Business Law

Definition: Quasi Contract is a retroactive agreement, determined by a judge with an aim of correcting a situation wherein one party obtains something at the cost of another party. It protects one party from getting an unfair advantage from the situation. It takes place when a dispute exists against the payment of goods and services. Thus such arrangements rely on the … [Read more...] about Quasi Contract

Definition: Contract of Guarantee refers to a contractual arrangement in which one party gives a guarantee for another regarding the fulfillment of a promise or repayment of the debt when the latter fails to discharge the liability or perform the undertaking. That is to say, guarantee means to stand for another person and in a contract of guarantee, the surety assures … [Read more...] about Contract of Guarantee

Definition: Negotiable Instrument implies a financial document used for fund transfer from one person to another. Basically, it is an instrument that bears the signature of the maker, promising payment of a specified sum to the person whose name is written on it, or the assignee, either on-demand or on a future specified date. Further, the negotiable instrument creates a … [Read more...] about Negotiable Instrument

Definition: Conciliation is a process in which the third party persuades the parties in dispute to amicably settle the claims. It is one of the effective and private methods of dispute resolution, in which the conflicting parties take the help of a conciliator voluntarily, who discuss the matter with them, with an aim of settlement of the dispute without going to the … [Read more...] about Conciliation

Definition: When a person makes a representation on the belief that the statement is true, amounts to innocent misrepresentation. It is a positive declaration made by one party, while entering into the contract which is not actually true, but the parties hold that it is true, as regards a material fact which can influence the decision of another party to the contract, is a … [Read more...] about Misrepresentation

Definition: Gratuity implies a sum paid to the employee by the employer organization as a form of gratitude, for the services rendered by him/her to the company, over the years. It is given under the Payment of Gratuity Act, 1972. Gratuity is payable to an employee when the employment is terminated, and the completed years of service is five years or more. It becomes payable … [Read more...] about Gratuity

Definition: LLP is an acronym for Limited Liability Partnership, which is an emerging form of business organization. It incorporates the features of a Partnership and Body Corporate, as in low compliance cost while allowing the flexibility of a general partnership in terms of internal structure. In finer terms, LLP is the hybrid form of a company and partnership. Salient … [Read more...] about Limited Liability Partnership (LLP)

Definition: A deed is a formal and dignified instrument. In general, it refers to any document by which two or more parties agree to put into force any right or liability. For instance: Gift Deed, Partnership Deed, Trust Deed, Deed of Family Settlement, Mortgage Deed, Lease Deed, Sale Deed, etc. In law, a deed is described as a written instrument which claims or operates … [Read more...] about Deed

Definition: Minutes, otherwise called as the Minutes of Meeting (MoM) is the immediate comprehensive written account of the meeting, explaining the business transacted at the meeting. It comprises of accurate and fair notes of the proceedings that happened at the meeting. Contents of Minutes The contents of the minutes are divided into two categories: General Contents It … [Read more...] about Minutes

Definition: Annual General Meeting, shortly referred to as AGM, is the compulsory yearly formal get together of the company's shareholders held to transact lawful business. It is a significant event organized by the company every year to discuss the activities, strategies and performance with its shareholders. As per the Companies Act, 2013 every company whether the public … [Read more...] about Annual General Meeting (AGM)