MERCANTILE LAWS

Paper Code: 
EFSG 115
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

 Course Outcomes (COs) -

Course Outcomes

Learning and teaching strategies

Assessment Strategies

CO 21: 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 22: To handle the execution of special contracts used in different types of business.

CO 23: To learn legitimate rights and obligations under The Sale of Goods Act.

CO 24: 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 25: 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

9.00
Unit II: 
Specific Contracts

• Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
• Contract of Guarantee: Meaning, valid essentials,
• Bailment: meaning, valid essentials, duties and rights of bailor and bailee,
• Pledge: meaning, essentials,
• Agency: meaning, essentials, creation and termination of agency

9.00
Unit III: 
Sale of Goods Act, 1930

• Meaning, essentials, difference between sale and agreement to sell,
• Classification of goods, Condition& warranty: Meaning, difference, types,
• 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.

9.00
Unit IV: 
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,

6.00
Unit V: 
Consumer Protection Act, 1986

• Objectives, important terms, Rights of consumer.
• Dispute Redressal agencies: District forum ,State commission, Central commission

Essential Readings: 

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: 
2023-2024
  • Printer-friendly version
  • PDF version