BCL BBA 3rd Sem

Business and corporate Law
3rd
Se L-T-P 40
BUSINESS AND 4
me 303 4–0– Hour
CORPORATE LAW Credits
ste 1 s
r
Course objectives:
•Knowledge: Basic and broad knowledge in
business laws in management. Ability to apply
concepts, principles and theories to understand
simple business laws.
•Global Perspective: Awareness of the different
business laws.
•Awareness of the global business laws and its
impacts on businesses
Syllabus
Unit – I
Indian Contract Act - essential elements of contract, offer and
acceptance, consideration, capacities of parties, free consent legality
of objects, contingent contract, discharge of contract. Special
Contract Act - Quasi - Contracts, indemnity and guarantee, bailment
and pledge, contract of agency.
Unit – II

Sales of Goods Act - introduction, conditions and warranties,
transfer ownership of property in goods, performance of the
conduct of sale, remedial measures.
Unit – III
Indian partnership Act - nature of partnership, formation of
partnership, relation of partners to one another, relation of partners
to third parties, reconstitution of a firm, dissolution of a firm.
Unit – IV

Negotiable Instruments Act - negotiable instruments - parties,
negotiation presentation, dishonor, Crossing and borrowing of
cheque, GATT (General agreement on tariffs and trade), FERA
(foreign exchange regulation act), Export Import exim policy.

Course Outcomes
•Explain the concepts in business laws with respect to foreign
trade
•Apply the global business laws to current business environment
•Analyse the principle of international business and strategies
adopted by firms to expand globally
•Integrate concept of business law with foreign trade
References:
1. Mercantile Law - N.D. Kapur,Sultan Chand.
2. Business Law - Tulsian TMH.
3. Business Law - P.R. Chandha, Golgotia.
Meaning of Business:
Business means all those activities that are related to the
production and distribution of goods and services with a
view to earn profit.
Business is the act of manufacturing, buying and selling of

goods and services, commerce and trade.
It includes all those activities, which indirectly help in

production and exchange of goods by the help of some
departments i.e., finance, communication, transport,
insurance, warehousing , advertising etc.
It includes all those activities, which indirectly help in
production and exchange of goods by the help of
some departments i.e.,
Finance, or Banking,
communication,
transport,
insurance,
warehousing ,
advertising etc.
Definition of Business:
According to L.H, Haney, “Business may be defined

as human activities directed towards providing or
acquiring wealth through buying and selling of
goods”.
Stephenson defines business as, "The regular
production or purchase and sale of goods undertaken
with an objective of earning profit and acquiring
wealth through the satisfaction of human wants.”
Law…
1. A citizen may think of ‘law’ as a set of rules which
he must obey.
2. A lawyer who practices ‘ law’ may think of law as
a profession.
3. A legislator(law maker) may look at ‘law’ as
something created by him.
4. A judge may think of ‘law’ as a guiding principles to
be applied in making decisions.
Meaning of Law:
Law includes all those rules and regulations which
regulate our relations with other individuals and with
the state.
Why should one know law
“Because ignorance of law is no excuse”
►Ex : 1
If X is caught traveling in a train without ticket, cannot
appeal that he was not aware of the rule regarding the
purchase of ticket and therefore, he may not be excused.
►Ex : 2
If Y is caught driving car without driving license, he
cannot appeal that he was not aware of the traffic rule
regarding the obtaining of a driving license and
therefore, he may not be excused.
Objective of law
The object of law is order, and the result of order is
that human beings are allow to look well in advance
with some sort of safety as to the future.
Meaning of law
Law means a set of rules.
The word “law” is generally associated with the word
“rules.
a simple definition of law as “a rule that can be enforced
(imposed) by the courts.”
The law is not rigid, it is flexible.
Since the value system of society keeps on changing ,
the law also keeps changing according to the changing
requirements of the society.
There are several branches of law such as International
law, constitutional law, criminal law, civil law etc..
Every branch of law regulates and controls a
particular field of activity.
BUSINESS LAWS
Business laws are those laws which regulate the conduct
of the business.
Sources of Business Law
►1.English Mercantile Law
►2.The Statute Law
►3.The Common Law (sometimes called as case law)
►4.Customs and Usages
►English Mercantile Law: English laws are the primary
sources of Indian Mercantile Law. English laws are
based on customs and usages of merchants in England.
►The Statute Law: The various Acts passed by the Indian
Legislature are the main sources of mercantile law in India, e.g.
Indian Contract Act, 1872, The Sale of Goods Acts,1930, The
Partnership Act, 1932, The Negotiable Instruments Act 1881, The
Companies Act, 1956.
The Common Law : This source consists of all those
unwritten legal doctrines representing traditions
developed over centuries by the English courts.
Thus, the common law is found in the collected cases
of the various courts of law and is sometimes known
as ‘case law’.
The common law highlights standards.
►Traditions and usages: The traditions and usages
of a trade are also one of the sources of mercantile
law in India.
These customs and usages govern the merchants of a
trade in their dealings both each other. Some Acts
passed by the Indian Legislature recognizes the
importance of such traditions and usages.
Meaning of Contract:
The law relating to contracts in India is contained in Indian
Contract Act, 1872.
The Act was passed by British India and is based on the
principles of English Common Law.
An Agreement is a promise or a commitment or set of

mutual promises or commitments.
An Agreement involves an offer or proposal by one

person and acceptance of such offer or proposal by
another person.
If the agreement is capable of being enforced by law then

it is a contract.
Definitions:
Section 2(b) defining a ‘promise’ provides that “when the person

to whom the proposal is made his consent thereto, the proposal is
said to be accepted. Proposal when accepted becomes a promise”.
Section 2(e) of the Act defines an agreement as ‘every promise

and every set of promises forming consideration for each other’
.
Section 2(h) of the Act defines the term contract as “an agreement
enforceable by law”.
Contract determines the circumstances in which promises made
by the parties to a contract shall be legally binding on them.
All of us enter into a number of contracts everyday knowingly or

unknowingly.
Each contract creates some rights and duties on the contracting

parties.
Offer + acceptance = Promise+ consideration = Agreement +

enforceability By Law = Contract

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BCL BBA 3rd Sem

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Business and corporate Law

Business is the act of manufacturing, buying and selling of

It includes all those activities, which indirectly help in

According to L.H, Haney, “Business may be defined

An Agreement is a promise or a commitment or set of

An Agreement involves an offer or proposal by one

If the agreement is capable of being enforced by law then

Section 2(b) defining a ‘promise’ provides that “when the person

Section 2(e) of the Act defines an agreement as ‘every promise

All of us enter into a number of contracts everyday knowingly or

Each contract creates some rights and duties on the contracting

Offer + acceptance = Promise+ consideration = Agreement +

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