Education & Career of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Education

Ph. D
Subject :Commerce
Institution :PSGR Krishnnmmal College for Women
Affiliated University :Bharathiar University
Year of Award : 2013

M.Phil
Subject :Commerce    
Institution : Alagappa University
Affiliated University : Alagappa University
Year of Award : 2002

M.Com
Subject :  Commerce    
Institution : Annamalai University
Affiliated University : Annamalai University
Year of Award : 2002

B.Com
Subject : Commerce    
Institution: Psgr Krishnnmmal College for Women
Affiliated University : Bharathiar University
Year of Award : 1999

Career

Present

Institute Name: Kongunadu Arts And Science Collgege
Designation :Associate professor
Period :From 2016 - To at still

Past Experience

Institute Name: Dr.Sns.Rajalakshmi College of Arts and Scinece
Designation : Associate professor
Period : From 2006 -To 2016

Institute Name: Sankara College
Designation : Lecturer
Period : From 2004 -To 2006

Research Areas of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

MARKETING AND FINANCE

Description of the Title:

Publications of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Courses Handled by

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Course Teaching

• Fundamentals of Financial Accounting
• Financial Accounting
• Higher Financial Accounting
• Corporate Accounting
• Higher Corporate Accounting
• Management Accounting
• Business Economics
• Business Organisation
• Cost Accounting
• Financial Markets and Services
• Company Law
• Principles of Marketing
• Entrepreneurial Development
• Modern Banking
• Business Communication
• direct tax
• Financial management

Course Material

BUSINESS LAW

AGREEMENT

                           Every promise and every set of promises forming consideration for each other is an agreement. When a person to whom proposal is made accepts the proposal an agreement is made.

            Agreement = offer +Acceptance

There are two types of agreement (1) Social Agreement and (2) Legal agreement

Agreements which are enforceable by law is a contract.

            Contract = Agreement + Enforceability by law.

So all contracts are agreements, but all agreement are not contracts.

CONTRACT

Definition: According to Sec 10 of Indian Contracts Act 1872 “ All agreements are contracts if they are made by free consent of parties, Competent to contract for a lawful consideration and with a lawful object and not expressly declared to be void.

Essential Elements Of Contract:

Offer and acceptance Intention to create legal relationship Lawful consideration Capacity of parties

 

********************************

Descriptive type:

Define Contract? Define Offer? Explain legal rules to offer? What are the legal rules to acceptance? Explain Privity of contract? Explain in detail about individuals who are incompetent to contract? Explain the remedies available for breach of contract? Explain Quasi contracts and mention its kinds?

Discharge by Breach of Contract

              Disobeying any rules in contract or not performing duties as mentioned in a contract is considered to be breach of contract.

If it is done during the period of contract it is actual breach of contract. If the party declares before the completion of contract his intention of not performing the contract it is anticipatory breech. In both cases the parties can be sued for performances.

Remedies for Breach of Contract

1.         Rescission of the contract

2.         Suit for damages

3.         Suit for Quantum Meruit

4.         Suit for Specific Performance

5.         Suit for Injunction

1.         Rescission:

            When a party to the contact breaks the contact, the other party can sue him to avoid the contract. Rescission is granted - If the contact is voidable and unlawful

2.         Damages:-

            Damages are the monetary compensation given to injured party.  The main aim of it is to put the party in better position with money.

            Types of Damages:

(a)        Ordinary damages:-  It is the damage occuring naturally and directly to the original contract.

(b)       Special damages:-  It is the damage not directly related to breach of contract.  It can be claimed only in certain circumstances.

(c)        Vindictive or exemplary damage:-  It is the damage paid by way of punishment.  It is not widely accepted in Contact Act but in certain adverse cases it is practiced.

(d)       Nominal damage:-  When the injured party has not suffered any loss by breach, he can recover damages which are small  in amount.

(e)        Damage for loss of reputation:  When breach of contact causes loss of reputation, damage can be obtained only in certain cases.

(f)        Damage for inconvenience and discomfort:   It is a damage obtained for physical inconvenience and discomfort caused by breach.

(g)       Mitigation of damages:  Damages cannot be obtained for breach, which could have been avoided by the sufferer.

(h)       Difficulty of assessment:  Certain damages cannot be estimated correctly in such cases an approximate estimate can be made by court to provide damage.

