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.
Overview
Syllabus
Week wise Modules
Sl. No.
Week wise sessions
Topics and Contributors
1.
Week -1: Essentials of a contract
Contract: An overview
Classification of contracts
Essentials of a valid contract
2
Week- 2: Offer and acceptance
Offer
Acceptance
Communication of offer and acceptance,
Revocation of offer and acceptance
3.
Week-3: Capacity of parties
Who can enter into a contract,
Position of minor
Agreement by persons of unsound mind.
Persons disqualified by law.
4.
Week-4: Free consent
Introduction, meaning of consent
Concepts of free consent
Coercion, Undue influence
5.
Week-5: Free consent
Distinction between coercion and undue influence
Fraud
Misrepresentation, distinction between fraud and misrepresentation
Mistake.
6
Week-6: Consideration and Legality of object
Consideration, Legal Rule for valid consideration,
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
Void Agreements
Contingent contracts
8.
Week-8: Performance and discharge
Remedies for Breach and quasi contracts
Introduction, meaning of performance, Types of performance, Performance of reciprocal promises
Modes of discharge of a contract.
Breach of contract, Remedies for breach contract Quasi contract, quantum meruit
9
Week-9: Indemnity and guarantee Bailment and pledge
Bailment
Indemnity and guarantee
Rights of a surety , Discharge of surety from liability
Bailment, Pledge
10
Week-10: Contract of agency
Definition and registration of partnership
Contract agency, creation agency classifications, Scope authority, substituted agent.
Agency Ratification Rights, Duties, liabilities termination agency, irrevocable agency
Partnership
Registration of Partnership
11
Week-11: Rights, duties and liabilities of partners
Dissolution of partnership firm
Mutual relations of partners, property of the firm, property of the firm, Relations of the partners. Position of incoming and outgoing.
Dissolutions of partnership firm and models
Consequences of dissolution of firm
12.
Week-12: Limited liability partnership
Nature of contract of sale
Nature of limited liability partnership
Meaning of contract sale , Sale and hire purchase agreement types of goods
13.
Week-13: Conditions and warranty
Transfer of ownership and delivery
Conditions and warranty Meaning and significance ,
Meaning and significance, Rules transform ownership
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
Meaning, rights, goods unpaid seller
Rights of the buyer, auction sales
34. Negotiable instrument meaning and essentials,
Capacity and liabilities of various parties
Holder
15
Week-15: Promissory note bill of exchange and cheque
Negotiation
Promissory note
Bills of exchange, Hundies, cheque
Negotiation models, assignments
Liability, Fraud
16
Week-16: Presentment and discharge
Presentment acceptance, presentment for payment
Dishonor by non-acceptance and non-acceptance.
Taught by
Dr N. Rajendra Prasad
