http://www.informationbible.com/profile-34046/umar-hafeez N/A http://www.informationbible.com/article-acceptance-for-honour-182097.html Thu, 29 Mar 2012 13:00:00 GMT 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.” http://www.informationbible.com/article-capacity-of-a-party-to-a-negotiable-instrument-182151.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-dissolution-of-a-firm-examples-182059.html Thu, 29 Mar 2012 13:00:00 GMT 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? http://www.informationbible.com/article-crossing-a-cheque-182301.html Thu, 29 Mar 2012 13:00:00 GMT When a cheque bears across its face two parallel transverse lines, cheque is said to be crossed. http://www.informationbible.com/article-reconstitution-of-a-firm-181950.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-mode-of-settlement-of-accounts-after-dissolution-182051.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-bills-of-exchange-examples-182317.html Thu, 29 Mar 2012 13:00:00 GMT 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: http://www.informationbible.com/article-payment-in-due-course-182312.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-parties-to-negotiable-instruments-182148.html Thu, 29 Mar 2012 13:00:00 GMT The person who makes the note promising to pay the amount stated therein is called the Maker. http://www.informationbible.com/article-good-will-on-the-dissolution-of-partnership-182054.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-partnership-at-will-181877.html Thu, 29 Mar 2012 13:00:00 GMT 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”. http://www.informationbible.com/article-difference-between-negotiation-and-assignment-182064.html Thu, 29 Mar 2012 13:00:00 GMT The various points of distinction between negotiation and assignment are discussed below: http://www.informationbible.com/article-presentment-of-a-bill-for-acceptance-182087.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-define-negotiation-in-business-182060.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-endorsement-examples-182142.html Thu, 29 Mar 2012 13:00:00 GMT State whether presentment for acceptance is necessary in each of the following alternative cases: http://www.informationbible.com/article-modes-of-negotiation-182062.html Thu, 29 Mar 2012 13:00:00 GMT We know that the negotiable instruments are two types, namely: a) Bearer instruments, and b) Order instruments. http://www.informationbible.com/article-fixed-term-partnership-181885.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-sub-partner-181897.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-excuses-for-delayed-payment-182314.html Thu, 29 Mar 2012 13:00:00 GMT 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 http://www.informationbible.com/article-dishonor-by-non-payment-182325.html Thu, 29 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-bank-draft-182303.html Thu, 29 Mar 2012 13:00:00 GMT A bank draft is a bill of exchange drawn by a banker upon its branch. Thus, it is an order by one banker to its branch directing the letter to pay a specified amount of money to a name payee or to his order on demand. http://www.informationbible.com/article-partnership-examples-business-181970.html Thu, 29 Mar 2012 13:00:00 GMT 1) X and Y are partners in a cloth business X orders in firm’s name and on the firms letter-head to be supplied with to bags of wheat at his resident. Is the firm liable to pay death? http://www.informationbible.com/article-particular-partnership-181882.html Thu, 29 Mar 2012 13:00:00 GMT A person may become a partner with another person in particular adventures or undertakings. http://www.informationbible.com/article-active-partner-181887.html Thu, 29 Mar 2012 13:00:00 GMT A person who becomes a partner by an agreement and is engaged in the actual conduct of the business of the firm is called the actual or active or ostensible partner. http://www.informationbible.com/article-sleeping-partner-181890.html Thu, 29 Mar 2012 13:00:00 GMT A sleeping or inactive partner is one who does not take part in the conduct of business of the firm. He is a partner, who is not known to the outside world. He contributes his share of capital. http://www.informationbible.com/article-nominal-partner-181891.html Thu, 29 Mar 2012 13:00:00 GMT A nominal partner is one who has no real interest in the business. He lends his name as one of the partners in the firm. He does not contribute any capital. http://www.informationbible.com/article-profits-only-partner-181896.html Thu, 29 Mar 2012 13:00:00 GMT A partner in profits only is one who shares the profits of the firm but does not contribute to its losses. Such partner has no interest in the management of the firm. He contributes capital. http://www.informationbible.com/article-partner-by-estoppel-or-holding-out-181899.html Thu, 29 Mar 2012 13:00:00 GMT A partner by estoppel is one who represents himself to be a partner in the firm. But in reality he is not so. This kind of partner is not a real partner of the firm but “by words spoken or written or by conduct, represents him, or knowingly permits him to be represented to be a partner in a firm. http://www.informationbible.com/article-registration-of-firm-181904.html Thu, 29 Mar 2012 13:00:00 GMT The procedure of registration of firm is very simple. According to sec. 58, “The registration of a firm may be effected at any time by sending by post or delivering to the registrar of the area in which any place of business of the firm is situated or proposed to be situated... http://www.informationbible.com/article-effects-of-non-registration-of-a-firm-181906.html Thu, 29 Mar 2012 13:00:00 GMT In case any dispute arises between a partner and the firm, or among the partners, or between a partner and an ex-partner, or the dispute arises from partnership deed. http://www.informationbible.com/article-partnership-deed-181911.html Thu, 29 Mar 2012 13:00:00 GMT The contents of a partnership deed apply only to the partners of firm. No other party is supposed to abide by the contents of the deed. http://www.informationbible.com/article-who-can-be-a-partner-181916.