1. Define company? How many kinds of companies? Distinguish between private Ltd. and public Ltd. company.
2. What is Memorandum of Association? What are the elements of Memorandum of Association? What are the stages in the formation of a company?
3. What is capital? Describe briefly the source of companies’ capital? Define share? Describe briefly the classification of share?
4. Define contract? Describe briefly the essential elements of contract? Define Law? Describe briefly the classification of law?
5. Define partnership? The essential elements of partnership? Classes of partners and classes of partnership?
6. Short Notes:
a) Article of Association.
b) Difference between ...view middle of the document...
The something given and taken is called consideration.
(4) Capacity of Parties: The parties to an agreement must be legally capable of entering into an agreement. Otherwise it cannot be enforced by a court of law. Want of capacity arises from minority, lunacy, drunkenness etc.
(5) Free Consent: An agreement must be based on free consent of all the parties. An agreement made by coercion, undue influence, mistake, misrepresentation and fraud is not an agreement at all, because here free and genuine consent is absent.
(6) Legality of the Object: The object for which the agreement has been entered into must not be illegal or immoral or opposed to public policy.
(7) Certainty: The agreement must not be vague. It must be possible to ascertain the meaning of the agreement.
(8) Possibility of Performance: The agreement must be capable of being performed. A promise to do an impossible thing cannot be enforced.
(9) Writing, Registration and legal formalities: An oral contract is a perfectly good contract except where writing and/ or registration is required by some statute. The terms of an oral contract sometimes difficult to prove. Therefore important agreements are usually entered in writing.
Q. What is law? Classification of law?
Ans. Law is a system of rules usually enforced through a set of institutions. It shapes politics economics and society in numerous ways. According to Holland “Law is a rule of external human actions enforced by the sovereign political authority. “
Law has some characteristics. They are:
: Law is a rule relating to the actions of human being.
: Law attempts to regulate the external actions of human being.
: Law is enforced by the state.
Classification of law: Classifications of law are described below:
Law and the types
Contract law: Contract law regulates everything relating buying and selling and also other matters.
Property law: Property law defines rights and obligations related to transfer and title of personal and real property.
Trust law: Trust law applies to assets held for investment and financial security.
Tort law: Tort law allows claims for compensation when someone or their property is injured or harmed.
Constitutional law: Constitutional law provides a frame work for creating laws, protecting people’s human rights and electing political representatives.
Administrative law: Administrative law relates to the activities of Administrative agencies of government.
We can also classify the law in the following manner:
(1) National/ domestic law : The law which discusses the matters of a particular state. It may be public, private etc.
(2) Public law: Public law determines and regulates the organization and functioning of the state and its relationship with the citizens. Constitutional law, criminal law, tax law, administrative law etc. are public law.