Business Law

Definition: To constitute a valid and binding meeting, the minimum number of members which must be present to transact the business, is termed as Quorum. Hence, it is a basic criterion for attendance which needs to be fulfilled, to make the proceedings legal. Further, the members should have a vested interest in the company. The members of the company are required to be … [Read more...] about Quorum

Definition: The term 'Corporate Veil' is a combination of two words 'corporate' which means a 'body corporate or company' and 'veil' which means a 'cover or shield'. Therefore, it implies the shield of protection that lies amidst the actions of the corporation and the actions of its members. Once the company is incorporated, it becomes a separate legal entity, i.e. the … [Read more...] about Corporate Veil

Definition: In contract law, a mistake refers to the innocent belief about something by one or both parties at the time of entering into a contract that certain facts are true, resulting in a misunderstanding in the parties. It is an unintentional act resulting from ignorance, forgetfulness or inattentiveness. It is among the five elements that vitiate free consent, the … [Read more...] about Mistake

Definition: Ratification is one of the modes of creation of a contract of agency. In ratification, a person who is not authorized professes to act as an agent of another person or an agent who is duly appointed, performs an action on behalf of the principal which is beyond his/her periphery and the principal does not have any knowledge of the same, then in such a case, the … [Read more...] about Ratification

Definition: Void Agreements refers to those agreements which are legally unenforceable. So, it does not amount to any rights or obligation as per law. These do not have any legal effect and so they cannot be enforced under the court of law, as well as it does not give any rights to the immediate parties. Agreements Expressly Declared Void There are certain agreements which … [Read more...] about Void Agreement

Definition: Green Tax is a type of excise duty which the government imposes on those vehicles which cause the dispersal of pollutants in the environment. The motive behind the introduction of a green tax is to prevent people from anti-ecological behaviour and make them more aware of environmental concerns. Another way to see this tax is that it is a fee on those vehicles which … [Read more...] about Green Tax

Definition: An auction sale is a public sales event for a property or good in which the bidders are invited to place competitive bids. In this, the bidder who places the highest bid buys the product or property under auction. For this purpose, many prospective buyers arrive at the decided time and venue for participating in the event. In short, an auction sale refers to the … [Read more...] about Auction Sale

Definition: Power of Attorney (POA) implies a legal authority which designates a person the power to take decisions on behalf of someone else. It is essential in the event when the principal is incapacitated or not present in person to take a decision. The Power of Attorney Act 1888 regulates power of attorney. Basically, POA is binding in nature. This means that it is a … [Read more...] about Power of Attorney

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 stops 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 court's … [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