Category: Business Laws

Doctrine of Fundamental Breach: The CISG and The UCC

The doctrine of fundamental breach is chiefly predicated on the facts or assumption that a party to a contract or contract of sale has committed a misnomer in the contract that goes to the root of the contract, thereby knocking the bottom off its commercial relevance. The prerequisites which must be fulfilled before a buyer may avoid a contract under the CISG are very different from those which must be fulfilled to reject under the UCC. Moreover, case law interpreting the doctrine has only added to the ambiguity, thus making it nearly impossible for any interpreter to confidently answer the seemingly basic question of whether a contract for the international sale of goods has been fundamentally breached. It seems as though the goal of contract preservation has outweighed the desire for any bright line rules and maybe rightly so when considering the international context in which these cases are decided.

Contract of Adhesion and Doctrine of Fundamental Breach

The nature of the contracts changes with the developments in business environments. Most contracts entered into by ordinary people today are not in fact the result of individual negotiations. Even insurance contracts are similar to such contracts of adhesion since one party holds a stronger bargaining position in the contract and this is usually the drafting party, whereas the other party holds a weaker position and this is usually the accepting party. The existing provisions of the the Indian Contract Act show that the legal control is not quite adequate to come to the rescue of the weaker party against adhesion contracts and to meet the needs of the changing times.

Definition of License and Granting of License

The usage of license to signify a transaction is widely used by laymen, who rarely think in terms of jural relations. In the following study, the author has made an attempt to explain the meaning of licence and how a licence is granted in India. Moreover, it is important to have an understanding of the difference between a lease (that is a tenancy), easement and a licence under general law so that one knows what one is dealing with in any particular case. Therefore, the author has also sought to draw a line between these concepts.

Investors’ protection

Investors are often known as shareholders or members of the company. They contribute to the equity capital, have the voting rights in every matter and are entitled to get dividend. Protection of investors means safeguard and enforcement of the rights and claims of a person in his role as an investor. The same being of utmost importance, has been analysed in detail by the author in the following paper.

TRANSFORMATION OF FINANCIAL INSTITUTIONS INTO UNIVERSAL BANKS

 By Saksham Dwivedi, CNLU Patna Editor’s Note: Ever since the financial sector reforms were introduced in early 90’s the banking sector saw the emergence of new generation of private sector banks. These banks gained at most popularity as they have technology edge and better business models when compared to public […]

Lifting Of Corporate Veil

The fundamental attribute of corporate personality, from which all other consequences flow if that the corporation is a legal entity distinct from its members.This doctrine has been established for business efficacy, necessity and convenience. In the doctrine of ‘Lifting the Corporate Veil’, the law goes behind the mask or veil of incorporation in order to determine the real person behind the mask of a company. It is one of the most widely used doctrines to decide when a shareholder or shareholders will be held liable for obligations of the corporation and continues to be the most litigated and most discussed doctrines in all of corporate law. Therefore, a study of the same through the lens of leading case laws and judgements as done by the authors would be highly beneficial.

The Development of New lex mercatoria in the context of Liberalisation, Privatisation and Globalisation

Reforms in international commercial law have long been the centre of international efforts to facilitate international commercial transactions with lower costs to enterprises and higher legal certainty. As world trade and communications became increasingly interdependent, an intermediate period fostered the growth of a limited type of substantive international law, based primarily upon the common trade usages and practices among merchants, as well as such universally recognized legal principles. Lex mercatoria is a growing body of such international customary laws. However, its status as a legitimate source of law distinct and autonomous from national legal systems stands on debatable grounds with arguments both supporting and dissenting the same and hence remains uncertain.

Statutory Transactions: A Comparative Analysis of the Indian and English Scenario

Statutory transactions are contracts under compulsion of law whereby parties are mandated by executive orders or legal regulations to enter into either contractual relations or contract–like relations. Therefore, it would not be a sale of goods as the consensual element which forms the basis of contract is absent. However, lately there has been a characterization of statutory transactions as consensual contractual arrangements. This reflects the growth of a novel jurisprudence of contract by law distinct from the ordinary contracts by consent of parties, as understood throughout the legal history.

Economic Scams in India

Anonymous Editor’s note: India has been home to several scams post 1992, resulting to losses amounting to lakhs of crores of rupees to the economy. These include, in reverse chronological order, the 2G scam, Satyam Scandal, UTI Scam, Fodder scam, and the Harshat Mehta scam. Scams may be defined as […]

Position of Promoter in India: Critical analysis

By Sumit Kumar Suman, CNLU Editor’s Note: For the purpose of formation of a company there must be a process and that involves several stages. the first stage in the process is the promotion. At this stage the idea of carrying on a business is conceived by a person called promoters. […]

Indemnity And Agency

By Sumit Kumar Suman, CNLU Introduction Indemnity can be treated as a sub-species of compensation and a Contract of Indemnity is a species of contracts. The obligation to indemnify is a voluntary obligation taken by the Indemnifier. The mere possibility of loss occurring will not make the indemnifier liable. The […]

Political Uncertainty And Economic Stability

By Oyshee Gupta (CNLU Patna) & Suhaas Arora (RGNUL Patiala) EDITOR’S NOTE:- The repercussions are most irreparably felt by the economy.Investors usually evaluate the prospects of investment based on the policies of the incumbent governments as well as the possibility of changes in government. For developing nations, the economy is […]