Course

Unit 1

Law of contracts: Definition, essentials of a valid contract, offer and acceptance, consideration, Doctrine of Privity of contract, capacity to contract, Free consent, kinds of contracts, Creation of contract, discharge and breach of contracts, Termination of contract, remedies for breach of contract.

Unit 2

Specific Contracts: Indemnity and guarantee: Distinction between indemnity and guarantee, kinds of guarantee. Bailment and pledge: Requisites of bailment and pledge, law relating to lien, termination of bailment. Contract of agency: Definition and essentials of agency creation of agency – classification of agency- rights and duties of agent and principal – Types of agents – termination of agency.

Unit 3

Negotiable Instruments Act: Definition and types, maturity and grace days, payment in due course, parties to negotiable instruments, holder and holder in due course, endorsement, dishonour of negotiable instruments, discharge of negotiable instruments.

Unit 4

Contract of Sale of Goods: Essentials of a contract of sale, contract of sale and agreement to sell, conditions and warrantees, caveat emptor, exceptions, transfer of ownership, transfer of title by non-owner, performance of contract, Unpaid seller, meaning and rights.

Unit 5

Indian Partnership Act: Definition of partnership, formation of partnership, firm, partner and firm name, registration of firm, types of partnership, dissolution of firm, Main features LLP under the Limited Liability Partnership Act 2008; Difference between LLP and general

Partnerships. The Information Technology Act 2000: An overview – Digital signature, electronic governance.

Course Objective:

To provide general awareness about some important laws relating to trade and industry.

Course Outcomes:

The student will be able:

CO1: To understand various legal aspects related to the law of contract.

CO2: To acquire knowledge of various laws relating to Bailment, Pledge, and Agency.

CO3: To obtain knowledge about the Negotiable Instruments Act.

CO4: To learn Sale of Goods Act concepts.

CO5: To equip students to follow Mercantile law practices and ITAct-2000.

Textbooks:

1. C. Garg, V.K .Sareen, Mukesh Sharma – Chawla – Business Law – Kalyani Publishers
2. C. Kuchal – Mercantile Law – Sultan Chand and Sons

References:

1. Tulsian – Business Law – Mc Graw Hill
2. C. Shukla – Mercantile Law – S. Chand
3. Gulshan – Mercantile Law – Excel