Legal Environment for Business
Subject Overview
Legal Environment for Business covers the Indian legal system and the Contract Act, the Sale of Goods Act, the Partnership Act and Negotiable Instruments Act, and Company Law covering incorporation, memorandum/articles of association and the board of directors. A 4-credit core theory paper.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: The Indian Contract Act, 1872
Structure of the Indian legal system and sources of law, essential elements of a valid contract, offer and acceptance, consideration, capacity, free consent, legality of object, performance and discharge, breach and remedies, laws of agency, bailment, pledge, guarantee and indemnity
Unit 2: Sale of Goods Act
Principles of sale of goods, transfer of ownership and property, performance of contract
Unit 3: Partnership Act and Negotiable Instruments
Introduction to the Partnership Act, admission/retirement/death of a partner, dissolution of a firm, bills of exchange, promissory notes, cheques, crossing rules, dishonour of cheques and liability of banker/drawer
Unit 4: Company Law
Definition and features of a company, corporate veil concept, distinction from partnership, types of companies, formation and incorporation, Memorandum and Articles of Association, directors' qualifications/rights/duties, board constitution, meetings and resolutions