Rights of Seller

When the buyer wrongfully neglects or refuses to accept and pay for the goods, the seller has to sue for damages for non-acceptance of the goods.

Where property in goods has passed to the buyer, the seller has a right to sue for the price of the goods whether the possession is with the buyer or seller. Even where ownership has not passed but the buyer has agreed to pay the price on a certain day fixed irrespective of his obtaining delivery of goods the seller may claim the price.

Duties of Seller

The first duty of the seller is to deliver the goods. Delivery may be, symbolic or constructive. He must deliver the goods according to the Contract and where there is a condition precedent to the performance of the Contract the seller need not deliver unless the condition is satisfied.

Unless otherwise agreed, delivery of the goods and payment of the price are concurrent conditions. The seller must be ready and willing to pay the price to the seller.

It is not the duty of the seller to send or carry goods to the buyer unless the contract so proves. His only duty is to place the goods at the buyer's disposal. It is the buyer's duty to demand the delivery and accept it when tendered. But the goods must be in a deliverable state at the time of delivery or tender thereof.

Where the goods are delivered to a carrier the seller is bound to enter into a reasonable contract on behalf of the buyer with the carrier for safe transmission of goods. In a transit by sea the seller must inform the buyer in time so that he may insure the goods.

Lien

Lien means a right exercised by one over some one else property.
Liens are of two kinds : Particular Lien, and General Lien. A particular lien is one which is available only against that property in respect of which the skill and labor are used. A general lien, on the other hand, is a right to detain any property belonging to the exercise the lien in respect of any possession of the person trying to exercise the lien in respect of any payment lawfully due to him. A general lien is the right to retain the property of another for a general balance of accounts, but a particular lien is a right to retain it only for a charge on account of labor employed or expenses bestowed upon the identical property detained.

Doctrine of ULTRA VIRES

A Company can not do anything beyond its powers, and any act beyond such powers is '" Ultra Vires" and void an can not be verified even by the assent of the whole body of shareholders. An ultra vires act is improper because it is violation of the law and diversion of the assests of the Company to a purpose not contemplated by the members and creditors of the Company. An ultra vires act is not binding upon the Company and can not be ratified. The Company can be restrained from employing its funds for purpose other than those stand in the Memorandum. Thus a Company formed to carry on one trade can not carry on another trade.

Memorandum of Association

The memorandum of Association of a Company is its charter, prescribing the Company's name, registered offices, objects and capital also defining limitations and powers. Its sets forth the fundamental condition upon which alone the Company is allowed to be incorporated. Conditions which are also introduced alike for the benefit of creditors and the outsider public as well as for shareholders.
A company can not exercise any powers which are not either expressly stated in the Memorandum or as may be implied therefrom. A company must act within and not outside the scope of Memorandum. The Memorandum of Association is thus one of the most important documents which form the very foundation of the company.

Every Memorandum has the following clauses.

1. Name Clause.
2. Situation Clause.
3. Object Clause.
4. Liability Clause.
5. Capital Clause.
6. Association Clause.
   

Total Disablement

Total disablement means which disablement whether of a temporary or permanent nature, as incapacitates a workman from all work which he was capable of performance at the time of accident resulting a such disablement provided that permanent total disablement shall be deemed to result from the permanent total loss of sight of both eyes or form any combination of injuries specified in Schedule I to this Act.

Partial Disablement

Partial Disablement means where the disablement is of a temporary nature, such disablement as reduces the earning capacity of a workmen in any employment in which he was engaged at the time of accident resulting in the disablement and where the disablement is of a permanent nature, such disablement as reduces his earning capacity in every employment which he was capable of undertaking at the time provided that in every specified in schedule of the Act shall be deemed to result in paramount partial disablement.

Void Agreement

A contract is said to be void under what us alleged to be the contract does not confer and right or impose any obligation on either party. It is therefore a little illogical to take of void contracts, for what is supposed to be take of void contracts at all. It is, however, conveniently used to describe where there is an apparent agreement but it will not have any legal effect, either because some essential ingredient is lacking or because it is contrary to some law or opposed to public policy.
A contract may be void due to mistake, illegality of its object or such object being contrary to the public policy and incapacity of the parties.

Revocation of an Offer

Revocation means "Cancellation ". It may be revocation of Offer or Acceptance.
An offer may come to an end by revocation, Lapse or Rejection.
Section 6 deals with various modes of revocation of an offer. In all cases offer comes to an end:

1. Revocation of offer by communication of notice.
2. Revocation by Lapse of time.
3. Revocation by failure to fulfill a condition precedent to acceptance.
4. Revocation by death or insanity of the offeree.
5. Revocation by cross offer.
6. Revocation by failure of accept according to the mode prescribed.
   

