No server hardware (purchase or maintain)LEGAL ASPECTS
What is agreement? explain the essentials of agreement.
The Indian Contract Act, 1872 defines the term agreement as “every promise and every set of promises, forming the consideration for each other”. In other words, an agreement is an accepted promise, accepted by all the parties involved in the agreement or affected by it.
an agreement is obtained from a proposal once the proposal, made by one or more of the participants affected by the proposal, is accepted by all the parties addressed by the agreement. To sum up, we can represent the above information below:
Agreement = Offer + Acceptance.
An agreement doesn’t create any legal obligations. .An agreement may or may not be a contract.
CONTRACT AND ITS ESSENTIALS
WHAT IS SALE AS PER SALE OF GOODS ACT.
According to Section 4 of the Act, a contract of Sale means “a contract where the seller transfers or agrees to transfer the property in goods to the buyer for price”
Essential Elements of Contract of Sale -
To constitute a Contract of Sale, the following ingredients are to be satisfied :
(i) Two parties :
To constitute a Contract of Sale, there must be at least two parties one Seller and another Buyer. buyer and seller must be two different persons because a person cannot buy his own goods.
(ii) Agreement between them :
To constitute a contract of sale there should be an agreement between seller and buyer. It can be express or implied.
(iii) There must be Goods :
To constitute a contract of sale there must be goods. Goods has been in Section 2(7) of the Sale of Goods Act 1930 - " goods" means every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part of the land which are agreed to be severed before sale or under the contract of sale.
(iv) There must be Transfer of goods from seller to buyer :
There must be Transfer of goods from seller to buyer.Transfer of goods from seller to buyer is the most essential element of contract of sale.
(v) There must be lawful consideration :
Consideration is necessary for the one formation of a contract. It means "something return". It is the price paid for contract. It must be Lawful. A contract without consideration is void. A contract of Sale cannot be complete without some consideration .In a contract of Sale consideration must be some price.
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SALE AND AGREEMENT TO SELL
- When the vendor sells goods to the customer for a price, and the transfer of goods from the vendor to the customer takes place at the same time, then it is known as Sale. When the seller agrees to sell the goods to the buyer at a future specified date or after the necessary conditions are fulfilled then it is known as Agreement to sell.
- The nature of sale is absolute while an agreement to sell is conditional.
- A contract of sale is an example of Executed Contract whereas the Agreement to Sell is an example of Executory Contract.
- Risk and rewards are transferred with the transfer of goods to the buyer in Sale. On the other hand, risk and rewards are not transferred as the goods are still in possession of the seller.
- If the goods are lost or damaged subsequently, then in the case of sale it is the liability of the buyer, but if we talk about an agreement to sell, it is the liability of the seller.
- Tax is imposed at the time of sale, not at the time of agreement to sell.
- In the case of a sale, the right to sell the goods is in the hands of the buyer. Conversely, in agreement to sell, the seller has the right to sell the goods.
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COMPANY AS PER COMPANIES ACT
A company is an artificial person created by law.A company means a group of persons associated together for the attainment of a common end, social or economic. Section 3(1)(i) of the Companies Act, 1956 defines a company as: “a company formed and registered under this Act or an existing Company”
Features & Characteristics Of A Company
Incorporated association: A company comes into existence when it is registered under the Companies Act (or other equivalent act under the law). A company has to fulfil requirements in terms of documents (MOA, AOA), shareholders, directors, and share capital to be deemed as a legal association.
Artificial Legal Person: In the eyes of the law, A company is an artificial legal person which has the rights to acquire or dispose of any property, to enter into contracts in its own name, and to sue and be sued by others.
Separate Legal Entity: A company has a distinct entity and is independent of its members or people controlling it. A separate legal entity means that only the company is responsible to repay creditors and to get sued for its deeds. The individual members cannot be sued for actions performed by the company. Similarly, the company is not liable to pay personal debts of the members.
Perpetual Existence: Unlike other non-registered business entities, a company is a stable business organisation. Its life doesn’t depend on the life of its shareholders, directors, or employees. Members may come and go but the company goes on forever.
Common Seal: A company being an artificial legal person, uses its common seal (with the name of the company engraved on it) as a substitute for its signature. Any document bearing the common seal of the company will be legally binding on the company.
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types of cheques
Here we will discuss about different types of cheque with their features in detail :
Open / Bearer Cheque
Open Cheque or Bearer Cheque
This type of Cheques are risky in nature for drawer. When the word “Bearer” on the cheque is not crossed or cancelled, the cheque is called a bearer cheque. Open / Bearer Cheques are payable to person specified in the instrument or any person who posses it and present for payment over the counter. In case of cheque is lost, person who find it can collect payment from the bank.
Order Cheque
Order Cheque
When the word “Bearer” written on cheque is crossed or cancelled it becomes an order cheque. An order Cheque is payable to a specified person named in the cheque or any other to whom it is endorsed.
Crossed Cheque or Account Payee Cheque
Crossed Cheque
The person who issue or write the cheque specify its as account payee by simply making two parallel lines on top left or middle or right hand corner of the cheque. This type of cheque can not be encashed over the counter. Considered as safest type of cheque, it can only be credited to payee’s account whose name is mentioned in the Cheque.
Anti Dated Cheque
Cheque bearing the date earlier than the date of presentation for payment is known as anti dated cheque.
Note : All Types of Cheque are valid for three month from the date of issue (or written on cheque).
Post Dated Cheque
Cheque bearing the date which is yet to come in future is called Post Dated Cheque. Cheque is honored only on or after the date (upto three months) written on cheque.
Stale Cheque
A Cheque turns stale after three months of the date written on cheque. A Stale Cheque can not be honored by the bank.
Mutilated Cheque
When cheque gets torn into two or more pieces and presented in bank for payment. Such cheques are called mutilated cheque. Bank requires confirmation by the drawer before honoring such cheques
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SPORTS TECH
The differences between SaaS and on-premise
Software-as-a-Service is, or SaaS for short, is fast becoming the technology of choice for many businesses in place of traditional on-premises software.
There’s a good reason for that too as confidence is high, there’s continuing growth and access has never been easier due to faster connectivity. Therefore we’re starting to see several SaaS software solutions catching the media buzz – SaaS examples including CRM systems, Business Intelligence, customer experience management and so on.
Software-as-a-Service (SaaS)
Fast start up.
No server hardware (purchase or maintain).
Subscription model – lower commitment.
Monthly fees.
No tangible assets.
Rapid deployment of upgrades.
Monitored network and server security.
Off-site backup facilities
No physical access to servers or storage
Requires an Internet connection .
On-premises software
Takes time, personnel and equipment for set up
Purchase and maintain server hardware
Long term planning – strong commitment
Large upfront costs .
Tangible assets which could be resold.
Slower, costly upgrades
Requires additional time and software for security
Optional Internet connection (website hosting)
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