If the transfer of property takes place at a future date or on fulfillment of certain conditions, it is called an agreement to sell'.

Globalisation means the interaction and integration of the domestic economy with the rest of the world with regard to foreign investment, trade, production and financial matters. Globalization stands for the consolidation of the various economies of the world.

(i) Problem of finance
(ii) Limited mobility
(iii) Lack of Education
(iv) Lack of Network support

(i) Planning
(ii) Organising
(iii) Directing
(iv) Controlling
(v) Co-ordination

According to section 6 of the Negotiable Instruments Act, 1881 defines a cheque as "a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand"
 

(i) The word "Negotiable" means transferable from one person to another in return for consideration.
(ii) The word 'Instrument' means a written document by which a right is created in favour of certain person.
(iii) A negotiable instrument is a document which entitles a person to a certain sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.

(i) Contingent goods are the goods, the acquisition of which by the seller depends upon a contingency.
(ii) Contingent goods are a part of future goods.

Contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property (Ownership) of the goods to the buyer for a price.

(i) Increase in foreign collaboration
(ii) Expansion of market
(iii) Technological development

The branches of New Economic Policy are :
(i) Liberalisation
(ii) Privatisation
(iii) Globalisation

(i) Foreign trade policy
(ii) Expect promotion
(iii) Freedom to repatriate
(iv) Reduction in traiffs
(v) Encouraging open competitive

(i) A seller is deemed to be an unpaid seller (a) when the whole of the price has not been paid or (b) a bill of exchange or other negotiable instrument given to him has been dishonoured.
(ii) Thus it would be obvious that a seller who has received only a part of the price is also an unpaid seller.
(iii) Seller includes not only the actual seller but also an agent of a seller or a consignee.

(i) Here the paying banker should make payment only to the particular banker named as a part of special crossing or to his agent for collection.
(ii) Thus special crossing is safer than general crossing.

Promotional functions of entrepreneur
(i) Discovery of ldlea : The first and foremost function of cntrepreneur is idea gencration. Ideas can be generated through several ways like own experience and exposure of entreprencur, keen observation of environment, education, training, market survey, environmental scanning and so on.
(ii) Detailed Investigation: Entrepreneur has to analyse in detail the product proposes to produce. 
(iv) Choice of form of enterprise: Entrepreneur has to choose the appropriate form of organisation suited to implement the venture. There are various forms of organisation namely sole proprietor, partnership, company and cO-operatives etc.
(iv) Preparation of Business Plan: Entrepreneur has to prepare a business plan or project report of the venture that he is proposing to take up.
(v) Mobilisation of Funds: Entrepreneur has to take steps to mobilize capital needed to implement the venture.Entrepreneur has to estimate the fixed capital and working capital required for running the project.

Basis of Difference	Entrepreneur	Manager
Motive	The very motive of an entrepreneur is to start a venture by setting of an entity.	The very motive of manager is to render service in an entity setup for execution of venture.
Status	Entrepreneur is owner of the entity.	Manager is a salaried employee in the entity set up for carrying on the venture.
Risk Bearing	Entrepreneur bears the eventual risk and uncertainty in operating the enterprise	Manager doesn't bear any risk in the venture where the venture is unsuccessful he/ she simply quits the enterprise.

Crossing is of two types: General crossing and special crossing
General Crossing:
1. It is according to section 123 of the Negotiable Instruments Act, 1881.
2. "Where a cheque bears across its face with 'and company" or any abbreviation between two parallel transverse lines with or without the words 'not negotiable, the cheque shall be deemed to be crossed generally':
Special Crossing:
1. It is according to section 124 of the Negotiable Instruments Act, 1881.
2. "Where a cheque bears across its face an addition of the name of a banker with or without the words 'not negotiable, the cheque shall be deemed to be crossed specially and to be crossed to the bankers".