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec. 11 f the Contract Act, every person who is of the age of majority according to law to which he is subject to and who is of sound mind and is not disqualified from contracting by any law to which he is subject... http://www.informationbible.com/article-position-of-a-minor-in-firm-181934.html Thu, 29 Mar 2012 13:00:00 GMT According the Contract Act, A minor’s agreement is altogether void and unenforceable. The relation of partnership arises from a contract. http://www.informationbible.com/article-rights-and-liabilities-of-a-minor-in-a-partnership-firm-181936.html Thu, 29 Mar 2012 13:00:00 GMT A minor has the right to receive the agreed share of property and profits of the firm. [Sec.30(2)]. http://www.informationbible.com/article-partnership-examples-181937.html Thu, 29 Mar 2012 13:00:00 GMT A is the sole proprietor of a firm. He admits B as a partner on the following term a) B is not to bring any capital. http://www.informationbible.com/article-rights-of-a-partner-181940.html Thu, 29 Mar 2012 13:00:00 GMT Partnership business is the business of all the partners and therefore, all the partners have equal power of management. http://www.informationbible.com/article-duties-of-a-partner-181942.html Thu, 29 Mar 2012 13:00:00 GMT Each partner must carry on the business of the firm to the greatest common advantage. He must not retain for himself any benefit arising from the partnership. It follows that a partner must not secretly acquire a title to the property of the firm. http://www.informationbible.com/article-implied-authority-of-a-partner-181947.html Thu, 29 Mar 2012 13:00:00 GMT This kind of authority may be derived by either of the following: a) Usage, b) Custom of trade, c) Conduct of the partner and d) Statute (Act and rules). http://www.informationbible.com/article-rights-and-liabilities-of-a-minor-partner-181951.html Thu, 29 Mar 2012 13:00:00 GMT “Benefits of partnership include benefits which the minor would enjoy if lie were a major. Though a minor can be admitted to the benefits of a partnership... http://www.informationbible.com/article-liability-to-third-party-181954.html Thu, 29 Mar 2012 13:00:00 GMT This section deal with the question of the partner’s liability (i) for contract (ii) for torts and (iii) for misappropriation by a partner. http://www.informationbible.com/article-partnership-property-181960.html Thu, 29 Mar 2012 13:00:00 GMT The term ‘partnership property’ may be defined as the joint property of all the partners as opposed to their personal properly. For the following reasons it becomes necessary to determine the partnership property: http://www.informationbible.com/article-negotiable-instruments-181977.html Thu, 29 Mar 2012 13:00:00 GMT The word ‘negotiable’ means ‘transferable by delivery’, and the word ‘instrument’ means a written document by which a right is created in favor of some person,. http://www.informationbible.com/article-characteristics-of-a-negotiable-instrument-181980.html Thu, 29 Mar 2012 13:00:00 GMT No legal formalities are necessary to be complied with a transfer. The transfer confers on the transferee not only a right to possession but also right to property. An instrument payable to bearer is transferred by mere delivery. http://www.informationbible.com/article-negotiable-instruments-presumptions-181983.html Thu, 29 Mar 2012 13:00:00 GMT Section 118 and 119 lay down certain presumptions to all negotiable instruments, unless the contrary is proved. In case of any disputes about these presumptions, these need not be proved by the person who holds the negotiable instrument... http://www.informationbible.com/article-types-of-negotiable-instruments-181985.html Thu, 29 Mar 2012 13:00:00 GMT There are many kinds of negotiable instruments. But the Negotiable Instruments Act mentions only three kinds of negotiable instruments. http://www.informationbible.com/article-classification-of-negotiable-instruments-181987.html Thu, 29 Mar 2012 13:00:00 GMT The negotiable instruments may be broadly classified under the following six heads: 1. Inland Instrument: The term ‘inland instrument’ is defined in Section 11 of the Negotiable Instrument Act, Which reads as under: http://www.informationbible.com/article-negotiable-instrument-example-181988.html Thu, 29 Mar 2012 13:00:00 GMT B accepts a bill drawn upon by A who endorses it to C who in turn endorses it to D, who in turn endorses it to A. Discuss the legal position of A. http://www.informationbible.com/article-dissolution-of-a-firm-181998.html Thu, 29 Mar 2012 13:00:00 GMT Section 39 of the partnership Act lays down that, “The dissolution of partnership between all the partner of a firm is called a dissolution of a firm”. http://www.informationbible.com/article-dissolution-by-agreement-182005.html Thu, 29 Mar 2012 13:00:00 GMT Sec. 40 lays down that, “a firm may be dissolved with the consent of all the partners or in accordance with a contract between the partners. http://www.informationbible.com/article-compulsory-dissolution-182007.html Thu, 29 Mar 2012 13:00:00 GMT A firm is dissolved compulsorily under the following circumstances: http://www.informationbible.com/article-dissolution-on-the-happening-of-certain-contingencies-182027.html Thu, 29 Mar 2012 13:00:00 GMT Section 42 states that, “Subject to contract between the partners a firm is dissolved; http://www.informationbible.com/article-dissolution-by-notice-182028.html Thu, 29 Mar 2012 13:00:00 GMT Where the partnership is at will, the firm may be dissolve by any partner giving notice in writing to all the other partners of his intention to dissolve the firm. http://www.informationbible.com/article-dissolution-by-court-182030.html Thu, 29 Mar 2012 13:00:00 GMT When there is a difference of opinion between the partners regarding the matters of dissolution, dissolution of firm, by the court is necessitated. http://www.informationbible.com/article-difference-between-dissolution-of-a-firm-and-dissolution-of-partnership-182033.html Thu, 29 Mar 2012 13:00:00 GMT The following are the main points of distinction between the dissolution of firm and dissolution of partnership. http://www.informationbible.com/article-rights-of-a-partner-after-dissolution-182037.html Thu, 29 Mar 2012 13:00:00 GMT As a result of dissolution of the partnership firm, the following rights shall accrue to the partners. http://www.informationbible.com/article-liabilities-of-partner-after-the-dissolution-of-partnership-182041.html Thu, 29 Mar 2012 13:00:00 GMT Section 45 provides that even after dissolution, all the partners continue to remain liable to third parties for any act done by any of them in the usual course of the business of the firm until public notice has been given of the dissolution. http://www.informationbible.com/article-provisions-relating-to-public-notice-182057.html Thu, 29 Mar 2012 13:00:00 GMT When a Public Notice is Required to be Given A public notice is required to be given in the following three cases: (a) On the retirement or expulsion of a partner. or http://www.informationbible.com/article-liability-of-parties-to-negotiable-instrument-182070.html Thu, 29 Mar 2012 13:00:00 GMT The provisions of law regarding the liability of parties to negotiable instruments are as follow: 1. Liability of Drawer. 