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Legal Aspects of Business

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Course Code

1CP06

Version No.

1

Name of Instructor

Sushil Kumar Dixit

Prerequisite

Good Knowledge of Business Laws

Objectives

1.To develop basic understanding of Business laws.

2.To develop skills for management decision making keeping in view Business laws.

3.To develop understanding of effective implementation of various business laws for better performance.

Expected Outcome

After Completion of Course the student shall get thorough knowledge on how to conduct business in accordance with law and avoid serious consequences that could possibly arise out of ignorance of law.

Module

Hours

I

Indian Contract Act, 1872: Definition, nature and kinds of Contract, Offer & Acceptance, Consideration, Free consent, Capacity of the parties, Legality of Object, Performance and discharge of contract, Breach of Contract and its remedies, Basic elements of Law relating to Agency, Guarantee and Pledge.

10

II

Sale of Goods Act, 1930: Meaning of Sale and Goods, Essentials of Contract of Sale, Sale & Agreement to Sale, Conditions & Warranties, Doctrine of Caveat Emptor and emerging Concept of Caveat Vendor, Transfer of Property, Rights of Unpaid Seller

6

III

Negotiable Instrument Act, 1881: Definition and essentials of the Negotiable Instruments, Promissory note, Bill of exchange and Cheque, Parties to Negotiable Instrument, Holder in Due Course, Negotiation by Endorsements, Crossing of a Cheque and Dishonor of a Cheque

5

IV

Indian Partnership Act-1932: Definition, Types of Partnership,Formation of Partnership, Registration of Partnership, Kinds of Partner, Rights & Liabilities of Partners, Dissolution of Partnership Firm

Limited Liability Partnership Act, 2008: Limited Liability Partnership

4

V

The Company Act, 1956: Definition and nature of a company, Essential characteristics of a Company, Types of Companies, Memorandum and Article of Association, Issue of Prospectus, Allotment Transfer and kinds Shares, Purchase by a company of its own shares, Company Management, Appointment and removal of directors, Managing Directors,Right and Liabilities of directors, Statutory meetings, Annual General Meeting and Extraordinary Annual General Meetings,Prevention of Oppression and Mismanagement, Winding up by Court and voluntary winding up.

10

VI

Law of Arbitration and Conciliation, 1996; Objective & scope of the Act, Arbitration Agreement & Arbitrators and Conduct of the Arbitral Proceedings, Making of Arbitral Award and Termination of proceedings, Enforcement of certain Foreign Awards, Conciliation: Meaning & Scope under the Act, Conciliation proceedings, Difference between Arbitration and Conciliation.

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Prescribed Text Books

Gulshan, SS (2007), Mercantile Law, 3^rd Edition, Excel Books, Delhi

Pathak, Akhileshwar (2010),Legal Aspects of Business, Fourth Edition, McGraw Hill Education, Delhi

References

Singh Avtar,(2007),Company Law,5^th Edtn., Eastern Book Depot Co. Delhi

Mode of Evaluation

Type of Evaluation

Max. marks for which the exam is conducted

Marks in previous column are converted to

50 marks

15 marks

CAT-II

50 marks

15 marks

3 Quizzes

Each quiz will be conducted for a minimum of 20 marks

15 marks

(5 marks from each quiz)

Assignment

In the form of a report, seminar, presentation, quiz, experiment, GD, etc. as defined in the course syllabus/ course plan

5 marks

TEE (Theory without a lab component)

100 marks

50 marks

Total

100 marks

Attendance eligibility criteria for

Period of calculation of absence

Minimum % of attendance required

Minimum % of attendance required with the consent of Proctor

CAT -I

From 1^st Instructional day to 2 days before the start of CAT – I exams

85%

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CAT - II

From 1st Instructional day to 2 days before the start of CAT-II exams

85%

75%

TEE (Theory & Lab, separately)

From 1st Instructional day to the Last Instructional Day (inclusive)

85%

75%

Recommended by the Board of Studies on

Date of Approval by the Academic Council

This comprehensive and student-friendly text discusses the various laws and Acts relating to business laws such as The Indian Contract Act, The Sale of Goods Act and The Companies Act. It presents the topics in a systematic and illustrative manner, providing many case laws with a view to making them more intelligible and authentic. Legal jargon has been completely avoided so that the students can understand these laws with ease.

The book is primarily meant for the undergraduate and postgraduate students of law, management and the undergraduate students of commerce. Besides, students pursuing professional courses such as Company Secretaryship (CS), CA and ICWA would also find the book quite useful.

Preface Table of Cases
1. The Indian Contract Act, 1872
I Of the Communication, Acceptance and Revocation of Proposals
II Of Contracts, Voidable Contracts and Void Agreements
III Of Contingent Contracts
IV Of the Performance of Contracts
V Of Certain Relations Resembling Those Created by Contract
VI Of the Consequences of Breach of Contract
VIII Of Indemnity and Guarantee
IX Of Bailment
X Agency
2. The Arbitration and Conciliation Act, 1996
Part I: Arbitration
I General Provisions
II Arbitration Agreement
III Composition of Arbitral Tribunal
IV Jurisdiction of Arbitral Tribunals
V Conduct of Arbitral Proceedings
VI Making of Arbitral Award and Termination of Proceedings
VII Recourse against Arbitral Award
VIII Finality and Enforcement of Arbitral Awards
IX Appeals
X Miscellaneous
Part II: Enforcement of Certain Foreign Awards
I New York Convention Awards
II Geneva Convention Awards
Part III: Conciliation
Part IV: Supplementary Provisions
3. The Sales of goods act, 1930
I Preliminary
II Formation of the Contract of Sale
Iii Conditions and Warranties
IV Effects of the Contract
V Transfer of Title
VI Performance of the Contract
VII Rights of Unpaid Seller against the Goods
Viii Suits for Breach of the Contract
IX Miscellaneous
4. The NEgotiable Instruments Act, 1881
I Preliminary
II Of Notes, Bills and Cheques
III Parties to Notes, Bills and Cheques
IV Of Negotiation
V Of Presentment
VI Of Payment and Interest
VII Of Discharge from Liability on Notes, Bills and Cheques
VIII Of Notice of Dishonour
IX Of Noting and Protest
X Of Reasonable Time
XI Of Acceptance and Payment for Honour and Reference in Case of Need
XII Of Compensation
XIII Special Rules of Evidence
XIV Of Crossed Cheques
XV Of Bills in Sets
XVI Of International Law
xvii Of Penalties in Case of Dishonour of Certain Cheques for Insufficiency of Funds in the Accounts
5. The consumer protection Act, 1986
I Preliminary
II Consumer Protection Councils
III Consumer Disputes Redressal Agencies
IV Miscellaneous
6. The companies Act, 1956
I Meaning and Features
II Kinds of Company
III Registration and Incorporation
IV Memorandum of Association
V Articles of Association
VI Prospectus
VII Share and Share Capital
VIII Shareholders and Members
IX Debentures
X Directors
XI Meetings
XII Majority Powers and Minority Rights
XIII Prevention of Oppression and Mismanagement
XIV Winding up of a Company
Appendix Index