Business laws
- New Delhi Cengage Learning India Pvt. Ltd. 2020
- xii, 369 p.
Table of content
Introduction
Need, Purpose, and Significance of Law
The Importance of Business Laws
PART I The Indian Contract Act, 1872
1 Establishing Contractual Relationships
Contract Defined 6 Contract, Agreement, Promise, and Offer
Essential Elements of Establishing a Valid Contract
Types of Contracts
Offer and Acceptance
Acceptance
Communication of Offer, Acceptance, and Their Revocation
2 Consideration and Legality of Object
Consideration Defined
Rules Governing Consideration
Stranger to a Contract’ and ‘Stranger to Consideration’
Contracts Without Consideration
Legality of Object
What is a Lawful Object?
When the Object or Consideration is Deemed to be Unlawful?
Effect of Partial Illegality
3 Competency of Parties
Competency to Contract
Minor
Persons of Unsound Mind
Persons Disqualified by Law
4 Free Consent
Consent Defined
Coercion
What Amounts to Inducing Coercion?
Undue Influence
Misrepresentation
Fraud
Loss of Right to Rescind a Contract
Mistake
5 Void Agreements and Contingent Contracts
Void Agreement Versus Void Contract
Void Agreement Versus Illegal Agreement
Agreements Expressly Declared Void
Restitution of Benefits Received Under a Void Agreement
Contingent Contracts
6 Performance and Discharge of Contract
Performance (of a Contract) Defined
Types of Performance
Essentials of a Valid Tender
By Whom Can a Contract Be Performed?
Who Can Demand Performance?
Time and Place for Performance
Performance of Reciprocal Promises
Discharge of a Contract
Assignment of a Contract
7 Remedies for Breach of Contract
Remedies Available to an Aggrieved Party
Rescission
Damages
Specific Performance
Injunction
Quantum Meruit
8 Special Contracts
Contracts of Indemnity and Guarantee
Contract of Indemnity
Contract of Guarantee
Contract of Indemnity and Contract of Guarantee Distinguished
Extent of Surety’s Liability
Kinds of Guarantee
Rights of Surety
Discharge of Surety
Contracts of Bailment and Pledge
Bailment
Termination of a Bailment
Lien
Finder of Lost Goods
Pledge
Rights and Duties of the Pawnee
Rights and Duties of the Pawnor
Contract of Agency
Scope and Extent of an Agent’s Authority
Rights of Agent
Duties of an Agent
Personal Liability of Agent to Third Party
Principal’s Liability for Agent’s Acts
Termination of Agency
Irrevocable Agency
PART II The Sale of Goods Act, 1930
9 Contract of Sale of Goods
Contract of Sale of Goods
Contract of Sale Defined
Goods: Meaning and Classification
Price
Conditions and Warranties
Conditions
Warranties
Condition and Warranty Distinguished
Doctrine of Caveat Emptor
Doctrine of Caveat Venditor
Transfer of Ownership and Delivery
Significance of Transfer of Ownership
Rules Regarding Transfer of Property
Rule Regarding Transfer of Title on Sale
Delivery of Goods
Unpaid Seller and his Rights
Rights of an Unpaid Seller
Auction Sale
PART III The Negotiable Instruments Act, 1881
10 Negotiable Instruments: An Introduction
Negotiable Instrument: Meaning and Definition
Kinds of Negotiable Instruments
Payment-in-Due-Course
Payment of Interest
Negotiable Instruments: Special Rules of Evidence
Negotiable Instruments: Rules of International Law
Holder and Holder-in-Due-Course
11 Negotiation and Assignment
Negotiation
Assignment
Negotiation and Assignment Distinguished
Modes of Negotiation
Negotiation Back
12 Presentment of Negotiable Instruments
Presentment for Acceptance
Presentment for Payment
13 Dishonour and Discharge of Negotiable Instruments
Dishonour by Non-acceptance
Dishonour by Non-payment
Dishonour of Cheque for Insufficiency of Funds in the Account: Consequence
Notice of Dishonour
Dishonoured Instrument: Noting and Protest
Discharge of a Negotiable Instrument
Discharge of Parties to an Instrument
Material Alteration
PART IV Other Business Legislations
14 The Limited Liability Partnership Act, 2008
Limited Liability Partnership: An Introduction
Genesis and Foundation of LLP in India
What is Limited Liability Partnership?
Rationale Behind Introduction of LLP in India
Structure of an LLP
Procedure of Formation of Limited Liability Partnership in India
LLP Versus Sole Proprietorship
LLP Versus Conventional Partnership
LLP Versus Joint Stock Company
LLP: Gateway to Greater FDI
Liabilities of ‘Designated Partners’
Admission of New Partner
Rights and Duties of Partners
Whistleblowing
Winding Up and Dissolution of a Limited Liability Partnership
Annual Filing
15 The Information Technology Act, 2000
IT Act: Aim and Objectives
Scope of the Act
Major Concepts
Important Provisions
Attribution, Acknowledgment, and Despatch of Electronic Records
Secure Electronic Records and Secure Digital Signatures
Regulation of Certifying Authorities: Appointment of Controller and Other Officers
Digital Signature Certificates
Duties of Subscribers
Penalties and Adjudication
The Cyber Regulations Appellate Tribunal
Offences
Network Service Providers Not to Be Liable in Certain Cases
Miscellaneous Provisions
Appendix: Example Cases
Index
Business Laws is a comprehensive text on the subject to meet the venerable needs of B.Com. and BBA programmes offered by various universities and institutes across the country. The text has been tailored to match UGC-mandated CBCS curriculum of Business Laws of University of Delhi and Jamia Millia Islamia—a Central University by an Act of Parliament, two of the leading central universities of the country based in the national capital. The book aims to acquaint the readers with some key business legislations that govern business activities so as to facilitate them to take decisions in their working or professional lives that do not fail the test of the law of land. The legislations covered in this volume are: The Indian Contract Act, 1872; The Sale of Goods Act, 1930; The Negotiable Instruments Act, 1881; The Limited Liability Partnership Act, 2008; and The Information Technology Act, 2000.
The book has been written from an Indian perspective to elaborate on the core concepts of business laws in a logical, concise, and yet illustrative manner. Landmark legal cases supplement and illustrate technical aspects of the subject matter. Pedagogical features such as learning objectives, side-bars defining key terms, end-of-chapter summary, objective-type questions, caselets, review questions in addition to a comprehensive set of case studies make the teaching and learning of business laws engaging and enriching.
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