The study of Business Management is incomplete without the study of Business Laws. Law is an instrument of social control. The study of Business Laws helps in understanding the legal aspects and rules governing business transactions. Business Law is a branch of Civil Law. It governs and addresses the legal theoretical framework consisting of Rules and Regulations affecting business or Commercial transactions and economic activities. The subject is therefore very important for students studying Commerce/Business subjects. This book is also useful to others who wish to understand the concept of Business Laws for their individual information. This textbook is designed to provide the readers a basic understanding of Laws relating to business focusing on the students studying Mercantile Law at the Diploma Level, Graduation Level (B.Com, BBM and BBA) at the Post Graduation Level and also for those taking up professional courses like CA-CPT and CS-foundation. The book also includes ample illustrations and decided legal cases for the reader to understand related topics. This book would be useful for every person as it is necessary to have some knowledge of law for his everyday transactions. The knowledge of Mercantile Law or Business Laws would make a person appreciate the legal entanglements pertaining to their transactions, avoid legal litigations, and obtain timely expert advice. With the intention of making the subject of Law interesting and help students having Business Law as a subject either at the Under Graduation level or Post Graduation level, the text is divided into 4 chapters for easy segregation, topicwise. The reader is encouraged to analyze and evaluate legal provisions and to adopt a practical approach to seeking solutions. Suggestions for the improvement of the book will be gratefully acknowledged.
Additional Info
  • Publisher: Laxmi Publications
  • Language: English
  • ISBN : 978-93-80856-02-5
  • Chapter 1

    Mercantile law Price 2.99  |  2.99 Rewards Points

    The term ‘law’ is used in many senses. Depending upon the context in which the term is used, we speak of the laws of science, ethics, games and sport, etc. In the context of physical and natural sciences the term law means uniformity in nature and in other branches of knowledge, the term refers to rule of external human action. Therefore, whether it is scientific law, social law or moral law, the term ‘law’ in its widest sense means a rule of action. Law, in simple terms mean ‘rules’. Rules include a set code of conduct to regulate external human actions and conduct in their dealing with each other and with the government. Man is a social being and comes into contact with people in different capacities. In all his associations, he is expected to observe a code of conduct. The basic objective of law is to make human associations possible and conducive to the welfare of the society. For example, with a vehicle mechanic for repair of the vehicle, with a tailor to get a dress stitched, with the government as a taxpayer or with the seller of goods, as a buyer. In all these associations, he is expected to observe code of conduct – these are called rules. The objective of these rules is to make human association conducive for the welfare of the State and its people.
  • Chapter 2

    The indian contract act, 1872 Price 2.99  |  2.99 Rewards Points

    The term CONTRACT is derived from the Latin term ‘contracum’, which means to ‘draw together’. Section 2(h) of the Indian Contract Act defines a contract as “an agreement enforceable by law”. Salmond defines a contract as “an agreement creating and defining obligations between the parties”. The definitions therefore imply that there should be an agreement between two parties which can be enforced in a court of law. What is an agreement? An agreement can be described as a promise or a set of promises. Section 2(e) of the Act defines an agreement as “every promise and every set of promises, forming consideration for each other, is an agreement.” Accordingly, a contract is an agreement and an agreement is a set of promise between two parties. A contract therefore requires two parties, one making an offer called the promisor or offerer, to another person called the promisee or offeree. The law of contracts is primarily concerned with self-imposed obligations. Therefore, the parties to a contract do enjoy freedom of contract and the rights and duties created by them can be enforced even though the terms of the contract are harsh or unfair to one party.
  • Chapter 3

    The sale of goods act, 1930 Price 2.99  |  2.99 Rewards Points

    The Sale of Goods is the most common of all commercial transactions. A knowledge of the main principles is of this Act is of utmost importance to all concerned. The law relating to the Sale of Goods is contained in the Sale of Goods Act 1930. Prior to this Act, the law of Sale of Goods was contained in Chapter VII of the Indian Contract Act, 1872. The Act covers topics such as the concept of sale of goods, delivery of goods and passing of ownership. The Act also covers the field of documents of title to goods and the transfer of ownership on the basis of the transactions and documents, between the buyer and the seller, warranties and conditions arising out of sale and other obligations of the buyer and the seller
  • Chapter 4

    The indian partnership act, 1932 Price 2.99  |  2.99 Rewards Points

    Partnership is a form of business organization, where two or more people, having common interest, join together for jointly carrying on some business. The law relating to partnership in India is embodied in the Indian Partnership Act, 1932. Before this Act could come into force, the provisions of Sections 239 to 266 of the Indian Contract Act governed a partnership. This Act was given effect to from the 1st of October, 1932. However, Section 69, which deals with the effect of non-registration of firms, came into force from 1st October 1933. The Act extends to the whole of India except the State of Jammu & Kashmir. According to Sec 3, since partnership comes into existence only by a contract between people who later become partners of the firm, the provisions of the Indian Contract Act, continue to apply to partnership firms.

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