Legal aspects of Indian business
Some knowledge of law is necessary for all persons since life of each member of society.
Life in general or business in particular could not continue with out law to regulate the conduct of people and to protect their property and contract.
It is necessary for the people of India as well as foreign people to know about the legal aspect of Indian business. Indian (like contract, proposal etc) business style have some word that you have to if you want to develop your business in India. These magical words and its definition are given above:-
Contract: an
agreement enforceable by law. To understand contract you have to about agreement and agreement enforceable by law.
Contract = Agreement + enforceable by law
All contracts are agreement but it’s not necessary that all agreements are contracts. Those agreement follow the legal laws are contracts.
The validity of an enforceable agreement depends upon whether the agreement satisfies the essential requirement. The essential requirement are agreement, free consent contractual capacity , law consideration , lawful objects, not expressly declared void , possibility certainty of terms, intention to create legal obligation and some legal formalities.
Classes of contact: there are some basis class of contacts are given below:
I Valid contract (proposal+
acceptance +free consent +proper consideration +all essential things)
II Void contract
III Voidable contract
VI Illegal contract
V Unenforceable contract
Agreement: its said to be agreement if every promise and every set of promises forming consideration for each other.
Agreement = Acceptance + Proposal
Offer or proposal: The offer is said to be offer 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 person to such act or abstinence he is said to make a proposal.
The person making the proposal is called promisor and the person accepting it is called promisee.
There are some essential for a valid offer in India. These essential are given below:
I. An offer valid when it may be general or specific.
II. An offer should be made when it should be with an intention of creating legal obligation.
III. A proposal must be definite and certain.
IV. An invitation of offer not should be an offer.
V. a proposal should be communicated to the offeree.
VI. Two identical offers/ proposal do not make a contract.
There are the some points for a good offer. When any one wants to take offer or proposal in India she/he wants to consider these points in mind.
Acceptance: when the person to whom the proposal is made signifies his willingness there to the proposal is said to be accepted. Proposals, when accepted become promise.
Rules for acceptance
I. A proposal can be accepted only by the person to whom it is made.
II. Acceptance should be Unconditional and absolute.
III. An acceptance should be communicated.
IV. Acceptance should be according to the prescribed form.
V. It should be provoked by offer.
VI. It must be given before the offer lapses or is revoked.
VII. Provisional acceptance is no acceptance.
So we saw that there are so many points are given for the acceptance. So, if any one wants to accept proposal these points have to know and discusses with the offeree.
There is also a facility for the acceptance of offer by the post, and it is legal in India.
So here we can know about the contract, agreement, proposal and acceptance. These terms are very important when we work in India. These terms and conditions are according to the India contract act. So it will be very useful to us.