The document discusses the primary and secondary sources of Indian law. It begins by stating the maxim that ignorance of law is no excuse. The primary sources of Indian law are discussed as customs, judicial precedents, statutes, and personal law. Customary law refers to established patterns of behavior regarded as legally binding. Judicial precedents establish rules of law from past court decisions. Statutes are laws created by legislation. Personal law applies religious or customary laws to certain matters. The secondary sources are discussed as English law and principles of justice, equity and good conscience which guide courts when law is silent. English law sources include common law, equity, statute law, and law merchant developed by merchants.
The document discusses the primary and secondary sources of Indian law. It defines custom, judicial precedent, statute, and personal law as the primary sources. It also discusses English law, principles of justice/equity/good conscience as secondary sources. It provides details on customs, judicial precedent based on stare decisis, statute law created by legislation, and personal laws governing Hindus, Muslims, Christians. It also summarizes the key sources of English law that influence Indian law - common law, equity, law merchant, and statute law.
This document provides an overview of key concepts in business law in India. It begins with definitions of law and the need for understanding business laws. It outlines the sources of business law in India, including English mercantile law, statute law, common law, and customs/usages. The document then covers the law of contracts in detail, providing definitions of contract and agreement, essential elements of a valid contract, and distinguishing features of contracts versus other types of agreements. Key acts governing business in India are also listed.
Mb0051 “legal aspects of business answerRohit Mishra
The note on copyright discusses:
1. The meaning of copyright which includes the exclusive rights over literary, dramatic, musical, artistic, cinematographic and sound recording works.
2. Ownership of copyright which generally vests with the author, except for works made during employment or commissioned works.
3. The summary captures the key aspects of copyright definition and ownership in 3 sentences as requested.
The presentation deals with some legal maxims used in India starting from what is a legal maxim to some legal maxims used in Indian Courts viz. Actus Dei Nemini Injuriam ,Actori incumbit onus probandi etc with their English meaning and related case law.
Classification of law - Legal Environment of business - Business Law - Manu M...manumelwin
Public Law is concerned with the legal relation between the state and the individuals. All laws relating to the distribution and exercise of power by the state are the part of public law.
The document discusses the nature of law by providing definitions and perspectives from different scholars. It begins by stating that the nature of law refers to the meaning, definition, significance, and characteristics of law. It then examines definitions of law from several legal theorists and schools of thought. Austin defines law as a general command of the sovereign backed by sanction. Salmond defines it as a body of principles recognized and applied by the state in the administration of justice. Holland defines it as a general rule of external human action enforced by a sovereign political authority. The document explores these definitions and their limitations in summarizing key aspects of the nature and meaning of law.
The presentation deals with some legal maxims used in India starting from what is a legal maxim to some legal maxims used in Indian Courts viz. Actus Dei Nemini Injuriam , Actori incumbit onus probandi , Actio Personalis Moritur Cum Persona , Actus Non Facit Reum Nisi Mens Sit Rea , Assignatus utitur jure auctoris etc .with their English meaning and related case law.
The document discusses the primary and secondary sources of Indian law. It defines custom, judicial precedent, statute, and personal law as the primary sources. It also discusses English law, principles of justice/equity/good conscience as secondary sources. It provides details on customs, judicial precedent based on stare decisis, statute law created by legislation, and personal laws governing Hindus, Muslims, Christians. It also summarizes the key sources of English law that influence Indian law - common law, equity, law merchant, and statute law.
This document provides an overview of key concepts in business law in India. It begins with definitions of law and the need for understanding business laws. It outlines the sources of business law in India, including English mercantile law, statute law, common law, and customs/usages. The document then covers the law of contracts in detail, providing definitions of contract and agreement, essential elements of a valid contract, and distinguishing features of contracts versus other types of agreements. Key acts governing business in India are also listed.
Mb0051 “legal aspects of business answerRohit Mishra
The note on copyright discusses:
1. The meaning of copyright which includes the exclusive rights over literary, dramatic, musical, artistic, cinematographic and sound recording works.
