Umar Hafeez Profile

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• Consequences of dishonour

  As soon as a negotiable instrument is dishonoured, either by non-acceptance or non-payment, the holder takes the following steps: More >>

  On 2012-03-29 | Entrepreneurship

• Noting and protest law

  The term ‘noting’ may be defined as the recording of the fact of dishonor by a Notary Public upon the negotiable instrument- More >>

  On 2012-03-29 | Entrepreneurship

• Agency defination

  In connection with the legal concept of ‘agency’ the following observation are worth noting: “In legal phraseology, every person who acts for another is not an agent. More >>

  On 2012-03-28 | Ethics

• Rights of the principal

  The rights of the principal are indirectly the duties of an agent. The following are the rights of the principal, in brief: More >>

  On 2012-03-28 | Ethics

• Loss of lien

  The right of lien depends only upon the possession of the goods. Thus, the right of lien is lost as soon as the possession of the goods is lost. More >>

  On 2012-03-28 | Ethics

• Difference between sale and mortgage

  1. The buyer becomes absolute owner of the goods sold. Ownership of the goods remain vested in the mortgagor. More >>

  On 2012-03-28 | Ethics

• Important terms in auction sale

  IMPORTANT TERMS IN AUCTION SALE The following terms are important in an auction sale: More >>

  On 2012-03-28 | Ethics

• Difference between an agent and an independent contractor

  An agent is bound to act in the matter of agency subject to the directions and control of his principal, whereas an independent contractor merely undertakes to perform... More >>

  On 2012-03-28 | Ethics

• Essential elements of partnership

  The following are essential elements, which are required under Sec. 4 of the partnership Act, for constituting a valid partnership: More >>

  On 2012-03-28 | Ethics

• Rights of seller under sale of goods act

  It is the right of the seller to claim compensation for the loss occasioned by the buyer’s neglect or refusal to take delivery and also reasonable charges for the care and custody of the goods. More >>

  On 2012-03-28 | Ethics

• Sale by auction

  In the case of a sale by auction, the following rules apply according to Section 64: More >>

  On 2012-03-28 | Ethics

• Transfer of property

  The phrase ‘transfer of property’ in goods means transfer of ownership of goods. The term ‘property’ in the goods may be defined as the legal ownership of the goods- The term ‘property in the goods’ must be distinguished from the term ‘possession of the goods’. More >>

  On 2012-03-28 | Ethics

• Auction sale with reserve of upset price

  The term ‘reserve’ or ‘upset’ price may be defined as the minimum price below which the auctioneer will not sell the goods put up for auction sale. More >>

  On 2012-03-28 | Ethics

• Acceptance of delivery

  Sec. 41 (1) states that, “Where goods are delivered to the buyer which he has not Previously examined, he is not deemed to have accepted them unless and until he has had a reasonable opportunity of examining... More >>

  On 2012-03-28 | Ethics

• Buyers liability for neglecting or refusing delivery of goods

  Sec. 44 lays down that, “When the seller is ready and willing to deliver the goods and requests the buyer to take delivery... More >>

  On 2012-03-28 | Ethics

• Sale by non owners

  In the case of transfer of ownership of goods from the seller to the buyer, it is premised that the seller is full owner of the goods, and on transfer the buyer also becomes an absolute owner of the goods. More >>

  On 2012-03-28 | Ethics

• Unpaid seller

  The seller remains an unpaid seller so long as any portion of the price however small, remains unpaid. More >>

  On 2012-03-28 | Ethics

• Difference between sale and bailment

  Ownership and goods is transferred from the seller to the buyer The buyer may use the goods in any way he likes. More >>

  On 2012-03-28 | Ethics

• Consequences of breach of the contract of sale

  CONSEQUENCES OF BREACH OF THE CONTRACT OF SALE The Sale of Goods Act provides for the following remedies to a seller and a buyer when there is a breach of a contract of sale. More >>

  On 2012-03-28 | Ethics

• Difference between sale and agreement to sell

  difference between sale and agreement to sell.The following table gives the comparison between ‘sale’ and an ‘agreement to sell’ More >>

  On 2012-03-28 | Ethics