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What must be secured to ensure the repayment of debentures and interest?
What must be secured to ensure the repayment of debentures and interest?
What is the maximum time allowed for appointing a debenture trustee after the allotment of debentures?
What is the maximum time allowed for appointing a debenture trustee after the allotment of debentures?
What type of document must be executed to safeguard the interests of debenture holders?
What type of document must be executed to safeguard the interests of debenture holders?
In which scenario is the requirement to create a charge on assets of a company waived?
In which scenario is the requirement to create a charge on assets of a company waived?
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What types of property may be used to secure debentures by way of charge or mortgage?
What types of property may be used to secure debentures by way of charge or mortgage?
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What must the auditor report confirm about the information and explanations obtained during the audit?
What must the auditor report confirm about the information and explanations obtained during the audit?
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Which of the following is NOT a requirement stated in the auditor’s report regarding the financial statements?
Which of the following is NOT a requirement stated in the auditor’s report regarding the financial statements?
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Under the Companies Act, 2013, which right does a shareholder NOT possess?
Under the Companies Act, 2013, which right does a shareholder NOT possess?
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What does the auditor need to comment on regarding directors in their report?
What does the auditor need to comment on regarding directors in their report?
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Which right allows a shareholder to appoint someone to attend the general meeting on their behalf?
Which right allows a shareholder to appoint someone to attend the general meeting on their behalf?
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What must the auditor state about the management of accounts in their report?
What must the auditor state about the management of accounts in their report?
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Which of the following is a right of a shareholder regarding company resolutions?
Which of the following is a right of a shareholder regarding company resolutions?
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What aspect of internal financial controls must the auditor comment on?
What aspect of internal financial controls must the auditor comment on?
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What is one role that management plays in establishing business ethics within a company?
What is one role that management plays in establishing business ethics within a company?
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Which of the following is a benefit of maintaining a strong ethical culture in an organization?
Which of the following is a benefit of maintaining a strong ethical culture in an organization?
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How do business ethics affect employee decision-making?
How do business ethics affect employee decision-making?
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What ultimately results from a management team that leads ethically?
What ultimately results from a management team that leads ethically?
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What is a consequence of running a business with a strong focus on ethics?
What is a consequence of running a business with a strong focus on ethics?
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Which aspect can be considered a vital factor for long-term business success?
Which aspect can be considered a vital factor for long-term business success?
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What is the impact of ethical behavior on company reputation?
What is the impact of ethical behavior on company reputation?
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What may happen to employees who work in an organization demanding high ethical standards?
What may happen to employees who work in an organization demanding high ethical standards?
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What happens to a contingent contract if a specified uncertain event does not occur within the fixed time?
What happens to a contingent contract if a specified uncertain event does not occur within the fixed time?
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According to Section 150, what is a bailor required to do concerning defects in the bailed goods?
According to Section 150, what is a bailor required to do concerning defects in the bailed goods?
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What is the bailor's responsibility if he fails to disclose known faults in the bailed goods?
What is the bailor's responsibility if he fails to disclose known faults in the bailed goods?
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In which situation can a bailor be held responsible for damage arising from unsafe bailed goods, regardless of his knowledge of the defect?
In which situation can a bailor be held responsible for damage arising from unsafe bailed goods, regardless of his knowledge of the defect?
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What standard of care must a bailee exercise over the bailed goods according to Section 151?
What standard of care must a bailee exercise over the bailed goods according to Section 151?
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Which of the following situations results in the contingent contract becoming void?
Which of the following situations results in the contingent contract becoming void?
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If a bailee's goods are lost along with the bailed goods, what can be inferred about the bailee's liability?
If a bailee's goods are lost along with the bailed goods, what can be inferred about the bailee's liability?
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Which statement is true regarding a contingent contract that becomes enforceable?
Which statement is true regarding a contingent contract that becomes enforceable?
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What is the maximum time frame in which an employee can apply for gratuity before their retirement date?
What is the maximum time frame in which an employee can apply for gratuity before their retirement date?
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According to Rule 7(2), how long does a nominee typically have to apply for gratuity after it becomes payable?
According to Rule 7(2), how long does a nominee typically have to apply for gratuity after it becomes payable?
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What form must a legal heir use to apply for gratuity as stated in Rule 7(3)?
What form must a legal heir use to apply for gratuity as stated in Rule 7(3)?
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What is the maximum redemption period for secured debentures issued by a company?
What is the maximum redemption period for secured debentures issued by a company?
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Under what condition can the employer entertain a belated application for gratuity?
Under what condition can the employer entertain a belated application for gratuity?
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Which types of companies are allowed to issue secured debentures for periods exceeding 10 years?
Which types of companies are allowed to issue secured debentures for periods exceeding 10 years?
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What happens if an application for gratuity is not presented within the specified period?
What happens if an application for gratuity is not presented within the specified period?
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What is required for an application under Rule 7(6) to be properly presented?
What is required for an application under Rule 7(6) to be properly presented?
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What does Section 32 of The Indian Contract Act, 1872 state about contingent contracts?
What does Section 32 of The Indian Contract Act, 1872 state about contingent contracts?
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What happens to a contingent contract if a future event becomes impossible according to Section 32?