Offer

When a person signifies to another his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such an act or abstinence, he said to make an offer. An offer becomes complete when it is communicated to the offeree. In the absence of such communication, the offer is of no effect so far as the offeree is concerned.

Essential Ingredients of an Offer:

1. The offer must disclose an intention to create legal relations and must be capable of creating legal relation.
2. The terms of an offer must be certain.
3. The offer may be general or specific.
4. There can be no valid offer unless it is communicated to the offeree.
5. The offer must contain terms in which proposer is willing to act.
6. The offer must be made with a view to obtain the consent of the other party to the act or abstinence which the proposer is willing to do or not to do.
7. An offer may be either express or implied.
8. A proposal is something different from an answer to a question, an invitation to an offer and a statement of intention.
   

Pledge , Pledgor, Pledgee

Pledge is not a variety of B ailment. Section 172 of the Contract Act defines a pledge as follows: The b ailment of goods as security for payment of a debt or performance of a promise is called Pledge, The bailor in this case is called the pawn er or the pledger and the bailey is called the Pawnee or the pledgee. The bailee under a contract or pledge does not become an owner but acquires a special property over the goods pledged by virtue of his possession of the goods. Any kind of documents, or valuable, things of a personal nature, may be actual or constructive, and it is pledge, it may be actual or constructive, and it is sufficient if the thing pledged is delivered under the contract without a reasonable time of the lender's advance being made.

Sale and Agreement to Sell

A contract of sale of goods includes both,

1. Sale
2. An Agreement to Sell

A contract of sale is defined as " a contract whereby the seller transfer or agrees to transfer the property in the goods to the buyer for a price.

Sale: "Where under a contract of sale, the property in the goods is transferred from the seller to the buyer"

Agreement to Sell: "Where under a construct of sale, the transfer of property in the goods is to take place at a future time or subject to some condition there after to be fulfilled the contract is called an "Agreement to Sale"

An agreement to sell becomes a sale where no time elapses or the conditions are fulfilled subject to which the property in the goods was to be transferred.

Principal and Agent

Agents is a person employed to do an act for another or to represent another in dealing with third parties".

The Person for whom such act is done or who is so represented is called "Principal"

Any one who is of the age of majority, according to the law to which he is subject, and who is of a sound mind may employ an agent, where minor appoints an agent the latter is personally liable.

Any person may be an agent, because it is the principle who is bound by agent's acts. It is for the principal to see his interest and to appoint those person as agent who have contractual capacity.

Offer And Acceptance

Offer: When one person signifies to another his willingness to do or to obtains from doing any thing with a view to abstaining the assent of that other to such act or abstinence, he is said to make a proposal.
A Proposal means an offer. Person making the offer is called Offerer.
Person to whom the offer is made is called offeree.

Acceptance: "When the person to whom the proposal is made signifies his assent thereto, the proposal is said ti be accepted". A proposal when accepted becomes a promise."

Eradication of Poverty

Pakistan Poverty Alleviation Fund has been created to overcome the problem of poverty suffering part of the population. A financial air of Rs. 2590 million has been provided in 75 districts benefiting 739,416 per sons.

Invalidity Pension

An insured person who suffers invalidity shall be entitled to get invalidity pension rates provided he fulfills the following conditions:

• Contributions in respect of him were payable for not less than 15 years.
  
• Contributions in respect of him were payable for not less than five year since his entry into insurable employment and for not less than 3 years during the period of fives preceding the month in which he sustains invalidity.
• In either case he is under (60) years of age or 55 years of age in the case of women.
  

Clean Bill Of Lading

It will be noted that the bill of lading begins with the words "Shipped in good order and condition" and the last words are" wright, value and contents are un-known". Either of these statements are retained by the matter according to the circumstances of each case, where the master states that the goods are shipped in good order and condition" he is bound to deliver the goods in the same good condition as they were at the time of loading, ordinary depreciation on the voyage being excepted.
The document in this case is called Bill of Lading. In the case of clean Bill of Lading the shipowner will be e stopped from proving that the goods were not in good area and conditions are at time they delivered on board. The retention of the liability of the shipowner, as there is no admission that hte goods have been delivered in good order and condition.

