Course

Module 1

Module 1: Introduction to the course, overview of business laws (5 hours)

1. Basic Principles of Contract Law
2. Indian Contract Act, 1872 – definition of contract, essentials, offer and acceptance, consideration, free consent, capacity to contract, legality of object, void agreements, quasi contract, contingent contract, performance, discharge, remedies for breach.
3. Special Contracts
4. Indemnity and guarantee- definitions, types, rights and duties of parties, nature of surety’s liability
5. Bailment and Pledge-definitions, ingredients, types, rights and duties of parties, finder of lost goods, pawn.

Module 2

Module 2: Law relating to Agency, Sale of Goods and Partnership (5 hours)

1. Agency- features, types, rights and duties of principal and agent, personal liability of agent, termination
2. Sale of Goods Act,1930- types of goods, conditions and warranties, transfer of ownership, transfer of title by non-owners, rights of unpaid seller
3. Indian Partnership act, 1932- features, types of partnerships and partners, minor in partnership, registration and effects, rights and duties of partners, reconstitution, dissolution.

Module 3

Module 3: Law relating to Negotiable Instruments (5 hours)

1. Negotiable Instruments Act, 1881- definition, characteristics, promissory note, bill of exchange, cheque, classification, types of endorsements, dishonor.

Module 4

Module 4: Consumer Protection Law (5 hours)

1. Consumer Protection Act, 2019 – objective of the law, who is a consumer-rights and responsibilities, grounds and procedure to file complaint, restrictive and unfair trade practices, protection councils, redressal machinery, regulatory mechanism, mediation cell.

Module 5

Module 5: Company Law (5 hours)

1. Introduction, definitions, characteristics, types, formation, Memorandum of Association, Articles of Association, prospectus, company management, company meetings, winding up and dissolution.

Module 6

Module 6: The competition Acts and Anti-Competitive practices (5 hours)

1. The Competition Act, 2002, amendment Act, 2007, and Competition commission of India, Perfect Competition, Monopolistic Competition, oligopoly, monopoly.

Course Description

Law and legal institutions play a major role in the conduct of business. In India, there are a number of regulatory mechanisms that have application on day-to-day basis in any kind of business. Business students are expected to have a good understanding of business laws as every business concern has to function in accordance with the statutory framework of the country. This ensures good corporate governance.

The Competition Act, 2002, amendment Act ,2007, follows the philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India. The objectives of the Act are sought to be achieved through the Competition Commission of India, which has been established by the Central Government with effect from 14th October 2003. The module on the competition Acts and Anti-Competitive practices will help students to analyze anti-competitive practiced by the companies and report it.

This is the only core course in the programme that introduces legal aspects of business. Besides introducing the various legislation listed below along with their primary facets, the latest amendments therein will also be discussed in class.

Course Outcomes & Learning Levels

1. Understand the various aspects of the law of contracts including the details of essentials of a contract, different types of contracts and remedies in the event of infringement; the legal issues concerning sale of movable properties; the salient features and the regulatory mechanisms related to consumer protection; the various provisions relating to the nature of partnership firms from formation to dissolution; the various features of negotiable instruments; the various provisions relating to the nature of companies from incorporation to winding up; categories and emerging issues in intellectual (L2).
2. Appreciate and apply the various aspects and the basic underlying principles of various mercantile law statutes namely Indian Contract Act, 1872, Sale of Goods Act, 1932, Consumer Protection Act, 2019, Indian Partnership Act, 1932, Negotiable Instruments Act, 1881, Companies Act, 2013, and the statutes relating to intellectual property rights in required (L3).
3. Develop a skill of reasoning in dealing with legal This widens legal acumen and develops an attitude of analysis which is a characteristic managerial quality. (L4)
4. Analyze anti-competitive practiced by the companies and report it. (L4).

Evaluation Pattern 

*Based on assignments / Tests / Quizzes / Case Studies / Project / Term paper / Field visit report. 

Text book

1. Kumar, R. (2021). Legal Aspects of Business. New Delhi: Cengage Learning India.

Reference Books

1. Pathak, (2018). Legal Aspects of Business. Tata McGraw-Hill Education.
2. Mathur, B. (2018). Business Law. Tata McGraw-Hill Education.
3. Sheth, (2012). Legal Aspects of Business: For GTU. Pearson Education India.
4. Kapoor, D. (2017). Elements of mercantile Law. Sultan Chand & Sons.