SI.No	Basis of Difference	Negotiability	Assignability
1.	Legal ownership	It passes to the transferee by mere endorsement in the case of a bearer instrument and by endorsement and delivert in the case of an order instrument.	An assignment can be made by observing certain formalities. For instance, an instrument is to be made in writing, duly stamped and igned by the transferor or his agent.
2.	Notice	Notice is not necessary for the holder of negotiable instrument to claim the payment from the debtor.	In case of actionable claim, notice of the assignment by the transferee regarding the transfer of debt to the debtor is necessary.
3.	Nature of title	Holder of negotiable instrument in due course gets a better title than even the transferor.	The transferee's title to the instrument is subject to the defects of the transferor's title.
4.	Consideration	Consideration is presumed	The assignee has to prove the consideration for the transfer.

Existing goods are those owned or possessed by the seller at the time of contract of sale. Goods possessed even refer to sale by agents or by pledgers. The existing goods may be either :
(i) Specific Goods : Specific goods denote goods identified and agreed upon at the time of contract of sale.
(ii) Ascertained Goods: The term 'ascertained goods' is also used as similar in meaning to specific goods.
(iii) Unascertained or Generic Goods: These are goods which are not identified and agreed upon at the time of contract of sale.

(i) Corporations got a competitive advantage from lower operating costs, and access to new raw materials and additional markets.
(ii) Multinational corporations (MNCs) can manufacture, buy and sell goods world wide.
(iii) Globalisation has led to a boom in consumer products market.

(i) Liberalization refers to laws or rules being liberalised or relaxed, by a government.
(ii) Liberalization means relaxation of various government restrictions in the areas of social and economic policies in order to make economies free to enter in the market and establish their venture in the country.
(iii) Liberalizing trade policy by the government includes removal of tariff,subsidies and other restrictions on the flow of goods and services between countries.
(iv) Liberalization is the result of 'New Industrial Policy' which abolished the "License system" or "Licence Raj".

In every contract of sale, there are certain expressed and implied conditions and warranties. The term implied conditions means conditions which can be inferred from or guessed from the context of the contract.
1) Conditions as to Title
In the case of sale, seller has a right to sell the goods. The buyer can assume that the seller has a right to sell the goods.
Eg. 'R' purchased a motorcar from 'D' and used it for 4 months. Later after six months, true owner came and proved that he is a true owner.
In this case, 'R' has to return the car to the true owner and claim the full price paid by him from 'D'.
2) Conditions as to Description
In a contract of sale by description, there is an implied condition that goods supplied should agree with the descriptions made by the seller.
Eg. 'A' has bought a machinery from 'B' who described it to be just one year old. After buying the machinery and using it for a month, 'A' came to know that it is very old machinery.
In this case, 'A' can return the machinery to 'B' on the ground that machinery is not as per the description i.e. not recent one.
3) Conditions as to Merchantability
If goods are bought by description and the seller is a dealer in goods of that description, the implied condition is that goods must be of merchantable quality.
It only means that the goods must be saleable in the market under that denomination.
"A watch that will not keep time, a pen that will not write and tobacco which will not smoke, cannot be regarded as merchantable under such names."

Dimension	Salaried Employment	Self Employment
Income	Dependable and probably higher income during the initial stages but limited by promotion opportunities	The fluctuation of income depending upon economic conditions and endeavors of the entrepreneur
Working Hours	Fixed Working Hours	Absolute freedom in choosing the working time.
Job Security	Fixed tenure jobs in respect of public sector appointments and absolute unstable job in private sector appointments.	Stable job till the business is solvent
Financial Risk	There is no financial risk in salaried employment as the employee does not invest in the capital of the employer organization	There is high degree of risk of losing the investment due to continuous loss.
Personal Satisfaction	An employee may derive job satisfaction	Owner derives a sense of personal satisfaction
Responsibility	The size of responsibility increases as an employee moves up the organizational ladder.	The size of responsibility is always higher for various stakeholders.

