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Transfer of Property Act, 1882

Transfer of Property Act, 1882

Transfer of Property Act, 1882

1. Sale (Section 54)

It is a transfer of ownership in exchange for a price paid or promised or part paid and part-promised.
Essentials to be constitute as sale
  1. The seller and buyer are not disqualified to be transferor or transferee respectively. 
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The Right to Information Act, 2005

The Right to Information Act, 2005

The Right to Information Act, 2005

1. Applicability (Section 1)

  • This Act extends to the whole of India (including state of Jammu and Kashmir). 
  • It applies also to any offence or contravention committed outside India by any person, irrespective of his nationality, if the act or conduct constituting the offence or contravention
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The Prevention of Money Laundering Act, 2002

The Prevention of Money Laundering Act, 2002

The Prevention of Money Laundering Act, 2002

1. Obligations

It is Obligation of;
  1. Banking Companies, 
  2. Financial Institutions and Intermediaries or 
  3. a person carrying on a designated business or profession 
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The Companies Act, 1956 (Now Companies Act, 2013)

The Companies Act, 1956 (Now Companies Act, 2013)

The Companies Act, 1956 (Now Companies Act, 2013)

1. Definition

  • As per section 2(20) of the Companies Act, 2013 a “company” means 
  • ‘A company incorporated under this Act (Companies act, 2013) or under any previous company law (Companies Act, 1956 or any previous law)’ 
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SALE OF GOODS ACT, 1930

SALE OF GOODS ACT, 1930

SALE OF GOODS ACT, 1930

1. Introduction and Features

  • The law relating to sale of goods was originally dealt with by the Indian Contract Act, 1872, prior to 1930. During the year 1930, Sections 76 to 123 of the Contract Act were repealed. A separate Act viz., Sale of Goods Act, 1930 was passed. The Sale of Goods Act, 1930 laid down the provisions governing the contract of sales of goods. 
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Right to Information and Obligation of Public Authorities

Right to Information and Obligation of Public Authorities

Right to Information and Obligation of Public Authorities

1. Obligations (section 4)

Every public authority under the Act has been entrusted with a duty to maintain records and publish manuals, rules, regulations, instructions, etc. in its possession as prescribed under the Act. Every public authority has to publish within one hundred and twenty days of the enactment of this Act (note - came into force on October 12, 2005):
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Information Technology Act, 2000

Information Technology Act, 2000

Information Technology Act, 2000

1. Definitions – only importance definitions are covered below, that is also in layman language

  • Access means gaining entry into or instructing or communicating resources of a computer or computer system or computer network 
  • Asymmetric crypto system means a secure system of key pair (private key for creating a
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Indian Partnership Act, 1932 and Limited Liability Partnership Act, 2008

Indian Partnership Act, 1932 and Limited Liability Partnership Act, 2008

Indian Partnership Act, 1932

1. Definition & Types of Partnerships

Partnership (Section 4 of Indian Partnership Act, 1932, herein after act of 1932)
  • ‘The relationship between two or more persons (known as partners), who have agreed (either written or oral – in form of partnership deed) to share the profits (losses also, if any) of a business carried (operations/commercial activities of firm) on by all or any of them acting for
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Indian Contract Act, 1872

Indian Contract Act, 1872

Indian Contract Act, 1872

1. Introduction

  • As a result of increasing complexities of business environment, innumerable contracts are entered into by the parties in the usual course of carrying on their business. ‘Contract’ is the most usual method of defining the rights and duties in a business transaction. 
  • The Indian Contract Act, 1872 codifies the legal principles that govern ‘contracts’. The Act
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Foreign Exchange Management Act, 1999

Foreign Exchange Management Act, 1999

Foreign Exchange Management Act, 1999

1. Important Terms (section 2)

Note – Terms are explained in easy words – not re-produced as it is in bare act.
  • Authorised Person: Means dealers and money changers who were licensed to deal in foreign exchange, also include off-shore banking unit. Although term "off shore banking unit' is not explained in act, but in common parlance it means foreign branches of Indian banks 
  • Capital and Current account transactions: The definitions Of Capital Account Transactions"
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