2. Liability of Drawee of Cheque. 3. Liability of ‘Maker’ of note and ‘Acceptor’ 4. Liability of Endorser. http://www.informationbible.com/article-presentment-of-negotiable-instruments-182071.html Thu, 29 Mar 2012 13:00:00 GMT The process of presenting or placing the instrument before the maker, accept or drawee is known as a ‘Presentment of Negotiable Instruments. http://www.informationbible.com/article-presentment-for-payment-182073.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec. 64, “Promissory note, bills of exchange and cheque must be presented for payment to the maker, acceptor or drawee thereof respectively, by or’ on behalf of the holder as hereinafter provided. http://www.informationbible.com/article-rules-regarding-for-the-presentment-for-payment-182077.html Thu, 29 Mar 2012 13:00:00 GMT Presentment for payment must be made during the hours of business, and, in .case of cheque during banking hours. http://www.informationbible.com/article-time-and-place-of-presentment-for-payment-182080.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec.61, “A bill of exchange payable after sight must, if no time or place is specified therein for presentment, be presented to the drawee thereof for acceptance, If he can, after reasonable search, be found, by a person entitled... http://www.informationbible.com/article-types-of-acceptance-182090.html Thu, 29 Mar 2012 13:00:00 GMT It also known as absolute acceptance. A general acceptance is according to the apparent tenor of the bill of exchange, i.e., the drawee accepts the bill is originally drawn. http://www.informationbible.com/article-holder-of-bill-of-exchange-182162.html Thu, 29 Mar 2012 13:00:00 GMT According to Section 8, “The holder of a promissory note, bill of exchange or cheque means any person entitled in his name to the possession thereof and to receive or recover the amount due thereon from the parties thereto.” http://www.informationbible.com/article-bill-presented-for-acceptance-182093.html Thu, 29 Mar 2012 13:00:00 GMT A bill can be presented for acceptance to any one of the following: 1) Drawee: The drawee of the bill or his duly authorized agent. http://www.informationbible.com/article-when-presentment-of-acceptance-is-excused-182094.html Thu, 29 Mar 2012 13:00:00 GMT Presentment for acceptance is generally necessary but in following case, it is excused: http://www.informationbible.com/article-presentment-for-sight-182099.html Thu, 29 Mar 2012 13:00:00 GMT “Presentment for sight.” is necessary only in the case of a promissory note which is made payable at a certain period after sight so that the maturity of the note may be ascertained. http://www.informationbible.com/article-difference-between-promissory-note-and-bill-of-exchange-182185.html Thu, 29 Mar 2012 13:00:00 GMT A promissory note is an instrument in writing but containing an unconditional undertaking signed by maker, to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument. http://www.informationbible.com/article-negotiation-by-unauthorised-parties-182127.html Thu, 29 Mar 2012 13:00:00 GMT A lost negotiable instrument is. one, which has been lost by its holder before it becomes due. According to Section 45-A: http://www.informationbible.com/article-endorsement-182131.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec. 15, “where the maker or holder of a negotiable instrument signs the same, otherwise then as such maker, for the purpose of negotiation on the back or face thereof or on a slip of paper... http://www.informationbible.com/article-essentials-of-a-valid-endorsement-182135.html Thu, 29 Mar 2012 13:00:00 GMT An endorsement in order to operate as the negotiation must comply with the following conditions. http://www.informationbible.com/article-types-of-endorsements-182140.html Thu, 29 Mar 2012 13:00:00 GMT When the endorser signs his name only on the face or back of the instrument, it is known as blank or general endorsement. http://www.informationbible.com/article-extent-of-liability-182156.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec. 117, “The compensation payable in case of dishonor of a promissory note, bill of exchange, cheque, by any party liable to the holder, or any endorsee, shall be determined by the following rules: http://www.informationbible.com/article-privileges-of-a-holder-in-due-course-182167.html Thu, 29 Mar 2012 13:00:00 GMT Holder in due course acquiring the Instrument for consideration and in good faith gets the following rights under Act: http://www.informationbible.com/article-ambiguous-instruments-182237.html Thu, 29 Mar 2012 13:00:00 GMT The term ambiguous instrument is defines in section 17 of the Negotiable Instruments Act. As per this section, an ambiguous instrument is one which in form is such that it may either be treated as promissory note or bill of exchange. http://www.informationbible.com/article-difference-between-holder-and-holder-in-due-course-182170.html Thu, 29 Mar 2012 13:00:00 GMT The holder cannot have a good title on an Instrument if the title of any of the prior parties is defective. http://www.informationbible.com/article-promissory-note-182174.