(i)        Cost of decree:  The aggrieved party can claim the court fees as damage.

(j)         Damage agreed upon in advance of breach:  If sum of damage to be paid, in case of breach is decided in advance, the party can claim the amount mentioned in the contract.

3.         Quantum meruit (as much as earned)

            When a contract partly done by one party becomes discharged due to breach of other party. The other party has to pay for the amount of promise done.

4.         Specific Peformance:

            In certain cases payment of damage will not reduce the loss of the party, in such cases court will demand ‘Specific Performance’ to the party under breach.  This is done when loss cannot be compensated by money and when contract is not revocable.

5.         Injunction:

            When a party is in breach of negative term in a contact (i.e., doing something that he promised will not do) court may restrain him from doing so.  Such order of court is “injunction”.

 

QUASI  CONTRACTS

            Even though there is no contract between the parties, law creates certain relations resembling those created by contract.  Such type of contracts are called Quasi Contracts.

 

Kinds of Quasi Contracts:

1.         Supply of necessaries:

            If a person who is incapable to make a contract is supplied with necessaries suited to his life, he is liable to pay for the necessaries even though he had not make a contract.

 

2.         Payment by an interested person:

            A person who makes payment of money on behalf of other can recover the money paid by him from other.

3.         Obligation to pay for non-gratuitous acts:

            When a person non-gratuitously delivers any object to another party and if the 2^nd party enjoys the benefit of it, he is bound to make compensation to the former.

4.         Responsibility of finder of goods:

            A person who finds goods belonging to another takes them into custody, he has to take care as if the goods are his own.  He must take all necessary steps to identify the owner, if the owner cannot be traced, he becomes the owner.

5.         Mistake or coercion:   A person to whom money has been paid by mistake has to give the amount to the party who paid it.

Quantum meruit (Refer Page 13   )

Suggested questions:

Objective type:

A Contract which depends on situation is called-----------contract The contract act was enacted in the year ------------------- In a contract if free consent is not obtained  it is said to be ---------- contract When  consent is caused by physical force it is called ---------------- Threat to commit suicide amounts to --------------------- Minors are liable for civil wrong as well as -------------------

Discharge of contract by lapse of time

                     If a contract is to be performed with in a specified period, it is said to be discharged at the end of the period. If the sufferer doesnot take any action on the contract with in the period of limitation ( 3 years ) as specified by Act of Limitation, he cannot enforced the contract afterwards.

Discharge of Contract by operation of Law

The Contract is said to be discharged by law,

By Death - If a contract involves personal skill of the promisor, the contract is terminated at the death of the promisor By Merger - When an inferior wright merges into superior wright under a contract , the old contract is said to be discharged.  By Insolvency - When a person is adjusted insolvent he is discharged from all the liability related to a contract. By unauthorised alteration - When a party to a contract makes alteration in the contract with out the consent of other party, the contract is said to be discharged. When rights and liabilities of a contract comes to the same person the contract is said to be discharged ( Ex :- Merger )

Not Excusable :-

A contract is not discharged if the difficulty of performance is due to certain events or delays which can be fulfilled by some other methods. Commercial impossibility - contract cannot be discharged if the expectation of higher profits is not realised. Contract cannot be discharged if the promisor could not fulfilled the promise because of the failure of a third party. Strikes, Lockouts and other disturbances cannot lead to discharge of contract. Failure of any one of the object of a contract cannot be considered as reason for discharge.

Discharge of Contract by impossibility of performance

         The contract is said to be discharged if it is impossible to perform the promise, it may be known to the parties or may be unknown at the time of entering into contract. If the impossibility arises after the formation of contract it is called supervening Impossibility. It may be excusable or not excusable.

Excusable :-

If the subject matter was destroyed after forming the contract with out the fault of both parties. If the object for which the contract had been formed cannot be fulfilled by the contract, it is said to be discharged. Contract which requires personal skill of a party may be discharged at the death of the party. By change of law. Out brake of war

 

 

Discharge of Contract by Performance

It takes place when both the parties in contract fulfil their promise with in the time and in the mode prescribed.

