9 Legal Myths Disproved By Top Law Firms


Most of us are unaware of the technicalities and intricacies of legal regulations and procedures. This leads to the formation of legal myths which people believe to be true. Expert professionals working with top law firms advise that believing in such misconceptions can cause serious financial harm. People must make all efforts to learn about laws which affect their daily lives as well as business. Having incorrect notions about the time duration for filing a lawsuit or not knowing the correct manner to transfer property within the family can have serious implications. Ignorance of correct processes or vital regulations can easily land people in legal trouble. Let’s take a look at some major legal myths which most of us believe to be true. 

1. Civil Cases Can Be Filed At Any Time


One of the biggest legal misconceptions that people have is that they can file a civil case at any time. They are unaware that filing of such cases is governed by the Limitation Act, 1963 which dictates the period within which suits must be filed. Different time periods have been specified depending on the nature of the case. If a case is not filed within the period, then the court may not admit the application. The Act has provisions, though for certain circumstances in which a court can entertain a plea even after the time limit. 

2. Letters Of Authority Are Sufficient For Delegating Authority


There are situations in which people need to delegate authority to another individual. A common myth is that a letter of authority will be sufficient for the purpose. They are unaware that such a document is not registered and cannot be used for critical transactions such as the sale of a property. The complexity or the large sum of money involved in such transactions make it necessary to use a detailed and registered instrument like a power of attorney. Letters of authority can be used for simple tasks like collecting documents.  

3. Only Original Documents Can Be Submitted In Courts


Many people do not know that they do not need to submit original documents along with their plea applications in courts. Experts working with reputable legal firms in Indiasay that affidavits and certified copies of the original documents are required to be provided by an applicant while filing a petition. The court will ask them to show the original documents at the time of the hearing. If due to some reasons, original versions cannot be produced, copies attested by a gazetted officer can be presented.

4. One Cannot Contest Out-of-court Settlements


Not everyone has the resources to engage the top law firmsor the patience for time-consuming legal processes. Out-of-court settlements provide a simple alternative to resolving issues through the legal route. People feel that these settlements cannot be challenged but they are grossly mistaken. They can challenge an agreement which was facilitated by coercion or was based on fraudulent terms. Arbitration agreements can also be contested in specific scenarios.

5. Guarantors Are Not Responsible For Loan Repayments


Many people do not give a second thought to giving consent to act as a guarantor for a loan taken by another individual. They think that if the person defaults on repayment, the liability will not fall on their shoulders. People must get rid of this misconception as soon as possible. The Supreme Court has clearly stated that the responsibilities of a guarantor are the same as that of a borrower. Anyone standing guarantee for another person’s loan can be asked to settle the outstanding amount if the borrower defaults.

6. Ancestral Property Can Be Gifted In Any Manner


The ancestral property owned by a Hindu Undivided Family (HUF) cannot be gifted away by one member or even the head of the unit. The property is jointly owned by the entire family with no one individual having an exclusive right to it. Unless and until the person is the sole surviving member of the HUF, he/she does not possess the right to gift a jointly-held asset.

7. No Need To Notify Insurance Company When Buying Used Vehicles


The primary concern of anyone buying a used vehicle is to check its condition and ascertain the authenticity of its registration certificate. Most people feel that there is no need to notify the insurance company about the change in ownership of the asset. This robs them of the chance of claiming compensation in case of an accident. The insurance company is not liable to reimburse claims if the new owner fails to inform the agency about the purchase.

8. Shares Are Automatically Inherited By Legal Heirs


People investing in stock markets must be careful while making nominations for their demat account. The shares held by them may not be transferred to the legal heir but to the person nominated for the account. It will be pertinent to designate the legal heir as the nominee for the account to eliminate any hassles in the future.

9. Lawyers Are Essential For Appearing In Consumer Courts


Hiring professional law offices in Indiacan be a costly affair which desists consumers from taking legal action against businesses. What such people do not know is that they do not need a lawyer for appearing in consumer courts. Consumer forums are quasi-judicial bodies and even non-lawyers can represent cases on such platforms.

Conclusion


Expert legal professionals engaged with top law firms in Indiasay that there are many more such misconceptions that must be disproved. They suggest that people must get in touch with lawyers before taking any decision regarding business or personal affairs.



9 Legal Myths Disproved By Top Law Firms 9 Legal Myths Disproved By Top Law Firms Reviewed by Durgesh Thakur on February 19, 2019 Rating: 5
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