Public Co-operation

Successful planning and public co-operation are complementary. The people co-operate with a plan when they realize that the plan is in their own interest. Public co-operation , makes planning easy and certain. The symptoms of public cooperation are more labor readiness and productivity, availability of more labor power, increase in investment and will to work. If the people do not accept a plan willingly, the success of such plan becomes doubtful. For gaining public cooperation and public opinion, the planners should use the method of interviews and surveys and planning decisions should be on the basis if majority will. The people cooperate in planning when they realize that the benefits of plan would equality be distributed amongst them. There are various economic and social bottlenecks which make the implementation of the plan difficult but if the people, accepting the plan, cooperate then these bottlenecks are automatically eliminated. It should be remembered at this stage that the people would not cooperate just on the glamorous commitments. For achieving real cooperation, the planners should take measures which are visible to the people,
As Lewis says :
"Public cooperation, in the planning machinery, works not only as a lubricant but also petrol".

Sufficient Required Information

Determination of objectives and targets is the basic important aspect of planning but for determining objectives target necessary information are indispensable. There is no relationship between lack of knowledge and planning. Planning may prove to be successful only when the available information are properly analyzed and synchronized regarding the sector for which plan is prepared but information should also be possessed concerning other allied sectors. No country can survive in the modern age isolating it from the rest of the world therefore, information pertaining to the nature of other countries are also equality important. The facts and figures, for complete information, should be collected on regular basis and they should be correct and trustworthy. These conditions can be fulfilled only when a central body is made responsible for collecting the statistical information. Collection and selection of required information is a complex exercise therefore, a special training of the people working in this central body is a must.

Ability and Capability of Planners

After paper work, the stage of implementation of plan comes therefore, the experts who are held responsible for implementation should be capable enough to instruct their subordinate clearly and effectively regarding the plan. Not only this but the subordinates should also be capable to make their own subordinates clear about the plan so that they accept the plan. Lack of acceptance can also make a perfect plan a failure. One of the conditions for the successful planning is also the entire planning machinery should transfer the facts and figures in a manner that they could easily work on them.

Policies

The objectives of a plan can be achieved through policies and tools. There are many policies and tools to achieve the objective of plan but all the policies becomes necessary. It is necessary for successful plan that the right policies and tools of policies should be selected in combination of the demands and circumstances of the country. The economic and social institutions, at the time of selecting the policies, should be kept in view.

Full Employment

Full or Maximum level of employment depends on effective and aggregate demand. Unemployment in the developing countries is a serious problem therefore,not only achieving the high level of employment is necessary in these countries but to main the same is also less important. For this purpose the government, using its income and expenditure policy, could increase the aggregate demand.

Level of Consumption

According to Keynes, required level of consumption (effective demand) is a necessary condition for full employment because if this required level of consumption is not maintained, unemployment would be the result. One of the objectives of the financial policy, in this manner, is also to maintain this required level of consumption. Similarly, during depression, by decreasing taxes and during inflation by increasing taxes, this required level could be maintained.

Price Stability

The fiscal policy could also be used to keep the price level stable if the prices fall sharply, the production activities go down due to fall in the profits due to which unemployment flourishes. Similarly, if the prices are increasing sharply, the economic hardship of the people are increased. Both these situations culminated into one common result, economic chaos is created financial policy can be used to redress this situation.

Equitable Distribution of Wealth

If the distribution of wealth is inequitable, the economic gulf between the rich and poor widens persistently. Effective and aggregate demand in the country falls due to which savings are not converted into investments and consequently, economic backwardness is created. Fiscal policy could curtail this economic disparity. In this situation the government, levying the high taxes on the rich and consuming on the welfare and aid to the poor, could curtail this difference between rich and poor to a grater extent.

Control on Business Cycles

Business cycles create economic oscillations; sometimes the economic activities get fast momentum but next time they slow down. Consequently, the economy becomes the victim of uncertainly and instability. Uncertainly leads towards unemployment due to which economic instability is bound to be created in a planned economy, through control on these oscillations, economic stability could be achieved.

Social Justice

A capitalistic society is a competitive society where stronger become more strong and the weaker more weak. Minority becomes the master of the fate of majority. Industrial power is concentrated in few leaving the majority empty handed. Class conflicts become the rule of the day. For establishing the social justice, fiscal policy could effectively be used. The government, levying the heavy taxes on the rich class, could aid the deprived class by consuming the acquired income on the welfare of the poverty suffering people.

Elimination of Regional Disparity

In the developing country including Pakistan, regional economic disparity is a serious problem due to which economic development becomes imbalance. If the fiscal policy is designed regional feelings, eliminating inequalities, the damaging social and economic effects could be avoided because Pakistan was dismantled due to regional feelings.

Pace of Economic Growth

In a developing country like Pakistan, not only achieving the rapid pace of growth is needed but maintaining the same pace is also quality important. For increasing the rate of economic growth, required proportion is necessary to maintain between the savings and investments. The fiscal policy could be used effectively for achieving this objective. For encouraging savings and investments, various measure could be taken through required changes incorporated in public expenditure and taxes.