Discharge of Contract by agreement or consent

Here contract is discharged by express consent or implied consent. It can be done by,

Novation :- Here a new contract is formed instead of the existing one between the same parties on the same subject matter and on the same terms and conditions. Rescission :- Here  a new contract is formed between the same parties, where all the terms or some of the terms are cancelled by mutual consent. Alteration :- Here one or more terms of a contract may be altered by mutual consent and the old contract becomes discharged. Remission :- Acceptance of a lesser fulfillment of a promise when compared to the original promise in the contract. Merger :- When an inferior right merges into superior right under a contract , the old contract is said to be discharged. Waiver :- It is mutual abandonment ( rejection ) by both parties in a contract.

Difference between Wagering and Contingent Agreement

Sl.no.	Wagering contract	Contingent Contract
1)	Void	Valid
2)	Parties have no interest in subject matter	Parties are interested in subject matter
3)	It may be illegal	It is legal always

Absolute Contract

It is one in which the promisor agrees for performance what ever be the events or situation.

 

Discharge of Contract

Discharge of contract means the stoppage of contractual relationship between parties in a contract. The rights and duties of both parties come to an end.

A contract can be discharged,

By performance By agreement By impossibility By lapse of time By operation of law By breach of contract

Contingent Contracts

It is a contract to do or not to do some thing if any event related to such contract doesnot happens.

Example :-  Vehicle Insurance Policy Agreement

Rules related to Contingent Contract

Contingent contract depending on the happening of an uncertain event cannot be enforced until the event happens. If the event is impossible the contract becomes void. When a contingent contract is to be performed if an event doesnot happened, can be enforced when the event becomes impossible. If a contingent contract is for a fixed time, the contract becomes void at the expiry of the specified time. Contingent contract related to an impossible event is void whether parties know the fact or not.

Effects of Wagering Agreement

In India wagering agreements are void except in Maharashtra and Gujarat where it is considered as illegal.

Transaction not Wagers

Crossword competition Game of skill - Chess, Cricket Share Market Transactions

• No interest in the subject matter - both parties.

Wagering Agreement  It is an agreement between two parties wherein one party promises to pay money or consideration on happening of uncertain events and other party agrees to pay consideration if the event does not happen.

Requirement to prove Wagering Agreement

Promise to pay money or consideration Uncertain events Each party must win or lose. No control over events by both parties

Void Agreement

It is an agreement not enforceable by law.

Example :-

Agreements made by incompetent parties Agreements made with bilateral mistakes. Agreements with unlawful objects. Agreements made without consideration Agreements made in restraint of marriage.  Agreements made in restraint of trade. Agreements made in restraint legal proceedings. Agreements whose meaning is not clear. Agreements to do impossible act. Agreements by way  of Wager  Agreements which have uncertain events.

a)   He was induce

b)   When agreement is unreasonable to him

c)   When he has not carried out any illegal act.

Agreement opposed to Public policy

An agreement is said to be opposed to public policy if it is harmful to the welfare of people.

An agreement of trading with enemy is considered to be against public policy. Agreements to commit a crime. Agreements which interfere with justice: - if the object of agreement is to interfere with justice by inducing the judge, false witness or by hiding a crime is considered to be oppose to public policy. Agreement not permitting a party to perform his right related to a contract. Trafficking (interfering) in public offices and titles :- agreement for the sale or transfer of award or agreement for corruption in govt. offices is against public policy. Agreements tending to create interest in activities opposed to professional duty. Agreements restricting an individual’s personal liberty. Agreements restricting individuals’ parental rights. Agreement restricting marriage. Agreements which are made to procure (buy) marriage of another for money is void. Agreement to defraud (Cheat) creditors or revenue authorities. Agreements restricting trade of another person.

Unlawful and Illegal Agreements

 

Unlawful agreements: - are those agreements whose objective is unlawfull and they are void agreements.. It affects only the immediate parties.

Illegal Agreements: - It includes all acts oppose to public policy and criminal in nature. Law opposes all the related transaction to illegal agreements.

All illegal agreements are unlawful but all unlawful agreements are not illegal.

Effects of illegal agreements

No action can be taken on illegal agreements and all transactions related to it become illegal. In case if both parties are guilty, the defendant is in a better position and the plaintiff can win if , If the object is fraudulent. If it involves to the person or property of another. If court regards it as immoral.

