidden by the IPC or the unlawful detaining or threatening to detain  any property to the prejudice of any person – with the intention of causing any person to enter into an agreement.

39. Privity of contract-It is a general rule of law that only parties to a contract may sue or be sued on that contact. This rule is technically termed as privity of contract. It means the relationship subsisting the parties of a contract.

40.Person competent to contract.-Persons of Majority , ii) Sound mind  iii) Not disqualified by law 

LAW END TERM 2009

LAW END TERM 2009

SECTION A

1. Civil law, as opposed to criminal law, is the branch of law dealing with disputes between individuals and/or organizations, in which compensation may be awarded to the victim.

For instance, if a car crash victim claims damages against the driver for loss or injury sustained in an accident, this will be a civil law case

5. Liquidated damages (also referred to as liquidated and ascertained damages) are damages whose amount the parties designate during the formation of a contract for the injured party to collect as compensation upon a specific breach

e.g : late performance

6. What is meant by quasi- contract

a)     Under the law of contracts obligations are voluntarily created upon each other by parties to the contract

b)     In certain circumstances obligations may be created or imposed by law even without the existence of a contract

Such imposed obligations are called quasi- contractual obligations 

d)     Such obligations are imposed by courts on the equity principle that no man should grow rich at the cost of another

e)     Quasi- contracts are not contracts, but the relationship or obligations resemble the relations/ obligations arising out of contracts

f)      The 5 types of quasi-contractual obligations are outlined in sections 68 – 72 of the  ICA 1872

7. CONTINGENT CONTRACT : A CONTRACT TO DO OR NOT TO DO SOMETHING IF SOME EVENT COLLATERAL TO SUCH CONTRACT DOES OR DOES NOT HAPPEN

8. Agency coupled with an interest is when an agent has possession or control of the property of his principal and possesses a legal rights against interference by third parties.

9. A lien is a right of any one person to retain that, which is in his possession, belonging to another, until certain demands of a person in possession are satisfied.

  

Possession is necessary to create a right of lien.

Lien does not include right of sale

Lien is two kinds:

i)  General

ii) Particular or specific

11. According to sec 148 of the Indian contract Act, bailment is the delivery of goods by one person to another for some purpose upon a contract that they shall when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them.     

SECTION B

13.

15. Elements of Contract

·        Offer and acceptance

·        Intention to create legal relationship

·        Lawful consideration.

·        Legal Capacity.

·        Free consent.

·        Lawful Object.

·        Certainty and Possibility of performance.

·        Agreement not declared void.

·        Legal formalities.

16. Discharge of Contract By agreement or consent:  As it is the agreement of the parties which binds them, so by their further agreement or consent the contract may be terminated. This means a contractual obligation may be discharged by agreement which may be ‘express’ or ‘implied’.

17.  Restrainment of  Trade

Full Restriction - Void

Partial Restriction - Valid

   The law has, as a matter of public policy, always opposed any interference with the freedom to contract and restraints on the liberty of an individual, unless injurious to the interests of the state. This principle is not confined to restraints of trade in the ordinary sense of the word “trade,” but includes restraints on the right of being employed.

  Exception

}  The owners of the business will agree to a non-compete in exchange for consideration for the goodwill associated with the business .

}  To be enforceable, the non-compete will need to be reasonably limited in time and scope, and consideration will need to be attributed to the goodwill in the transaction, as evidenced in the documentation. 

}  A non-compete clause in a joint venture in which shareholders mutually agree not to compete with each other on certain terms and conditions, which include time and geographic restrictions, will generally be enforceable in India.

}   Non-solicitation obligations post-termination of employment may be enforced in limited circumstances, based upon the facts of each individual case.

      For example, they were upheld in the Desiccant case, in which the High Court did allow an injunction against the manager prohibiting him from soliciting Desiccant’s customers and suppliers to stand in effect.

18. “Rights and duties of pawnee”

         1) Right to receive payment from the debtor or obtain the performance of promise        with interest and expenses.

2) Right of particular lien

3) Right to receive extraordinary expenses

4) Pawnee’s right in case of default of the pawner

5) Pawnee must not use the goods pledged

19. Finder of goods

Rights:

n  To retain possession of such goods against the whole world except the true owner.

n  May sue for reward

n  May sell the goods if : the thing is dangerous or perishable

Duties

n  Must use reasonable diligence and try to find out the true owner

n  Must take care of the goods

n  Must not use the goods for his own purpose.

20.   What is bailment?  

      

                     According to sec 148 of the Indian contract Act, bailment is the delivery of goods by one person to another for some purpose upon a contract that they shall when the purpose is accomplished, be returned or otherwise disposed of according to the direction of the person delivering them.     

