BUSINESS LAWS

Paper Code: 
CBSG 111
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

CO 1: To create an understanding of basic aspects of The Indian contract Act for making the agreements, contracts and subsequently to enter into valid business propositions

CO 2: To handle the execution of special contracts used in different types of business.

CO 3: To learn legitimate rights and obligations under The Sale of Goods Act.

CO 4: To analyze Provisions regarding Partnership form of Business and to understand the various technicalities pertaining to execution of Partnership also to acquire skills to initiate entrepreneurial ventures as LLP

CO 5: To analyze the fundamentals of Consumerism and the system to pursue the consumer rights under Consumer Protection act 1986

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,
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,

 

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,
  • Doctrine of caveat emptor.
  • Transfer of property in goods: Rules
  • 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.

 

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, relations of partners to third parties

·        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

·           Incorporation Document

 Incorporation by Registration

12.00
Unit V: 

The Negotiable Instruments Act, 1881                                                  

·       Meaning, Characteristics, and Types of Negotiable Instruments : Promissory Note, Bill of Exchange, Cheque

·        Holder and Holder in Due Course, Privileges of Holder in Due Course.

·        Negotiation: Types of Endorsements

·        Crossing of Cheque , Bouncing of Cheque

B  Consumer Protection Act, 1986

·          Objectives, important terms, Rights of consumer.

Dispute Redressal agencies: District forum,State commission, Central commission

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

 

e- RESOURCES:

 

JOURNALS

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

 

Academic Year: 
2023-2024
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