Business Law–F.Y.B.M.S.–Semester.–I

Contents

Unit – 1 (A) : Contract Act, 1872.

1. Introduction. …

A. Concept of the Law… … 

B. Concept of the Business Law... … 

C. Everyday Contracts… … 

D. What is the Nature of the Contract Act, 1872?… …

2. Agreement and Contract. …

A. Essential Elements of a Contract… …

B. What is an Agreement?… … 

C. What are the Different Kinds of Agreements?... … 

D. What is the Distinction Between Illegal and Void Agreements?… … 

E. What is the Distinction Between Void, Voidable, and Unenforceable Agreements?… … 

F. What are the Different Kinds of Contracts?… … 

G. What is the Distinction Between an Agreement and a Contract?… … 

3. Offer and Acceptance, and Communication and Revocation. …

A. Definitions of a Proposal, a Promise, and an Acceptance… … 

B. What are the Rules Regarding Valid Proposal (Offer)?… … 

C. What are the Rules Regarding Valid Acceptance?… … 

D. Communication of a Proposal and Its Acceptance… …

E. Revocation of a Proposal and An Acceptance… …

4. Capacity to Contract. … 

A. Persons, who are Competent to Contract (S. 11)… …

B. Agreements by Minors (Ss. 11 and 68)… … 

C. Agreements by Persons of Unsound Mind (Ss. 11 and 12)… …

D. Agreements by Disqualified Persons (S.11)… … 

5. Consent and Free Consent. … 

A. Definitions of Consent and Free Consent (Ss. 13 and 14)… …

B. Coercion (Ss. 11 and 68)… …

C. Undue Influence (Ss. 16 and 19-A)… …

D. What is the Distinction between Coercion and Undue Influence?… …

E. Fraud (Ss. 17 and 19)… …

F. Misrepresentation (Ss. 18 and 19)… …

G. Distinction between Fraud and Misrepresentation… …

H. Contract Uberrimae Fidei… …

I. Voidability of Agreements Without Free Consent (Ss. 19 and 19-A)… … 

J. Mistake (Ss. 20-22)… …

6. Consideration and Lawful and Unlawful Considerations and Objects. …

A. Meaning and Definition of a Consideration… …

B. Constituent Elements of a Consideration (Legal Rules as to Consideration)…… 

C. Cases, in which, an Agreement Without Consideration is Valid?… … 

D. What are the Various Kinds of Considerations?… … 

E. Lawful And Unlawful Considerations and Objects… …

7. Remedies for Breach of a Contract. (Consequences of Breach of a Contract). …

A. Rescission of the Contract (Ss. 62, 64, 66, and 75)… …

B. Suit for Specific Performance of the Contract… …

C. Suit for an Injunction… … 

D. Suit for Damages (Ss. 73-75)… …

E. Suit upon Quantum Meruit… …

Unit – 1 (B) : The Sale of Goods Act, 1930.

8. Formation of a Contract of Sale. …

A. Scope of the Sale of Goods Act, 1930… … 

B. Definitions (Ss. 2 - 3)… … 

C. A Sale and an Agreement to Sell (Ss. 4-5)… …

D. What is the Distinction between a Sale and Other Forms of Agreements?… …

E. What are Formalities (Essentials) of a Contract of Sale? (S.5)… …

F. What are Different Types of Goods? (S.6)… …

G. Effects of Destruction of Goods (Ss. 7-8)… …

H. Modes of Ascertainment of Price (Ss. 9-10)… … 

9. Conditions and Warranties. …

A. Definition of a Condition and a Warranty (S. 12)… … 

B. What is the Distinction Between a Condition and a Warranty? (S. 12)… … 

C. When is a Condition to be treated as a Warranty? (S. 13)… … 

D. What are the Implied Conditions and Warranties? (Ss. 14-17 and 62)… …

E. What are the Stipulations as to Time? (S. 11)… … 

F. What is the Doctrine of Caveat Emptor? (S. 16)… … 

10. Rights of an Unpaid Seller. …

A. Who is an Unpaid Seller? (S. 45)… … 

B. Rights of an Unpaid Seller (Ss. 46-52, 54, 57 and 61)… … 

C. Effect of Sub-Sale or Pledge by Buyer (S. 53)… … 

Unit – 2 (C) : Negotiable Instruments Act, 1981.

