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IGNOU

BCOC-133: Business Law

IGNOU via Swayam

Overview

Foreword for Business lawThere is a well-known Maxim in Latin “IGNORANTIA JURIS NON EXCSUT” – Ignorance of Law excuses none. It is a legal principle which says that a person who is unware of law may not be excused from the liability for violating the law by merely saying he/she is unaware of it. Of course, it is not possible for a common human being to remember/learn about all the branches of law. But at least, a person should know the law of the law by which he/she is governed. It is not only essential for a merchant to know about this law but also to an individual because they are living in a civilized society and enter into so many contracts from sunrise to sunset every day. The BCOC 133 for B. Com online course having 6 credits is designed in a simple form by keeping in view the common core syllabus of the university of IGNOU in such a manner that it can be easily understood even by a common person having no knowledge of law. Business law focuses on all the types of agreements like Social, Domestic, Moral, Religious and Commercial. Out of these 5 agreements it is only the legal or commercial agreements which speaks about enforceability. It ultimately helps a Business to function smoothly within the legal boundaries of the law of the land by which the people are governed. Through this course the students are made capable enough in guiding the management in decision making without receiving any constant help from the legal department. With this knowledge the students can manage the business more efficiently by avoiding unwanted legal issues as they are capable enough to understand the legal terms and conditions that are related to the business.

Syllabus

Week wise Modules

Sl. No.

Week wise sessions

Topics and Contributors

1.

Week -1: Essentials of a contract

  1. Contract: An overview

  2. Classification of contracts

  3. Essentials of a valid contract

2

Week- 2: Offer and acceptance

  1. Offer

  2. Acceptance

  3. Communication of offer and acceptance,

Revocation of offer and acceptance

3.

Week-3: Capacity of parties

  1. Who can enter into a contract,

Position of minor

  1. Agreement by persons of unsound mind.

Persons disqualified by law.


4.

Week-4: Free consent

  1. Introduction, meaning of consent

  2. Concepts of free consent

  3. Coercion, Undue influence

5.

Week-5: Free consent

  1. Distinction between coercion and undue influence

Fraud

  1. Misrepresentation, distinction between fraud and misrepresentation

Mistake.

6

Week-6: Consideration and Legality of object

  1. Consideration, Legal Rule for valid consideration,

  2. Stranger to a contract and stranger to consideration, Adequacy of consideration, Legality of Agreement without consideration & Agreements opposed to public policy

7

Week-7: Void agreement and contingent contracts

  1. Void Agreements

  2. Contingent contracts

8.

Week-8: Performance and discharge


Remedies for Breach and quasi contracts

  1. Introduction, meaning of performance, Types of performance, Performance of reciprocal promises


  1. Modes of discharge of a contract.

  2. Breach of contract, Remedies for breach contract Quasi contract, quantum meruit

9

Week-9: Indemnity and guarantee Bailment and pledge

Bailment

  1. Indemnity and guarantee

  2. Rights of a surety , Discharge of surety from liability


  1. Bailment, Pledge

10

Week-10: Contract of agency


Definition and registration of partnership

  1. Contract agency, creation agency classifications, Scope authority, substituted agent.

Agency Ratification Rights, Duties, liabilities termination agency, irrevocable agency

  1. Partnership

Registration of Partnership

11

Week-11: Rights, duties and liabilities of partners

Dissolution of partnership firm

  1. Mutual relations of partners, property of the firm, property of the firm, Relations of the partners. Position of incoming and outgoing.

  2. Dissolutions of partnership firm and models

Consequences of dissolution of firm

12.

Week-12: Limited liability partnership

Nature of contract of sale

  1. Nature of limited liability partnership



  1. Meaning of contract sale , Sale and hire purchase agreement types of goods

13.

Week-13: Conditions and warranty


Transfer of ownership and delivery

  1. Conditions and warranty Meaning and significance ,

  2. Meaning and significance, Rules transform ownership


  1. Delivery to carriers, reservation of right of dispersal, sale by non owners

14.

Week – 14 Rights of an unpaid seller

Negotiable instruments and its parties

  1. Meaning, rights, goods unpaid seller

Rights of the buyer, auction sales

34. Negotiable instrument meaning and essentials,

Capacity and liabilities of various parties

Holder

  1. 15

Week-15: Promissory note bill of exchange and cheque

Negotiation

  1. Promissory note

  2. Bills of exchange, Hundies, cheque


  1. Negotiation models, assignments

  2. Liability, Fraud

16

Week-16: Presentment and discharge

  1. Presentment acceptance, presentment for payment

  2. Dishonor by non-acceptance and non-acceptance.


Taught by

Dr N. Rajendra Prasad

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