2. Ownership of copyright which generally vests with the author, except for works made during employment or commissioned works.
3. The summary captures the key aspects of copyright definition and ownership in 3 sentences as requested.
The presentation deals with some legal maxims used in India starting from what is a legal maxim to some legal maxims used in Indian Courts viz. Actus Dei Nemini Injuriam ,Actori incumbit onus probandi etc with their English meaning and related case law.
Classification of law - Legal Environment of business - Business Law - Manu M...manumelwin
Public Law is concerned with the legal relation between the state and the individuals. All laws relating to the distribution and exercise of power by the state are the part of public law.
The document discusses the nature of law by providing definitions and perspectives from different scholars. It begins by stating that the nature of law refers to the meaning, definition, significance, and characteristics of law. It then examines definitions of law from several legal theorists and schools of thought. Austin defines law as a general command of the sovereign backed by sanction. Salmond defines it as a body of principles recognized and applied by the state in the administration of justice. Holland defines it as a general rule of external human action enforced by a sovereign political authority. The document explores these definitions and their limitations in summarizing key aspects of the nature and meaning of law.
The presentation deals with some legal maxims used in India starting from what is a legal maxim to some legal maxims used in Indian Courts viz. Actus Dei Nemini Injuriam , Actori incumbit onus probandi , Actio Personalis Moritur Cum Persona , Actus Non Facit Reum Nisi Mens Sit Rea , Assignatus utitur jure auctoris etc .with their English meaning and related case law.
Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.[1] It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.[2] It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law.In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, and the U.S. territories.
This document provides an overview of contract law in India. It begins by defining the term "law" and noting that law comprises rules enforced by a sovereign state. It then discusses the Indian Contract Act of 1872, which is the primary legislation governing contracts in India. The key points covered include:
1) The Indian Contract Act defines a contract and establishes elements like offer, acceptance, capacity and consent required for a valid contract.
2) Contracts are classified and remedies for breach are provided. This act regulates commercial transactions in India.
3) While parties once had freedom to negotiate contracts, now standard forms and consumer protection laws limit this freedom to some extent.
4) The nature and scope of the
This document provides definitions and classifications of business law concepts. It discusses what law is, the different types of laws, and business entities. It defines law and discusses its four principal functions. It describes the different classifications of laws such as written vs unwritten, national vs international, public vs private, substantive vs procedural, criminal vs civil. It also defines common business law terms related to contracts, business organizations, and commercial transactions.
This document provides an introduction to business and labour law. It discusses the key differences between criminal and civil liability. Criminal law deals with crimes and punishment, while civil law regulates disputes and provides compensation. It also summarizes the main sources of law, including legislation, precedent, customs, common law, and equity. Equity developed to provide remedies that were not available under common law. While courts have merged common law and equity, they remain distinct approaches.
This document discusses the different types and classifications of law. It begins by explaining the various meanings of the term "law" according to Baron De Montesquieu. It then outlines the main types of law as eternal law, divine law, natural law, and positive/human law. The document also classifies law into public and private law, civil and criminal law, substantive and procedural law, municipal/domestic and international law, written and unwritten law, and common law and equity. For each classification, it provides examples and brief explanations.
This document provides an overview of law and the legal system in Trinidad and Tobago. It discusses what law is, the main sources of law including the constitution, legislation, case law, and international law. It also describes the different types of laws, such as public law, private law, civil law, and criminal law. The document examines key legal concepts like statutory interpretation, the separation of powers, and the rule of law.
Nature of law and administration of justice by Dr. Rajashree J. Jawalesundarsasane
This topic deals with definition and concept of law , kinds and sources of law and Administration of Justice under Jurisprudence. This topic is useful for law students and for general public to understand the basic concepts ,
This document provides an introduction to business law. It discusses how human civilization and the development of business led to the need for a uniform code of conduct. It defines law and outlines the main branches of law. It then defines business and business law. The objectives of business law are also presented. Finally, the key sources of business law are summarized, including customs, common law, equity principles, law merchant, statute law, precedents, and Indian statute law.
