This course will enable the students to understand the legal framework for business growth and development.
Course Outcomes (Cos):
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Course |
Learning outcome (at course level) |
Learning and teaching strategies |
Assessment Strategies |
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Course Code |
Course Title |
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25MIV425 |
LEGAL FRAMEWORK FOR BUSINESS (Theory) |
CO709: Interpret the Indian Contract Act,1872 and concepts pertaining to void agreements, contractual capacity and consideration. CO710: Analyze contingent contracts, Discharge of contract, Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, Quasi Contracts Contract of Agency for application in legal matters at workplace. CO711: Evaluate the key provisions of Sales of Goods Act, 1930 and thereafter apply their interpretation’s in various business situations. CO712: Examine the provisions of Partnership Act 1932 and Limited Liability Partnership Act, 2008 for entry and expansion of business. CO713: Evaluate and interpret the regulations of Companies Act to develop skills for effectively managing matters pertaining to formation, running and winding up of a Company. CO714: Contribute effectively in course –specific interaction |
Approach in teaching: Interactive Lectures, Group Discussion, Tutorials, Case Study
Learning activities for the students: Self-learning assignments, presentations |
Class test, Semester end examinations, Quiz, Assignments, Presentation |
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.
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
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.
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.
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.
• 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., Elements of Mercantile Law, Sultan Chand & Sons, New Delhi
• Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi, 2006.
SUGGESTED READINGS:
• Datey, V.S., Business and Corporate Laws, 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
E-RESOURCES:
• Business Law Essentials https://d3bxy9euw4e147.cloudfront.net/oscms- [2] prodcms/media/documents/Business_Law_I_Essentials_-_WEB.pdf
JOURNALS:
• IUP Journal of Systems Management
Links:
[1] https://managementb.iisuniv.ac.in/courses/subjects/legal-framework-business-theory
[2] https://d3bxy9euw4e147.cloudfront.net/oscms-
[3] https://managementb.iisuniv.ac.in/academic-year/2025-2026