BUSINESS LAW

AFTERSCHOOOL – DEVELOPING CHANGE

MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL

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OR PGPSE PARTICIPANTS
 BUSINESS LAW
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
www.afterschoool.tk

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
WHICH SECTION OF PARTNERSHIP
ACT 1932 DEALS WITH MINOR
ADMITTED TO THE BENEFIT OF
PROFIT?
 30 SECTION

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OR PGPSE PARTICIPANTS
WHEN IS PARTNERSHIP
RECONSTITUTED?
 NEW PARTNER JOINING
 DEATH OF PARTNER
 RETIREMENT
 EXPULSION OF A PARTNER
 INSOLVENCY

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER ACQUIRE
IMMOVABLE PROPERTY ON BEHALF
OF FIRM (WITHOUT OTHER’S
CONSENT)?

 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER COMPROMISE ON
BEHALF OF FIRM (WITHOUT
OTHER’S CONSENT)?
 NO

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OR PGPSE PARTICIPANTS
CAN A PARTNER OPEN A BANK
ACCOUNT OF FIRM IN HIS OWN
NAME?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER WITHDRAW A
SUIT / PROCEEDINGS FILED ON
BEHALF OF THE FIRM (WITHOUT
OTHER’S CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER BUY GOODS FOR
FIRM (WITHOUT OTHER’S
CONSENT)?
 YES

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OR PGPSE PARTICIPANTS
CAN A PARTNER PLEDGE GOODS
(WITHOUT OTHER’S CONSENT)?
 YES

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OR PGPSE PARTICIPANTS
CAN A PARTNER ADMIT A LIABILITY
IN A CASE AGAINST FIRM (WITHOUT
OTHER’S CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER SIGN A
PROMISSORY NOTE ON BEHALF OF
THE FIRM (WITHOUT OTHER’S
CONSENT)?
 YES

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER SIGN A BILL OF
EXCHANGE ON BEHALF OF THE
FIRM (WITHOUT OTHER’S
CONSENT)?
 YES

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER SELL IMMOVABLE
PROPERTY ON BEHALF OF THE
FIRM (WITHOUT OTHER’S
CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER ENTER INTO
PARTNERSHIP ON BEHALF OF THE
FIRM (WITHOUT OTHER’S
CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER SUBMIT A MATTER
FOR ARBITRATION ON BEHALF OF
THE FIRM (WITHOUT OTHER’S
CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER IN A FURNITURE
SHOP, SELL FURNITURE ON BEHALF
OF THE FIRM (WITHOUT OTHER’S
CONSENT)?
 YES

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER BUY DEFECTIVE
GOODS (THIS PARTNER KNOWS
ABOUT DEFECT) ON BEHALF OF THE
FIRM (WITHOUT OTHER’S
CONSENT)?

 NO – OTHER PARTNERS MAY

REJECT THE DEAL.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
CAN A PARTNER ASK A PERSON TO
JOIN AS NEW PARTNER BEHALF OF
THE FIRM (WITHOUT OTHER’S
CONSENT)?
 NO

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Can a partner leave partnership
at any time?
 No (proper notice has to be given).

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
I left partnership on 1 January. Mr.
Rishabh dealt with company on 2
Jan and got cheated by the firm. Can
Rishabh sue me (there was no notice
of my retirement from partnership)?
 Yes

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
X,Y,Z are partners. X & Y decide to
remove Z from partnership. Can they
do it?
 Refer to sec. 33: 1. they must have
contract for this 2. majority must agree 3.
it should be done in good faith 4. it
should be in the interest of partnership 5.
there should be notice to Z. 6. Z should
be given an opportunity to be heard.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
A,B,C are partners. Wives of A & B
fought. A removed B from
partnership (with consent from C) is
it OK?
 No – as there is no logical ground for
removal of B.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
A,B & E are partners. A is adjudged
an insolvent on 1 January. On 2nd
January the firm is awarded a new
contract which is very profitable.
Will A get the benefit?

 No – the firm is not liable to give

anything or take any thing for any act
after 1 January (the day A is declared
insolvent).

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
What can an unpaid seller do?
 Can take possession of goods during
transit
 Stop the goods in transit
 Sell the goods
 Claim / sue
 Cannot demand back the goods already
sold.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
When is acceptance complete
under contract law?
 As soon as it is posted / communicated.

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OR PGPSE PARTICIPANTS
Can there be a contract, where price
is to be fixed by third party. What
will happen if 3rd party refuse to fix
price?
 Yes- there may be contract
 The contract will become void – if 3rd
party refuse to fix price.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
I demanded 100 bales from Ram and
contract signed. Ram sent me only
50 bales. Can I reject the contract?
 Yes

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
When is a public notice necessary
regarding partnership?
 When a partner retires
 When a partner is expelled
 (no notice is necessary when a partner
dies).

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Can we make contract for sale
of goods which are not present?
 Yes = for example, a farmer can make a
contract to sell his entire crop (which is
not yet ready).

