Law

We are aware of the fact that transport plays a crucial role in the economic development of the nation. This is because it moves the goods from one point to another, which is significant for commerce. There was a time when production and consumption of goods takes place at the same place, due to a […]

What is a Wagering Agreement? A wagering agreement is an agreement between two parties wherein one party commits to pay a certain sum of money to another person on the occurrence or non-occurrence of a future uncertain event. Such agreements are void. This means that none of the parties can file a suit to recover […]

What is a Contingent Contract? A contingent contract refers to a contract whose performance or non-performance depends on the happening or non-happening of a particular event. It means that the performance of the contract does not depend on the mere will of the promisor. Rather, the performance of the contingent contract becomes due only upon […]

What is Ordinary Resolution (OR)? Ordinary Resolution (OR) can be defined as the resolution passed at the company’s meeting, by a simple majority, i.e. 50% + 1 vote of members present either in person or by proxy (where proxies are permitted). In this resolution, the votes cast in favour of the resolution should be more […]

What is Doctrine of Caveat Emptor? The Doctrine of Caveat Emptor simply means – ‘Let the Buyer Beware‘. According to this principle, when the seller showcases products in the open market, it is the duty of the buyer to appropriately check the goods and also ensure that the product conforms to his/her requirements, before going […]

What is Doctrine of Constructive Notice? The Doctrine of Constructive Notice acts as a shield that protects the company against external parties. As against the Doctrine of Indoor Management which safeguards the external parties against the company. Constructive Notice implies that the public documents, i.e. articles of association and memorandum of association, which is filed […]

What is Doctrine of Indoor Management? The Doctrine of Indoor Management, or otherwise called as Turquand Rule, wherein the external parties are safeguarded from any irregularities in the internal management of the company. And the outsider dealing with the company is not required to look into the defects in the internal management of the company. […]

What is Doctrine of Ultra-Vires? The term ‘Doctrine of Ultra-Vires’ denotes the set of principles that determines which acts are Beyond the power of the company. Considering the company, any transaction or act, performed by the company or its directors which is beyond their power or legal authority, or which is external to the scope […]

What is One Person Company (OPC)? A one person company, or OPC, is a company set up with just one person as the member, which is a private company in nature. Here, member refers to the subscriber to the Memorandum of Association (MoA), of the company. The concept aimed to promote entrepreneurship and the corporatization […]