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MB 0035/MH 0039 Legal Aspects of Business: Unit 1

This document provides an overview and summary of the contents of a courseware on legal aspects of business. The courseware covers 9 units addressing key legal topics like contract law, negotiable instruments, companies act, arbitration act, consumer protection act, and shops and establishments act. It defines the objectives and scope of each unit, highlighting important concepts around contracts, companies, cyber law, dispute resolution mechanisms, and employment law. The courseware is designed to provide students adequate knowledge of legal provisions governing business operations and corporate houses in India.

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40 views

MB 0035/MH 0039 Legal Aspects of Business: Unit 1

This document provides an overview and summary of the contents of a courseware on legal aspects of business. The courseware covers 9 units addressing key legal topics like contract law, negotiable instruments, companies act, arbitration act, consumer protection act, and shops and establishments act. It defines the objectives and scope of each unit, highlighting important concepts around contracts, companies, cyber law, dispute resolution mechanisms, and employment law. The courseware is designed to provide students adequate knowledge of legal provisions governing business operations and corporate houses in India.

Uploaded by

gaardi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MB 0035/MH 0039

Legal Aspects of Business


Contents
Unit 1
Law of Contract 1
Unit 2
Discharge of Contract 44
Unit 3
Contract of Indemnity and Guarantee 61
Unit 4
Negotiable Instruments Act 76
Unit 5
Companies Act 98
Unit 6
Information Technology Act 2000 135
Unit 7
Arbitration and Conciliation Act 1996 151
Unit 8
The Consumer Protection Act, 1986 192
Unit 9
The Shops and Establishments Act 235
Reference 252
Edition: Fall 2007
BKID B0764 26
th
October 2007
Brig. (Dr). R. S. Grewal VSM (Retd.)
Pro Vice Chancellor
Sikkim Manipal University of Health, Medical & Technological Sciences
Board of Studies
Mr. Rajen Padukone
Member Academic Senate, Sikkim Manipal University
Ms. Vimala Parthasarathy Prof. K. V. Varambally
HOD Director
Convener Manipal Institute of Management
Department of Management & Commerce Manipal
Directorate of Distance Education
Sikkim Manipal University
Prof. Raj Dorai Mr. Jagadeesh
Industry Consultant and Assistant Professor
Visiting Faculty, IBA, IFIM and BIM, Department of Management &
Bangalore Commerce, Directorate of Distance
Education, Sikkim Manipal University
Mr. Umesh Maiya Mr. R. Ravindra Rao
Assistant Professor Senior Faculty
Department of Management & Commerce Manipal Institute of Management
Directorate of Distance Education Manipal
Sikkim Manipal University
Content Preparation Team
Content Writing and Compilation Language Editing
Mr. Prakash Kanive Mr. Shridhar Bhat
Sr. Lecturer, VB College of Law Former Faculty, MUL
Udupi Manipal 576 104
Format Editing
Mr. Umesh Maiya
Assistant Professor
Dept. of Management & Commerce
Sikkim Manipal University of
Health, Medical & Technological Sciences (SMU)
Manipal 576 104
Edition: Fall 2007
This book is a distance education module comprising of collection of learning
material for our students.
All rights reserved. No part of this work may be reproduced in any form by any
means without permission in writing from Sikkim Manipal University of Health,
Medical and Technological Sciences, Gangtok, Sikkim.
Printed and Published on behalf of Sikkim Manipal University of Health, Medical and
Technological Sciences, Gangtok, Sikkim by Mr. Rajkumar Mascreen, GM, Manipal
Universal Learning Pvt. Ltd., Manipal 576 104. Printed at Manipal Press Limited,
Manipal.
SUBJECT INTRODUCTION
A successful businessman should be aware of various legal provisions
governing the establishment and functioning of a firm. The knowledge of
legal aspects helps to solve many problems and ensure smooth functioning
of the firm. This courseware is carefully designed to provide adequate
knowledge regarding the legal provisions governing corporate houses.
Legislation regulating the working and employment conditions of workers in
shops and establishments, the obligation and rights of employers and
employee etc. are discussed in detail.
This courseware comprises 9 units:
Unit 1: Law of Contract
Defines contract and explains the essentials of a valid contract. Also
explains the essentials of offer, proposal, acceptance and consideration.
Unit 2: Discharge of Contract
Explains the ways of discharge of contract and states the remedies for
breach of contract.
Unit 3: Contract of Indemnity and Guarantee
Deals with the meaning and essentials of contract of indemnity. Also
explains the meaning and essentials of contract of guarantee and the rights
of surety.
Unit 4: Negotiable Instruments Act
Explains the features of negotiable instruments. Defines Promissory note,
bill of exchange and cheque. Also mentions the parties to negotiable
instruments.
Unit 5: Companies Act
Defines a company and discusses different types of companies. Also
explains the process of incorporation of a company.
Unit 6: Information Technology Act 2000
Discusses the importance of IT Act 2000 and explains the importance of
Cyber Law in India.
Unit 7: Arbitration and Conciliation Act 1996
Deals with the objectives of the Arbitration Act and the composition of
Arbitral Tribunal and discusses the conduct of Arbitral Proceedings.
Unit 8: The Consumer Protection Act, 1986
Deals with the objectives of Consumer Protection Act and the role of
Consumer Disputes Redressal Agencies in settling consumer disputes.
Unit 9: The Shops and Establishments Act
Deals with the provisions relating to shops. Explains the provisions relating
to establishments and discusses the obligation and rights of employers and
employee.

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