Business Legislations

Paper Code: 
MTM-226
Credits: 
4
Contact Hours: 
4.00
Max. Marks: 
60.00
Objective: 

The Objective of this course is to acquaint the students with the concepts of The Indian Contract Act, Partnership Act and Companies Act. 

12.00
Unit I: 
UNIT I

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, legal rules as to the offer  Acceptance: Legal rules as to acceptance

Contractual capacity: Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects), Persons disqualified by laws.

 

12.00
Unit II: 
UNIT II

Consideration: Meaning, legal rules, contract without consideration is void, Doctrine of privity of contract and exceptions, Legality of object and consideration

Void agreements: Meaning, Types.

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

Performance of contract: Meaning, Modes of performance,

Discharge of contract: Meaning and modes of discharge of contract, types of breach of contract.

Remedies for breach of contract

12.00
Unit III: 
UNIT III

Specific Contracts:

Contract of Indemnity and Guarantee: Meaning and Essentials

Bailment: meaning, valid essentials, termination of bailment,

Pledge: meaning, essentials

Contract of Agency: meaning, essentials, creation and termination of agency

Partnership Act 1932: meaning, nature of partnership firm, partnership deed, Registration, types of partners, Mutual Rights and duties, reconstitution of the firm, Dissolution of firm.

12.00
Unit IV: 
UNIT IV

Companies Act 1956

Definition, essential characteristics and classification of companies, Private companies-privileges and concessions to Private companies, Lifting of corporate veil, Incorporation and formation of a company

New Amendments 2013 (main provisions)

12.00
Unit V: 
UNIT V

Memorandum of association, Articles of association, prospectus, Statement in lieu of prospectus

Concept of shares, Types of shares (Equity shares, Preference shares), debentures, Types of debentures

Winding up of Company (Voluntary, under court’s supervision, compulsory by the court)

Essential Readings: 

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.

Singh Avtar, Indian Company Law, Eastern Book Company

References: 

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

 

Academic Year: 
2017-2018
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