Business Law

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Ajitav Acharya

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Course Name : Business Law

Code(Credit) : CUTM1678 (4+2+0)

Course Objectives

  • To develop the ability to apply concepts, principles and theories to understand simple business laws.
  • To make the students understanding basic principles and origins in the area of commercial law,
  • To gain specific knowledge about certain commonly applicable business laws in India including Contract Act, Sale of Goods Act, Partnership Act and Negotiable Instruments Act

Learning Outcomes

On successful completion of this course, students will be able to:

  • Define basic terms, values and laws in the area of business law,
  • Describe methods of applying principles and provisions of business law, compose simple contracts,
  • Asses the correctness of applying specific laws to specific cases and choosing the most appropriate one

Course Syllabus

Unit 1:  The Indian Contract Act, 1872: General Principle of Law of Contract

a) Contract – meaning, characteristics and kinds

b) Essentials of a valid contract - Offer and acceptance, consideration, contractual capacity, free consent, legality of objects.

c) Void agreements

d) Discharge of a contract – modes of discharge, breach and remedies against breach of contract.

e) Contingent contracts

f) Quasi - contracts

Unit 2:  The Indian Contract Act, 1872: Specific Contract

a) Contract of Indemnity and Guarantee

b) Contract of Bailment

c) Contract of Agency

Unit 3:  The Sale of Goods Act, 1930 a) Contract of sale, meaning and difference between sale and agreement to sell.

b) Conditions and warranties

c) Transfer of ownership in goods including sale by a non-owner

d) Performance of contract of sale

e) Unpaid seller – meaning, rights of an unpaid seller against the goods and the buyer.

Unit 4:  Partnership Laws

A) The Partnership Act, 1932

a. Nature and Characteristics of Partnership

b. Registration of a Partnership Firms

c. Types of Partners

d. Rights and Duties of Partners

e. Implied Authority of a Partner

f. Incoming and outgoing Partners

g. Mode of Dissolution of Partnership

B) The Limited Liability Partnership Act, 2008

a) Salient Features of LLP

b) Differences between LLP and Partnership, LLP and Company

c) LLP Agreement,

d) Partners and Designated Partners

e) Incorporation Document

f) Incorporation by Registration

g) Partners and their Relationship

Unit 5:  The Negotiable Instruments Act 1881

a) Meaning, Characteristics, and Types of Negotiable Instruments : Promissory Note, Bill of Exchange, Cheque

b) Holder and Holder in Due Course, Privileges of Holder in Due Course.

c) Negotiation: Types of Endorsements

d) Crossing of Cheque

e) Bouncing of Cheque

 

Suggested Readings:

  1. M.C. Kuchhal, and Vivek Kuchhal, Business Law, Vikas Publishing House, New Delhi.
  2. Avtar Singh, Business Law, Eastern Book Company, Lucknow.
  3. Ravinder Kumar, Legal Aspects of Business, Cengage Learning
  4. SN Maheshwari and SK Maheshwari, Business Law, National Publishing House, New Delhi.
  5. Aggarwal S K, Business Law, Galgotia Publishers Company, New Delhi.
  6. Bhushan Kumar Goyal and Jain Kinneri, Business Laws, International Book House
  7. Sushma Arora, Business Laws, Taxmann Pulications.
  8. Akhileshwar Pathak, Legal Aspects of Business, McGraw Hill Education, 6th ed.
  9. P C Tulsian and Bharat Tulsian, Business Law, McGraw Hill Education

10. Sharma, J.P. and Sunaina Kanojia, Business Laws, Ane Books Pvt. Ltd., New Delhi

Session Plan

Session 1

The Indian Contract Act, 1872: General Principle of Law of Contract

a) Contract – meaning, characteristics and kinds

b) Essentials of a valid contract - Offer and acceptance, consideration, contractual capacity, free consent, legality of objects.

c) Void agreements

Business law

Business-Law

CONTRACT

https://www.youtube.com/watch?v=9dHHeAI2h7g

Session 2

The Indian Contract Act, 1872: General Principle of Law of Contract

d) Discharge of a contract – modes of discharge, breach and remedies against breach of contract.

e) Contingent contracts

f) Quasi - contracts

CONTRACT

Business-Law

Business law

https://www.youtube.com/watch?v=7KappLjEV14

Session 3

The Indian Contract Act, 1872: Specific Contract

a) Contract of Indemnity and Guarantee

b) Contract of Bailment

 

Business-Law

Business law

https://www.youtube.com/watch?v=paJ2HW2hQR0

Session 4

The Indian Contract Act, 1872: Specific Contract

Contract of Agency

Business-Law

Business law

Session 5

The Sale of Goods Act, 1930

a) Contract of sale, meaning and difference between sale and agreement to sell.

b) Conditions and warranties

c) Transfer of ownership in goods including sale by a non-owner

Business law

https://www.youtube.com/watch?v=CTiQyHwQIPk

Session 6

The Sale of Goods Act, 1930:

Performance of contract of sale

Unpaid seller – meaning, rights of an unpaid seller against the goods and the buyer.

Business law

https://www.youtube.com/watch?v=gdbD6GYR3m0

Session 7

The Partnership Act, 1932

Nature and Characteristics of Partnership

Registration of a Partnership Firms

Types of Partners

The_Indian_Partnership_Act_1932

Partnership 1

https://www.youtube.com/watch?v=gNqD9VR6qfc

Session 8

The Partnership Act, 1932

Rights and Duties of Partners

Implied Authority of a Partner

Incoming and outgoing Partners

Mode of Dissolution of Partnership

The_Indian_Partnership_Act_1932

Partnership 1

https://www.youtube.com/watch?v=gNqD9VR6qfc

Session 9

The Limited Liability Partnership Act, 2008:

Salient Features of LLP

Differences between LLP and Partnership, LLP and Company

LLP Agreement,

Partners and Designated Partners

LLP ACT 2008

https://www.youtube.com/watch?v=daRZABE8VZY

Session 10

The Limited Liability Partnership Act, 2008:

Incorporation Document

Incorporation by Registration

Partners and their Relationship

LLP ACT 2008

https://www.youtube.com/watch?v=daRZABE8VZY

Session 11

The Negotiable Instruments Act 1881:

Meaning, Characteristics, and Types of Negotiable Instruments : Promissory Note, Bill of Exchange, Cheque,  Holder and Holder in Due Course, Privileges of Holder in Due Course.

The-Negotiable-Instruments-Act-1881

Negotiable instrument Act

https://www.youtube.com/watch?v=v4bAQGkxWbs

Session 12

The Negotiable Instruments Act 1881:

Negotiation: Types of Endorsements, Crossing of Cheque, Bouncing of Cheque

The-Negotiable-Instruments-Act-1881

Negotiable instrument Act

https://www.youtube.com/watch?v=hotkHSggsng

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Our Main Teachers

Ajitav Acharya is working as a faculty at at at Centurion University of Technology and Management, Bhubaneswar. He is having more than 10 years of experience in academics and industry. He is currently pursuing his Ph.D. at Utkal University. He has completed his MBA (Finance and Marketing) from Siksha ‘O’ Anusandhan University, MCom and Bcom […]