LAW OF CONTRACT

Paper Code: 
FSG 113
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and teaching strategies

Assessment Strategies

 
 

CO 11: Understand basic aspects of The Indian contract Act for making the agreements, contracts and subsequently to enter into valid business propositions

CO 12: 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 13: Understand the conceptuality of Void Agreements and to clearly define the lines of Wagering Agreements and Contingent Contract.

CO 14: 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 15: 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.

 

  

 

9.00

• Introduction to Contract
• Meaning of contract, Important definitions (Sec.2a to Sec. 2j), Valid essentials of contract, Difference between agreement and contract, Classification of Contracts
• Proposal: Meaning of proposal, types, legal rules as to the offer,
• Acceptance: Meaning, legal rules, communiction of offer and acceptance

9.00

• Contractual capacity
Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects),Persons disqualified by laws.
• Free consent: Meaning Coercion: Meaning, valid essentials, effects.
Undue influence: Meaning, essential elements, effects. Fraud: Meaning, essential elements, effects. Misrepresentation: Types, effects. Mistake: Meaning, classifications (mistake of law and mistake of facts), effects.
• Consideration: Meaning, legal rules, contract without consideration is void,
• Doctrine of privity of contract and exceptions.

9.00

Legality of object and consideration
• Circumstances when object and consideration considered unlawful,
Agreement opposed to public policy.
• Void agreements: Meaning, Types.
• Contingent contracts: Meaning, Valid essentials, Rules as to the enforcement of contingent contract, Difference between wagering agreement & contingent contract.

9.00

: Performance of contract
• Meaning, Modes of performance, Types of tender or offer, Essentials of a valid tender,
• Discharge of contract: Meaning and modes of discharge of contract,
types of breach of contract.
• Remedies for breach of contract: Suit for rescission of contract,
suit for damages, suit for quantum merit, suit for specific performance, suit for injunction.

9.00

Specific Contracts-I
Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
Contract of Guarantee: Meaning, valid essentials, extent of surety’s liability, kinds of guarantee, rights of surety, discharge of surety from liability

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

Academic Year: 
2022-2023
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