Mistake as to possibility of Performance

When two parties enter into contract thinking that the contract can be performed but it cannot be done due to physical or legal impossibility and the contract becomes void.

 

Unilateral Mistakes

In a contract if one of the party wrongly understands the terms and conditions of a contract it is unilateral mistake.

Consequences

Any contract with unilateral mistake is legal but if fraud or misrepresentation causes unilateral mistake, then the contract becomes voidable.

Legal Object

If an agreement doesnot have a legal object or aim it is void.

Unlawful Object

An object of a contract is said to be unlawful,

If it is objected by law :- if the object is an act forbidden by law, the agreement becomes void. If the nature of the object is such that it is directly objected by law but the effects may be against the law.

Difference between Misrepresentation and Fraud

Sl.no	Misrepresentation	Fraud
1)	No Intention, Innocent	Intentionally, Deliberate
2)	Believes to be true	No belief to be true
3)	Either rescission or restitution	Sue for damage

Mistake

            It is wrong belief about some thing. It may be mistake of law or mistake of fact.

   Mistake of Law: It may be mistake of law of our country or mistake of law of a foreign country.

  Mistake of law of our country :-  No knowledge of law of a country is not an excuse, but mistake of law of a foreign country is mistake of fact.

Mistake of fact: - may be bilateral or unilateral mistake.

Bilateral Mistake: - When both the parties are under mistake of fact, and the contract becomes void, provide the mistake must relate to a matter of fact essential to the contract.

     It may be mistake as to subject matter , mistake as to possibility of performance.

   Mistake as to Subject Matter 

Mistake as to existence of subject matter :- If both the party think that at the time of contract the object is existing but actually it does not exist, the contract becomes void. Mistake as to identity of subject matter :- It happens when the two parties have different ideas about the same object. Mistake as to quality of subject matter :- If the idea of the quality of the subject matter is different for both parties. Mistake as to title of subject matter :- If a seller is selling an object which he is not entitled to sell.  Mistake as to price of subject matter:- If the price of the subject matter is misunderstood by both the parties there is mistake of price as to  subject matter.

Exceptions to misrepresentation and fraud

When consent was caused by misrepresentation or fraud the contract does not become voidable if the truth could be discovered by ordinary inspection. If party enters into contract with out knowledge of the representation which was wrong. The contract cannot be avoided if third party has got the object for value and in good faith. If party cannot be put in the position in which he would have been if the representation was true.

Consequences of Fraud

Contract becomes Voidable at the option of the party who had been cheated , the sufferer can,

Either rescind the contract within a reasonable time, it should be done before third party has acquired rights on object. He can ask for performance in such a way that he is put in position if such fraud is absent. He can sue for damages.

Fraud

Fraud is a false representation whish is made knowingly or carelessly without enquiring whether the fact is true or false and actively hiding facts in order to force other party to contract.

Requirement for Fraud

There must be representation and it must be false. An opinion cannot be considered as representation The representation should have taken place before making the contract. The representation should have been made after knowing that it is false. It should have been made to induce other party to contract.  The other party must have been influenced by it and must be deceived.

Consequences of Misrepresentation

Avoid the contract (Rescission) Accept the contract and insist that he should be put in the position, which he would have occupied if misrepresentation was not present     (Restitution).

 

Difference between coercion and undueinfluence:

SlN0	Coercion	Undue Influence
1)	Threatening to perform act forbidden by IPC	Using position of authority and relation
2)	Violent and physical force	Forcing morally
3)	Criminal	Not criminal

 

 

 

 

 

Misrepresentation and Fraud

 

Representation: -

Statement of fact with a view to induce other party to enter into a contract is called Representation. When a representation is made wrongly, unintentionally it is called Misrepresentation. When a representation is made wrongly, intentionally it is called fraud.

Misrepresentation

It is the false representation, which a person makes, believing it to be true, or not knowing it to be false. It also includes hiding facts with out an intention of cheating somebody.

Requirement for Misrepresentation

It must be actual representation of fact and not opinion or plan. It should be made before entering in to contract. It must be made with intention of influencing others. It should have influenced others. The person should have made it honestly. It need not be made directly to the sufferer.

 

Contracts with Pardanashin Women

Any contract with Pardanashin Women is considered as induced by undue influence, because of the customs associated with her. But if she is a person who moves freely in society, she cannot be considered as Pardanashin women.

