Business Laws

Paper Code: 
24CBSG102
Credits: 
04
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to comprehensively understand business laws, and to navigate legal frameworks confidently in professional environments.

Course

Learning Outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course Title

24CBSG102

 

Business Laws

(Theory)

 

 

CO: 7 Comprehend the Indian Contract Act's foundational principles and subsequently to enter into valid business propositions

CO: 8 Exhibit comprehension of Special Contracts under the Indian Contract Act, such as bailment, pledge, and indemnity, guarantee and agency proficiently applying legal principles."

CO: 9 Demonstrate and Perceive the Sale of Goods Act 1930, including concepts of sale, types of goods, warranties, caveat emptor, unpaid seller provisions, and auction sale intricacies

CO: 10 Interpret legal framework of Partnership Act and Limited Liability Partnership Act to navigate business partnerships effectively and mitigate legal risks.

CO: 11 Analyze and apply the principles of the Consumer Protection Act, ensuring ethical business practices and safeguarding consumer rights effectively.

CO: 12 Contribute effectively in course-specific interaction

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

 

Learning activities for the students:

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

 

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

 

 

12.00
Unit I: 
Indian Contract Act, 1872

• Meaning of contract, Important definitions (Sec.2a to Sec. 2j), Valid essentials of contract, Classification of Contracts
• Proposal: Meaning of proposal, types
• Acceptance: Meaning & Features
• Contractual capacity Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects), Persons disqualified by laws.
• Free consent: Meaning & Features of Coercion, Undue Influence, Fraud, Misrepresentation& Mistake
• Consideration: Meaning, legal rules,
• Void agreements: Meaning, Types.
• Performance of contract: Meaning, Modes of performance
• Discharge of contract: Meaning and modes of discharge of contract
Practical: Caselet discussion on relevant topics

12.00
Unit II: 
Specific Contracts

• Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
• Contract of Guarantee: Meaning, valid essentials, extent of surety’s liability, rights of surety, discharge of surety from liability
• Bailment: meaning, valid essentials, modes of delivery of goods, classification of bailment, duties and rights of bailor and bailee,
• Pledge: meaning, essentials, difference between bailment and pledge.
• Agency: meaning, essentials, creation and termination of agency
Practical: Moot court activity on relevant topics

12.00
Unit III: 
Sale of Goods Act, 1930

• Meaning, essentials, difference between sale and agreement to sell,
• Classification of goods, Condition& warranty: Meaning, difference, types,
• Performance of contract: Meaning, rules relating to delivery of goods, duties and rights of buyer.
• Unpaid seller: Meaning, rights-against the goods and against the buyer.
Remedies for breach of contract: Buyer’s remedy and auction sale.
Practical: Role play activity on relevant topics

12.00
Unit IV: 
Partnership Laws

A The Indian partnership Act, 1932
• Definition of partnership, essentials,
• Formation and registration: Procedure of Registration, effects of non- registration, exceptions: rights not affected by non-registration.
• Types of partnership, types of partners, minor as partner in benefits.
• Relations of partners: Rights and duties of partners
• Dissolution of firm: Difference between dissolution of partnership and firm, modes of dissolution of firm,
B The Limited Liability Partnership Act, 2008
• Salient Features of LLP
• Differences between LLP and Partnership, LLP and Company
• LLP Agreement,
• Partners and Designated Partners
Practical: Power Point presentation on relevant topics

12.00
Unit V: 
Consumer Protection Act, 1986

• Objectives, important definitions, Rights of consumer.
• Dispute Redressal agencies: District forum, State commission, Central commission
• Compliant filing procedure
Practical: Role play activity on relevant topics

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: 

SUGGESTED READINGS
• 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

e- RESOURCES:
• 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%20Commer...

REFERENCE JOURNALS
• Prabandhan
• The Indian Journal of Commerce
• IUP Journal of Coprporate Governance

Academic Year: 
2024-2025
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