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec.4 “A promissory note is an instrument in writing (not being a bank note or Currency note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person to the bearer of the instrument”. http://www.informationbible.com/article-essentials-of-a-valid-promissory-note-182177.html Thu, 29 Mar 2012 13:00:00 GMT It must be in Writing. The writing may, however be in pencil or ink, and includes printing or ting or engraving or lithographing. http://www.informationbible.com/article-specimen-of-a-promissory-note-182181.html Thu, 29 Mar 2012 13:00:00 GMT Ninety five lays after sight for value received, I promise to pay Mr. Tahir Petiwala (A-480,Sector 11C-21,Street 1075,Karachi) or order the sum of Rupees One Lac fifty thousand Only. http://www.informationbible.com/article-bill-of-exchange-182189.html Thu, 29 Mar 2012 13:00:00 GMT The term ‘bill of exchange’ may be defined as an order, in writing, requiring a certain person to pay a certain sum of money to a specified person. http://www.informationbible.com/article-specimen-of-bill-of-exchange-182191.html Thu, 29 Mar 2012 13:00:00 GMT In this specimen, C is the drawer. B is the drawee as the bill of exchange is addressed to him and he has been ordered (i.e. directed) to pay the amount of Rs. 5000. http://www.informationbible.com/article-essential-of-a-valid-bill-of-exchange-182196.html Thu, 29 Mar 2012 13:00:00 GMT The legal definition of the term ‘bill of exchange’ is almost similar to that of a promissory note. Thus, the essential requirements are more or less the same. http://www.informationbible.com/article-essential-of-a-valid-cheque-182208.html Thu, 29 Mar 2012 13:00:00 GMT The legal definition of the term ‘cheque’ reveals that it is a special kind of a bill of exchange drawn upon a banker. The essential elements of a cheque are as under: http://www.informationbible.com/article-difference-between-bill-of-exchange-and-cheques-182201.html Thu, 29 Mar 2012 13:00:00 GMT A cheque differs from a bill of exchange in the following respects: http://www.informationbible.com/article-cheque-definition-182206.html Thu, 29 Mar 2012 13:00:00 GMT The term ‘cheque’ may be defined as a bill of exchange which is drawn upon a banker and is always payable on demand. The legal definition of the term is contained in Section 6 of the Negotiable Instrument Act, which reads as under: http://www.informationbible.com/article-accommodation-bill-182210.html Thu, 29 Mar 2012 13:00:00 GMT It is a bill of exchange which is made only to provide financial help to some party. An accommodation bill is drawn accepted or endorsed, without any consideration, by some person with a view to lend the credit of his name on the bill so that the person taking the bill can get the money for the same http://www.informationbible.com/article-payment-of-accommodation-bills-182213.html Thu, 29 Mar 2012 13:00:00 GMT There are certain rules regarding the liability of parties, and payment of accommodation bills. http://www.informationbible.com/article-travellers-cheque-182304.html Thu, 29 Mar 2012 13:00:00 GMT It is a cheque drawn by a specified banker upon self and is payable on demand. Thus, it is an order by a banker directing itself to pay a specified amount of money to a specified person on demand. http://www.informationbible.com/article-inchoate-instrument-182298.html Thu, 29 Mar 2012 13:00:00 GMT The term inchoate instrument means an incomplete instrument in some respects example an instrument not mentioning the amount payable. or the name of the payee. http://www.informationbible.com/article-bill-insets-182299.html Thu, 29 Mar 2012 13:00:00 GMT A bill of exchange drawn in part is known as a bill in sets. Sometimes, the drawer and the payee of a bill of exchange are at distant places or in different countries. http://www.informationbible.com/article-types-of-crossing-of-cheque-182302.html Thu, 29 Mar 2012 13:00:00 GMT A cheque is said to be crossed generally when there are no words between the lines of crossing or when there are some words but of the name of a bank. http://www.informationbible.com/article-gift-cheque-182305.html Thu, 29 Mar 2012 13:00:00 GMT It is a cheque drawn by a specified banker upon self and is payable on demand. Thus, it is also an order by banker directing itself (i.e. branches) to pay a specified amount of money to a specified person on demand. http://www.informationbible.com/article-escrow-182306.html Thu, 29 Mar 2012 13:00:00 GMT Sometimes, a negotiable instrument is delivered conditionally, or for a special purpose as a collateral security, or for a safe custody only, and not fore the purpose of transferring its ownership. http://www.informationbible.com/article-letter-of-credit-182307.html Thu, 29 Mar 2012 13:00:00 GMT The term ‘letter of credit’ may be defined as a letter of’ request by which one person requests some other person (usually a merchant or a banker) to advance money or give credit to a third person named therein for a certain amount... http://www.informationbible.com/article-maturity-of-negotiable-instrument-182309.html Thu, 29 Mar 2012 13:00:00 GMT A promise not or a bill of exchange may be payable on demand or on a specific date or after a specified period of time. http://www.informationbible.com/article-rules-of-the-calculation-of-the-date-of-maturity-182310.html Thu, 29 Mar 2012 13:00:00 GMT Where a promissory-note or a bill of exchange is expressed to be payable at a certain number of months after date or after sight or after a certain event, the period of payment terminates three days after stated number of months. http://www.informationbible.com/article-payment-of-interest-on-negotiable-instruments-182313.html Thu, 29 Mar 2012 13:00:00 GMT Where rate of interest is specified: (Sec. 79). The interest, when the rate is mentioned in the instrument, is to be calculated from the date of the instrument up to the time of tender or realization of the principal amount. http://www.informationbible.com/article-when-presentment-is-unnecessary-182315.html Thu, 29 Mar 2012 13:00:00 GMT Section 76 enumerates the cases where presentment for payment is excused and the holder can treat the instrument as dishonored. http://www.informationbible.com/article-dishonour-of-negotiable-instruments-182322.html Thu, 29 Mar 2012 13:00:00 GMT When an instrument on its maturity remains unsatisfied, the instrument is said to be dishonoured. A negotiable instrument may be dishonoured either by http://www.informationbible.com/article-dishonor-by-non-acceptance-182324.html Thu, 29 Mar 2012 13:00:00 GMT According to Sec. 91, “A bill of exchange is said to be dishonoured by non-acceptance when the drawee, or one of several drawees not being partners, makes default in acceptance upon being duly required to accept... http://www.informationbible.com/article-consequences-of-dishonour-182327.html Thu, 29 Mar 2012 13:00:00 GMT As soon as a negotiable instrument is dishonoured, either by non-acceptance or non-payment, the holder takes the following steps: http://www.informationbible.com/article-noting-and-protest-law-182330.html Thu, 29 Mar 2012 13:00:00 GMT The term ‘noting’ may be defined as the recording of the fact of dishonor by a Notary Public upon the negotiable instrument- http://www.informationbible.com/article-agency-defination-181406.