STUDY MATERIAL

Business law notes- Negotiable instrument act, law of contract

BUSINESS LAW NOTES

I am glad to present this business law notes, especially designed to serve the needs of the students. The book has been written keeping in mind the general weakness in understanding the fundamental concepts of the topics. The business law notes are self explanatory and adopts the “Teach Yourself” style. It is based on question answer pattern. The language of book is quite easy and understandable based on scientific approach.

INTRODUCTION- Rules related to industry, business and professions are called business or commercial or mercantile in business activities and transactions. law. It refers to the constitutional principles, rules or regulations that govern the running of business or industry. This law is a collection of rules that are followed In India, it becomes difficult to distinguish mercantile law from other laws because of the lack of a distinct and precise definition. In general (everyday language), by mercantile law, we mean the rules and regulations that are directly linked with business or commercial activity. Some eminent scholars have defined mercantile law as under.

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DEFINITION- 

“That part of law which regulates the transactions of the mercantile community is called commercial or mercantile law.”– Sen and Mitra.

26 CHAPTERS WILL BE DISCUSSED IN BUSINESS LAW NOTES

1AN OVERVIEW
2INDIAN CONTRACT ACT
3VALID
4PROPOSAL, ACCEPTANCE AND REVOCATION
5CONTRACTUAL CAPACITY OF PARTIES
6FREE CONSENT
7LAWFUL CONSIDERATION AND OBJECTS
8AGREEMENTS EXPRESSLY DECLARED AS VOID
9LEGAL FORMALITIES
10CONTINGENT
11PERFORMANCE
12IMPLIED, QUASI
13CONSEQUENCE OF BREACH
14DISCHARGE
15INDEMNITY AND GUARANTEE
16BAILMENT AND PLEDGE
17AGENCY
18NEGOTIABLE INSTRUMENT
19SALE OF GOODS 1930
20SALE
21CONDITIONS AND WARRANTIES
22TRANSFER OF PROPERTY
23DELIVERY AND PAYMENT
24UNPAID SELLER
25SUITS FOR BREACH
26RIGHT TO INFORMATION ACT, 2005

Scope and importance

  1. The basic purpose of contract law is to ensure that agreements are honored

 

  1. If contract were not honored the commercial world would be dysfunctional, uncertain, unstable

What is contract law concerned with?

  1. The formation

 

  1. Interpretation, the nature and extent of what the parties have agreed to

 

  1. Performance of a contract

 

  1. Breach, is a party in breach of their obligations and appropriate remedies if a party is in breach of their obligations.

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