Business Laws 2 Credits

Objectives The objectives of the Business Laws course are to familiarise students with important business laws regulating business. Learning Outcomes On completion of the course participants will: Be able to understand principal laws regulating business Be able to interpret various legal provisions regulating business and learn how to apply them through an exposure to case laws Be able to learn as to how to start a business venture and run it successfully in conformity with legal parameters Topics to be covered -Introduction and Importance of Contracts Act in Business -Essential elements of Valid contracts, Concept of offer, acceptance and consideration -Capacity to contract -Types of contract , live examples of various practical cases of contracts in the world of business -Elements vitiating free consent -Breach of contract, liability for damages -Need for written contracts and aspects to be covered in contracts for a comprehensive legal arrangement -Brief discussion on Contracts of Guarantees, Indemnity, Bailment ,pledge and agency -Meaning and nature of a Company -Formation of a Company -Significance of Memorandum and Articles of association -Key aspects of a Limited Company as a form of business organisation (Limited Liability, Share Capital etc) Vis Vis other Business Organisation forms. -Restrictions ,advantages and disadvantages of business as a Company -Structure namely Board of Directors, Meetings and other key processes and procedures laid out for Governance and management of a Company -Brief discussion of Listing, Audit etc in respect of a Company -Protection of shareholders # of sessions

Indian Contracts Act, 1872

Companies Act, 1956

-Relative merits/demerits of Private Ltd Company Vis a Vis Public Limited Company -Relative merits/demerits and appropriateness of LLP Vs Company -Latest key changes in Companies Amendment 2013 -Scope and applicability of Sale of Good Act -Definition and essential elements of a contract of sale - Meaning of Price -Conditions and Warranties Sale of Goods -Transfer of ownership and delivery of goods Act, 1930 -Unpaid seller and his /her rights -Remedies for Breach of a contract of sale -Live and practical examples to illustrate practical relevance and applicability of Sale of Goods Act. -Meaning and definition of a Negotiable Instrument -Important concepts and explanation of terms -Promissory notes , Bills of exchange, cheques -Holder, holder in due course and negotiation of a Negotiable Negotiable instrument Instruments -Concepts of presentment, dishonour etc Act, 1881 -Criminal and Civil Consequences of and remedy against dishonour of cheques -Brief discussion on International law concerning Negotiable Instruments -Object and scope of the Act Consumer -Rights of consumers Protection Act, -Nature and scope of remedies available to consumers 1986 -Process of lodging complaints and resolutions - Discussion on other legal regulations which have an impact on business and some key requirements and processes for Others start of a new business.

Evaluation Test Assignments Attendance Final Exam TOTAL 15 marks 20 marks 5 marks 60 marks 100 marks On 3 February 2014 - One hour Four assignments to be submitted as per guidelines given below 22 sessions one hour each 2 hours

Student Assignments 1. 2. 3. 4. Act Intellectual Property FEMA, 1999 Competition Act, 2002 Information Technology Act, 2000 Marks 5 marks 5 marks 5 marks 5 marks Due Date 10-Jan-2014 31-Jan-2014 21-Feb-2014 14-Mar-2014

Guidelines for submitting the Assignments You have to submit four assignments as per the due dates indicated above. We will not accept delayed submissions. Each assignment should be handwritten and should not exceed 4 pages All are individual assignments

The assignment should cover the following points Scope and Objective of the Act in terms of the stakeholders who are sought to be served in simple and commonly understandable language Briefly trace the history of the need and legislation of the Act (eg), mentioning the MRP (Maximum Retail price ) on the outer package became a compulsory regulation to protect the Consumers from improper pricing at the retail level around 15-18 years back How the provisions of the Act purport to achieve the objective .To establish this, there would be need to quote the key provisions in simple terms to bring the point out and give one practical example .(eg) Patents Act seeks to protect the rights of a Patent holder from his/her idea of a new product/process being copied and misused. How this is prevented through express provisions of the law Search out two case laws in respect of each of the above where the Act was put to test and resolutions achieved. Capture the key aspects of the case in a few paragraphs

Course Material We will give you handouts for you to read up. These will be given before each of the topic gets discussed. Reference Book: Business Law by SS Gulshan