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-rights-of-the-principal-181556.html Wed, 28 Mar 2012 13:00:00 GMT The rights of the principal are indirectly the duties of an agent. The following are the rights of the principal, in brief: http://www.informationbible.com/article-loss-of-lien-181713.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-difference-between-sale-and-mortgage-181596.html Wed, 28 Mar 2012 13:00:00 GMT 1. The buyer becomes absolute owner of the goods sold. Ownership of the goods remain vested in the mortgagor. http://www.informationbible.com/article-important-terms-in-auction-sale-181786.html Wed, 28 Mar 2012 13:00:00 GMT IMPORTANT TERMS IN AUCTION SALE The following terms are important in an auction sale: http://www.informationbible.com/article-difference-between-an-agent-and-an-independent-contractor-181515.html Wed, 28 Mar 2012 13:00:00 GMT 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... http://www.informationbible.com/article-essential-elements-of-partnership-181793.html Wed, 28 Mar 2012 13:00:00 GMT The following are essential elements, which are required under Sec. 4 of the partnership Act, for constituting a valid partnership: http://www.informationbible.com/article-rights-of-seller-under-sale-of-goods-act-181777.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-sale-by-auction-181722.html Wed, 28 Mar 2012 13:00:00 GMT In the case of a sale by auction, the following rules apply according to Section 64: http://www.informationbible.com/article-transfer-of-property-181636.html Wed, 28 Mar 2012 13:00:00 GMT 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’. http://www.informationbible.com/article-auction-sale-with-reserve-of-upset-price-181788.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-acceptance-of-delivery-181774.html Wed, 28 Mar 2012 13:00:00 GMT 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... http://www.informationbible.com/article-buyers-liability-for-neglecting-or-refusing-delivery-of-goods-181776.html Wed, 28 Mar 2012 13:00:00 GMT Sec. 44 lays down that, “When the seller is ready and willing to deliver the goods and requests the buyer to take delivery... http://www.informationbible.com/article-sale-by-non-owners-181653.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-unpaid-seller-181697.html Wed, 28 Mar 2012 13:00:00 GMT The seller remains an unpaid seller so long as any portion of the price however small, remains unpaid. http://www.informationbible.com/article-difference-between-sale-and-bailment-181588.html Wed, 28 Mar 2012 13:00:00 GMT Ownership and goods is transferred from the seller to the buyer The buyer may use the goods in any way he likes. http://www.informationbible.com/article-consequences-of-breach-of-the-contract-of-sale-181723.html Wed, 28 Mar 2012 13:00:00 GMT 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. http://www.informationbible.com/article-difference-between-sale-and-agreement-to-sell-181584.html Wed, 28 Mar 2012 13:00:00 GMT difference between sale and agreement to sell.The following table gives the comparison between ‘sale’ and an ‘agreement to sell’ http://www.informationbible.com/article-contract-of-agency-example-181558.html Wed, 28 Mar 2012 13:00:00 GMT 1) X appoints the following persons. State whether they can be called as agent of X: a) A to cook food for X and X’s family on a monthly salary of Rs. 1,000. b) B to furnish kitchen in his house for Rs. 10,000. http://www.informationbible.com/article-auction-sale-definition-181781.html Wed, 28 Mar 2012 13:00:00 GMT A contract of sale is made by an offer by one party and its acceptance by the other. And the sale of the goods may take place in various modes one of the modes of sale ... http://www.informationbible.com/article-liabilities-of-an-auctioneer-181789.html Wed, 28 Mar 2012 13:00:00 GMT The sale of Goods Act does not deal with the liabilities of an auctioneer in case of sale by auction. However, it has been held by courts that in an auction sale... http://www.informationbible.com/article-difference-between-sub-agent-and-substitute-agent-181550.html Wed, 28 Mar 2012 13:00:00 GMT He is appointed by the agent and the sub-agent works under the control of agent. He is the agent of the original agent. http://www.informationbible.com/article-termination-of-agency-181545.html Wed, 28 Mar 2012 13:00:00 GMT The legal provisions relating to the agency are contained in the Sections 201 to 210 of the Contract Act. According to Section 201 of the Act “An agency is terminated by the principal revoking his authority; or by the agent renouncing the business of the agency... http://www.informationbible.com/article-insolvency-mercantile-agent-price-property-quality-of-goods-181570.html Wed, 28 Mar 2012 13:00:00 GMT INSOLVENCY [SECTION 2(8)]: A person is said to be insolvent who has ceased to pay his debts in the ordinary course of business, or cannot pay his debts as they become due, whether he has committed an act of insolvency or not. http://www.informationbible.com/article-essentials-and-legal-rules-for-a-valid-agency-181407.html Wed, 28 Mar 2012 13:00:00 GMT The legal definition of the term ‘agency’, discussed in the last article, reveals the essential element of agency, and a valid agency must satisfy these essential requirements. http://www.informationbible.com/article-duties-of-a-seller-under-sale-of-goods-act-181779.html Wed, 28 Mar 2012 13:00:00 GMT DUTIES OF A SELLER: The duties and liabilities of the seller may be discussed as follows: http://www.informationbible.com/article-rules-regarding-delivery-of-goods-181766.html Wed, 28 Mar 2012 13:00:00 GMT Delivery of the goods sold may be made by doing anything which the parties agree shall he treated as delivery or which has the effect of putting the goods in the possession of the buyer or his authorized agent. http://www.informationbible.com/article-condition-definition-181621.