Advertisements
Advertisements
प्रश्न
Legal Principle: A characteristic feature of partnerships is the principle of mutual agency, i.e., every partner is an agent for every other partner and will hence be able to bind them by his act, within the business of the partnership.
Fact Situation: Ram and Shyam are partners of M/s R & S Trading Company which trades in rice varieties. Ram agrees to purchase ten tons of rice from Govind. Ram dies after the rice is delivered to the premises of M/s R & S Trading Company but before the payment of the price is made. Is the agreement binding on Shyam?
Which of the following statements is the most appropriate in relation to the legal principle stated above?
विकल्प
Being partners, Ram’s agreement to purchase rice for their partnership is not binding on Shyam.
Since Ram is no more, the agreement is not binding on Shyam.
Being partners, Ram’s agreement to purchase rice for their partnership is binding on Shyam.
The agreement is binding on Ram and not on Shyam since the rice is delivered only to M/s R & S Trading Company and not to Shyam.
Advertisements
उत्तर
Being partners, Ram’s agreement to purchase rice for their partnership is binding on Shyam.
Explanation:
Every partner is an agent of the firm and his other partners for the purpose of the business of the partnership; and the acts of every partner who does any act for carrying on in the usual way business of the kind carried on by the firm of which he is a member bind the firm and his partners unless the partner so acting has, in fact, no authority to act for the firm in the particular matter, and the person with whom he is dealing either knows that he has no authority or does not know or believe him to be a partner. The above discussion clearly explains that there is a mutual agency between partners acting within the authority for the purpose of the business of the partnership, thus option (3) is the most appropriate statement that is being partnered, Ram's agreement to purchase rice for their partnership is binding on Shyam.
APPEARS IN
संबंधित प्रश्न
A contract creates
When the contract is perfectly valid but cannot be enforced because of certain technical defects. This is called
Given below is a statement of legal principle followed by factual situations. Apply the principle to the facts and select the most appropriate answer.
LEGAL PRINCIPLE: An agreement, the meaning of which is not certain, or capable of being made certain, is void.
FACTUAL SITUATION: A and B, who were brothers, entered into an agreement which stated that A would sell his entire share of the ancestral property to B. The agreement did not mention the specific details (like survey number) of the property.
Given below is a statement of legal principle followed by a factual situation. Apply the principle to the facts given below and select the most appropriate answer.
LEGAL PRINCIPLE Contract is an agreement freely entered into between the parties. But when consent to an agreement is obtained by undue influence, the contract is voidable at the option of the party whose consent was so obtained.
FACTUAL SITUATION The Pragya had been worked for a businessman Anurag since the age of 18, working for a range of Anurag's businesses. In 2000, (aged 21) Pragya purchased a flat. In 2005, Mr. Anurag's business was facing financial difficulties, and he asked Pragya to offer up her flat as a financial security against an overdraft facility for the business. In July of that year, the.banks solicitors wrote to Pragya, advising that she should take independent legal advice before putting her property up as a security for the debt. The bank also notified Pragya that the guarantee was unlimited in both time and financial amount. Having discussed the arrangement with Anurag, Pragya was unaware of the extent of the borrowing but was assured that her mortgage would not be called upon and that his own properties which were also used as security would be looked at first. A charge was executed over the Pragya's property in August 2005. In 2009, Mr. Anurag's business went into liquidation and the bank formally demanded ₹ 60 24,912 from Pragya. Pragya raised the defence of undue Influence - stating that Mr. Anurag had induced her to enter into the agreement, and the bank had full knowledge/notice of this undue influence which should set aside the bank's right to enforce the debt recovery against Pragya. The bank is contending that there is no undue influence.
assume it is a case of undue influence. Decide whether the bank has done enough to allay concerns of undue influence?
LEGAL PRINCIPLE: The contract after the death of one party can be continued if it is ratified by the surviving party.
FACTUAL SITUATION: Vishal, a famous artist was requested by Arun, an industrialist to draw the portrait of his deceased wife and paid ₹20,000/- in advance and agreed to pay when the work was completed, the sum of ₹2 lakhs. When the portrait was half drawn, Vishal died due to a heart attack. His son also a fine artist completed his father’s work and demanded the money from Arun. Arun refused to pay and to accept the portrait drawn by Vishal’s son and also demanded the advance to be returned.
Given below is a statement of legal principle followed by a factual situation. Apply the principle to the facts and select the most appropriate answer.
Principle: Mere silence as to the facts likely to affect the willingness of a person to enter into a contract is not fraud unless the circumstances of the case are such that, on close examination, it is found to be the duty of the person keeping silent to speak, or unless his silence is, in itself, equivalent to speech.
Facts: X sells by auction to Y, a horse that X knows to be of unsound state of mind. X says nothing to Y about the horse’s unsound state of mind. Give the correct answer-
The question consists of legal propositions/principles (hereinafter referred to as 'principle') and facts. These principles have to be applied to the given facts to arrive at the most reasonable conclusion. Such principles may or may not be true in the real sense, yet you have to conclusively assume them to be true. In other words, in answering the following question, you must not rely on any principles except the principle that is given hereinbelow for the question. Further, you must not assume any facts other than those stated in the question. The objective of this section is to test your interest in the study of law, research aptitude, and problem-solving ability.
Principle: In an agreement, a condition subsequent must be complied with, to claim the benefit of that agreement.
Facts: A agrees to transfer a farm to B, provided that, if B does not go to England within three years after the date of the agreement, his interest in the farm shall cease. B does not go to England within the term prescribed.
Principle: When one person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal. The expression of willingness/desire results in a valid proposal only when it is made/addressed to some person(s).
Facts: 'X' makes the following statement in an uninhabited hall. 'I wish to sell my mobile phone for ₹1000.'
Which of the following derivations is correct?
Principle: When a person represents to another something like a true fact knowing well truly that it is not true," he is guilty of fraud. The person subjected to fraud may avoid an agreement.
Factual Situation: A presents a horse for sale. The' horse is kept on display so that anyone interested could examine it. The horse has a cracked hoof and it is cleverly concealed by the owner. B tells "if you do not deny it, I Shall assume that the horse is sound." A keeps silent. B purchases the horse.
Decision
Principle: When, at the desire of one person, any other person has done or abstained from doing something, such act or abstinence or promise is called a consideration for the promise.
Facts: X, the uncle of Y, made a promise to pay him an amount of ₹1,00,000/- as a reward if Y quits smoking and drinking within one year. Y quit smoking and drinking within six months.