This document provides an overview and summary of key principles for interpreting statutes. It begins with an introduction to statutory interpretation and discusses literal and logical interpretation approaches. It then covers various internal aids to interpretation like context, title, preamble, headings, and definitions. Exceptions to literal interpretation like ambiguity and absurdity are also noted. The document aims to enable law students' understanding of interpreting statutes.
This document provides an introduction to business law. It defines law and explains the need for laws in society to regulate behavior. The main branches of law are described as constitutional law, administrative law, criminal law, civil law, and commercial law. Sources of law are explained as statutory law, case law, natural law, English mercantile law, and customs. Key legal concepts such as legal positivism, legal realism, stare decisis, precedent, and civil versus criminal law are introduced. The document concludes by noting how laws regulate all areas of business and factors owners must consider.
The document outlines an agenda for a 3-day course on joint venturing, contracting, and business law held in Calgary from March 30 to April 2, 2006, which will cover topics such as contracts, joint ventures, employment law, torts, and privacy law, and will include an exam on the final day.
The document discusses various sources of law and tools for legal research. It begins by outlining the process of legal research and different types of legal systems. It then describes primary sources of law such as constitutions, statutes, court decisions, treaties and customary law. Secondary sources like commentaries, journals, dictionaries are also discussed. The document also explains tools for locating legal information like law reports, legislative digests, case citators and equivalent case tables. It concludes by mentioning electronic databases that provide access to various legal sources.
The document provides an introduction to business law, including definitions of key concepts like law and legal systems. It outlines several major areas of law like contracts, torts, and property law. It also discusses sources of law such as legislation, judicial precedent, and customs. Business law regulates industry and commerce while promoting the rights of businesses. It has become more important with increasing globalization and complex modern business activities.
In this presentation, we will discuss the mercantile and commercial laws, sources and scope of laws and various other relevant acts.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
This document outlines the course content for a law and business law course. It covers several parts: an introduction to law and business law defining key terms; obligations in general and the nature and effect of obligations; general provisions on contracts; and defective contracts. The introduction defines law and discusses sources of law and characteristics of business law. Obligations are discussed in terms of their essential requisites and effects. General provisions on contracts cover elements, stages, characteristics and classifications of contracts. Defective contracts discusses rescissible, voidable, unenforceable and void contracts.
The document discusses different kinds of statutes based on duration, nature of operation, and object. There are three main categories: 1) Based on duration, statutes can be temporary or permanent; 2) Based on nature of operation, statutes can be prospective, retrospective, directory, or mandatory; 3) Based on object, statutes can serve purposes such as codifying, consolidating, enabling, disabling, remedial, penal, taxing, amending, explanatory, declaratory, repealing, or curative. Examples are provided for each type of statute.
This document provides an overview of law and its sources in India. It defines law and discusses its key purposes and functions which include making human associations possible, ensuring orderly conduct, and achieving justice, continuity and impartiality. It classifies law into public law and private law. The principal sources of law discussed are customs, judicial precedents, and statutes. Customary law derives from long-standing practices while precedents provide consistency through the doctrine of stare decisis. Statutes are laws passed by legislatures. The document also discusses the hierarchy of courts in India and how higher courts' rulings bind lower courts.
Amity mba ii sem legal aspects of business module i revised Nilanjan Bhaumik
The document discusses key concepts related to contracts under Indian law. It covers the nature and types of contracts, essential elements of a valid contract, capacity to contract, offer and acceptance, consideration, discharge of contracts, remedies for breach of contract, bailment, pledge, indemnity, and guarantee. Specifically, it defines contracts, outlines essential elements like offer, acceptance and consideration. It also discusses parties that are incompetent to contract such as minors and those of unsound mind. Special contracts like bailment, pledge, indemnity and guarantee are also summarized.
