LAWS RELATING TO BUSINESS ENTITIES(Generic Elective)

Paper Code: 
GBSG 212
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes (COs):

Course Outcomes

Learning and teaching strategies

Assessment Strategies

 
 

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

CO 2: 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 3: Understand the conceptuality of Void Agreements and to clearly define the lines of Wagering Agreements and Contingent Contract.

CO 4: 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 5: Handle the execution of special contracts such as Contract of Indemnity & Guarantee used in different types of business. 

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: 
Introduction to Business Entities, Forms of Business Entities 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: 
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.

Practical: Role Play activity on Relevant Topics

 

12.00
Unit III: 
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

Practical: Powerpoint Presentation on Relevant Topics

 

 

12.00
Unit IV: 
Companies Act 2013
  • Definition and essential characteristics.

          Lifting of corporate veil- under statutory provisions and under judicial interpretations

              Classification of companies

  • Public company
  • Private company(Definition, characteristics,
  • Privileges and concessions to private companies
  • One-person Company (Definition &Features)

Practical: Powerpoint Presentation on Relevant Topics

 

12.00
Unit V: 
Incorporation & Requisites of Formation of Company

·         Promoters-functions, duties and liabilities, Registration Procedure

·         MoA- (Definition, Clauses)

·         Articles of Association (Features)

·         Prospectus: Definition, Contents,

·         Shares, Types of shares (Equity shares, Preference shares),

·         Debentures, Types of debentures

·         Winding-Up of Company

Practical: File Preparation 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: 

 

  • 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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