11. Promissory Notes, Bills of Exchange, and Cheques. …

A. Introduction of Negotiable Instruments (S. 31)… … 

B. Characteristics of Negotiable Instruments … … 

C. Promissory Notes (S. 4)… … 

D. Bills of Exchange (Ss. 5, 7, 33-34 and 132-133)… …

E. Cheques (Ss. 6-7, 10, 31,77,123-129, 131, 138, 139, 141 and 142)… …

F. Statutory Protection to Bankers… …

G. Payment of Crossed Cheques Out of Due Course… …

H. Liability of Drawee of Cheques… …

I. Rights of A Holder of A Cheque Against Banker… …

J. Drafts and Letters of Credit (Ss. 85A and 151A)… …

K. Maturity of an Instrument (Ss. 21-25)… …

L. Different kinds (Classification) of Instruments (Ss. 11-13, 17-20, 104 and 134)… …

12. Negotiation and Endorsement. … 

A. Negotiation (Ss. 14, 46-48, 58 and 60)… …

B. Endorsement (Ss. 15-16, 48-52, and 54-56)… …

C. Negotiation Bank (Taking up of a Bill)… …

13. Presentment of Negotiable Instruments and Criminal Liability on Dud Cheques. … 

A. What is Meant by 'Presentment'?… …

B. Meaning, Mode, Kinds, and Effects of Acceptance (S. 86)… …

C. Presentment of Bills For Acceptance (Ss. 61, 63, 71, 75-75A, 83 & 86)… …

D. Presentment of Promissory Notes For Sight (S. 62)… …

E. Presentment of Negotiable Instruments For Payment (S. 64-77)… …

F. What is the Criminal Liability on Dud Cheques?... …

Unit – 2 (D) : Consumer Protection Act, 1986.

14. Objects of Consumer Protection. … 

A. Aims and Objects of the Consumer Protection Act, 1986… …

B. Why should a Consumer be Protected?…. …

C. Is the Protection of Consumers a New Concept?… …

D. Definitions of “Goods”, “Services”, “Defects”, “Deficiencies”, and Key Words (Sec. 2)… …

15. Consumer Disputes and Complaints and Their Redressal Agencies. … 

A. Establishment of Consumer Disputes Redressal Agencies (S. 9)… …

B. District Consumer Disputes Redressal Forums (Secs. 10 to 15)… …

C. State Consumer Disputes Redressal Commissions (Ss. 16 to 19)… …

D. National Commission (Ss. 20 to 23)… …

E. Enforcement of Order (S. 25)… …

F. Penalties and Dismissal of Frivolous Complaints (Ss. 26-27)… …

Unit – 3 (E) : The Company Law.

16. Nature, Features, Types, and Incorporation of Companies. … 

A. Introduction… …

B. Definition, Features, and Incorporation of a Company… …

C. Distinction Between a Company And a Partnership… …

D. Registration and Incorporation… …

E. Types (Classifications) of Companies… …

F. Illegal Association… …

G. Distinction Between a Private Company And a Public Company… …

H. Conversion of a Private Company into a Public Company… …

I. Conversion of a Public Company into a Private Company… …

17. Memorandum of Association and Articles of Association. … 

A. Meaning and Contents of a Memorandum… …

B. Object Clause and Doctrine of Ultra Vires… …

C. Alteration of a Memorandum of Association… …

D. Meaning, Contents and Forms of Articles of Association… …

E. Distinction Between a Memorandum and the Articles… …

F. Effects and Implications of a Memorandum and Articles… …

G. Alterations of Articles of Association… …

H. Constructive Notice of a Memorandum and Articles… …

I. Doctrine of Indoor Management… …

18. Prospects. … 

A. What is a Prospectus?… …

B. Legal Requirements of a Prospectus… …

C. Contents of a Prospectus?… …

D. Remedies Against Mis-Statements in a Prospectus… …

E. A Statement in Lieu of A Prospectus… …

19. Meetings. … 

A. Classification of Meetings… …

B. Statutory Meeting (Sec. 165)… …

C. Annual General Meeting (Secs. 166 to 168)… …

D. Extraordinary General Meeting (Sec. 169)… …

E. Procedure and Requisites of a Valid Meeting (Secs. 171 to 180)… …

F. Three Kinds of Resolutions (Secs. 189 and 190)… …

20. Transfer and Transmission of Shares. … 

A. Transfer of Shares … …

B. Some Restrictions on the Right of Transfer of Shares … …

C. Normal Procedure of Transfer of Shares and Debentures … …

D. Procedure of Transfer of Shares under Depository System … …

E. Transmission of Shares … …

F. Distinction Between Transfer and Transmission … …

G. Nomination of Shares and Debentures … … 

H. Blank Transfer of Shares … … 

Unit – 4 (F) : Intellectual Property Rights.

21. Intellectual Property Rights – I. (Patents). … 

A. Definition and Objectives of Intellectual Property Rights … …

B. What is a Patent? … …

C. What is Patentable? … …

D. What is not Patentable? … …

E. What is an Invention and Its Attributes? … …

F. Inventors and Applications for Patents … …

G. What are Intellectual Property Rights of a Patentee? … …

H. Why are Patents Granted by Governments? … …

22. Intellectual Property Rights – II. (Trademarks). …

A. Concept of a Trade Mark … …

B. Particular Categories of Trade Marks … …

C. Duration of a Trade Mark … …

D. Infringement and Passing Off … …

23. Intellectual Property Rights – III. (Copyright and Geographical Indications). …

A. Definition of Copyright (Section 14) … … 

B. Works in Which Copyright Exists (Section 13) … …

C. Originality : Meaning and Content … … 

D. Authors and Owners : Rights and Restrictions … …

E. Geographical Indications of Goods … …