IBPS RRB Law Officer flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Consideration under Section 2(d)

An act, abstinence or promise done at the promisor's desire. It may be past, present or future, and must be lawful, real and not illusory.

Section 25 Contract Act exceptions

An agreement without consideration is valid if made from natural love and affection between near relatives, for past voluntary services, or as a written promise to pay a time-barred debt.

Rule in Hadley v Baxendale

Damages for breach cover losses arising naturally in the usual course of things, and losses the parties reasonably contemplated at the time of contracting.

Section 74 liquidated damages

Where a sum is named as payable on breach, the court awards reasonable compensation not exceeding that sum, whether or not actual loss is proved.

Minor's agreement

Under Section 11 a minor is not competent to contract, so the agreement is void ab initio; a minor cannot ratify it after attaining majority.

Doctrine of frustration

Section 56 makes an agreement void when performance becomes impossible or unlawful by an event the promisor could not prevent, discharging both parties.

Cheque under Section 6

A bill of exchange drawn on a specified banker and payable on demand, including the electronic image of a truncated cheque.

Section 138 NI Act

Dishonour of a cheque for insufficient funds is an offence if a written demand notice is served within 30 days and payment is not made within 15 days of notice.

Holding and subsidiary company

A company is a subsidiary of another if that other controls the composition of its board or exercises more than half the total voting power.

Condition versus warranty

Under the Sale of Goods Act, a condition is essential to the main purpose of the contract; a warranty is collateral, and its breach gives damages only.

CIRP timeline under IBC

Corporate insolvency resolution must be completed within 180 days, extendable by 90 days, and overall within 330 days including legal proceedings.

Section 34 arbitration challenge

An arbitral award may be set aside only on limited grounds such as incapacity, invalid arbitration agreement, lack of notice or conflict with public policy.

Banking under Section 5(b)

Accepting deposits of money from the public, repayable on demand or otherwise, for the purpose of lending or investment, withdrawable by cheque, draft or order.

Bankers' Books Evidence Act

A certified copy of an entry in bankers' books is admissible as prima facie evidence of the existence of the entry in legal proceedings.

Section 13(2) SARFAESI notice

The secured creditor serves a written demand notice on the borrower giving 60 days to discharge the full liability before enforcement measures begin.

Section 17 SARFAESI appeal

An aggrieved borrower may appeal to the Debts Recovery Tribunal within 45 days against measures taken under Section 13(4), with condonation possible.

DRT monetary jurisdiction

Debt Recovery Tribunals hear applications by banks and financial institutions for recovery of debts of Rs 20 lakh and above.

Section 14 SARFAESI assistance

The District Magistrate may, on affidavit, take possession of secured assets and hand them to the secured creditor, using police assistance if needed.

Monetary Policy Committee

A six-member committee chaired by the RBI Governor that sets the policy repo rate, meeting at least four times a year with a 4% inflation target.

CRR versus SLR

CRR is the share of net demand and time liabilities held as cash with RBI; SLR is held in approved securities such as government bonds.

DICGC deposit insurance

Deposit Insurance and Credit Guarantee Corporation insures deposits up to Rs 5 lakh per depositor per bank, covering principal and interest.

Priority sector lending target

Scheduled commercial banks must lend 40% of adjusted net bank credit to priority sectors, including 18% to agriculture and 7.5% to micro enterprises.

Prompt Corrective Action

An RBI framework imposing graded restrictions on weak banks based on capital adequacy, asset quality and profitability, including curbs on dividends and branch expansion.

SEBI statutory status

SEBI became a statutory regulator under the SEBI Act, 1992, with powers to regulate stock exchanges, intermediaries and mutual funds.

NABARD supervisory role

NABARD supervises state cooperative banks, district central cooperative banks and regional rural banks, and refinances agriculture and rural development.

Article 32 writ jurisdiction

The Supreme Court may issue writs of habeas corpus, mandamus, prohibition, certiorari and quo warranto to enforce fundamental rights.

Article 311 protection

A civil servant cannot be dismissed or removed by an authority subordinate to the appointing one, nor without an inquiry and a reasonable opportunity to be heard.

Basic structure doctrine

From Kesavananda Bharati, Parliament cannot amend the Constitution so as to destroy its essential features such as judicial review and federalism.

Consumer Commission pecuniary limits

District Commission up to Rs 50 lakh, State Commission above Rs 50 lakh up to Rs 2 crore, and National Commission above Rs 2 crore.

Deficiency in service

Any shortcoming, inadequacy or deficiency in quality, nature or manner of performance of a service that the provider was required to maintain.

Gratuity calculation

Under the Payment of Gratuity Act, gratuity equals 15/26 of last drawn monthly wages multiplied by completed years of continuous service, payable after five years.

Factory under Factories Act

Premises where 10 or more workers work with power, or 20 or more without power, in a manufacturing process, subject to statutory exclusions.