Umar Hafeez Profile

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• Acceptance for honour

  According to Sec,7, “When a bill of exchange has been noted or protested for non- acceptance or for better security and any person accepts it supra protest for honor of the drawer or of any one of the endorsers, such person is called as ‘acceptor for honor.” More >>

  On 2012-03-29 | Ethics

• Capacity of a party to a negotiable instrument

  A person, competent to contract, can become a party to Negotiate Instrument. The liability of a party to a negotiable instrument depends upon his contractual capacity. More >>

  On 2012-03-29 | Ethics

• Dissolution of a firm examples

  A and B are partner is a firm. The partnership deed provides that partnership can be terminated “By mutual agreement only” B alone wants to terminate the partnership. Can he do so? More >>

  On 2012-03-29 | Ethics

• Crossing a cheque

  When a cheque bears across its face two parallel transverse lines, cheque is said to be crossed. More >>

  On 2012-03-29 | Ethics

• Reconstitution of a firm

  Reconstitution of a firm means a readjustment in the relationship between the partners. A firm is a collection of partners. It has no independent legal existence. More >>

  On 2012-03-29 | Ethics

• Mode of settlement of accounts after dissolution

  Section 48 deals with the mode of, settlement of accounts between partners after dissolution of the firm. It contains what may be called the accounting clause and is most important. More >>

  On 2012-03-29 | Ethics

• Bills of exchange examples

  A bill is payable to X or order. The bill is thereafter lost and comes into the hand of Y. who forges X’s signature to effect an endorsement in blank. Discuss the legal position in each of the following alternative cases: More >>

  On 2012-03-29 | Ethics

• Payment in due course

  Payment in due course means payment neither made in accordance with the apparent tenor of the instrument i.e., according to what appears on the face of the instrument to be the intention of the parties. More >>

  On 2012-03-29 | Ethics

• Parties to negotiable instruments

  The person who makes the note promising to pay the amount stated therein is called the Maker. More >>

  On 2012-03-29 | Ethics

• Good will on the dissolution of partnership

  The term goodwill is not defined in the Act. It is a commercial rather than legal term. It is well understood in business but not easy to define. More >>

  On 2012-03-29 | Ethics

• Partnership at will

  Sec. 7 lays down that, “Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is “partnership at will”. More >>

  On 2012-03-29 | Ethics

• Difference between negotiation and assignment

  The various points of distinction between negotiation and assignment are discussed below: More >>

  On 2012-03-29 | Ethics

• Presentment of a bill for acceptance

  Presentment for acceptance is necessary only in case of Bills of Exchange. The term acceptance of a bill may be define as the indication by the drawee of his assent to the drawer that he will pay the amount of the bill on due date. More >>

  On 2012-03-29 | Ethics

• Define negotiation in business

  The term ‘negotiation’ may be defined as the transfer of a negotiable instrument by one person to anther so as to constitute the transferee the holder of the instrument. More >>

  On 2012-03-29 | Ethics

• Endorsement examples

  State whether presentment for acceptance is necessary in each of the following alternative cases: More >>

  On 2012-03-29 | Ethics

• Modes of negotiation

  We know that the negotiable instruments are two types, namely: a) Bearer instruments, and b) Order instruments. More >>

  On 2012-03-29 | Ethics

• Fixed term partnership

  It is a type of partnership in which its duration is fixed, i.e., for a fixed period. This type of partnership comes to an end, when the fixed term expires. More >>

  On 2012-03-29 | Ethics

• Sub partner

  A sub-partner is one who shares the profits of another partner. When a partner agrees to share his profits in a firm with a third person, that third person is called a sub-partner. More >>

  On 2012-03-29 | Ethics

• Excuses for delayed payment

  Delay in making presentment for acceptance or payment is excused when the delay is caused by circumstances beyond the control of the holder, If the delay is caused through his default More >>

  On 2012-03-29 | Ethics

• Dishonor by non payment

  Sec. 92 provides that, “A promissory note, bill of exchange or cheque is said to be dishonoured by non-payment when the maker of the note. More >>

  On 2012-03-29 | Ethics