Commercial and Business Law - Sale of Goods, Partnership, Negotiable Instruments, Companies
Sale of Goods Act, 1930
Section 4 defines a sale and distinguishes it from an agreement to sell; Section 12 separates conditions and warranties; Section 16 supplies implied conditions and warranties; Sections 18 to 25 govern transfer of property in goods, including identification and delivery; Section 27 distinguishes mercantile agents. The unpaid seller's rights under Sections 45 to 54 cover lien, stoppage in transit and resale.
Partnership Act, 1932
Section 4 defines partnership; Section 5 distinguishes partnership from co-ownership; Section 25 fixes joint and several liability; Section 30 admits a minor only as a beneficiary; Section 32 governs retirement; Section 69 bars a suit by an unregistered firm while not affecting third-party suits against the firm.
Negotiable Instruments Act, 1881
Learn the definitions of promissory note, bill of exchange and cheque, and the rules on holder in due course and endorsement. Section 118 and Section 139 raise strong presumptions in favour of the holder. For dishonour under Section 138, the sequence is: demand notice within 30 days, 15 days for payment, cause of action on default, complaint within one month. Interim compensation may be allowed, and the drawer may deposit as a condition for appeal.
Companies Act, 2013
Separate legal personality (Salomon), incorporation, the statutory lifting of the corporate veil, minority oppression and mismanagement, and fraud under the special code.
Trap
Under Section 69, a third party may still sue an unregistered firm; only the firm's own suit is barred.