Essentials of a Bailment:

n  Contract

n  Delivery of goods and change of possession

n  For specific purpose

n  Moveable goods

n  Return of specific goods

Pledge

n  It is the bailment of goods as security for the payment of a debt or performance of a promise.

n  Bailor in this case is called  the “pawner” and the bailee is called the “pawnee”.

n  Pawner must deliver the goods pledged to the pawnee either actually or constructively.

n  Pledge is not necessary that delivery of the goods and making of the advance should be simultaneously to create a valid pledge . Pledge can be made only of movable properties. Properties which can not be the subject matter of sale.

n  Pledge is not necessary terminated by return of goods to the owner

LAW MODEL PART 3

Thanks to  Rama Chandar Sir

i)       “All contracts are agreements but all agreements are not contracts” Explain.

ii)    Define an unpaid seller. What are his rights?

iii)  What is winding up of a company? Discuss the various categories of winding up and the procedure there for.

iv)  When is a negotiable instrument considered as dishonoured?  What are the duties of a holder upon such dishonour?

v)    Explain the liability of employer to pay compensation under the workman compensation Act, 1923.

Solutions

1. All contracts are agreements but all agreements are contracts : contracts includes agreements. Contracts are those agreements which can be enforceable by law.

Some agreements are enforceable by law are : social agreements, illegal agreements, unlawful agreements, unenforceable agreements.

2. un paid seller : a seller is deemed to be unpaid seller when : (i) the whole of the price has not been paid or tendered, (ii) a bill of exchange or other negotiable instrument has been received as a condition payment, which has been dishonoured  .

rights of unpaid seller : 
(i) against goods:
 (a) lien on goods
 (b) stoppage in transit 
(c) re-sale
(d) withholding delivery

(ii) against the buyer personally: (a) suit for price

(b) Suit for damages

(c) Repudiation of contract

(d) Suit for interest

3. Winding up of a company: last stage in its life. It is a process by which a company is dissolved.

Modes of winding up:  

 1. by court : by special resolution, default in holding statutory meeting, commence business within a year from the date of incorporation, inability to pay debts, any just and equitable reason.

2. voluntary winding up : by members, by creditors

3. subject to the supervision of the court

4. Negotiable instrument considered to be dishonoured: (1) (Sec.91) Dishonour by non-acceptance   (2) (Sec.92) Dishonour by non-payment

Duty of the holder of instrument: (a) must give notice of dishonour. (b) Noting and protesting (c) suit for money

5. Liability of the employer to pay compensation: An employer is liable to pay compensation to workman for:

(1) personal injury by accident: arising out of and in the course of employment, out of employment.

(2) Occupational disease contracted by him.

LAW MODEL PART 2

Thanks to  Rama Chandar Sir

1.     What are the remedies for breach of contract? Explain.

2.     Define consideration. Briefly explain exceptions to the general principle ‘a contract is void without consideration’.

3.     State the circumstances in which a surety is discharged from liability?

4.     State briefly the rules as to the passing of property from the seller to the buyer in a contract for the sale of goods?

5.     What are the rights and duties of the finder of the lost goods?

6.     Discuss briefly the different modes in which the agency can be terminated?

7.     Describe the various stages in formation of a company.

8.     State the  conditions implied in a contract for sale of goods (i) by description (ii) by sample

Solutions

SECTION – B

1. Remedies of breach of contract: when a contract is broken, the injured party has one or more the following remedies:

(i) rescission of contract (ii) Suit for damages (iii) Suit for quantum meruit (iv) Suit for specific performance (v)Suit for injunction.

2. consideration : sec.2 (d) doing some act or something or promise  then he must get something in return. This something is defined as consideration. An agreement made without consideration is void.

Sec.25 and 185 deals with the exceptions.

(i) love and affection (ii) compensation to voluntary services (iii) promise to pay a time-barred debt (iv) completed gift (v) agency (vi) charitable subscription.

3.  A surety is said to be discharged when his liability comes to an end.

(i) by revocation – (a) revocation by surety (b) death of surety (c) novation.

(ii) by the conduct of the parties – (a) variance in terms of contract

(b) release or discharge of particular debtor (c) loss of security etc.,

(iii) by invalidation of contract – (a) guarantee obtained by misrepresentation or concealment (b) failure of consideration

4.  rules for ascertaining when the property in goods passes to the buyer are as follows:

(a) goods must be ascertained (b) intention of the parties

Specific goods- transferred at the time of contract.

Unascertained goods- cannot be passed until goods are ascertained.

5. rights and duties of finder of goods:

rights : (a) right of lien (b) right to sue for reward (c) right of sale

obligations/duties : (a) must take reasonable care (b) not to use (c) not to mix the goods with his own goods (d) try to find out the owner of goods.

6. Modes of termination of agency:

(i)by act of the parties : (a) by agreement (b) Revocation by the Principle

                                    (c) revocation by the agent

(ii) By operation of law : (a) performance of the contract (b) expiry of time

                                     (c) insanity of either of party  (d) insolvency of either of the

                                      party  (e) Destruction of the subject matter (f) Principle

                                      becoming an alien enemy (g) Dissolution of a company

                                      (h) termination of sub-agent’s authority.

7. Stages of formation of company:  (a) Promotion (b) Incorporation (c) capital subscription and (d) commencement of business or trading.

8. Implied conditions: (i) by description : Sec.15 explains the rule of law. “if you contract to sell peas, you  cannot oblige a party to take beans.” The buyer can rely on the description given by the seller. No deviation from the description. Even packing can be part of the description.

(ii) by sample : (a) the bulk shall correspond with the sample in quality (b) buyer should have opportunity of comparing the bulk with the sample. (c) goods shall be free from the defect.