Proof to be submitted if a contract is made with a Pardanashin woman

She had understood all the information in the contract She knows the effect of the contract. She had taken independent and expert advise on the matter.

Unreasonable Transactions :- are those transactions where one party has used undue influence to enter into a contract for his own benefit and makes profit out of other persons difficulty.

Proof to disprove undue influence by defendant

Full disclosure of facts was made. The price was adequate. Proof that weaker party had got advice from a third party before making contract.

Proof to prove undue influence by sufferer ( Plaintiff)

Prove that other party was in a position to dominate the sufferer Prove that the other party actually used his influence to obtain the consent Prove that the transaction is unreasonable for sufferer.

Relationship not leading to undue influence :-

Landlord and Tenant Creditor and Debtor Trustee and Beneficiary Doctor and Patient Solicitor and Client

Effects of Undue Influence

              An agreement becomes voidable at the option of the party who has induced by undue influence.

Relationship leading to undue influence :-

Parent and Child Guardian and Ward

Threat to commit suicide is coercion.

 

 

 

 

 

 

Undue Influence

             A contract is said to be induced by undue influence if the relation existing between the two parties are such that one person is in a position to dominate the will of the other and uses that position to take advantage over the other.

A person can dominate the will of other,

If he holds red authority If there is trust & confidence relation. When a contract is made with a person who has temporary illness due to old age etc.

Effect of Coercion

Contract becomes voidable at the opinion of the party by whom it was caused. The party who does want the contract should prove it.

Coercion :- When a person is compelled by threatening to do any act objected by IPC with the intention of forcing him to enter into agreement is called coercion. Coercion can be from a party in the contract or from a stranger.

Requirement of Coercion

Threatening to commit any act forbidden by law. Unlawful threatening to detain any property.

 

                                                  CONSIDERATION

 

Definition : It is the price for which the promise of offerer is bought . An agreement made without consideration is void.

 

Legal rules to consideration

1)  It must be some thing which is preferred by the promisor or it should be some thing which is

     requested by the promisor.

2) It can move from the promisee or any other person.

3) It can be promise to do an act, or promise not to do an act or return promise.

4) It can be past ( executed) , present or future (executory )consideration.

5 It need not be adequate ( sufficient ).

6) It must be real and not imaginary.

7) It must be some thing which the promisor is not already supposed to do.

8)  It must not be illegal, immoral or opposed to public policy.

Stranger to Contract

Privity of Contract-  It is the relationship existing between parties in the contract. Only parties in the contract can sue each other on the contract.

Effects of Privity of Contract

1) A person who is not a party to the contract (stranger) cannot sue the parties in the contract eventhough he benefits out of it and has paid consideration.

2) The parties in the contract cannot force any rules on any other person other than the actual parties in the contract.

Exceptions of Privity of Contract

1) A Trust :- A person or beneficiary in whose favor a trust is created can enforce the contract eventhough he is not a party to the contract.

2) Marriage settlement, partition or other family arrangements :- An individual

benefiting out of any marriage settlement or partition can enforce the contract eventhough he is not a party in the contract.

3) Acknowledgement or Estoppel :-When  promisor by his act expresses himself as an agent of a principal, a relationship develops between the agent and the third party eventhough he  (agent) is not a party to the contract.

4) Contacts entered by Agents  :- The principal can enforce contracts entered into by agents eventhough he is not party to the contract.

5) Covenants (Conditions) running with the land:- In transfer of immovable properties, the owner of the land has to obey all the conditions associated with the land eventhough he has not made the original agreement.

Exceptions to - " Contacts  with out consideration is void "

1) Love and affection: - When an agreement is made between parties having near relation to each  other on natural love and affection, contract is legal even without consideration.

2) Compensation for voluntary services: - A promise to compensate for a voluntary service already performed is valid even in the absence of consideration.

3) Promise to pay time barred debt :- A promise by the debtor to pay a time barred debt is enforceable if it is made in writing and signed by the debtor.

4) Completed Gift :- A promise to gift is also enforceable even in the absence of consideration.

5) Agency :- No consideration is necessary to create contract of agency.

6) Charitable subscription :- A promise to pay charitable subscription is legal and enforceable even though consideration is absent.

