vu cs301 Mid Term Subjective Solved Past Paper No.1
vu cs301 Data Structures Solved Past Papers
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An agent sells goods on credit to a person on behalf of his principal without making proper enquiry about the solvency of that person. It seems from the above that selling on credit is the normal way of doing business. So as far as selling on credit is concerned the agent is entitled to do so. However as he sold goods to a person who was insolvent at the time of sale.
Principal is justified and must sue his agent for loss and the Principal's claim is right. The agent must have used reasonable care and diligence while selling the goods on credit. He should have by no means sold on credit to an insolvent person.
The following reasons:
- 1- A person who is a member of Senate or National Assembly.
- 2- A person who is an employee of the federal Government or of a provincial Government.
- 3- A person who has not settled any dues of any Bank.
- 4- A person who is holding a position of office like a secretary or treasurer in a political party.
- 5- If he is a major share holder in another bank.
Following are the five topics covered in Transaction of Banking Business Illegally By Companies:
- 1- Call for information as required by central bank.
- 2- Power to make orders and decrees.
- 3- Conservation of assets.
- 4- Submission of Financial statements.