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘condition’ may be defined as a representation made by the seller which is so important that its non-fulfillment defeats the very purpose of the purpose of the buyer. http://www.informationbible.com/article-delivery-and-deliverable-state-181565.html Wed, 28 Mar 2012 13:00:00 GMT Delivery [Section 2(2)]: Delivery means voluntary transfer of possession from one person to another. There are two types of delivery: http://www.informationbible.com/article-duties-of-an-agent-towards-the-principal-181410.html Wed, 28 Mar 2012 13:00:00 GMT Section 211 states that, an agent is bound to conduct the business of his principal according to the directions given by the principal, or in the absence... http://www.informationbible.com/article-apparent-authority-181539.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘authority’ of an agent may be defined as his power or capacity to bind the principal with the third, party. The principal is bound by the acts of his agent done by him within the scope of his authority. http://www.informationbible.com/article-creation-of-agency-by-express-agreement-181499.html Wed, 28 Mar 2012 13:00:00 GMT An agency may be created by an express agreement. In this case, an agent is appointed by an agreement in writing or by words of mouth. http://www.informationbible.com/article-creation-of-agency-by-implied-agreement-181504.html Wed, 28 Mar 2012 13:00:00 GMT An agency may also be created by an implied agreement. In this case, a person becomes an agent of the other due to the conduct of the parties or the course of dealing between the parties or the situation of a particular case http://www.informationbible.com/article-creation-of-agency-by-operation-of-law-181507.html Wed, 28 Mar 2012 13:00:00 GMT An agency may also come into existence by operation of law. In certain circumstances, the law treats one person as an agent of another. http://www.informationbible.com/article-creation-of-agency-by-ratification-181510.html Wed, 28 Mar 2012 13:00:00 GMT The term ratification may be defined as the confirmation of the acts already done. Sometimes, a person does some acts on behalf of another person without his knowledge or authority. http://www.informationbible.com/article-difference-between-agent-and-servant-181513.html Wed, 28 Mar 2012 13:00:00 GMT An agent is employed to act on behalf of the principle and to bring him into legal relation with third persons. A servant generally does not enjoy such authority. http://www.informationbible.com/article-difference-between-agent-and-trustee-181517.html Wed, 28 Mar 2012 13:00:00 GMT Both agent and trustee exercise their powers and authority in the interest and on behalf of other persons and further both has a representative character. http://www.informationbible.com/article-kinds-of-agents-in-business-law-181521.html Wed, 28 Mar 2012 13:00:00 GMT The term agent applies to anyone who by authority performs an act for another, and includes a great many classes of persons to whom distinctive names are given. http://www.informationbible.com/article-ratification-181528.html Wed, 28 Mar 2012 13:00:00 GMT Ratification is an approval of a previous act or contract. It implies the adoption by the principal of an act made by an agent in his behalf, but without his authority. http://www.informationbible.com/article-who-can-appoint-an-agent-181531.html Wed, 28 Mar 2012 13:00:00 GMT Any person who is of the age of majority according to the law to which he is subject, and who is of sound mind, may employ an agent. http://www.informationbible.com/article-actual-or-real-authority-181535.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘authority’ of an agent may be defined as his power or capacity to bind the principal with the third, party. The principal is bound by the acts of his agent done by him within the scope of his authority. http://www.informationbible.com/article-scope-and-extent-of-agents-authority-181542.html Wed, 28 Mar 2012 13:00:00 GMT We know that the principal is bound by the acts of his agent. However, the agent’s acts must be within the scope of his actual or apparent authority. http://www.informationbible.com/article-irrevocable-agency-181547.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘irrevokable agency’ may be defined as the agency which cannot be revoked (i.e., put to an end) by the principal. The agency is irrevocable in the following cases: http://www.informationbible.com/article-agents-liability-to-third-parties-181551.html Wed, 28 Mar 2012 13:00:00 GMT An agent does all acts on behalf of the principal. So it is only the principal who can enforce and can be held liable on a contract except where there is a Contract to the contrary. http://www.informationbible.com/article-duties-of-the-principal-to-the-agent-181553.html Wed, 28 Mar 2012 13:00:00 GMT Duties of the principal towards his agent are the rights of the agent against the principal. http://www.informationbible.com/article-what-is-agreement-to-sell-181577.html Wed, 28 Mar 2012 13:00:00 GMT In this case, the ownership of the goods is not immediately transferred from a seller to a buyer. But it transfers at some future date. http://www.informationbible.com/article-buyers-and-sellers-definition-181560.html Wed, 28 Mar 2012 13:00:00 GMT Buyer: ‘Buyer means a person who buys or agrees to buy goods. [Section 2(1)] Seller: ‘Seller means a person who sells or agrees to sell goods. http://www.informationbible.com/article-document-of-title-to-goods-181567.html Wed, 28 Mar 2012 13:00:00 GMT Document of title to goods, includes a bill of lading, dock-warrant, warehouse, keeper’s certificate, wharf finger, certificate, railway receipt, warrant or order for the delivery of goods... http://www.informationbible.com/article-goods-definition-181569.html Wed, 28 Mar 2012 13:00:00 GMT Every kind of movable property other than actionable claims and money and include http://www.informationbible.com/article-contract-of-sale-181575.html Wed, 28 Mar 2012 13:00:00 GMT it is a contract by which the ownership of movable goods is transferred