Question

Mr. JHUTH entered into an agreement with Mr. SUCH to purchase his (Mr. SUCH’s) motor car forRs. 5,00,000/- within a period of three months. A security amount of Rs. 20,000/- was also paid byMr. JHUTH to Mr. SUCH in terms of the agreement. After completion of three months of enteringinto the agreement, Mr. SUCH tried to contract Mr. JHUTH to purchase the car in terms of theagreement. Even after lapse of another three month period, Mr. JHUTH neither responded toMr. SUCH, nor to his phone calls. After lapse of another period of six months. Mr. JHUTHcontracted Mr. SUCH and denied to purchase the motor car. He also demanded back the securityamount of Rs. 20,000/- from Mr. SUCH. Referring to the provisions of the Indian Contract Act,1872, state whether Mr. SUCH is required to refund the security amount to Mr. JHUTH.Also examine the validity of the claim made by Mr. JHUTH, if the motor car would have destroyedby an accident within the three month’s agreement period.

Answer 1

Entrepreneurial activities differ substantially depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo, part-time projects to large-scale undertakings that involve a team and which may create many jobs. Many "high value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to raise capital for building and expanding the business.[37] Many organizations exist to support would-be entrepreneurs, including specialized government agencies, business incubators (which may be for-profit, non-profit, or operated by a college or university), science parks and non-governmental organizations, which include a range of organizations including not-for-profits, charities, foundations and business advocacy groups (e.g. Chambers of commerce).