 

CAPACITY TO CONTRACT

A person is said to be competent or capable if,

         i) He is a major

         ii) He is of sound mind.

         iii ) He is not restricted by law.

Minor: - Is a person who has not completed 18 years , in some cases a minor becomes major only at 21 years (ie) if he is looked after by a guardian or Trust.

Minor's Agreement

1) An agreement with or by minor is void.

2) He can be a promisee or a beneficiary but the contract will be enforced only at the option of minor.

3) On attaining majority a minor has to make a fresh contract.

4) If minor has received any benefit under a void agreement he cannot be asked to compensate or pay for it.

5) He can always beg minority.

6)The minor cannot be forced to perform an agreement entered by him or his guardian if it is not for the benefit of minor.

7) Minor cannot enter into a contract of partnership

8) He cannot be adjusted insolvent.

9) He is responsible for all the necessaries supplied to him.

10) He can be an agent for the purpose of connecting principle with the third party with out incurring any personal liability.

11) His parents or guardian are not responsible for contract entered by a minor. But if the minor is acting as an agent, then parents are liable.

12) A minor is responsible for any civil wrong done by him.

 

Minor's Liability for necessaries

Necessaries are the goods required for survival of a minor. It should be according to his position and financial status. Necessaries can be necessary goods ( Food, Cloth , Cycle )  or necessary services ( Education , Medical Facilities etc ). Loans taken by minors for the purchase of necessaries can be recovered from him. A minor has to pay from his property for the necessaries supplied to him. It is a quasi contract. Only the property of minor can be used to meet his expenses.

Persons of Unsound mind

                    A person is said to be of sound mind, if he is able to understand the contract and make sound judgements. A person with unsound mind, only at certain period of time can make contract when he is of sound mind.

 

Contracts with a person of unsound mind.

 

1. Lunatics :- is a person who is mentally unsound only at certain situation. He can enter into a contract when he is of sound mind.

2. Idiots :- is a person who has permanent unsound mind. He can never enter in to a contract.

3.Drunken or intoxicated persons :- who has temporary unsound mind can make contracts when he has sound mind.

Other Persons Restricted by law

1) Alien Enemy: - Contract made before war becomes terminated during war and new contracts cannot be entered during war with enemy country.

2) Foreign representative or Diplomatic Staff or Representatives of Foreign states cannot be sued. They can enter into contracts with Indians and sue us but Indians can sue them only with the permission of Central Government.

3) Corporation :- It is an artificial person created by law, its capability to enter into contract is according to Memorandum.

 4) Insolvent: - When a debtor becomes insolvent, his property goes to official receiver or assignee. An insolvent should not then enter into contract, only official receiver can enter into contract instead of him.

5) Convicts: - A convict who is undergoing imprisonment cannot enter into contract.

Free Consent

                     All agreements are contract if it is made by free consent.

Consent :- Two or more persons are said to be consent when they agree up on the same thing in same sense.

Free Consent :-  Consent is said to be free when it is not caused by,

Coercion Undue Influence Fraud Misrepresentation Mistake

Communication Of Offer:

                             The communication of offer  is said to be complete when the person to whom it is made comes to know of the offer.

                                               offer

                               Offeror                                 Acceptor

                                  10^th july                              12^th july        

                                   Communication of offer  is said to be complete  on 12^th july

   Communication Of Acceptance:

                                           The communication of acceptance is complete  against

Offeror    : When the acceptance letter is posted by the acceptor.

Acceptor : When the letter reaches the Offeror

                                   Acceptance         

                   Acceptor                                       Offeror

                       13^th july                                     15^th july        

 Communication of acceptance against Offeror is over on       13^th July 

 Communication of acceptance against Acceptor is over on 15^th July

        

Revocation Of Offer & Acceptance

Revocation : It means taking back , recalling or withdrawal.It may be revocation of offer or revocation of acceptance.

Revocation Of Offer: It can be done before communication of acceptance is complete as against Offeror (i.e before the acceptor posts his reply).

Revocation Of Acceptance: It can be done before communication of acceptance is complete as against Acceptor is complete (i.e before the offeror gets the  reply from acceptor ).