from the seller to the buyer. The term ‘contract of sale’ is defined in Section 4(1) of the Sale of Goods Act, which reads as under: http://www.informationbible.com/article-essentials-of-a-valid-contract-of-sale-181581.html Wed, 28 Mar 2012 13:00:00 GMT The legal definition of the term ‘contract of sale’, as discussed above, reveals certain essential elements of a contract of sale. These are discussed as under, and are necessary for a valid contract of sale: http://www.informationbible.com/article-difference-between-sale-and-barter-181590.html Wed, 28 Mar 2012 13:00:00 GMT Where the consideration for transfer of property in goods from one person to another consists of delivery of other goods, the contract is not a contract of sale but is a contract of exchange or barter. http://www.informationbible.com/article-difference-between-sale-and-hire-purchase-181591.html Wed, 28 Mar 2012 13:00:00 GMT Under hire-purchase agreement the owner of the goods lets them out on hire for a periodic rent on the terms that on completion of the agreed number of payments the hirer is to have the option to buy the goods. http://www.informationbible.com/article-sale-and-contract-for-work-and-labor-181595.html Wed, 28 Mar 2012 13:00:00 GMT A contract of sale involves the delivery of goods whereas a contract for work and materials involves exercise of skill and labor by one party in respect of materials.. http://www.informationbible.com/article-subject-matter-of-contract-of-sale-181597.html Wed, 28 Mar 2012 13:00:00 GMT Section 6 provides that “Goods” form the subject-matter of a contract of sale. “Goods” mean every kind of movable property other then actionable claims and money, and includes stock and shares, growing crops... http://www.informationbible.com/article-price-fixing-181616.html Wed, 28 Mar 2012 13:00:00 GMT Price is an essential of sale. Price means the money consideration for a sale of goods. No valid sale can take place without a price. If no consideration is given, then it will be a gift. http://www.informationbible.com/article-warranty-definition-181624.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘warranty’ may be defined as a representation made by the seller which is not of that importance as a condition. And its non-fulfillment does not defeat the very purpose of the buyer. http://www.informationbible.com/article-difference-between-condition-and-warranty-181625.html Wed, 28 Mar 2012 13:00:00 GMT Following are the points of distinction between the Condition and warranty: http://www.informationbible.com/article-condition-treated-warranty-181629.html Wed, 28 Mar 2012 13:00:00 GMT Sometimes, a condition is changed to the status of a warranty, i.e., it is reduced to a warranty, and the breach of condition is treated as the breach of a warranty. http://www.informationbible.com/article-implied-condition-181632.html Wed, 28 Mar 2012 13:00:00 GMT These are implied by law in every contract of sale of goods unless a contrary intention appears from the terms of the contract. http://www.informationbible.com/article-implied-warranties-181633.html Wed, 28 Mar 2012 13:00:00 GMT There is an implied warranty that the buyer shall have and enjoy quiet possession of the goods. The reach of this warranty gives buyer a right to claim damages from the seller. http://www.informationbible.com/article-conditions-and-warranties-examples-181635.html Wed, 28 Mar 2012 13:00:00 GMT 1) X purchases a typewriter from V on Y’s undertaking that though it is old, it is an excellent conditions. X finds later on that the typewriter does not work at all. Can he reject a typewriter and recover his money? http://www.informationbible.com/article-importance-of-transfer-of-property-181643.html Wed, 28 Mar 2012 13:00:00 GMT The rights and liabilities of the parties are linked with the transfer of ownership. The following points are significant for the transfer of ownership of the goods: http://www.informationbible.com/article-time-when-property-passess-181648.html Wed, 28 Mar 2012 13:00:00 GMT A sale differs from an agreement to sell by the fact that in the former property is transferred while in the latter it is not transferred. So also if the property bus passed to the buyer, the risk of loss, destruction or deterioration of the goods sold, falls on the buyer and not on the seller. http://www.informationbible.com/article-transfer-of-ownership-in-case-of-sale-on-approval-181650.html Wed, 28 Mar 2012 13:00:00 GMT Sec. 24 of the Act lay down. “When goods are delivered to the buyer on approval or “on sale or return” or other similar terms, the property therein passes to the buyer: http://www.informationbible.com/article-sale-by-mercantile-agent-181657.html Wed, 28 Mar 2012 13:00:00 GMT Where a mercantile agent is, with the consent of the owner, in possession of the goods and sale is made by him in the ordinary course of his business http://www.informationbible.com/article-sale-under-the-implied-authority-of-owner-181659.html Wed, 28 Mar 2012 13:00:00 GMT The second exception to the rule of ‘Nemo Dat Quod Non Habet’ is based on the principle of personal estoppel, i.e., under certain circumstances the true owner may be prevented by his conduct from denying the seller’s authority to sell. http://www.informationbible.com/article-sale-by-one-of-joint-owners-181663.html Wed, 28 Mar 2012 13:00:00 GMT Where one of several joint owners, has sole possession of the goods by permission of the co-owners the property in the goods is transferred to any person who buys them from such joint owner in good faith... http://www.informationbible.com/article-sale-by-a-person-in-possession-of-goods-under-a-voidable-contract-181664.html Wed, 28 Mar 2012 13:00:00 GMT Section 29 deals with the case of a sale by a person who has obtained possession of goods under a voidable contract. It provides that a person in possession of goods under a voidable contract... http://www.informationbible.com/article-sale-by-seller-in-possession-after-sale-181667.html Wed, 28 Mar 2012 13:00:00 GMT Section 30 (1) provides that where a person has sold but continues in possession of them or of the documents of title to them he may sell them to a third person and if such person obtains.... http://www.informationbible.com/article-unpaid-seller-example-181761.html Wed, 28 Mar 2012 13:00:00 GMT A