MBAL-105: Legal Aspects in Business
The learning units for this course are listed below:
| Unit | Objectives |
| 1 | Essentials of a Contract: explain the purpose of law; describe the sources of business law; explain the meaning of contract; classify the contracts; distinguis between void, voidable and illegal contacts; and describe the essentials of a valid contract. [Link] |
| 2 | Offer and Acceptance: explain the meaning of offer and acceptance; describe the legal rules for a valid offer and acceptance; distinguish offer from tender and cross offer; describe the rules regarding communication & revocation of offer and acceptance; and explain when an offer lapses. [Link] |
| 3 | Capacity of Parties: explain who is competent to contract; explain who is a minor and describe the position of agreements with minors; identify persons of unsound mind and explain the position of agreements with such persons; and identify person disqualified under other laws and describe their position in relation to contract. [Link] |
| 4 | Free Consent: explain the meaning of consent; describe the circumstances when consent is not free; explain the meaning of coercion and undue influence, and their effect on the validity of a contract; distinguish between misrepresentation and fraud; and describe various types of mistakes and their effect on the validity of a contract. [Link] |
| 5 | Consideration and Legality of Object: describe the meaning of consideration; explain lawful consideration and its significance in relation to the validity of a contract; state the exceptions to the rule ‘no consideration, no contract’ and describe the agreements which are considered opposed to public policy. [Link] |
| 6 | Void Agreements and Contingent Contracts: describe and identify agreements which are void-ab-intio or become void subsequently; describe uncertain agreements and state whether such agreements shall be valid or not; and explain the contingent contracts. [Link] |
| 7 | Performance and Discharge: understand the meaning of performance; explain the types of performance; state the requisites of a valid tender; and list the various modes of discharge of contracts. [Link] |
| 8 | Remedies for Breach and Quasi Contracts: explain as to what amounts to a breach of contract; list the remedies in case of breach of contract; define quasi contracts and describe varioud types of quasi contracts. [Link] |
| 9 | Nature of Contract of Sale: explain the meaning of a contract of a sale and describe its essential features; distinguish sale from an agreement to sell and hire-purchase agreement; and describe the effect of destruction of goods. [Link] |
| 10 | Conditions and Warranties: describe the meaning of terms ‘Condition’ and ‘Warranty’ in relation to sale and purchase of goods; distinguish between ‘Warranty’ and ‘Condition’; discuss as to when a condition may be treated as a warranty; and explain the fundamental principle of sale of goods, viz., Doctrine of Caveat Emptor. [Link] |
| 11 | Transfer of Ownership and Delivery: explain the meaning of transfer of ownership; describe the significance of transfer of wonership; outline the meaning and types of delivery of goods; and describe the rules regarding delivering of goods and liability of the buyer. [Link] |
| 12 | Rights of an Unpaid Seller: define an unpaid seller; state the rights of an unpaid seller; discuss the right of stoppage-in-transit; distinguish between the right of lien and stoppage in transit; and explain the rules of an auction sale. [Link] |
| 13 | Negotiable Instruments and its Parties: explain the meaning of a negotiable instrument and its negotiability; narrate the implications of ambigious and incohate instruments; describe the ‘holder in due course’ of an negotiable instrument and desscribe the priviledges of a holder in due course. [Link] |
| 14 | Promissary Note, Bills of Exchange and Cheque: explain the meaning and implications of promissory note, bill od exchange, hundi and cheque; discuss the meaning and implications of crossing; and describe the law relating to payment on cheque by banks and the extent of their protection. [Link] |
| 15 | Negotiation: differentiate between assignment and negotiation; explain the requisities of negotiation by endorsement and delivery; discuss the meaning of negotiation back; and state various implications of instruments when they are lost or stolen, forged, and obtained by fraud or for unlawful consideration. [Link] |
| 16 | Presentment and Discharge: explain the valid methods of presenting a bill for acceptance and for payment; state the types of acceptance; describe the actions called noting and protesting after dishonour; and explain the effect of material alteration in an instrument. [Link] |
| 17 | The Companies Act, 2013: Understand the meaning of a company form of business; Define a company and describe its characteristics and types; Explain the stages in formation of a company; Understand how a company is managed and the role of Board of Directors and Explain the meaning and mode of winding-up of company. [Link] |
| 18 | Consumer Protection Act – Basic Features: identify basic features of Consumer Protection Act, 1986; and understand the meanings of various terms and expressions used in the Act. [Link] |
| 19 | The Information Technology Act, 2000: understand the meaning and significance of Information Technology Act; explain how IT Amendment Act 2008 came into force; describe different provisions of the Act; and recognize the meaning of cybercrime and various offences. [Link] |
| 20 | Intellectual Property Rights: Define intellectual property rights; Delineate the concept of intellectual property and property rights; Discuss the different types of intellectual property rights; Describe the issues and agenda of the intellectual property rights; and Explain the nature and objectives of the intellectual property rights. [Link] |
| 21 | Right to Information Act, 2005: Explain the meaning and significance of the information and right to informatian; Describe evolution of right to information in a democratic country like India; Evaluate the obligations of public authorities under the Right to Information Act, 2005; and Examine the composition, functions and powers of information Commissions at various levels. [Link] |