Business Laws

Paper Code: 
FMG 213
Credits: 
3
Objective: 

The Objective of this course is to acquaint the students with the different types of laws, which a businessman is generally exposed to or is affected by. The course aims at exposing the student to the regulatory framework of the Indian business.

7.00
Unit I: 

Specific Contracts-I:Bailment: meaning, valid essentials, modes of delivery of goods, classification of bailment, duties and rights of bailor and bailee, finder of goods lost, termination of bailment, lien: meaning and types.Pledge: meaning, essentials, difference between bailment and pledge, rights and duties of pawner and pawnee, pledge by non-owners.

6.00
Unit II: 

Specific Contracts-II:

Contract of Agency: meaning, essentials, creation and termination of agency, who may be an agent and principal, duties and rights of agent and principal, delegation of authority: sub-agent, substituted agent, personal liability of agent, irrevocable agency.

Unit III: 

Sale of Goods Act, 1930:

 Contract of sale of goods: Meaning, essentials, difference between sale and agreement to sell, hire purchase concept, classification of goods, effects of destruction of specific goods.

 Condition & warranty: Meaning, difference, types, Doctrine of caveat emptor.

 Transfer of property in goods: Rules, transfer of ownership by non-owners.

 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.

Unit IV: 

Consumer Protection Act, 1986:

Objectives, important terms, rights of consumer.

 Consumer protection councils, dispute redressal agencies: district forum, state commission, central commission, differences.

Unit V: 

The Indian partnership Act, 1932:

Definition of partnership, essentials, difference between partnership and co-ownership, difference between partnership and Joint Stock Company.

Formation and registration: who may become partner, time and procedure of registration recording of changes, 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, rights and liabilities of partners on dissolution

Essential Readings: 
  1. Aggarawal, Rohini, Student’s guide to Mercantile & Commercial Laws, Taxmann Allied Services Pvt. Ltd., New Delhi.
  2. Kapoor, N. D., Elements of Mercantile Law, Sultan Chand & Sons, New Delhi
  3. Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi, 2006.
  4. Nolakha, R. L., Business Laws, Ramesh Book Depot, Jaipur

 

References: 
  1. Datey, V.S., Business and Corporate Laws, Taxmann Allied Services Pvt. Ltd., New Delhi
  2. Singh, Nirmal, Business Laws, Deep & Deep Publications Pvt. Ltd., New Delhi
  3. Gulshan, S. S., Business Law, Excel Books, New Delhi

 

Academic Year: 
2018-2019
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