1. Business Legislation by Prof. S. Mitra

2. INTRODUCTION Meaning of Law: Rule 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

3. Sources of Law Law originates from Sovereign Law originates from God
Origin of Hindu Law
Origin of Muslim Law
Origin of Christian Law

4. Sources of Indian Law Primary Sources of law Customs, Legislature etc.
Secondary sources of law
Common law
Law of Merchants

5. Mercantile or Business Law
Rule relating to Industry, Trade and Commerce
Includes laws like Partnership, Negotiable Instruments etc.
SOURCES OF BUSINESS LAW:
English Mercantile law
Judicial decisions etc.

6. 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

7. Termination or Discharge of Contract
Methods of termination of contract
By performance
By mutual consent
By lapse of time
By breach of contract

8. Breach of Contract
Meaning of breach of contract and the types of breach of contract
Remedies for breach of contract
Suit for damage
Suit upon Quantum Meruit

9. 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

10. Contract of Guarantee
Section 126 of the Indian Contract Act, defines the term “Contract of Guarantee”
Three parties are Creditor, Principal Debtor & Surety
Difference between Contract of Indemnity & Contract of Guarantee

11. 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

12. 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

13. 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 &
b) Against the buyer personally

14. 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)

15. Cheque Meaning of cheque, Parties to Cheque, Crossing of Cheque,
Dishonor of cheque and its consequences,
Relation between Banker & Customer

16. 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.

17. Authorities under the CPA
Central & State Consumer Disputes Settlement Councils
Three-tier Quasi-Judicial Consumer Disputes Redressal Agencies (CDRA)

18. CPA
Composition, Jurisdiction of District Forum, State Commission & National Commission
Appeal & Penalties under the Act

19. LAW OF PARTNERSHIP
Definition of Partnership U/s 4 of Partnership Act, 1932
Formation of Partnership
Partnership Deed
Whether Registration of Partnership is mandatory?
Rights & Liabilities of Partners
Dissolution of partnership

20. 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

21. 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

22. 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

23. 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.

24. 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.