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.
26 CHAPTERS WILL BE DISCUSSED IN BUSINESS LAW NOTES
|2||INDIAN CONTRACT ACT|
|4||PROPOSAL, ACCEPTANCE AND REVOCATION|
|5||CONTRACTUAL CAPACITY OF PARTIES|
|7||LAWFUL CONSIDERATION AND OBJECTS|
|8||AGREEMENTS EXPRESSLY DECLARED AS VOID|
|13||CONSEQUENCE OF BREACH|
|15||INDEMNITY AND GUARANTEE|
|16||BAILMENT AND PLEDGE|
|19||SALE OF GOODS 1930|
|21||CONDITIONS AND WARRANTIES|
|22||TRANSFER OF PROPERTY|
|23||DELIVERY AND PAYMENT|
|25||SUITS FOR BREACH|
|26||RIGHT TO INFORMATION ACT, 2005|
Scope and importance
- The basic purpose of contract law is to ensure that agreements are honored.
- If contract were not honored the commercial world would be dysfunctional, uncertain, unstable.
What is contract law concerned with?
- The formation
- Interpretation, the nature and extent of what the parties have agreed to
- Performance of a contract
- 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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