MANARAT INTERNATIONAL UNIVERSITY
(MIU)
Department of Business Administration (DBA)
BUS 301: Legal Aspect of Business
(Chapter-1:
Law of Contract)
01.
An agreement enforceable by law is contract.
02. Wagering agreement is an example
of void agreement.
03.
A proposal is also called an offer.
04.
X offers to sell his motorcar to Y at the price of Tk. 50,000. This is an
example of specific offer.
05. An offer may be express or may be
implied from the circumstances.
06. The terms of the offer must be
certain, definite, unambiguous and not vague.
07.
A mere statement of intention is not an offer.
08.
A banker’s catalogue of charges is not an offer.
09.
An acceptance with a variation is no acceptance; it is simply a counter-proposal.
10.
Mental acceptance or uncommunicated assent does not result in a
contract.
11.
Acceptance cannot be implied from silence of the offeree.
12.
Acceptance must be given before the offer.
13.
When a counter offer is given the original offer lapse.
14.
A contribution to charity is without consideration.
15.
The consideration must not be illegal, immoral, or opposed to the public
policy.
16. Natural love & affection is an exception
to the rule no consideration no contract.
17.
An agreement without consideration or made by a minor is an example of void
agreement.
18.
Contracts brought about by coercion, undue influence, etc. are the examples of voidable
agreement.
19.
An illegal agreement is one, which is against a law in force.
20.
A promise without consideration is a gratuitous undertaking & cannot create
a legal obligation.
(Chapter-2:
The Law Relating to Sale
of Goods)
01.
Existing goods may either be specific & ascertained or generic &
unascertained.
02. A contract for the sale of goods
may be either a sale or an agreement to sell.
03. The Sale of Goods Act deals only with movable goods.
04.
There must be a contract for the exchange of movable goods for
money.
05. In a contract of sale the buyer
& the seller must be different persons.
06. A sale is a bilateral
contract.
07.
A man cannot buy from or sell goods for himself.
08.
A part owner can sell goods to another part-owner.
09.
A partner may sell goods to his firm & the firm may sell goods to a
partner.
10.
“Price” means the money consideration for a sale of goods––Sec.
2(10).
11.
Hire-purchase agreement must be in writing & signed by
parties.
12.
In every installment of the full price, it includes the hire of the goods &
the purchasing price.
13.
In a sale, the property is transferred to the buyer.
14.
Bailment does not change ownership of the goods.
15.
Sale of goods
involves transfer of ownership of property from the seller to the
buyer.
16.
Section 26 of the Sale of Goods Act
lays down the rules regarding the passing of risk.
17.
Delivery means a voluntary transfer of possession from one person
to another.
18.
Actual delivery occurs when the goods are physically handed over
to the seller or to his agent.
19.
It is the duty of the buyer of goods to pay price of goods according to the
terms of the contract.
20.
Buyer is not bound to return rejected goods.
(Chapter-3: The
Negotiable Instruments Act)
01. The instrument (promissory
note) must contain a promise to pay.
02.
If the promise to pay is coupled with a condition, it is not a promissory
note.
03.
The payment must be in the legal tender money of Bangladesh.
04.
A promise to pay certain amount of foreign money is not a promissory
note.
05.
The P.N. may be payable on demand or after a certain definite
period of time.
06.
In a Bill of Exchange (B/E) the person who is directed to pay is
called the Drawee.
07.
The B/E must contain an order to pay, which is express and
unconditional.
08.
The Drawer, Drawee & the Payee must be certain and definite individuals.
09.
The money of the bill must be payable to a definite person or according
to his order.
10.
The person who will receive the money is called the Payee.
11.
A Cheque is a B/E drawn upon a specified banker and payable on demand.
12.
A Cheque must fulfill all the essential requirements of a Bill of
Exchange.
13.
A Cheque may be payable to bearer or to order.
14.
A Cheque drawn with a future date is valid but it is payable on or after the
date specified.
15.
In some certain circumstances the bank is not bound to pay the
Cheques.
(Chapter-5: The Partnership & The Companies Act)
01. A partnership can be classified
into two categories/types.
02.
General partnership is also called Unlimited Partnership.
03.
Partnership-at-will is that type of partnership in which no time
period is specified.
04.
Particular partnership is established for a stipulated period of time,
to complete a specified venture.
05.
A Joint Venture is a temporary partnership, formed to complete a
specific venture.
06.
Active or Working partner may be called ‘General Partner’.
07.
Special partner is also called Limited Partner.
08.
Dormant or Sleeping partner is also called Silent Partner.
09.
Partner by Estoppel & partner by Holding Out are the types of Nominal
or Ostensible partner.
10.
A person who shares only in the profits not losses, of a firm is known as Partner
in Profits only.
