LAW OF CONTRACT

Paper Code: 
COM 103
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

COURSE OUTCOMES(COS):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

 
 

On completion of this course, the students will be able to:

CO 11: Understand basic aspects of The Indian contract Act for making the agreements, contracts and subsequently to enter into valid business propositions

CO 12: Know the difference between various kinds of contract and also the various essentials of a valid contract such as contractual Capacity, Free Consent, Consideration etc.

CO 13: Understand the conceptuality of Void Agreements and to clearly define the lines of Wagering Agreements and Contingent Contract.

CO 14: Examine the consequences of breach of contract. And the remedies against the breach of Contract which will help the aggrieved party to be indemnified.

CO 15: Handle the execution of special contracts such as Contract of Indemnity & Guarantee used in different types of business. 

Class room Lecture (Theory/ Using Power Point Presentation) /Discussions using Leading Case laws/

Role Play activities/ Moot Court/Group Discussions/ Class presentation 

 

Class participation, tutorial assignments and presentations, class tests, C A Test, Semester End Exams.

 

  

 

9.00
Unit I: 
  • Introduction to Contract
  •  Meaning of contract, Important definitions (Sec.2a to Sec. 2j), Valid essentials of contract, Difference between agreement and contract, Classification of Contracts
  • Proposal: Meaning of proposal, types, legal rules as to the offer,
  • Acceptance: Meaning, legal rules, communication of offer and acceptance
9.00
Unit II: 

· Contractual capacity

Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects),Persons disqualified by laws.

·         Free consent: Meaning Coercion: Meaning, valid essentials, effects.

Undue influence: Meaning, essential elements, effects. Fraud: Meaning, essential elements, effects. Misrepresentation: Types, effects. Mistake: Meaning, classifications (mistake of law and mistake of facts), effects.

·         Consideration: Meaning, legal rules, contract without consideration is void,

·         Doctrine of privity of contract and exceptions.

9.00
Unit III: 

Legality of object and consideration

  • Circumstances when object and consideration considered unlawful, Agreement opposed to public policy.
  • Void agreements: Meaning, Types.
  • Contingent contracts: Meaning, Valid essentials, Rules as to the enforcement of contingent contract, Difference between wagering agreement & contingent contract.
9.00
Unit IV: 

Performance of contract

  • Meaning, Modes of performance, Types of tender or offer, Essentials of a valid tender,
  • Discharge of contract: Meaning and modes of discharge of contract, types of breach of contract.
  • Remedies for breach of contract: Suit for rescission of contract, suit for damages, suit for quantum merit, suit for specific performance, suit for injunction.
9.00
Unit V: 

Specific Contracts-I

  • Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
  • Contract of Guarantee: Meaning, valid essentials, extent of surety’s liability, kinds of guarantee, rights of surety, discharge of surety from liability
Essential Readings: 

·         Aggarawal, Rohini, Student’s guide to Mercantile & Commercial Laws, Taxmann Allied Services Pvt. Ltd., NewDelhi.

·         Kapoor, N. D., Elements of Mercantile Law, Sultan Chand & Sons, NewDelhi

·         Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi.

·         Nolakha, R. L., Business Laws, Ramesh Book Depot,Jaipur

References: 

·         Datey, V.S., Business and Corporate Laws, Taxmann Allied Services Pvt. Ltd., NewDelhi

·         Singh, Nirmal, Business Laws, Deep & Deep Publications Pvt. Ltd., NewDelhi

·         Sharma, Arya, Gupta, Jain, Business Laws, Ajmera Book Company, Jaipur

·         Gulshan, S. S., Business Law, Excel Books, NewDelhi

·            Pillai RSN, Bhagavathi, Business Laws, S. Chand publishing https://www.google.co.in/books/edition/_/kCwrDAAAQBAJ?hl=en&gbpv=1

·            Ryder,Griffiths,Singh, Commercial Law: Principles & Policy, Cambridge University Press https://www.google.co.in/books/edition/_/kCwrDAAAQBAJ?hl=en&gbpv=1

Study Material of ICSI on Economic, Business & Commercial laws https://www.icsi.edu/media/webmodules/Economic%20Business%20and%20Commercial%20Laws.pdf

·         Prabandhan

·         The Indian Journal of Commerce

·         IUP Journal of Coprporate Governance

Academic Year: 
2022-2023
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