Amity mba ii sem legal aspects of business module iiNilanjan Bhaumik
This document discusses key concepts from the Sale of Goods Act 1930 in India, including:
1. It defines a contract of sale as one where the seller transfers or agrees to transfer property in goods to the buyer for a price. A sale involves immediate transfer of property, while an agreement to sell involves transfer at a future time or upon conditions being met.
2. It outlines essential elements for a valid contract of sale, including two parties, goods as the subject matter, a price, and transfer of general property.
3. It distinguishes between concepts like sale, hire purchase, pledge, mortgage, hypothecation, and lease of goods based on factors like who retains ownership and possession of the
Mb0051 “legal aspects of business answerRohit Mishra
The document discusses copyright under the Copyright Act. It defines copyright as the exclusive rights granted to the author or creator of certain types of works, including literary, dramatic, musical, artistic, cinematographic, and sound recordings. These rights include rights of reproduction, publication, performance, adaptation, translation, and communication to the public. The ownership of copyright initially vests with the author, subject to exceptions for works made during employment or under commission.
Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.[1] It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.[2] It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law.In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, and the U.S. territories.
This document provides an overview of contract law in India. It begins by defining the term "law" and noting that law comprises rules enforced by a sovereign state. It then discusses the Indian Contract Act of 1872, which is the primary legislation governing contracts in India. The key points covered include:
1) The Indian Contract Act defines a contract and establishes elements like offer, acceptance, capacity and consent required for a valid contract.
2) Contracts are classified and remedies for breach are provided. This act regulates commercial transactions in India.
3) While parties once had freedom to negotiate contracts, now standard forms and consumer protection laws limit this freedom to some extent.
4) The nature and scope of the
This document provides definitions and classifications of business law concepts. It discusses what law is, the different types of laws, and business entities. It defines law and discusses its four principal functions. It describes the different classifications of laws such as written vs unwritten, national vs international, public vs private, substantive vs procedural, criminal vs civil. It also defines common business law terms related to contracts, business organizations, and commercial transactions.
This document provides an introduction to business and labour law. It discusses the key differences between criminal and civil liability. Criminal law deals with crimes and punishment, while civil law regulates disputes and provides compensation. It also summarizes the main sources of law, including legislation, precedent, customs, common law, and equity. Equity developed to provide remedies that were not available under common law. While courts have merged common law and equity, they remain distinct approaches.
This document discusses the different types and classifications of law. It begins by explaining the various meanings of the term "law" according to Baron De Montesquieu. It then outlines the main types of law as eternal law, divine law, natural law, and positive/human law. The document also classifies law into public and private law, civil and criminal law, substantive and procedural law, municipal/domestic and international law, written and unwritten law, and common law and equity. For each classification, it provides examples and brief explanations.
This document provides an overview of law and the legal system in Trinidad and Tobago. It discusses what law is, the main sources of law including the constitution, legislation, case law, and international law. It also describes the different types of laws, such as public law, private law, civil law, and criminal law. The document examines key legal concepts like statutory interpretation, the separation of powers, and the rule of law.
Nature of law and administration of justice by Dr. Rajashree J. Jawalesundarsasane
This topic deals with definition and concept of law , kinds and sources of law and Administration of Justice under Jurisprudence. This topic is useful for law students and for general public to understand the basic concepts ,
This document provides an introduction to business law. It discusses how human civilization and the development of business led to the need for a uniform code of conduct. It defines law and outlines the main branches of law. It then defines business and business law. The objectives of business law are also presented. Finally, the key sources of business law are summarized, including customs, common law, equity principles, law merchant, statute law, precedents, and Indian statute law.
This document provides an overview and summary of key principles for interpreting statutes. It begins with an introduction to statutory interpretation and discusses literal and logical interpretation approaches. It then covers various internal aids to interpretation like context, title, preamble, headings, and definitions. Exceptions to literal interpretation like ambiguity and absurdity are also noted. The document aims to enable law students' understanding of interpreting statutes.
This document provides an introduction to business law. It defines law and explains the need for laws in society to regulate behavior. The main branches of law are described as constitutional law, administrative law, criminal law, civil law, and commercial law. Sources of law are explained as statutory law, case law, natural law, English mercantile law, and customs. Key legal concepts such as legal positivism, legal realism, stare decisis, precedent, and civil versus criminal law are introduced. The document concludes by noting how laws regulate all areas of business and factors owners must consider.
The document outlines an agenda for a 3-day course on joint venturing, contracting, and business law held in Calgary from March 30 to April 2, 2006, which will cover topics such as contracts, joint ventures, employment law, torts, and privacy law, and will include an exam on the final day.
The document discusses various sources of law and tools for legal research. It begins by outlining the process of legal research and different types of legal systems. It then describes primary sources of law such as constitutions, statutes, court decisions, treaties and customary law. Secondary sources like commentaries, journals, dictionaries are also discussed. The document also explains tools for locating legal information like law reports, legislative digests, case citators and equivalent case tables. It concludes by mentioning electronic databases that provide access to various legal sources.
The document provides an introduction to business law, including definitions of key concepts like law and legal systems. It outlines several major areas of law like contracts, torts, and property law. It also discusses sources of law such as legislation, judicial precedent, and customs. Business law regulates industry and commerce while promoting the rights of businesses. It has become more important with increasing globalization and complex modern business activities.
In this presentation, we will discuss the mercantile and commercial laws, sources and scope of laws and various other relevant acts.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html
This document outlines the course content for a law and business law course. It covers several parts: an introduction to law and business law defining key terms; obligations in general and the nature and effect of obligations; general provisions on contracts; and defective contracts. The introduction defines law and discusses sources of law and characteristics of business law. Obligations are discussed in terms of their essential requisites and effects. General provisions on contracts cover elements, stages, characteristics and classifications of contracts. Defective contracts discusses rescissible, voidable, unenforceable and void contracts.
The document discusses different kinds of statutes based on duration, nature of operation, and object. There are three main categories: 1) Based on duration, statutes can be temporary or permanent; 2) Based on nature of operation, statutes can be prospective, retrospective, directory, or mandatory; 3) Based on object, statutes can serve purposes such as codifying, consolidating, enabling, disabling, remedial, penal, taxing, amending, explanatory, declaratory, repealing, or curative. Examples are provided for each type of statute.
This document provides an overview of law and its sources in India. It defines law and discusses its key purposes and functions which include making human associations possible, ensuring orderly conduct, and achieving justice, continuity and impartiality. It classifies law into public law and private law. The principal sources of law discussed are customs, judicial precedents, and statutes. Customary law derives from long-standing practices while precedents provide consistency through the doctrine of stare decisis. Statutes are laws passed by legislatures. The document also discusses the hierarchy of courts in India and how higher courts' rulings bind lower courts.
Amity mba ii sem legal aspects of business module i revised Nilanjan Bhaumik
The document discusses key concepts related to contracts under Indian law. It covers the nature and types of contracts, essential elements of a valid contract, capacity to contract, offer and acceptance, consideration, discharge of contracts, remedies for breach of contract, bailment, pledge, indemnity, and guarantee. Specifically, it defines contracts, outlines essential elements like offer, acceptance and consideration. It also discusses parties that are incompetent to contract such as minors and those of unsound mind. Special contracts like bailment, pledge, indemnity and guarantee are also summarized.
Amity mba ii sem legal aspects of business module iiNilanjan Bhaumik
This document discusses key concepts from the Sale of Goods Act 1930 in India, including:
1. It defines a contract of sale as one where the seller transfers or agrees to transfer property in goods to the buyer for a price. A sale involves immediate transfer of property, while an agreement to sell involves transfer at a future time or upon conditions being met.
2. It outlines essential elements for a valid contract of sale, including two parties, goods as the subject matter, a price, and transfer of general property.
3. It distinguishes between concepts like sale, hire purchase, pledge, mortgage, hypothecation, and lease of goods based on factors like who retains ownership and possession of the
Mb0051 “legal aspects of business answerRohit Mishra
The document discusses copyright under the Copyright Act. It defines copyright as the exclusive rights granted to the author or creator of certain types of works, including literary, dramatic, musical, artistic, cinematographic, and sound recordings. These rights include rights of reproduction, publication, performance, adaptation, translation, and communication to the public. The ownership of copyright initially vests with the author, subject to exceptions for works made during employment or under commission.
The document discusses various concepts related to financial management including cost of capital. It defines controller and treasurer roles, and explains that in the Indian context, the controller typically takes on treasury responsibilities as well. It then provides examples of calculating present value of cash flows, rates of interest for loan repayment installments, weighted average cost of capital, and analyzing leverage and risk positions for different companies.
Human resource management deals with managing an organization's employees. It has both managerial functions like planning and directing, as well as operative functions related to specific HR activities like recruitment, development, and compensation. HR plays an important role in business and economic development by attracting, retaining, motivating, and developing a diverse workforce. However, managing people in turbulent business environments poses many challenges for HR professionals. Effective HR involves aligning HR objectives with organizational goals through strategic HR planning and management. This ensures optimal use of human resources to achieve both short-term and long-term business objectives.
This document provides an overview of topics related to legal aspects of business, including the Indian Contract Act 1872, Sale of Goods Act 1930, and key concepts such as formation of contracts, conditions and warranties, transfer of property, and sale by sample. Specifically, it outlines the essential elements of a valid contract, discusses offer and acceptance, consideration, and performance. It also summarizes formation of contracts for sale, subject matter of contracts, ascertainment of price, and implied conditions regarding title, quality, and fitness for purpose.
Here are the answers to the objective type questions:
1. D
2. B
3. C
4. B
5. A
6. B
7. A
8. C
9. A
10. B
11. A
12. C
13. B
14. B
15. A
16. B
17. C
18. B
19. C
20. C
The document discusses various legal aspects of contracts under Indian law. It defines key concepts like valid contracts, void contracts, voidable contracts, and illegal contracts. It explains essential elements for a valid contract like agreement, lawful consideration, lawful object, and intention to create a legal obligation. It also discusses important concepts related to formation of a contract like offer, acceptance, free consent, contractual capacity, and termination of offer. Finally, it elaborates on vitiating factors like coercion, undue influence, fraud, and misrepresentation that can invalidate a contract.
This document contains 40 multiple choice questions about human resource management concepts and processes. The questions cover topics such as:
- When new HRM concepts like TQM and empowerment emerged
- The concept of welfare stages in HRM
- Examples of managerial functions vs non-managerial functions
- How HRM is now considered (strategic function vs disciplinary department)
- Examples of HR planning processes and objectives
- Key aspects of job analysis and descriptions
- Stages of the recruitment and selection process
- Types of training methods and their objectives
- Performance appraisal techniques
- Compensation and benefits administration considerations
- Labor relations objectives and processes for dispute prevention/resolution
This document contains summaries of 6 law case studies presented by Yatin Patil. The first case discusses whether an agreement for Mr. C to pay Rs. 250,000 to Mr. A for developing a shopping mall constitutes a valid contract. The second case examines if a wife can claim maintenance payments agreed to during a marital dispute. The third case analyzes if a person who knowingly lent money for an illegal act can recover the funds. The remaining cases cover issues related to consideration in agreements and distinguishing offers from invitations to offer.
This document defines and describes different types of negotiable instruments. It begins by explaining that negotiable instruments are transferable written orders to pay a sum of money. The main types discussed are checks, promissory notes, and bills of exchange. Checks are drawn on a bank and payable on demand, while promissory notes contain an unconditional promise to pay, and bills of exchange contain an order to pay. The document outlines the key parties, features, and legal definitions of each type of instrument. It emphasizes that to be valid, a negotiable instrument must be in writing, signed, state a fixed sum to pay, and be freely transferable.
