L E G A L A S P E C T S O F B U S I N E S S

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  • Nice sharing in this slide show. Legal aspects of business – in this book several branches of laws such as international law, constitutional law, criminal law etc. Actually I am also a business man and your this presentation very helpful to very one.
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L E G A L A S P E C T S O F B U S I N E S S

  1. 1. LEGAL ASPECTS OF BUSINESS.<br />SEM-2<br />
  2. 2. SYLLABUS:<br />1) INDIAN CONTRACT ACT 1872.<br />2) SALE OF GOODS ACT 1930.<br />3) COMPANIES ACT 1956<br />4) THE NEGOTIABLE INSTRUMENTS ACT 1881.<br />5) THE M.R.T.P ACT.<br />
  3. 3. 1) THE INDIAN CONTRACT ACT 1872:<br />INTRODUCTION:<br />LAW IS SET OF RULES AND REGULATIONS.<br />IT REGULATES THE CONDUCT OF PEOPLE TO PROTECT THEIR PROPERTY AND CONTRACTUAL RIGHTS WITH A VIEW TO SECURING JUSTICE, PEACEFUL LIVING AND SOCIAL SECURITY.<br />
  4. 4. THERE ARE SEVERAL BRANCHES OF LAW SUCH AS INTERNATIONAL LAW, CONSTITUITIONAL LAW, CRIMINAL LAW, CIVIL LAW ETC.<br />EVERY BRANCH OF LAW REGULATES AND CONTROLS A PARTICULAR FIELD OF ACTIVITY.<br />
  5. 5. WHAT IS MERCANTILE LAW OR COMMERCIAL LAW OR BUSINESS LAW?<br />IT IS A PART OF CIVIL LAW WHICH DEALS WITH THE RIGHTS AND OBLIGATIONS OF MERCANTILE PERSONS ARISING OUT OF MERCANTILE TRANSACTIONS.IT INCLUDES LAWS RELATING TO VARIOUS CONTRACTS, PATERNISHIP, COMPANIES, NEGOTIABLE INSTRUMENTS ETC.<br />
  6. 6. SOURCES OF MERCANTILE LAW:<br />1) ENGLISH MERCANTILE LAW<br />2) INDIAN STATUE LAW<br />3) JUDICIAL DECISIONS<br />4) CUSTOMS AND USAGES.<br />
  7. 7. THE LAW OF CONTRACT:<br />THE LAW OF CONTRACT IS CONTAINED IN THE INDIAN CONTRACT ACT, 1872 WHICH...<br />A) DEALS WITH THE GENERAL PRINCIPLES OF LAW GOVERNING ALL CONTRACTS AND<br />B) COVERS THE SPECIAL PROVISIONS RELATING TO SPECIAL CONTRACTS LIKE BAILMENT, PLEDGE, INDEMNITY, GUARANTEE AND AGENCY.<br />
  8. 8. THE LAW OF CONTRACT RELATES TO THE ESSENTIALS OF A VALID CONTRACT, BUT ALSO TO ALL DAY-TO-DAY PERSONAL DEALINGS.<br />
  9. 9. MEANING OF A CONTRACT:<br />ACCORDING TO SEC2(H) OF THE INDIAN CONTRACT ACT 1872, AN AGREEMENT ENFORCEABLE BY LAW IS A CONTRACT.<br />A CONTRACT MUST HAVE THE FOLLOWING TWO ELEMENTS:<br />1) AN AGREEMENT AND<br />2) ENFORCEABILITY OF AN AGREEMENT.<br />
  10. 10. CONTRACT = AN AGREEMENT+ ENFORCEBILITY OF AN AGREEMENT.<br />WHAT IS AN AGREEMENT?<br />
  11. 11. WHAT IS AN AGREEMENT?<br />ACC. TO SEC2(E) OF THE INDIAN CONTRACT ACT 1872, “EVERY PROMISE AND EVERY SET OF PROMISES FORMING THE CONSIDERATION FOR EACH OTHER IS AN AGREEMENT.”<br />
  12. 12. WHAT IS A PROMISE?<br />ACC. TO SEC 2(B) OF THE ACT ,”A PROPOSAL WHEN ACCEPTED BECOMES A PROMISE.”<br />AGREEMENT=OFFER+ACCEPTANCE.<br />ENFORCEABILITY OF AN AGREEMENT IS PRESENT WHEN IT CREATES SOME LEGAL OBLIGATIONS FOR THE BOTH THE PARTIES.<br />