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Registrar of firm is a public servant
under sec ???? Of Indian Penal
Code?
 Sec. 21

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OR PGPSE PARTICIPANTS
Before partnership act, what
was the law on partnership?
 Chapter 11 of Indian Contract act 1872.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Before sale of goods act, what
was the law on sale?
 Chapter 7 of Indian contract Act.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
I send a proposal to Rishabh to sell
my house in 10 lakhs. I send this
proposal on 11 Jan. by post. Before
the post reaches Rishabh, I
telephone him and reject my
proposal. Can Rishabh accept my
offer?
 No – as there is no offer (the offer was
rejected even before it reached).

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Are wager contracts legal?
 They may not be legal but they are void
contracts.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Is a wager agreement
contingent contract?
 Yes

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Ram gave a promissory not to
Shyam, a minor. Can Shyam sue Ram
for payment of the promissory note?
 Yes.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Can a subpartner sue a firm for
his share ?
 No.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
A,B are partners. A introduces Ram
as his partner to Z. Ram takes away
goods worth Rs. 10 lakh from Z and
disappears. Can Z sue A & B?
 Yes = partnership by holding out Sec. 28
says that if the partners show someone
as their partner, they are liable of that
person’s conducts.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
 ABOUT AFTERSCHOOOL
Afterschoool conducts three year integrated PGPSE (after
class 12th along with IAS / CA / CS) and 18 month PGPSE
(Post Graduate Programme in Social Entrepreneurship)
along with preparation for CS / CFP / CFA /CMA / FRM. This
course is also available online also. It also conducts
workshops on social entrepreneurship in schools and
colleges all over India – start social entrepreneurship club in
your institution today with the help from afterschoool and help
us in developing society.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Why such a programme?
 To promote people to take up entrepreneurship
and help develop the society
 To enable people to take up franchising and
other such options to start a business / social
development project
 To enable people to take up social
development as their mission
 To enable people to promote spirituality and
positive thinking in the world

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OR PGPSE PARTICIPANTS
Who are our supporters?
 Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
 You can also support us – not
necessarily by money – but by being
promotor of our concept and our ideas.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
About AFTERSCHOOOL PGPSE – the best
programme for developing great entrepreneurs

 Most flexible, adaptive but rigorous programme

 Available in distance learning mode
 Case study focused- latest cases
 Industry oriented practical curriculum
 Designed to make you entrepreneurs – not just an
employee
 Option to take up part time job – so earn while you
learn
 The only absolutely free course on internet

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OR PGPSE PARTICIPANTS
Workshops from
AFTERSCHOOOL
 IIF, Delhi
 CIPS, Jaipur
 ICSI Hyderabad Branch
 Gyan Vihar, Jaipur
 Apex Institute of Management, Jaipur
 Aravali Institute of Management, Jodhpur
 Xavier Institute of Management, Bhubaneshwar
 Pacific Institute, Udaipur
 Engineering College, Hyderabad

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OR PGPSE PARTICIPANTS
Flexible Specialisations:
 Spiritualising business and society
 Rural development and transformation
 HRD and Education, Social Development
 NGO and voluntary work
 Investment analysis,microfinance and inclusion
 Retail sector, BPO, KPO
 Accounting & Information system (with CA / CS /CMA)
 Hospital management and Health care
 Hospitality sector and culture and heritage
 Other sectors of high growth, high technology and social
relevance

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Salient features:
 The only programme of its kind (in the whole world)
 No publicity and low profile course
 For those who want to achieve success in life – not just a degree
 Indepth knowledge and expertise
 Professional approac: World class approach
 Strong intellectual and business capabilities
 Flexible – you may stay for a month and continue the rest of the
education by distance mode. / you may attend weekend classes
 Scholarships for those from poor economic background
 Latest and constantly changing curriculum – keeping pace with
the time
 Placement for those who are interested
 Admissions open throughout the year
 Latest and most advanced technologies, books and study material

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Components
 Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
 Meditation, spiritualisation, and self development
 Essential softwares for business
 Business plan, Research projects
 Participation in conferences / seminars
 Workshops on leadership, team building etc.
 Written submissions of research projects/articles / papers
 Interview of entrepreneurs, writing biographies of entrepreneurs
 Editing of journals / newsletters
 Consultancy / research projects
 Assignments, communication skill workshops
 Participation in conferences and seminars
 Group discussions, mock interviews, self development diaryng
 Mind Power Training & writing workshop (by Dr. T.K.Jain)

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Pedagogy
 Case analysis,
 Articles from Harvard Business Review
 Quiz, seminars, workshops, games,
 Visits to entrepreneurs and industrial visits
 Presentations, Latest audio-visuals
 Group discussions and group projects
 Periodic self assessment
 Mentoring and counselling
 Study exchange programme (with institutions out of India)
 Rural development / Social welfare projects

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Branches
 AFTERSCHOOOL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these
branches – and for promoting social
entrepreneurs.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Case Studies
 We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us
to be in touch with entrepreneurs, so that
we may develop entrepreneurs.

www.afterschoool.tk AFTERSCHOOOL MATERIAL F

OR PGPSE PARTICIPANTS
Basic values at afterschoool
 Share to learn more
 Interact to develop yourself
 Fear is your worst enemy
 Make mistakes to learn
 Study & discuss in a group
 Criticism is the healthy route to mutual support and
help
 Ask fundamental questions : why, when, how &
where?
 Embrace change – and compete with yourself only

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OR PGPSE PARTICIPANTS
www.afterschoool.tk
social entrepreneurship for better
society

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OR PGPSE PARTICIPANTS