sells goods to B. B pays to A through a cheque. Before B could obtain the delivery of goods, his cheque is dishonored by the bank. A, therefore, refused to deliver the goods until paid. Is A’s action justified? http://www.informationbible.com/article-sale-by-buyer-in-possession-after-sale-181668.html Wed, 28 Mar 2012 13:00:00 GMT Section 30 (2) deals with a case where a buyer having bought or having agreed to buy goods, obtains with the consent of the seller possession of the goods or of documents of title to the goods and sells... http://www.informationbible.com/article-sale-in-market-overt-181670.html Wed, 28 Mar 2012 13:00:00 GMT Under the English law, an important exception of the rule that a person can’t make a valid sale of goods that do not belong to him is to be found in the case of sales made in market overt. http://www.informationbible.com/article-reservation-of-the-right-of-disposal-181672.html Wed, 28 Mar 2012 13:00:00 GMT 1. According to Sec. 25 (1), ‘Where there is a contract for the sale of specilic goods or where goods are subsequently appropriated to the contract, the seller may, by the terms of the contract or appropriation reserve the right of disposal of the goods until certain conditions are fulfilled. http://www.informationbible.com/article-risk-prima-facie-with-property-181677.html Wed, 28 Mar 2012 13:00:00 GMT Sec. 26 lays down the general rule the risk prima facie passes with the ownership, i.e., me risk and the ownership of the goods goes together. http://www.informationbible.com/article-delivery-to-a-carrier-181691.html Wed, 28 Mar 2012 13:00:00 GMT The term ‘carrier’ may be defined as a transportation agency to whom the goods are delivered for the purpose of transmission to the buyer The delivery to the carrier means and includes the handing over the goods to such transportation agency... http://www.informationbible.com/article-transfer-of-property-examples-181693.html Wed, 28 Mar 2012 13:00:00 GMT 1) A sells to B a horse which is to be delivered to be the next week. B is to pay the price on delivery. A asks his servant to keep the horse separate from the other horses. The horse, however, dies before it is delivered and paid for. Who shall bear the loss. http://www.informationbible.com/article-rights-of-unpaid-seller-against-goods-181702.html Wed, 28 Mar 2012 13:00:00 GMT RIGHT OF AN UNPAID SELLER AGAINST GOODS This right is studied under the following two heads: 1. Where the ownership of the goods is transferred to the buyer. 2. Where the ownership of the goods is not transferred to the buyer. http://www.informationbible.com/article-rights-of-unpaid-seller-against-the-buyer-181706.html Wed, 28 Mar 2012 13:00:00 GMT In addition to his rights against the goods, as discussed above, an unpaid seller has the following rights against the buyer personally; http://www.informationbible.com/article-difference-between-rights-liens-and-rights-of-stoppage-in-transit-181710.html Wed, 28 Mar 2012 13:00:00 GMT 1. The right of lien can exercised even when the buyer is able to pay but does not pay. The right of stoppage in transit arises when the buyer is insolvent and is unable to pay. http://www.informationbible.com/article-right-of-lien-181712.html Wed, 28 Mar 2012 13:00:00 GMT The unpaid seller of goods who is in possession of them is entitled to retain possession of them until payment or tender of the price in the following cases, namely: http://www.informationbible.com/article-the-right-of-stoppage-in-transit-181714.html Wed, 28 Mar 2012 13:00:00 GMT The right of stoppage in transit means the right of slopping future transit of the goods while they are with a carrier for the purpose of transmission to the buyer, resuming possession of them and retaining possession until payment or tender of the price. http://www.informationbible.com/article-right-of-resale-181719.html Wed, 28 Mar 2012 13:00:00 GMT An unpaid seller who has exercised his right of lien and stoppage in transit is also empowered to effect resale of the goods. http://www.informationbible.com/article-auction-sale-examples-181791.html Wed, 28 Mar 2012 13:00:00 GMT 1) A attended an auction sale and made a bid of Rs. 20,000 for a Computer but withdrew the offer before the fall of the hammer. One of the conditions of the sale which A had read was that bidding once made, shall not be withdrawn. A was sued for Rs. 20,000 his being the highest bid. Decide. http://www.informationbible.com/article-delivery-definition-181763.html Wed, 28 Mar 2012 13:00:00 GMT It means voluntary transfer of possession from one person to another Delivery is a bilateral act. It requires two parties to the act. http://www.informationbible.com/article-delivery-in-sale-of-goods-act-example-181780.html Wed, 28 Mar 2012 13:00:00 GMT 1) A sells to B 100 bags of wheat which are locked up in a godown. A hands over to B the key of the godown. Does it constitute delivery of goods to be? Solution: Yes, this is a delivery to B, being a symbolic delivery. http://www.informationbible.com/article-legal-rules-regarding-auction-sale-181785.html Wed, 28 Mar 2012 13:00:00 GMT The legal rules regarding the auction sale are contained in various provisions of Section 64 of the Sale of Goods Act... http://www.informationbible.com/article-implied-warranties-in-auction-sale-181790.html Wed, 28 Mar 2012 13:00:00 GMT In an auction sale, the auctioneer impliedly gives the following warranties: http://www.informationbible.com/article-partnership-definition-181792.html Wed, 28 Mar 2012 13:00:00 GMT Sec. 4 of the Partnership Act, 1932, defines partnership, “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. http://www.informationbible.com/article-test-of-partnership-181870.html Wed, 28 Mar 2012 13:00:00 GMT In order to consider whether a group of persons is a partnership or not, these essential elements should be kept in view. http://www.informationbible.com/article-partnership-and-co-ownership-181871.html Wed, 28 Mar 2012 13:00:00 GMT The term co-ownership or joint ownership means that a number of persons are having the ownership of some property jointly. http://www.informationbible.com/article-difference-between-partnership-and-company-181874.html Wed, 28 Mar 2012 13:00:00 GMT Distinction between a partnership and a company, incorporated under the Companies Ordinance. 1984 is as follows: