Tuesday, August 25, 2009

Contract Act_Practical Problems_107

A agrees to sell 2,000 shares of a company to B at Rs. 170 per share. B was to take delivery of the shares on 15th Feburary, 2008. By that date, there was depression in the share market and the value of the share had gone down to Rs. 80 only. B did not take delivery of the shares on 15th February, 2008. A retained the shares and ultimately sold them in September, 2008 at Rs. 170 per share. A files a suit against B for the recovery of Rs. 1,80,000 as damages. B contends that as A did not suffer any losses, he was not entitled to damages as claimed by the plaintiff. Decide the case.

Tuesday, August 18, 2009

Contract Act_Practical Problems_107

A agrees to sing at B’s theatre at the night on January 1, 2008 but falls ill and is unable to perform on the agreed date. B sues A for breach of contract and claim damages. Can A take plea of frustration ?

Contract Act_Practical Problems_106

A agreed to supply 500 picture tubes of color television at Rs. 3,000 per piece to Bon 1-1-2008. The goods were to be delivered within one month. On 15-1-2008, the Government announces enhancement in the excise duty leviable on these picture tubes and in consequence the cost price rose from Rs. 2,700 to Rs. 4,000 per tube. A declines to supply the goods. Discuss Can A take plea of frustration ?

Thursday, August 13, 2009

Contract Act_Practical Problems_105

M’s son is bedridden and he needs money badly for his treatment. He agrees to dispose of his shop worth Rs. 5 lakh for Rs. One lakh only to N. After one month of the agreement, M applies for cancellation of the agreement on the ground of undue influence’. Will he succeed?

Thursday, August 06, 2009

Contract Act_Practical Problems_104

A filed a suit against his brother B for possession of a half-share in the property which was alleged to be ancestral one. The suit was dismissed. Later on, to secure reconciliation and family peace, B executed a registered deed agreeing to transfer the half-share in the said property to A. A filed a suit for possession on the basis of this instrument. B raised the plea that the agreement was without consideration and hence void. Decide.

Contract Act_Practical Problems_103

B, a young wrestler of about 17½ years, looking much older than his age, procured a loan of Rs. 45,000 on interest at 12% per annum from M, a moneylender and executed a promissory note in his favour. B represented himself to be 21 years old at the time of getting the said loan. B invested Rs. 40,000 with a limited company on interest at 18% per annum and lost the remaining amount of Rs. 5,000 in gambling. However, the said company went into the liquidation and B’s entire investment was lost. When M filed a suit against B for recovery of the aforesaid amount, the latter pleaded ‘minority’. How will you adjudicate the matter?

Tuesday, August 04, 2009

Famous quotes of Dhirubhai Ambani..:

From beginning Dhirubhai was seen in high-regard. His success in the petro-chemical business and his story of rags to riches made him a cult figure in the minds of Indian people. As a quality of business leader he was also a motivator. He gave few public speeches but the words he spoke are still remembered for their value.

• " With the force of 3million investors RIL will reap the title "World's Biggest Company" ".

*"Tax is for the poor or the stupid people."

*"I am deaf to the word "no"."

• "Growth has no limit at Reliance. I keep revising my vision. Only when you dream it you can do it."

• "Think big, think fast, think ahead. Ideas are no one's monopoly"

• "Our dreams have to be bigger. Our ambitions higher. Our commitment deeper. And our efforts greater. This is my dream for Reliance and for India ."

• "You do not require an invitation to make profits."

• "If you work with determination and with perfection, success will follow."

• "Pursue your goals even in the face of difficulties, and convert adversities into opportunities. "

• "Give the youth a proper environment. Motivate them. Extend them the support they need. Each one of them has infinite source of energy. They will deliver."

• "Between my past, the present and the future, there is one common factor: Relationship and Trust. This is the foundation of our growth"

• "We bet on people."

• "Meeting the deadlines is not good enough, beating the deadlines is my expectation. "

• "Don't give up, courage is my conviction."

• "We cannot change our Rulers, but we can change the way they Rule Us."

