business legislation by prof. s. mitra. introduction meaning of law: law is the command of the...
TRANSCRIPT
INTRODUCTION
Meaning of Law:Meaning of Law: Law is the command of the Sovereign There are three essential features of law
Rule of Law: Equality of all person before law
Sources of Law
Law originates from Law originates from
SovereignSovereign
Law originates from GodLaw originates from God
Origin of Hindu LawOrigin of Hindu Law
Origin of Muslim LawOrigin of Muslim Law
Origin of Christian LawOrigin of Christian Law
Sources of Indian Law
1.1. Primary Sources of Primary Sources of
law law
Customs, Legislature Customs, Legislature
etc.etc.
1.1. Secondary sources of Secondary sources of
lawlaw
Common lawCommon law
Law of MerchantsLaw of Merchants
Mercantile or Business Law
Rule relating to Industry, Trade and CommerceIncludes laws like Partnership, Negotiable Instruments etc.SOURCES OF BUSINESS LAW: English Mercantile law Judicial decisions etc.
LAW OF CONTRACT
Meaning of the term contract Essential elements of contract
Offer, Acceptance, Consideration, Lawful object, Certainty, Possibility to perform, Free consent, Capacity to contract etc.
Different types of Contract – Valid, Void, Voidable etc. Difference between Agreement & Contract
Termination or Discharge of Contract
Methods of termination of contract
By performance
By mutual consent
By lapse of time
By breach of contract
Breach of Contract
•Meaning of breach of contract and the types of breach of contract•Remedies for breach of contract
o Suit for damageo Suit upon Quantum Meruito Suit for damage
Contract of Indemnity
This is a special type of contract Section 124 defines the term “Contract of Indemnity” Two parties are: Indemnifier & Indemnified Akin to to contract of Insurance
Contract of Guarantee
Section 126 of the Indian Contract Act, 1872 defines the term “Contract of Guarantee” Three parties are Creditor, Principal Debtor & Surety Difference between Contract of Indemnity & Contract of Guarantee
Sale of Goods Act, 1930
• Essential elements of the Contract of Sale : Price, Goods, Two parties, Transfer of ownership, Elements of valid contract
• Difference between Sale & Agreement to Sale
Conditions & Warranties
Section 12(2) and Section 12(3) of Sale of Goods Act defines the terms Conditions & Warranties Features of Implied conditions & Implied warranties Concepts of a) Passing of property in the goods, b) Caveat Emptor, c) Nemo dat quod non habet
Unpaid Seller
Section 54(3) of Sale of
Goods Act defines the term
“Unpaid Seller”
The rights of Unpaid Seller
are :
a) Against the goods &a) Against the goods &
b) Against the buyer b) Against the buyer
personallypersonally
Negotiable Instruments Act
Negotiable means “transferable” and Instrument means “written document” Essentials of NI are: Freely transferable, Presumption, Title of holder in due course free from all defects etc. Parties to NI (Cheque, Bill of Exchange & Promissory Notes)
Cheque
Meaning of cheque, Parties to Cheque, Crossing of Cheque, Dishonor of cheque and its consequences, Relation between Banker & Customer
Consumer Protection Act(CPA)
Objects of the Act
Rights of the Consumers
Important definitions like Consumer, Complaint, Complainant, Defect in goods, Deficiency in service etc.
Authorities under the CPA
Central & State Consumer Central & State Consumer
Disputes Settlement Disputes Settlement
CouncilsCouncils
Three-tier Quasi-Judicial Three-tier Quasi-Judicial
Consumer Disputes Redressal Consumer Disputes Redressal
Agencies (CDRA)Agencies (CDRA)
CPA
Composition, Jurisdiction
of District Forum, State
Commission & National
Commission
Appeal & Penalties under
the Act
LAW OF PARTNERSHIP
• Definition of Partnership U/s 4 Definition of Partnership U/s 4 of of Partnership Act, 1932Partnership Act, 1932• Formation of PartnershipFormation of Partnership• Partnership DeedPartnership Deed• Whether Registration of Whether Registration of Partnership is Partnership is mandatory? mandatory? • Rights & Liabilities of Partners Rights & Liabilities of Partners • Dissolution of partnership Dissolution of partnership
Information Technology Act 2000
• The objectives of the Act: to provide legal recognition for transactions to facilitate electronic filing of documents
• Important definitions: Digital signature, Digital Signature Certificate, Electronic records, Information, E-governance• Acknowledgement and dispatch of electronic records• Duties of Subscribers• Cyber crimes (Offences) & penalties thereof
Intellectual Property Rights (IPRs)
IPRs include: Patents; Trademarks & Copyrights. Patents – means the exclusive privilege granted by the sovereign authority to an inventor with respect to his invention – The Act provides specified remedies for infringement in the form of injunction. Trademarks – A trademark is a visual symbol in the form of a word, device or a label and that is applied to article of commerce for distinction purpose
IPRs
Copyright: It is a property right which exists in certain specified types of work
It protects original or creative works like poetry, video games, paintings, recorded music performances, choreography, designs
The Shops and Establishment Act
It is a State legislation and each state can frame its own rules.
The object of this Act is to provide statutory obligations and rights to employees and
employers of Shops & establishments.
Fair Trade Practices
Every aspects of business is guided by certain trade practice norms; If these norms are complied with by the business people, the benefit would not only accrue to them but also to the community at large. This has got a relevancy with the term Unfair Trade Practices as defined U/s 36A of MRTP Act 1969.