The document discusses several important laws and regulations relating to businesses and industries in India. It notes that legal aspects are an indispensable part of business and reflect the governmental framework of a country. The most important law is the Companies Act of 1956, which regulates the formation, financing, and functioning of companies. Other major laws discussed include those relating to industries, contracts, trade unions, intellectual property rights, foreign exchange, and labor. Compliance with these laws is necessary for efficient operation of organizations in India.
This document discusses legal aspects of business communication related to defamation, invasion of privacy, fraud, credit collection, and employment. It covers topics such as the definitions of libel and slander as types of defamation, examples of invasion of privacy, the differences between fraud and misrepresentation, tips for collecting credit, and important aspects of writing job applications and interviewing. The document is presented over multiple parts that each cover a different legal topic relevant to business communication.
The existing business environment is very turbulent so corporate houses find it very difficult in managing their financial statement. In such scenario, financial management plays significant role for the companies for managing and organizing their financial data and
statements. In the following study different financial tools and techniques will be applied on the London Woods company to analyze its financial performance which will help it in decision making.
The document discusses research methods. It distinguishes between double sampling and multiphase sampling, noting that double sampling involves taking two samples to make acceptance or rejection decisions, while multiphase sampling collects some data from the full sample and more detailed data from a subsample. The document also defines replicated or interpenetrating sampling as involving multiple samples from different batches or processes to account for variation.
Coming to America. Legal Issues for International StartupsTytus Cytowski
Presentation provides overview of key legal problems for international startups relocating to the USA. Presentation delivered at JFE Accelerator in San Francisco on September 3, 2014.
Ensure the smooth flow of your business by choosing the appropriate legal structure, obtaining permits and licenses, and protecting business assets. Although formal legal advice cannot be offered, this workshop will provide guidelines for your new venture.
Jennifer Hoenig, Senior Associate, West Hill Technology Counsel; Megan Taylor, Of Counsel, West Hill Technology Counsel
This document provides an overview of key concepts related to business law and contracts in India. It defines law and various types of contracts such as the law of contract, Indian Contract Act 1872, and elements of a valid contract. It discusses essential elements of a contract including offer, acceptance, consideration, capacity of parties and remedies for breach of contract. It also summarizes classification of contracts, negotiable instruments, and key aspects of sale of goods act including sale, hire purchase agreements, and rights and duties of buyers and sellers.
Research methodolgy and legal writing: Content AnalysisNikhil kumar Tyagi
This document provides an overview of content analysis as a research method. It defines content analysis as the systematic study and quantification of messages to make inferences about their meaning. The document discusses the history and development of content analysis, outlines different types (conceptual and relational analysis), and reviews common uses such as studying social phenomena, media coverage, and sensitive topics. Content analysis is presented as a versatile tool across many fields for analyzing recorded communication.
This document contains questions for an assignment on legal aspects of business for an MBA semester 3 course. It includes 6 questions, each worth varying marks, that cover topics such as agency law, contracts, partnership law, sale of goods, and contract essentials. It also provides a sample answer for the first question which defines law, discusses the characteristics of law, and briefly describes the primary and secondary sources of Indian law.
According to the document, contract law deals with enforceable agreements between parties. There are several key elements for a valid contract, including offer and acceptance, lawful consideration, capacity and consent of parties. Contracts can be classified in various ways, such as by method of formation (express, implied, quasi), time of performance (executed, executory), parties involved (bilateral, unilateral), and validity (valid, void, voidable). Commercial law regulates transactions and covers areas like contracts, negotiable instruments, sale of goods, partnerships, and companies.
This document provides an overview of a Business Law course syllabus. The syllabus covers the following topics in 3 parts:
Part 1 covers General Law of Contract, including offer and acceptance, capacity of parties, essentials of a valid contract, remedies for breach of contract, and quasi contracts.
Part 2 will cover Specific Contracts and Arbitration, including bailment and pledge, carriage of goods, indemnity, guarantee, and partnership.
Part 3 will cover Sale of Goods, including conditions and warranties, transfer of ownership, rights of unpaid sellers, and the nature of a contract of sale. Suggested readings are provided.
