Lahore University of Management Sciences Suleman Dawood School of Business Business Law Spring Semester, 2011 Instructor: M.

Anum Saleem1 Office: Room 254, ACF Wing Email: anum@lums.edu.pk Course Description: The knowledge of Corporate Law has become vital and important due to rapid development of corporate sector in particular and business in general. The broad objectives of the Companies Ordinance, 1984 as laid down in its preamble are healthy growth of the corporate enterprises, protection of investors and creditors, promotion of investment and development of economy. Each of these themes is equally essential and comprehensive and makes up the foundations of the modern economic reality. Therefore, it is necessary that the Managers running the organizations have a grip over all the concepts, legal as well as financial, of a company; the modern day corporate enterprise to successfully create value for the companys stakeholders. Goals of the Course: Business Law is designed to provide management students with the opportunity to think clearly, refine their decision-making skills and train themselves to approach the problems analytically. Primarily based on covering and understanding the relevant statutes, the course will be devoted to dissection of the legal provisions in the first instance before its application to the common real world problems. By the end of the term, we will also try to solve the Riddle. What do business lawyers actually do apart from being non productive actors in an economy? Do they actually create any value or act as Kurt Vonnegut2; a Law Professor puts it in an amusing way: In every big transaction, there is a magic moment during which a man has surrendered a treasure and during which the man who is due to receive it has not yet done so. An alert lawyer will make that moment his own, possessing the treasure for a magic microsecond, taking a little of it, before passing on. If the man who is to receive the treasure is unused to wealth, has an inferiority complex and shapeless feeing of guilt, as most people do, the lawyer can often take as much as half the bundle, and still receive the recipients blubbering thanks.

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LL.M. (U of T. Canada), Advocate High Court Kurt Vonngut, God Bless you, Mr. Rosewater 17-18 (1965) 1

Required texts: Primary Relevant sections of the following statutes The Carriage of Goods by Sea Act 1925 The Contract Act 1872 The Partnership Act 1932 The Negotiable Instruments Act 1881 The Sale of Goods Act 1930 The Trusts Act 1920 The Companies Ordinance, 1984 Secondary Caselaw and other relevant material in the shape of handouts Prerequisites for this course: None. Reading Hours: Each session will require approximately 5-6 hours of Reading in advance for a useful discussion on the topics being covered. C.P. will be marked for relevant discussion only. In addition, as the Legal Concepts will be novel for the students, it will take some time to come upto speed. The Contact Hours will remain constant at 100 Minutes. In each session, there will be 3-4 students On-Call who might be asked to answer queries of their classmates. The on Call students will be rotated for each class. Lectures: This is a 4-unit course. There will be 28 sessions of 100 minutes each. Grading: Class Participation + Attendance: 10% Surprise Quizzes (There will be 8 quizzes of 4% each with two drop quiz): 24% Midterm (In Class): 20% Final Exam (In Class): 36% Presentations: 10% Session
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Required reading

Statute

Introduction to Law and Jurisprudential questions Bills of Lading and Bulk Cargo & Ch. 1 The Carriage of Goods by Sea Act of Contract Act 1925 and The Contract Act, 1872 Sections 10-30 The Contract Act, 1872 Chapter 31-59 Do

Sections 61-74 and Indemnity/Guarantee Do

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6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28.

Ch. Bailment Ch. Agency Ch. Sections 182-218 Agency Ch. Sections 219-238 and S. 1 -28 of Partner ship Act Sections 29-55 Sections 1-35 Sections 36-70 Sections 71-104 Sections 105-136 Section 1-30 Sections 31-65 Trust, Trustee, powers, beneficial owner Mid-term Sections 1 to 51 Sections 52 to 85 Sections 86-117 Sections 118-156 Sections 157-192 Sections 193-208 Sections 209-239 Sections 240-265 Presentation Presentation Presentation

Do Do The Partnership Act The Partnership Act The Negotiable Instruments Act 1881 Do Do Do The Sale of Goods Act 1930 Do The Trusts Act 1920 Do The Companies Ordinance, 1984 Do Do Do Do Do Do Do