Forms of Globalization
(i) Foreign trade policy: India has signed a number of agreements in order to expand Indian trade worldwide. Some of the agreement includes TRIPS (Trade Related Intellectual Property Rights), GATS (General Agreement on Trade in Service).
(ii) Export promotion: Globalisation promotes export by reducing quotes and tariffs, by eliminating trade restrictions and by simplifying trade procedures.
(iii) Freedom to repatriate: Repatriate means, to send or bring money back to one's own country. Since globalisation has integrated many countries, repatriation has become very easy.
(iv) Reduction in tariffs: Custom duties and tariffs imposed on imports and exports are reduced gradually to make Indian economy attractive to the global investors.
(v) Encouraging open competition: Globalisation brings an end to the difference between domestic and international markets. Domestic companies start their operations in the international level and therefore there is an open competition.

The salient highlights of the Liberaisation, Privatisation and Globalisation Policy in India are,
(i) Introduction of new Foreign Trade Agreements
(ii) Foreign Investment (FDI & FII)
(iii) MRTP Act, 1969 (Amended)
(iv) Deregulation
(v) Opportunities for overseas trade
(vi) Steps to regulate inflation
(vii) Tax reforms
(viii) Abolition of License.

Challenges faced by women Entrepreneurs
(i) Problem of Finance:
(1) The access of women to external sources of funds is limited as they do not generally own properties in their own name.
(2) Because of the limited funds, women entrepreneurs are not able to effectively and efficiently run and expand their business.
(ii)Limited Mobility:
(1) Indian women cannot afford toshed their household responsibilities towards their family even after they plunge into the venture started by them.
(2) This restricts the mobility of women entrepreneur significantly.
(iii) ) Lack of Education :
Iliterate and semi-literate women entrepreneurs encounter a lot of challenges in their entrepreneurial journey with respect to maintaining accounts, understanding money matters, day-to-day operations ofthe company,marketing the products, applying technology etc.,
(2) This reduces the efficiency of operating the business successfully. 
(iv) Lack of Network Support:
The successful operation of any venture irrespective of the size depends upon the network of support extended by various constituencies like family members, friends, relatives, acquaintances, neighbours, institutions and so on.
(2) But it is reported that women entrepreneursget very limited support in times of crisis from most of these constituencies.
(v)Self Competition:
(1) Women entrepreneurs have to face acute competition for their goods trom organised sector and from their male counter parts.
(2) Since, they are not able to spend liberally due to financial constraints, they are not able to compete effectively and efliciently in the market.
(vi) Lack of Information:
Women entrepreneurs are reported not to be generally aware of subsidies and incentives available for them due to their poor literacy levels or due to their pre-occupation with household responsibilities.

 

Basis	Entrepreneur	Intrapreneur
Thinking	Entrepreneur is a free thinker	Intrapreneur is forced to think independently but within scope of business activities undertaken in the enterprise.
Dependency	Entrepreneur is an independent person	Intrapreneur is dependent on the entrepreneur. He is an employee.
Fund Mobilization	Entrepreneur has to mobilize funds to finance the venture.	Intrapreneur does not engage in fund mobilization. But can access funds mobilized by the entrepreneur.
Reward	Entrepreneur is rewarded by profit for the risk bearing exercise.	Intrapreneur does not share in profits of venture. But gets perquisites, salary, incentives, etc., for the service.
Risk Bearing	Entrepreneur bears the risk involved in the venture undertaken.	Intrapreneur does not bear any risk in the venture and does not even share the risk inherent in the project or work assigned. However Intrapreneur is accountable for the task or project assigned.
Status	|Entrepreneur is owner, and doesn't reportto anybody in the venture.	Intrapreneur is a salaried employee.
Operation	Entrepreneur operates mostly outside the enterprise.	Intrapreneur operates within the enterprise.

