The objective of this course is to provide the students with practical legal knowledge of general business law issues and topics to help become more informed, sensitive and effective business leaders. As the business managers are called upon to create value, marshal resources and manage risk, it is imperative that they should understand fundamental legal issues pertaining to business world to enhance their ability to lead and delegate.
Contract Act: Contract vs. Agreement, Element of valid contract, Offer and Acceptance ñ Rules regarding revocation of offer and acceptance, Standard form contract ñ a new innovation to suit the needs, Consideration ñ Essential elements. Exception to the Rule ñ No consideration no contract ñ Privity of contract and consideration, Capacity to contract, Free consent ñ coercion, undue influence, misrepresentation, fraud. Mistake ñ as to identity, as to subject matter, as to nature of promise, Legality of the object ñ void agreement, voidable agreement, agreements opposed to public policy ,Discharge of contract ñ modes of discharge, by performance, by impossibility, by agreement, by breach ,Damages ñ Rules, remoteness of damages, measure of damages, liquidated damages and penalty, Quasi contract or certain relations resembling those created by contract, Bailment ñ Duties of bailer & bailee, Law relating to agency - types of agency, agents responsibility and rights.
Companies Act, 1956: Company ñ meaning & characteristics and kinds, lifting the corporate veil Registration & Incorporation, Memorandum of Association, Doctrine of Ultravires, Consequences of Ultravires transaction, Articles of Association, Rule of Constructive Notice, Doctrine of Indoor Management, Prospectus, Shares, Shareholders & Members, Directors: Position, appointment, removal, power & duties, Meetings, Majority powers & minority rights Prevention of oppression and mis-management, Winding up, Winding up by court, Voluntary winding up, Winding up subject to supervision of court, Conduct of winding up.
Partnership Act, 1932: Nature of partnership, Relation of partners ñ Inter se, Relation of partners to third parties, Incoming and outgoing partners, Dissolution of firm, Registration of firms.
Negotiable Instruments: Act, 1881-Promissory Notes, Cheques, Bills of Exchange, Sale of Goods Act, 1930-Contract of Sale, Transfer of Property; Sale by Non-Owner, Performance of Contract. Central Excise Act. Central Sales Act.-VAT. Income Tax Act 1961-Income from Salaries; Income form other Property, Profit and Gains - Capital Gains, Deductions, Profit & Loss
MBA Common Subjects