Internet

The usage of Internet has also increased in Pakistan Businesses use e-mail for correspondence. They make websites which serves as an electronic shop which remains opens 24 hours a day and transactions can be done online with the click of a mouse.

Lack of Trained Manpower

It is the human resource of a country which brings about change in the socioeconomic condition of the country. Resources themselves can not help in economic development until they are optimally utilized. But, to utilize the resources optimally and adequately, we must process trained manpower which is adapt at using latest technology in production. Unfortunately, we lack in trained manpower.

Illiteracy

According to government's statistics, literacy rate in Pakistan is 40%. Even if we take it as right, this figure shows a very dismal picture of the state of education in Pakistan. Even Sri Lanka maintains a 90% literacy rate. Pakistan allocates only 5% of its budget on health and education.s

Technical and Vocational Training

The significance of technical and vocational training for boosting the capability of the working population for getting employment, can't be denied. Presently 68024 training centers for gents and 54638 training centers are working for women. The present technical curriculum at every stage is under review so that the nature of labor market could be changed accordingly at local as well as international level. Women training centers are specially being assigned attention.

Unemployment and its Remedies

Unemployment is the common problem of all the countries which are thickly populated because when the population crosses the reasonable limit, it becomes burden on the country's resources. The available employment opportunities lags behind their demand. If population is in excess, the supply of labor would also be higher due to which general wage rates fall down and so the libing standard of the people deteriorates. Apart from it, if the density of population is lesser that requirements, the resources of the countries remain idle which is nothing but the waste of resources.

I.M.F (International Monetary Fund)

The I.M.F was conceived in July 1944, when representatives of 45 governments meeting in the town of Bretton Woods, New Hampshire, in the Northeastern United States, agreed on a framework for international economic cooperation. They believed that such a framework was necessary to avoid a repetition of the disastrous economic policies that had contributed to the Great Depression of the 1930s.

The IMF performs three Main Activities:

• Monitoring national, global and regional economic and financial developments and advising member countries on their economic policies (Surveillance)
• Lending members hard currencies to support policy programs designed to correct balance of payments problems.
• Offering technical assistance in its areas of expertise, as well as training for government and central bank officials.
  

Human Capital

There are four factors of production i.e land, labor, capital, and entrepreneur. Capital and land can be classified as non-human resources, whereas; labor and entrepreneur can be classified into human resources. Out of all the resources, human resource is the most important resource.
It is a human resource which utilizes all the resources in an effective way to produce goods and services. Laborers working in industry are crucial for running industries. They make into use machines for production. Similarly, people working in fields make use of land to grow various crops. Moreover, it is the entrepreneur which manages the entire business by efficiency utilizing all the resources.
There has been debate on the population growth as to whether it is useful or not, but the fact remains that it is human beings who make use of resources and not the resources which should determines human fate.

Controlling Rapid Population Growth

The rapid population growth is not very good to the economy. Malthus argued that our resources do not increase with the increase in population with the same ratio. Therefore, time after time, wars and natural calamities bring disorder into order.
Although Malthus's argument was denied by all major economists, but it remains a fact that rapid population growth which is not in line with the increase in resources increases a lot of problem.

Utilizing Comparative Advantage

It is often a case that many countries can produce a particular good or commodity, but one country can produce it cheaper than anyone else, it is said to have comparative advantage in producing that good or commodity. Similarly, almost every country has comparative advantage over a particular product. This results in best utilization of resources of countries concentrate on producing goods in which they have comparative advantage.

Balance of Payment

"The net difference between exports and imports (or receipt and payments) of a country during financial year".
The balance of payment can be represented in following forms:

1. Current Account: Transaction of tangible (visible) and intangible (invisible) goods. It shows transaction of goods and services.
2. Capital Account: It shows the changes in the monetary assets and liabilities of a country. Changes in assets arise due to foreign exchange in possession, capital invested by Pakistan abroad, loan extended by Pakistanis etc. Changes in liabilities arise due to investment by the foreigners in the country, loan advanced by foreign residents. etc.
   

Balance of Trade

"The net difference between exports and imports (or receipts and payments) of visible of tangible goods".
The International trade consists of exchange in value of goods as well as services. While balance of payments shows the difference between receipts and payments, it incorporates both the visible goods and invisible goods. Whereas, balance of trade only shows the difference between receipts and payments of the visible goods. Therefore, for comprehensive analysis, balance of payment is more referred to than balance of trade.