  13. 13. CLASSIFICATION OF CONTRACTS:<br />ON THE BASIS OF CLASSIFICATION OF CONTRACTS:<br />1) CREATION<br />2) EXECUTION<br />3) ENFORCEABILITY.<br />
  14. 14. CONTRACTS ON THE BASIS OF CREATION:<br />A) EXPRESS CONTRACT : EXPRESS CONTRACT IS ONE WHICH IS MADE BY WORDS SPOKEN OR WRITTEN.<br />B) IMPLIED CONTRACT: AN IMPLIED CONTRACT IS ONE WHICH IS MADE OTHERWISE THAN BY WORDS SPOKEN OR WRITTEN.IT IS INFERRED FROM THE CONDUCT OF A PERSON OR THE CIRCUMSTANCES OF THE PARTICULAR CASE. EG : COOLIE IN THE RLY.STN.<br />
  15. 15. CONTRACTS ON THE BASIS OF EXECUTION:<br />A) EXECUTED CONTRACT :IT IS A CONTRACT WHERE BOTH THE PARTIES TO THE CONTRACT HAVE FULFILLED THEIR RESPECTIVE OBLIGATIONSMUNDER THE CONTRACT.<br />B) EXECUTORY CONTRACT: IT IS A CONTRACT WHERE BOTH THE PARTIES TO THE CONTRACTHAVE STILL TO PERFORM THEIR RESPECTIVE OBLIGATIONS.<br />
  16. 16. C) PARTLY EXECUTED AND PARTLY EXECUTORY CONTRACT :<br />IT IS A CONTRACT WHERE ONE OF THE PARTIES TO THE CONTRACT HAS FULFILLED HIS OBLIGATION AND THE OTHER PARTY HAS STILL TO PERFORM HIS DUTY.<br />
  17. 17. CONTRACTS ON THE BASIS OF ENFORCEABILITY:<br />A) VALID CONTRACT: A CONTRACT WHICH SATISFIES ALL THE CONDITIONS PRESCRIBED BY THE LAW IS A VALID CONTRACT.<br />B) VOID CONTRACT: THE TERM VOID CONTRACT IS DEFINED IN SEC2(J),” A CONTRACT WHICH CEASES TO BE ENFORCEABLE BY LAW BECOMES VOID WHEN IT CEASES TO BE ENFOCEABLE.”<br />
  18. 18. 3)VOID AGREEMENT:ACC. TO SEC2(G) OF THE ACT AN AGREEMENT NOT ENFORCEABLE BY LAW IS SAID TO BE VOID.<br />SUCH AGREEMENTS ARE VOID-AB-INITIO WHICH MEANS THEY ARE NOT ENFORCEABLE RIGHT FROM THE STARTING .<br />
  19. 19. 4) VOIDABLE CONTRACT : ACC.TO SEC2(I) OF THE ACT, AN AGREEMENT WHICH IS ENFORCEABLE BY LAW AT THE OPTION OF ONE OR MORE OF THE PARTIES THEREON BUT NOT AT THE OPTION OF THE OTHER OR OTHERS.<br />EG. AGREEMENT SIGNED BY COERCION.<br />
  20. 20. 5)ILLEGAL AGREEMENT : IT IS ONE THE OBJECT OF WHICH IS UNLAWFUL.THEY ARE ALWAYS VOID-AB-INITIO.<br />6) UNENFORCEABLE CONTRACT:IT IS A CONTRACT WHICH IS ACTUALLY VALID BUT CANNOT BE ENFORCED DUE TO SOME TECHNICAL DEFECT SUCH AS NOT IN WRITING OR UNDERSTAMPED.<br />
  21. 21. ESSENTIALS OF A VALID CONTRACT:<br />1)OFFER AND ACCEPTANCE<br />2) INTENTION TO CREATE LEGAL RELATIONSHIP<br />3)FREE CONSENT<br />4)CAPACITY TO CONTRACT<br />5)LAWFUL CONSIDERATION<br />6)LAWFUL OBJECTIVE<br />7)AGREEMENT NOT EXPRESSLY DECLARED VOID<br />
  22. 22. 8) CERTAINITY OF MEANING<br />9) POSSIBILITY OF PERFORMANCE<br />10) LEGAL FORMALITIES.<br />
  23. 23. HOME WORK:<br />DISTINCTION BETWEEN AN AGREEMENT AND A CONTRACT.<br />

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