What happens to a contingent contract if a future event becomes impossible according to Section 32?
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According to Section 33 of The Indian Contract Act, 1872, when can contracts be enforced that are contingent on an event not happening?
According to Section 33 of The Indian Contract Act, 1872, when can contracts be enforced that are contingent on an event not happening?
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What condition does Section 34 of The Indian Contract Act, 1872 outline regarding deemed impossible contracts?
What condition does Section 34 of The Indian Contract Act, 1872 outline regarding deemed impossible contracts?
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If A makes a contract with B to sell a horse based on C's refusal to buy, when can the contract be enforced?
If A makes a contract with B to sell a horse based on C's refusal to buy, when can the contract be enforced?
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What does Section 35 of The Indian Contract Act, 1872 discuss regarding contracts contingent on events?
What does Section 35 of The Indian Contract Act, 1872 discuss regarding contracts contingent on events?
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Which of the following statements best represents the concept of breach in a contingent contract based on Section 34?
Which of the following statements best represents the concept of breach in a contingent contract based on Section 34?
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In a contingent contract example where A agrees to pay B if a certain ship does not return, when can A enforce the contract?
In a contingent contract example where A agrees to pay B if a certain ship does not return, when can A enforce the contract?
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Study Notes
Indian Contract Act, 1872
- Contingent contracts: These contracts depend on an uncertain future event. Enforcement only happens if the event occurs. If the event becomes impossible, the contract becomes void.
- Examples of contingent contracts: A contract to sell a horse if a third party refuses to buy it. A contract for payment if a ship doesn't return.
- Section 33: Contingent contracts to do or not do something if an uncertain event doesn't happen can be enforced when the event's happening becomes impossible.
- Section 34: If a future event is when a person will act at an unspecified time, the event is considered impossible when that person does something making their action at the specified time impossible.
- Section 35: Contingent contracts to do or not do something, if a specified uncertain event happens within a fixed time, become void if the event doesn't happen within that time.
Bailor's Duty in Bailment
- Section 150: A bailor (person giving something to be taken care of) is obligated to disclose known defects in the goods that materially affect use or expose the bailee (person receiving goods) to risks. If the bailor fails to disclose and damage occurs, they are responsible for the damage directly arising from the defect.
- Liability for hire: If goods are bailed for hire, the bailor, whether aware of defects or not, is liable for any damage to the bailee directly arising from those defects.
- Examples: A lends a vicious horse to B without disclosure, and the horse injures B. A is liable for the resulting damages.
Negotiation vs. Assignment of Instruments
- Negotiation: Presumption of consideration until proven otherwise. A transferee (holder of instrument) becomes a holder in due course who takes the instrument free from defects. Notice of transfer not required. By delivery in the case of instruments payable to bearer; or delivery and endorsement for those payable to order. Transferee can sue a third party.
- Assignment: Consideration must be proven. Assignee's title is subject to defenses and equities between original parties. Notice of assignment required. Effected only by writing. Assignee can't sue a third party directly.
Factories Act, 1948
- Section 8: Power to appoint inspectors. The state government can appoint inspectors with specific qualifications. Specific local limits may be assigned.
- Section 9: Inspector's powers: inspect work places, conduct investigations related to accidents, accidents and injuries, require documentation production, seize documents, and take possession of items.
Payment of Gratuity Act, 1972
- Applications for Gratuity: Rules dictate how applications are made (forms, timeframes, etc) by employee, nominee or legal heir.
- Belated Applications: An application can be entertained even if made after the time limit. The applicant must provide evidence of sufficient cause.
Companies Act, 2013
- Section 164: Qualifying criteria for directors. Prohibits directors who have been declared unsound, an undischarged insolvent, convicted or under other certain circumstances. A person might also be disqualified by specific provisions in the company's articles.
- Section 12: Criteria for determining a "sound mind" for a contract. The person must be capable of understanding the agreement and making rational judgments about its impact on their interests.
- Debentures: The Act dictates terms associated with secured debentures (like length of time to repay & how security is given)
Business Ethics
- Management's role: Management sets the ethical tone for the entire company influencing employees, attracting and retaining talent, and building a strong reputation.
- Employee behavior: Employees working in an ethical atmosphere are more productive, decisions are made more efficiently, and overall morale increases. Loyalty and adherence to high standards are common outcomes.
Emotional Intelligence
- Impact on performance: High emotional intelligence benefits careers by helping people navigate social situations and lead/motivate others in the workplace. It's often considered an important skill, alongside technical ability, by companies screening job candidates.
- Impact on physical health: Poorly managed emotions & stress increase risk factors like blood pressure, infertility, heart conditions, and other health issues. Managing stress is often essential for a healthy mind & body.
- Impact on mental health: Unmanaged emotions/stress increase the likelihood of anxiety and depression related issues. Healthy emotional management and understanding of personal emotions leads to stronger relationships and greater wellbeing.
- Relationship building: Understanding and managing personal emotions lead to more effective and meaningful relationships, both at work & in personal life.
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Description
Test your knowledge on the Indian Contract Act of 1872, focusing on contingent contracts and the duties of a bailor in bailment. Explore key sections including 33, 34, and 35 that outline enforcement conditions. Challenge yourself with examples and definitions to reinforce your understanding.