                                        Acceptance                       

                      Acceptor                                          Offeror

                            13^th july                                     15^th july

Revocation Of Offer  is to be made  before July 13 ^th    

Revocation Of Acceptance  is to be made  before July 15 ^th

Loss of letter  through post office:

                 Acceptance is complete as soon as the Acceptor posts the letter. Contract is complete even if the letter is lost through postal transit , but  it should be correctly addressed stamped and posted ,else the communication is incomplete and contract is not formed.

End of Offer:

By communication of revocation by offeror before acceptance is made. By lapse of time By not fulfilling the terms of acceptance by the offeree By death of Offeror If counter offer is made (when an offer is accepted with certain modification it is called counter offer) If acceptance is not made in the prescribed mode. If law changes If  offer is not accepted or offeree rejects the offer. Acceptor should show his intention of accepting  all the terms in the offer. It must be given by the parties or party to whom offer is made. It  cannot be understood from silence It must be made before the offer finishes or before it ends. It must be according to the mode prescribed or usual or reasonable mode. It must be given within a reasonable time. It should not be made before the offer itself is made.

Special Terms In Contract:            If any special terms are included in a contract it should be made before entering into the contract. If any conditions are attached at the back of tickets or receipts, sufficient information to attract the attention of customers should be made at the front of the ticket. Eg “see back for instruction”

Cross Offer: When two parties make identical offers to each other without knowledge of each other’s offer the offers are cross offer.

                       

ACCEPTANCE

 

Definition:         It is the act of accepting of an offer by an Offeree. Acceptance may be express or implied .It is generally communicated Acceptance of specific offer can be made only by the person to whom it had been made. General offer can be accepted by anybody.

Legal Rules To Acceptance

It must be absolute, and should agree with all the terms in the offer. It must be communicated to the offeror.

OFFER

Definition – When one signifies to another his willingness to do or not to do anything with a view to obtain the assent of other is an offer. Offer may be express offer or implied offer.

Legal Rules To Offer

Offer must be capable of being accepted It should give rise to legal relationship An intention or announcement is not an offer Offer must be communicated Offer must be made with a view to get the acceptance of other. Offer should not contain a term disobeying which may be considered as acceptance. A statement of price is not offer. Based On Performance

1. Executed contract – A contract which is completely performed by both parties.
2. Executory Contract – A contract in which promise of both parties have not been performed.
3. Unilateral contract – A contract in which only one party has not performed his promise.
4. Bilateral Contract – A contract in which both the parties have not performed their promise.

Based On Formation

1. Express contract – It is a contract in which the terms and conditions are either written or orally told.
2. Implied contract – It is a contract in which the terms and conditions are understood from the acts of another. eg buying tickets in bus.
3. Quasi – It is a contract which is created by law it is forced by law on the parties.

2. Void contract- - It is a contract, which is not enforceable by law and is inoperative.
3. Legal contract – It is a contract which satisfies all the conditions mentioned under sec 10 of Indian contracts Act 1872.
4. Illegal Contracts – It is a contract which is against public policy
5. Unenforceable contract – It is a contract which cannot be enforced due to technical defects such as Absence of seal, signature etc.

5)   Free and genuine consent.

6)   Lawful object

7)   Agreement not void

8)   Possibility of performance

 

Classification Of Contracts:

Based On Validity

1. Voidable contract – It is a contract, which is enforceable by law at the option of one or more party and not at the option of other.

Projects Handled by

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

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Research Guidance of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Institutional Responsibilities of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Administrative (KASC)

1.Name of the Responsibility : BOS
  Period : 2016
  Designation : CHAIRMAN
  Nature of the Responsibility :CONDUCTING BOS MEETING

2.Name of the Responsibility :Member in IQAC
  Period : 
  Designation :member 
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3.Name of the Responsibility :Member in NIRF
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4.Name of the Responsibility :Member in Enterprenerial development cell
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5.Name of the Responsibility :Member in HR cell
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6.Name of the Responsibility :Member in examination cell committee
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Awards & Memberships of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Awards

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Academic awards

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1.Awarding agency : VIVEKANDAHA COLLEGE
   Country : India
   Title of paper : Research Advisor Excellance  award
   Date of Award : 2021

2.Awarding agency : I2OR

 Country : India
   Title of  AWARD : Elite Teacher award
   Date of Award : 2021

3.Awarding agency : Tamil Amudhu Foundation
   Country : India
   Title of AWARD :  Ilakiya Selvar Award

