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There is no right of the customer for those defects of the goods that are brought to him some attention before the sale of these goods.If we discuss the line so we may say that it is a form of security interest that is given on buying of the property to secure the payments or to secure the performance of the other obligations.A customer complete right to reject the goods and may receive his refund if the goods are not according to his requirements.
I am here to state the definition of business law and briefly want to explain it in a basic manner.
Business law may be defined as the law governing contracts, sales, agency, commercial paper and employment law of bailment business organizations and property.
Owner of the property, who is granting the lien, may be referred to as the linear & also the person which has getting the benefit from the lien is referred as the lienée.
In some countries lien is the term which refers for a very specific type of the security interest, as a so passive right for the retaining of the property till the discharging of the obligation or debt.
Attorney liens, beside funds and documents to secure payment of fees, technicalities liens which safe and sound payment for work done on property Conclusion liens, compulsory to secure payment of a judgment; Statutory provision which are necessary for buyer and seller remedies If the buyer breaches the agreement before it has received the goods then the seller may: Have the right to cancel the contract, giving the buyer detect of postponement, Also may withhold delivery, Resell or dispose of the goods, in commercially rational manner, If the buyer is broke, get back any goods sold on the credit If the seller refuses to deliver the goods to the buyer, then the buyer may, Cancel the agreement relieving the buyer of any more obligations under the contract, while retaining all rights beside the seller If she has made partial or full payment for identified goods in the possession of a bankrupt seller, recover the goods by tender to the seller any left behind balance of the contract price.
If the goods are distinctive and any legal treatment will be too little, require the seller to specially perform the contract by tendering the identified goods to the buyer If the buyer shows that she is not capable, after a practical effort, to obtain cover for the deal goods.There are two possibilities that Lines may be consensual or non-consensual (which is also termed voluntary or involuntary in different areas and the states).The liens which are imposed by a contract between the creditor and that of debtor is called as Consensual.Insurance, wills & estate planning, consumer and creditor protections are also the popular areas which are included in the business law.This may also include issues which are relevant to selling, starting, managing, buying the business.Commercial Papers emerged as a source of short-term finance in India in the early nineties.As we discussed, Primary Dealers (PDs) and the All-India Financial Institutions (FIs) issue commercial papers which is an unsecured promissory note to raise funds for a short period of 90 days to 364 days.He gives you a paper and writes on it, “We are to give Mr. This was just an example to give you an idea of what commercial papers are.You ₹1100 in cash or either You can have a meal worth ₹1100 from one of our branches within the one-month duration.” He signs it and issues a stamp of the restaurant on it. Commercial papers are usually issued at a high value.The introduction of Commercial Paper in India was considered the beginning of financial reforms in India.Post liberalization the Indian government introduced many short-term instruments one of which was Commercial papers. Imagine this scenario to get an idea of what a commercial paper is; You had lunch in a restaurant and the bill is ₹900, you give ₹2000 note but the cashier does not have a chance to give back.