Characteristics of Entrepreneur.
1. Spirit of Enterprise :
Entrepreneur should be bold enough to encounter risk arising from the venture undertaken.Entreprenour should not get discouraged by setbacks or frustrations cmerging during the course of entrepreneurial journey.
2. Self Confidence :
Entrepreneur should have a sclf confidence in order to achieve high goals in the business. The negativities like inconvenicnce, discomfort, disappointments, rejections, frustrations and so on should not weaken his steely resolve to make the venture a grand success.
3. Flexibility:
Entrepreneur should not doggedly stick to decisions in a rigid fashion. Entrepreneur should change the decisions made already in the light of ever-changing business environment.
4. Innovation:
Entrepreneur should contribute something new or something unique to meet the changing requirements of customers nanely new product, new method of production or distribution, adding new features to the existing product, uncovering a new territory for business, innovating new raw material etc.
Resource Mobilisation :
Entrepreneur should have the capability to mobilise both tangible inputs like manpower, money materials,technology, market, methodetc. Which are scattered over a wide area and certain intangible inputs like motivation, morale and innovativeness cannot be purchased in the market outright.
(vi) Hard work :
Entrepreneur should put in strenuous efforts and constant endeavours to accomplish the goals of the venture successfully. They have to courageously face uncertainties, risks and constraints.

1. Endorsement in blank or general Endorsement : When the endorser puts his mere signature on the back of an instrument without mentioning the name of the endorse. (Receiver)
2. Endorsement in full or special Endorsement : In addition to his signature, specifies the person to whom or to whose order the instrument is payable.
3. Conditional or qualified Endorsement : Endorser makes his liability dependent upon the happening of an event which may or may not happen.
4. Restrictive Endorsement : When an endorsement restricts or prohibits further Negotiability of the Instrument.
5. Sans recourse Endorsement : Ordinarily the endorser becomes liable to subsequent parties in the event of dishonour of the instrument.
If he makes it clear that the subsequent holders should not look to him for payment in case it is dishonoured.
6. Facultative Endorsement : To make an endorser liable on the instrument, notice of dishonour must be given to him. But if the endorser waives this right by a writing "Notice of dishonour waived" at the time of endorsing
7. Partial Endorsement : Where the endorsement seeks to transfer only a part of the amount payable under the instrument.

If an endorsement is to be valid, it must possess the following requisites:
(i) Endorsement is to be made on the face of the instrument or on its back.
(ii) When there is no space for making further endorsements a piece of paper can be attached to the negotiable instrument for this purpose.
(iii) If the endorsee's name is wrongly spelt, the endorsee should sign the same as spelt in the instrument and write the correct spelling within brackets after his endorsement.
(iv) Endorsement for only a part of the amount of the instrument is invalid.
(v) Endorsement is complete only when delivery of the instrument is made.
(vi) It is presumed that the endorsements appearing on a negotiable instrument were made in the order in which they appear thereon.
(vii) Signing in block letters does not constitute regular endorsement.

SI.No	Basis of Difference	Cheque	Bill of Exchange
1.	Drawn	A cheque can be drawn only on a particular banker.	A bill of exchange can be drawn on any person including a banker
2.	Payability	It is payable on demand only.	It is payable on demand or on the expiry of a certain period.
3.	Validity	A cheque drawn payable to bearer on |demand is perfectly valid.	A bill made payable to bearer on demand is void by virtue of section 31 of the RBI Act.
4.	Acceptance	A cheque does not require any acceptance.	In case of time bill, acceptance by the drawee is necessary before he can be made liable on it.
5.	Grace Period	No days of grace are allowed in the case of a cheque for the simple reason that is always payableon demand.	Three days of grace are allowed while calculating the maturity date in the case of time bill.
6.	Notice	Notice is not necessary for a cheque.	When a bill is dishonoured, notice of dishonour is necessary.

