The duties of the directors can be broadly classified as- Statutory duties, and Non-statutory duties. Statutory Duties of a Director A number of statutory duties are expected to
Lifting or Piercing the Corporate Veil The company, in the contemplation of law, is a person distinct from the shareholders. In other words, the company alone is liable
Duties of Auditor regarding the distribution of dividends The auditor should perform the following duties regarding the distribution of dividend: 1. The auditor should examine the Memorandum of
When is an Object or Consideration Unlawful? The circumstances which would make a consideration as well as object of an agreement unlawful, are discussed as under 1. Forbidden
Discharge of Surety – Situations when liability of surety comes to an end A surety’s liability comes to an end under any of the following circumstances. By notice
Importance of Indian Contract Act, 1872 Law of contract is the most important branch of mercantile law. It determines the circumstances under which promises made by the contracting
Remedies for Breach of Contract Parties to a contract are obliged to perform their respective promises. But situation arises where one of the parties to a contract may break the
Discharge of Contract by Impossibility If the performance of a contract is impossible, the contract is discharged. This is because the parties cannot perform their respective obligations. Types
Discharge of Contract by Performance When the parties to a contract perform their respective promises, the contract is said to have been performed. This is the normal and
Classification of agents on the basis of extent of Authority On the basis of extent of authority, the agents may be classified as Agents, General Agents and Universal