MC 502: LEGAL ASPECTS OF BUSINESS
Course Objectives:
To gain knowledge of the branches of law which relate to business transactions, certain
corporate bodies and related matters. Also to understand the applications of these laws to
practical commercial situations.
Learning Outcomes:
Know rights and duties under various legal Acts.
Understand consequences of applicability of various laws on business situations.
Develop critical thinking through the use of law cases.
Course Contents:
Unit I (5 Weeks)
The Indian Contract Act 1872: Meaning and Essentials of contract; Kinds of contract
based on validity, formation & performance; law relating to offer and acceptance,
consideration, competency to contract, free consent, void agreements, performance of
contracts, discharge of contracts, breach of contracts and quasi contract; Special
contracts: contract of indemnity and guarantee, bailment and pledge, and agency.
References:
Kucchal M. C. & Kucchal Vivek, Business Legislation for Management, Vikas
Publishing House (P) Ltd.: Part I
Unit II (2 Weeks)
Sale of Goods Act 1930: Sale and agreement to sell, implied conditions and warranties,
sale by non-owners, rights of unpaid seller.
Negotiable Instruments Act 1881: Meaning of negotiable instruments, type of negotiable
instruments, promissory note, bill of exchange, cheque.
References:
Kucchal M. C., Business Law/Mercantile Law, Vikas Publishing House (P) Ltd.: Part II
& Part IV
LEGAL ASPECTS OF BUSINESS
Unit III (2 Weeks)
The Companies Act 2013: Meaning and types, Incorporation, Memorandum & Articles of
association, Prospectus, Issue of shares and bonus shares, rights issue, sweat equity, role
of directors, share qualification, company meetings.
The Limited Liability Partnership Act 2008: Meaning and nature of limited partnership,
formation, partners & their relations, extent and limitation of liability.
References:
Kucchal M. C. & Kucchal Vivek, Business Legislation for Management, Vikas
Publishing House (P) Ltd.: Part IV
Kapoor G. K. & Dhamija Sanjay, Company Law and Practice-A comprehensive text
book on Companies Act 2013, Taxmann: Chapter 1, 2, 3, 4, 5, 6, 7, 14, 16, 17
Unit IV (3 Weeks)
Consumer Protection Act 1986: Objectives and machinery for consumer protection,
defects and deficiency removal, rights of consumers. The Right to Information Act 2005:
Salient features and coverage of the act, definition of terms information, right, record,
public authority; obligations of public authorities, requesting information and functions of
PIO. Information Technology Act 2000: The rationale behind the act, Digital signature
and Electronic signature, Electronic Governance
References:
Kucchal M. C. & Kucchal Vivek, Business Legislation for Management, Vikas
Publishing House (P) Ltd.: Part VI & Part VIII
Textbooks:
1. Kucchal M. C., Business Law/Mercantile Law, Vikas Publishing House (P) Ltd.
2. Kucchal M. C. & Kucchal Vivek, Business Legislation for Management, Vikas
Publishing House (P) Ltd.
3. Kapoor G. K. & Dhamija Sanjay, Company Law and Practice-A comprehensive
text book on Companies Act 2013, Taxmann.
LEGAL ASPECTS OF BUSINESS
Additional Readings:
1. Singh Avtar, Principle of Mercantile Law, Eastern Book Company.
2. Kapoor Gulshan, Business Law. New Age International Pvt. Ltd Publishers.
3. Maheshwari & Maheshwari, Principle of Mercantile Law, National Publishing
Trust.
4. Aggarwal Rohini, Mercantile & Commercial Law, Taxmann.
Teaching Learning Process:
Lecture, discussion, PowerPoint presentations. Course contents shall be discussed in the
light of relevant case laws.
Assessment Methods:
Internal Assessment: 25 marks
Written Theory Exam: 75 marks
Keywords:
Indian Contract Act, Sale of Goods Act, Companies Act, Limited Liability Partnership Act,
Consumer Protection Act, Right to Information Act, Information Technology Act.
