LEGAL FRAMEWORK FOR BUSINESS

Paper Code: 
MIV 425
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

Course Outcomes

Learning and

teaching strategies

Assessment

Strategies

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

 

CO 1: Describe the key terms involved in each Act.

CO      2: Summarize          the          key          legal provisions of each Act.

 

CO 3: Illustrate the use of the Acts in common business situations.

CO 4: Outline the various facets of basic case laws of each Act

CO   5: Understand                     the legal and managerial perspective of each act.

CO 6: Analyze the use of companies act in business.

Approach in teaching: Interactive Lectures using whiteboards, Discussion, Tutorials, Reading assignments, Demonstration, Team teaching, Quiz.

 

Learning activities for the students:

Self learning assignments, Effective questions, Solving problems of unsolved questions, Problem based learning-cases, Group learning teamwork, Giving

Tasks.

Class test, Semester end examinations, Quiz, Solving problems in tutorials, Assignments, Presentation, Individual and group projects

 

12.00
Unit I: 
Indian Contract Act,1872

Contract: - Meaning of contract, Types, Essentials of Valid Contract,

Void agreements: Meaning, Types. Proposal and Acceptance: Meaning, legal rules as to the offer Contractual capacity: Meaning, Minors (effects of minor’s agreements), Person of unsound mind, Free consent. Consideration: Meaning, legal rules, privity of contract, Legality of object.

 

12.00
Unit II: 

Contingent contracts: Meaning, Valid essentials, Rules as to the enforcement of contingent contract

Performance of contract: Meaning, Modes of performance,

Discharge of contract: modes of discharge of contract, Remedies and types of breach of contract. Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, Quasi Contracts Contract of Agency: meaning, essentials, creation and termination of agency

 

12.00
Unit III: 

Sales Of Goods Act, 1930

Contract of sale, Meaning and difference between sale and agreement to sell, Conditions and warranties,

Transfer of ownership in goods including sale by non-owners,

Performance of contract of sale, Unpaid seller- meaning and rights of an unpaid seller against the goods and the buyer.

 

12.00
Unit IV: 

Partnership Act 1932:

Meaning, nature of partnership firm, partnership deed, Registration, types of partners, Mutual Rights and duties, reconstitution of the firm.

Limited Liability Partnership Act, 2008: Silent features of LLP, Preliminary, Nature of LLP, Incorporation of LLP Partnership and Incidental Matters, Partners and their relations, Extent and limitation of LLP and ITS Partners, Financial Disclosures, Winding up and Dissolution.

 

 

12.00
Unit V: 

Companies Act, 2013: Formation of company, Incorporation, MOA, AOA, Prospectus, Statement in lieu of prospectus, Shares, Debentures, Appointment, Directors and Powers, Meetings- Proceedings, Winding up (Voluntary, under court’s supervision), Silent Features of Companies Act 2013.

*Case studies related to entire topics are to be taught.

Essential Readings: 
ESSENTIAL READINGS:
  • Singh Avtar, Indian Company Law, Eastern Book Company
  • Aggarawal, Rohini, Student’s guide to Mercantile & Commercial Laws, Taxmann Allied Services Pvt. Ltd., New Delhi.
  • Kapoor, N. D., ElementsofMercantileLaw, Sultan Chand & Sons, New Delhi
  • Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi, 2006.

 

SUGGESTED READINGS:
  • Datey, V.S., BusinessandCorporateLaws, Taxmann Allied Services Pvt. Ltd., New Delhi
  • Singh, Nirmal, Business Laws, Deep & Deep Publications Pvt. Ltd., New Delhi
  • Gulshan, S. S., Business Law, Excel Books, New Delhi
  • Krishnamurti D S R, Company Law, Taxmann, New Delhi, 2007

 

 

References: 
E-RESOURCES:

prodcms/media/documents/Business_Law_I_Essentials_-_WEB.pdf

 

JOURNALS:
  • IUP Journal of Systems Management

 

Academic Year: 
2023-2024
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