recommendations. Interest free banking is something outrageous‚ if viewed at first instance. Why? Because the very term of interest free banking signifies its true nature and function – banking that dispenses with any usury or interest‚ leaving the debtor at ease and the creditor with no flow of wealth. Zero. None. Free. Nil. No interest whatsoever. The normal workingmen may see this as promising. However‚ is it an absolute white area imbued with promises and optimism? This‚ of course‚ is a clear
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EXECUTIVE SUMMARY Indian Contract Act 1872 is the main source of law regulating contracts in Indian law. It determines the circumstances in which promise made by the parties to a contract shall be legally binding on them. All of us enter into a number of contracts everyday knowingly or unknowingly. Each contract creates some right and duties upon the contracting parties. Indian contract deals with the enforcement of these rights and duties upon the parties. The Indian Contract Act 1872
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= 0.3797362 2008: Cash flow from operations = $331‚885‚000 Current liabilities = $831‚193‚000 Current ratio = $331‚885‚000 / $705‚582‚000 = 0.47037056 Efficiency ratios d) Debtors’
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speculation (gharar); * The introduction of an Islamic tax‚ zakat; * The discouragement of the production of goods and services which contradict the Islamic value (haram) On the other hand‚ conventional banking is essentially based on the debtor-creditor relationship between the depositors and the bank on one hand‚ and between the borrowers and the bank on the other. Interest is considered to be the price of credit‚ reflecting the opportunity cost of money. Islamic law considers a loan
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mixed Casual – depends on chance or will of third party (valid) Potestative – depends on the will of one of the contracting parties 1. if suspensive condition depends on will of debtor‚ the obligation is void. 2. if resolutory condition depends on will of debtor‚ the obligation is valid. 3. if depends on will of creditor‚ it is valid. Mixed- depends partly upon the will of a party and partly upon chance or third party (valid) c. Impossible
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English colonies in America were established for a variety of reasons including economic and religious factors. Other reasons for colonization include the desire to expand the British Empire‚ establishing order‚ protecting colonies and to rehabilitate debtors. Religious factors that contributed to the establishment of the English colonies occurred in Massachusetts‚ Rhode Island‚ Connecticut‚ Pennsylvania and Maryland. In England‚ due to Henry VIII ’s action upon breaking his ties with the Roman Catholic
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Case Study 1 Question 1 Under the Sale of Goods Act 1979‚ A contract of Sale is a contract where a seller transfers or agrees to transfer goods or a service to a buyer for money‚ in the course of a business. The transfer must be for money‚ barter or exchange are not covered. The Act covers sales and agreements to sell. Question
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(a) DEL CREDERE : A del credere agent is a mercantile agent who in addition to his work of bringing a contract between his principal and third parties also undertakes to be liable to the principal for the default of the third party to perform the contract. In other words‚ he also guarantees to his principal the performance of the contract by the third party. He gets extra commission for this extra risk taken by him. Such commission is called ‘Del credere’ commission. Thus the Del credere agent
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Standard Board. (2000). Financial accounting standards no. 140. Retrieved from http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175820919404&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs Lehman Brothers Holding Inc. v. Debtors.‚ 9 N.E. (Bankr. N.Y. 2010)
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