UGC NET LAW (058) · UNIT 06 · REVISION

Commercial Law Rapid-Recall Sheet

Each line is a typical direct-recall item. Use it in the last days of revision, after you have read the topics and the exam traps.

39 high-yield facts
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High-yield facts

Rapid-recall facts
Item	Key fact
Contract Act	In force 1 Sept 1872; majority at 18 (21 if a guardian is appointed)
s.25 exceptions	3 (love and affection; past voluntary service; time-barred debt)
Specific Relief Amendment	2018; substituted performance (s.20)
Partnership Act	1932; registration optional; s.69 consequences; 6% interest on advances; minor elects within 6 months
LLP Act	2008 (in force 31 Mar 2009); min 2 partners and 2 designated partners; 120 days residency; audit above Rs. 40 lakh turnover or Rs. 25 lakh contribution
NI Act	Cheque valid 3 months; notice within 30 days; payment within 15 days; complaint within 1 month; punishment 2 years or twice the amount; interim compensation 20% (s.143A); appeal deposit 20% (s.148)
SOGA	1930; s.4 contract of sale; s.12 condition and warranty; s.14 title; s.16 fitness and merchantable quality; s.27–30 nemo dat exceptions; s.45–54 unpaid seller
Companies Act	2013; min members 7, 2, 1 (public, private, OPC); min directors 3, 2, 1; max directors 15; max directorships 20 (10 public); woman director: Rs. 100 crore paid-up or Rs. 300 crore turnover
Private company	Max 200 members; no minimum paid-up capital since 2015
Small company	Paid-up capital up to Rs. 4 crore; turnover up to Rs. 40 crore
Meetings	AGM within 6 months of year-end (first within 9 months); gap 15 months; notice 21 clear days; shorter notice 95%; EGM requisition 10%, call within 21 days, hold within 45 days; Board meetings 4 per year, gap 120 days; notice 7 days; quorum one-third or 2; minutes within 30 days
Charges	Register within 30 days (further 300 days with fees)
Debentures	Trust deed within 60 days; DRR 10% (unlisted); 15% investment by 30 April
Buy-back	25% of paid-up capital and free reserves; 10% by Board resolution; D/E ratio 2:1; complete within 1 year; gap 1 year
Preference shares	Redeem within 20 years (30 for infrastructure)
CSR	500, 1,000, 5 crore; 2% of average net profit of 3 years; 30 days, 3 years, 6 months; overheads 5%; impact assessment: Rs. 10 crore obligation, Rs. 1 crore projects
Carlill v Carbolic Smoke Ball	General offer, acceptance by performance
Lalman Shukla v Gauri Dutt	Knowledge of the offer is needed
Bhagwandas Kedia	Instantaneous communication; contract formed where acceptance is received
Mohori Bibee v Dharmodas Ghose	A minor’s agreement is void ab initio
Chinnaya v Ramayya	A stranger to consideration may sue
M.C. Chacko v SBT	A beneficiary may enforce in trust-like arrangements
Gherulal Parakh	Wagering agreements are void, not illegal
Central Inland Water Transport v Brojo Nath	Unconscionable terms are void
Satyabrata Ghose	S.56 is wider than the English frustration doctrine
Energy Watchdog v CERC	Force majeure is distinct from s.56
Fateh Chand; Kailash Nath	S.74 reasonable compensation
Hadley v Baxendale	Remoteness of damages
State of West Bengal v B.K. Mondal	S.70 quasi-contract
Mafatlal Industries	Unjust enrichment in refund claims
Bank of Bihar v Damodar Prasad	The surety’s liability is immediate and co-extensive
Rowland v Divall	Breach of the implied condition of title gives a full refund
Cox v Hickman	Mutual agency is the test of partnership
Salomon v Salomon	Corporate personality
Royal British Bank v Turquand	Indoor management
Foss v Harbottle	Majority rule and the proper plaintiff
Rangappa v Sri Mohan; Bir Singh v Mukesh Kumar	Presumption under s.139
Dashrath Rupsingh Rathod	Jurisdiction under s.138 (superseded by the 2015 amendment)
Tata Consultancy Services v Cyrus Investments	Oppression and the removal of the chairman

Where each fact is explained

Open the topic for the concept behind any line you cannot recall.

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Last updated: 23 October 2026.