    DATE OF AWARD:2022

4. Awarding agency : WBN
   Country : India
   Title of paper : BEST LEADERSHIP IN ACADEMIA
   Date of Award : 2023
   Date of Award : 2021

 

Membership

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Membership in Professional Bodies

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1.Organization : Indian Association of Social Science Research
   Type : Member in Executive Council 
   Period : 2021

2.Organization : Kongunadu Arts and Science College
   Type : BOS-chairmain
   Period : 2015

3.Organization : Kongunadu Arts and Science College
   Type : ISCA-member
   Period : 2015

4.Organization : Global Professors Welfare Association Forums
   Type : Member
   Period : 2021- at present

5.Organization : B.COM(PA) Department, Hindusthan Arts and Science College,Coimbatore
   Type : Member in Board of studies 
   Period : 2021 - 2023

Visits/Collaborations/Others of

Dr. S.Uma

Dr. S.Uma

Associate professor and Head

Research Area

MARKETING AND FINANCE

8667898346 umapramodini@gmail.com

umas_cm@kongunaducollege.ac.in

ACADEMIC IDENTITY ScopusORCIDGoogle ScholarPublonsVidwan / IRINS

Visits

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Others

DETAILS OF GUEST LECTURES DELIVERED

1.Resource Person in Webinar on “Covid Changes Business Models”on 2/6/21 conducted by PPG College of Arts and Science,Coimbatore641 035.

2.Resource Person in Six day (SDP)Webinar on Impress-Student Development Programme conducted on 8/6/21 in the topic“GST-Its implication on Business and Trade” by Sankara College of science and commerce, Coimbatore 641 035.

3.Resource person in webinar for the skill development programme conducted by Vivekanandha College of arts and science for Women, Tiruchengode 637 205 on 25/6/21, titled “Women Empowerment

4.Delivered Guest Lecture in Nehru college of arts and science, Coimbatore in the topic Leadership and Counselling on 23/03/2023

FDP DETAILS

 

1.ATTENDED  SEVEN DAYS FDP ON ETHICS IN RESEARCH AND RESEARCH METHODOLOGY CONDUCTED BY KG ARTS AND SCIENCE COLLEGE 19/12/2022  TO 26/12 2022

2..ATTENDED NINE  DAYS FDP ON.DESIGN AND DEVELOPMENT OF INDUSTRY LED CURRICULA IN TECHNOLOGY ERA CONDUCTED BY AMET UNIVERSITY, 14 TO 22 ND DECEMBER 2022

3. ATTENDED TWO  DAYS FDP ON THE IMPORTANCE OF OBE IN MODERN EDUCATION SETUP CONDUCTED BY HINDUSTHAN COLLEGE OF TECHNOLOGY. 21 AND 22ND SEPTEMBER 2022

4.  ATTENDED FIVE   DAYS FDP ON TEACHING PEDAGOGY AND LIFE SKILL MANAGEMENT CONDUCTED BY HINDUSTHAN COLLEGE OF ARTS AND SCIENCE 27/3/203 TO 31/3/2023

CONFERENCE/WORKSHOP/SEMINAR ATTENDED:

1.Attended International webinar on  combating the global pandemic through motivation using life skills conducted by  Adhiyaman arts and science college for women on 21/7/2023

2.Attended IQAC webinar on DIGITAL TRANSFORMATION IN QULITY OF HIGHER EDUCATION conducted by Vidhyasagar college for women on 22/11/2021

3.Attended WORKSHOP on MPELEMENTATION OF OBE IN COMMERCE EDUCATION CONDUCTED BY G.VENTASAMY NAIDU COLLEGE ON 27/8/2022

4.ATTENDED NATIONAL LEVEL WORKSHOP ON SOCIAL ENTREPRENEURSHIP BY SRM INSTUTITE OF SCIENCE AND TECHNOLOGY FROM 20/2/2023 TO 25/2/2023.

5.ATTENDED NATIONAL LEVEL WEBINAR ON FINANCIAL EMPOWERMENT THROUGH WEALTH CREATION CONDUCTED BY HKBK DEGREE COLLEGE ON 31ST AUG 2023