• "Dhirubhai will go one day. But Reliance's employees and shareholders will keep it afloat. Reliance is now a concept in which the Ambanis have become irrelevant."

mouse trap

A mouse looked through the crack in the wall to see the farmer and his wife open a package.

What food might this contain?' the mouse wondered - - -he was devastated to discover it was a mousetrap.

Retreating to the farmyard, the mouse proclaimed the warning : There is a mousetrap in the house! There is a mousetrap in the house!' The chicken clucked and scratched, raised her head and said, 'Mr.Mouse, I can tell this is a grave concern to you, but it is of no consequence to me. I cannot be bothered by it.'

The mouse turned to the pig and told him, 'There is a mousetrap in the house! There is a mousetrap in the house!' The pig sympathized, but said, 'I am so very sorry, Mr.Mouse, but there is nothing I can do about it but pray. Be assured you are in my prayers.'

The mouse turned to the cow and said, 'There is a mousetrap in the house! There is a mousetrap in the house!' The cow said, 'Wow, Mr. Mouse. I'm sorry for you, but it's no skin off my nose..'

So, the mouse returned to the house, head down and dejected, to face the farmer's mousetrap . . . alone.

That very night a sound was heard throughout the house -- like the sound of a mousetrap catching its prey. The farmer's wife rushed to see what was caught. In the darkness, she did not see it was a venomous snake whose tail the trap had caught. The snake bit the farmer's wife.

The farmer rushed her to the hospital, and she returned home with a fever.

Everyone knows you treat a fever with fresh chicken soup, so the farmer took his hatchet to the farmyard for the soup's main ingredient. But his wife's sickness continued, so friends and neighbors came to sit with her around the clock. To feed them, the farmer butchered the pig. The farmer's wife did not get well; she died.

So many people came for her funeral, the farmer had the cow slaughtered to provide enough meat for all of them.

The mouse looked upon it all from his crack in the wall with great sadness.

So, the next time you hear someone is facing a problem and think it doesn't concern you, remember ----

when one of us is threatened, we are all at risk. We are all involved in this journey called life.. We must keep an eye out for one another and make an extra effort to encourage one another.


Sunday, August 02, 2009

Contract Act_Practical Problems_102

A writes a letter to B offering to buy his Maruti 800 car for Rs. 1,75,000 saying therein “unless I hear from you, I shall take the car to be mine for Rs. 1,75,000”. B gives no reply but sells the car to C. A. seeks your advice whether he can file a suit against B for damages on account of breach of contract. Advise A.

Contract Act_Practical Problems_101

Novelty Computers (P) Ltd. Kamala Nagar, New Delhi exhibited in their showroom a computer with latest configuration and multit-media hardware and attached to it a price tag of Rs. 27,999 (inclusive of all taxes). X visits the showroom of the company and tenders a cash amount of Rs. 27,999 for the purchase of the said computers. The company, however, refuses to sell the computer saying that it has only one piece and that too has already been sold to someone else. Discuss whether X can compel the company to sell him the computer.

Saturday, August 01, 2009

Contract Act_Practical Problems_100

A, who was a tailor, delivered a sewing machine and some cloth to B Transport Co. to be sent to a place where he expected to carry on his business at high profit by reason of a forthcoming festival. Through the fault of B Transport Co. goods were delayed and delivered much after the conclusion of the festival. A had not given any notice to B. Transport Co. of his special purpose. A claims as damages the expenses of traveling upto the place of festival and of staying there and loss of profits which he would have earned. Discuss the principles applicable for measure of damages in this case.

Contract Act_Practical Problems_99

Because of disagreements, quarrels and disputes between an old father and his modern young son, father by written agreement duly attested by Notary promises to pay Rs. 15000/- p.m. to his son for living separately. Do the following facts create contractual obligations ?

Contract Act_Practical Problems_98

A is the owner of a farm house in Delhi known as Bumper Farms. B being interested
in purchasing the same sent a telegram to A, “Will you sell me Bumper Farms? Telegraph the lowest case price.” A in reply telegraphed. “Lowest price for Bumper Farms Rs. 25 crores.” B sent another telegram to A saying, I agree to buy Bumper Farms for Rs. 25 crores.” Whether exchange of telegraphs create the contract ? Why ?