Proposal Proposal is made by the proposer and if this proposal is accepted by the other party it becomes a promise and after this acceptance the conditions of the contract are binding a on both parties. A mere proposal cannot give birth to a contract because the proposal has to …
Void contact A contract which ceases to enforceable by lay becomes void when it ceases to be enforceable.
Voidable contract An agreement which is enforceable by at the option or on or more of the parties thereto, but not at the option of the other or others, is a voidable contract
Reciprocal promises Promises which form the consideration or part of consideration for each other, is an agreement.
Advantages More capital available Partners are able to arrange larger amounts of capital than the sole trader business. Partnership has more capital because the partners invest their money into the business. Other than that the banks tend to give loan facility to the partnership on relaxed terms, whereas the sole …
Partnership is a kind of business which is started by 2 or more people. Partnership is a kind of business in which the 2 or more people employ their capital to start a business by which they aim to earn profit. Like other types of businesses the partnership also has …
Advantages of a Sole trader Start business with limited capital The sole trader can start the business with limited capital. The sole trader normally starts a business which is a small business, so the sole trader does not require high amounts of capital in order to start the business. The …
B com Introduction to Business revision notes (I to B) Sole trader Sole trader is a person who manages and operates a business by himself. People with limited capital start this kind of business. The Sole trader is the most common and popular form of business. The sole trader has …