11.
The written agreement of partnership is known as Partnership Deed or Articles
of Partnership.
12.
In case of Private Company the name must include the word ‘Private
Limited’
13.
The number of Directors in Private & Public company are
minimum 02 & 03.
14.
In the Public company total annual remuneration must not exceed 11% of the
net profits.
15.
If membership exceeds 50, a separate index of members is required
in Public company.
(Chapter-6: Workmen’s Compensation Act-1923)
01.
As per Workmen’s Compensation Act-1923,
“adult” means a person who is not under the age of 15 years.
02.
“Commissioner” means a Commissioner for Workmen’s Compensation
appointed under Sec.20.
03.
“Compensation” means compensation as provided for by
WCA-1923.
04.
“Partial disablement” means, where the disablement is of a temporary
nature.
05.
“Prescribed” means prescribed by rules made under WCA-1923.
06.
“Qualified medical practitioner” means any person registered
under the Medical Council Act-1973.
07.
“Seaman” means any person forming part of the crew of any ship.
08.
“Total disablement” means such disablement as incapacities a
workman for all work.
09.
“Wages includes” any privilege or benefit which is capable of
being estimated in money.
10.
“Monthly wages” means the amount of wages deemed to be payable
for a month’s service.
11.
Section-3 of the WCA-1923 states the employer’s
liability for compensation.
12.
Section-4 of the WCA-1923 states the amount
of compensation.
13.
Section-5 of the WCA-1923 states the
method of calculating wages.
14.
Section-7 of the WCA-1923 states the
communication of half-monthly payments.
15.
Section-8 of the WCA-1923 states the
distribution of compensation.
16.
Section-10 of the WCA-1923 states the
notice & claim.
17.
Section-10B of the WCA-1923 states the
reports of fatal accidents of the workmen.
18.
Section-13 of the WCA-1923 states the
remedies of employer against stranger.
19.
Section-18 of the WCA-1923 states the
proof of age of an injured person.
20. Loss of
one eye deemed to result in permanent partial disablement.
(Chapter-7: The Payment of Wages Act, 1936)
01. The Payment of Wages
Act (PWA), 1936 is modified by Act LIII of 1974.
02.
“Factory” means a factory as defined in clause.
03.
“Industrial establishment” means any tramway or motor omnibus
service.
04.
In “plantation” 25 or more persons are employed for growing tea,
coffee.
05.
“Prescribed” means prescribed by rules under The Payment of Wages
Act, 1936.
06.
“Railway Administration” has the meaning assigned to it in
Section 3 of the Railways Act, 1890.
07.
“Wages” means all remuneration, capable of being expressed in
terms of money.
08.
Wages does not include any contribution paid by the employer to
provident fund.
09.
Any traveling allowances or the value of any traveling concession
does not include to the wages.
10.
As per Section 4 of the PWA, 1936, no wage-period shall exceed one month.
11.
Wages of every person employed in any industrial establishment,
shall be paid before the expiry
of the tenth day.
12.
All payments of wages shall be made on a working day.
13.
Section 10 of the PWA states the deductions for damage or loss.
14.
Section 12 of the PWA states the deductions for recovery of advances.
15.
Section 22 of the PWA states regarding the bar of suits.
(Chapter-8:
The Factories Act)
01.
Adolescent means a person who has completed 16 years but has not completed
18 years of age.
02.
Child means a person who has completed 16 years of age.
03.
Manufacturing process means any process for pumping oil, gas,
water etc.
04.
Prescribed means prescribed by rules made by the govt. under the
Factories Act.
05.
Prime mover means any engine, motor etc. that generates or otherwise
provides power.
06.
Transmission machinery means any shaft, etc. by which the motion
of a prime mover is received by any plant.
07.
Young person means a person who is either a child or an adolescent.
08.
Wages means wages as defined in the Payment of Wages Act.
09.
Factory means any premises whereon ten or more workers are/were
working.
10.
Explosive substance includes any materials for making any
explosive substance.
11.
Day means a period of 24 hours beginning at midnight.
12.
Section-05 of the Factories Act-1965 states about the power to exempt.
13.
Section-07 of the Factories Act-1965 states about the seasonal factory
14.
Section-10 of the Factories Act-1965 states about the powers of
inspector.
15.
Section-11 of the Factories Act-1965 states about the certifying surgeons
16.
Section-15 of the Factories Act-1965 states about the dust and fume.
17.
Section-16 of the Factories Act-1965 states about the artificial
humidification
18.
Section-20 of the Factories Act-1965 states about the latrines and urinals
19.
Section-23 of the Factories Act-1965 states about the fencing of
machinery
20.
Section-44 of the Factories Act-1965 states about the first-aid
appliances
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