SI. No	Particulars	Sale	Agreement to Sell
1.	Ownership Transference	The property(ownership or title) in the goods passes from the seller to the buyer immediately so that seller is no more owner.	The property(ownership or title) in the goods has to pass at a future time or after the fulfilment of certain conditions specified in the contract.
2.	Risk of Loss	Where the goods sold under the contract of sale are destroyed, the loss falls squarely on the buyer as the ownership in the goods has already passed on to the latter. Even though the goods are in the possession of seller.	Where the goods under the agreement to sell are destroyed, the loss falls squarely on the seller as the ownership is still vested with the seller even though the possession of the goods is with the buyer.
3.	Consequences of violating the contract	Where the buyer fails to pay the price, the seller cannot seize the goods. The seller can only file a case against the buyer for violating the contract.	Where the buyer. violates, the contract, the seller can repossess the goods from the former. He can sue for damages for violation of the contract.
4.	Nature of contract	It is an executed contract i.e. completed contract.	It is an executory contract, i.e. contract ye to be performed by the party to the contract.

Following essential elements are necessary for a contract of sale
(i) Two Parties :
(1) A contract of sale involves two parties - the seller and the buyer.
(2) The buyer and the seller should be two different persons. If a person buys his own goods, there is no sale.
(ii) Transfer of Property :
(1) To constitute sale, the seller must transfer or agree to transfer the ownership in the good to the buyer.
(2) A mere transfer of possession does not amount to sale.
(iii) Goods :
(1) The subject matter of contract of sale must be goods. It excludes money, actionable claims and immovable property.
(2) The term 'goods' includes every kind of movable property, stocks and shares, growing crops etc.
(3) Goodwill, trademarks, copy rights, patent rights etc., are all also regarded as goods.
(iv) Price :
(1) The monetary consideration for the goods sold is called price.
(2) If goods are exchanged for goods, it is only barter and not a sale.
(3) But if goodsare sold partly for goods and partly for money, the contract is one of sale.
(v) Includes both 'Sale' and 'Agreement to Sell' :
(1) The term contract of sale includes both sale and agreement to sell.
(2) If the property in goods is transferred immediately to the buyer it is called a sale.
(3) On the other hand, if the transfer of property takes place at a future date or on fulfillment of certain conditions, it is called 'an agreement to sell'.

(i) Liberalization has opened up new business opportunities abroad and increased foreign direct investment.
(ii) It became very easy to obtain loans from banks for business expansion.
(ii) "Foreign Collaboration'" is the latest outcome of liberalization.
(iv) Privatization has a positive impact on the financial growth by decreasing the deficit and debit
(v) Increase in the efficiency of government undertakings
(vi) Provide better goods and sources to the consumers
(vii) Globalization has led to a boom in consumer products market
(vii) Globalization has touched every aspect of agriculture like technological advancements, improved production techniques and quality based enhancement.

Advantages :
(i) Increase in foreign investment :
If a country liberalises its trade, it will make the country more attractive for inward investment. Inward investment leads to capital inflows but also helps the economy through diffusion of more technology, management techniques and knowledge.
(ii) Increase the foreign exchange reserve :
Relaxation in the regulations covering foreign investment and foreign exchange has paved way for easy access to foreign capital.
(iii) increase in consumption :
Liberalization increases the number of goods available for consumption within a country due to increase in production.
(iv) Control over price :
The removal of tariff barriers can lead to lower prices for Consumers.This would be particularly is benefit for countries who are importers.
Disadvantages :
(i) Increase in unemployment :
Trade liberalisation often leads to a shift in the balance of an economy. Some industries grow, some decline. Therefore, there may often be structural unemployment from certain industries closing.
(ii) Loss to domestic units :
With fewer entry restrictions, it has been possible for many entrants to make inroads into the country which poses a threat and competition to the existing domestic units.
(iii) Increased dependence on foreign nations :
Trade liberalisation means firms will face greater competition from abroad.When competition is not automatically enhanced, it can lead to domination by big institution that has market controlling powers.
(iv) Unbalanced development :
Trade liberalisation may be damaging for developing economies which cannot compete against free trade.