Law - sources & types, part of planning legislationChhabiYadav2
The document discusses the sources and types of law in India. It defines law and explains that the main sources of law in India are customs, judicial precedents, statutes, and personal laws. It elaborates on each source and provides details on customs, precedents from court decisions, legislation passed by parliament and state assemblies. It also explains key legal terms and concepts used in India like acts, bills, ordinances, rules and regulations.
The document discusses various perspectives and definitions of law. It outlines that law can be understood as rules and principles that regulate human conduct from a societal perspective. Law also refers to statutes, acts, rules, and regulations created by legislatures. Judges see law as rules of courts, decrees, judgments, and orders. Therefore, law broadly encompasses various legal instruments and concepts. The document also examines classifications of legal systems such as common law, civil law, and religious law systems. Sources of law are discussed as legislation, customs, judicial precedents, and religious doctrines. Major jurists like Austin, Hart, and Pound provide definitions of law from different theoretical viewpoints.
Mb0051 “legal aspects of business answerRohit Mishra
1. Copyright gives the creator of an original work the exclusive right to reproduce, distribute,
perform, display, or license others to do the same with the work.
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1. Kuldeep Singh (Roll No. 571115427)
Kuldeep Singh (Roll No. 571115427)
Master of Business Administration- MBA Semester 3
MB 0051: “Legal Aspects of Business”
Assignment Set – 1
Question No.1
It is important for any person to know law as ignorance of law is no excuse. Modern Indian
law has been derived from some sources. Discuss the primary and secondary sources of
Indian law.
Answer- Ignorance of law is no excuse. It is the real translation of “ignorantiajuris non excusat”.
Every member of the society is expected that his actions confirm to a set pattern or standard as
reflected in legal rules. For this porpoise, he is presumed to know the legal rules. He cannot
take the plea that he did not know them. No doubt, in practice, he cannot learn and know all
the laws of the land, but he can obtain expert guidance from those who possess legal
knowledge. Therefore, the maxim “ignorantiajuris non excusat” places a burden on every
member of the society with the knowledge of law. In other words, “Ignorance of law is not a
good excuse”.
The Indian law has been derived from many sources. The main source of modern Indian law, as
administered by Indian courts may be divided into two broad categories-
I. Primary Source
II. Secondary Source
Primary source of Indian Law:-
The primary sources of Indian law are
a) Customs
b) Judicial Precedents
c) Statutes
d) Personal Law
Customary Law:-
Customs have important role in making the law and therefore is also known as customary law.
Customary Law in the words of Keeton, may be defined as “those rules of human action,
established by usage and regarded as legally binding by those to whom the rules are applicable,
which are adopted by the courts and applied as sources of law because they are generally
followed by the political society as a whole or by some part of it”. In simple words, “It is the
uniformity of conduct of all persons under like circumstances”. It is generally observed course
of conduct by people on a particular matter. When a particular course of conduct is followed
again and again, it becomes a custom.
Judicial Precedents:-
Judicial precedents are another important source of law. It is based on the principle that a rule
of law which has been settled by a series of decisions generally should be binding on the court
and should be followed in similar cases. These rules of law are known as judicial precedents.
However, only such decisions which lay down some new rules or principles are treated as
judicial precedents. Thus, were there is a settled rule of law, it is the duty of the judges to
2. Kuldeep Singh (Roll No. 571115427)
follow the same; they cannot substitute their opinions for the established rule of law. This is
known as the doctrine of ‘staredecisis’. The literal meaning of this phrase is “stand by the
decision”.
Statutory law:-
The statutes or the statutory law or the legislation is the main source of law. This law is created
by legislation such as Parliament. In India, the Constitution empowers the Parliament and state
legislatures to promulgate law for the guidance or conduct of persons to whom the statute is,
expressly or by implication, made applicable. It is sometimes called ‘enacted law’ as it is
brought into existence by getting Acts passed by the legislative body. It is called Statute Law
because it is the writ of the state and is in written form (jus scriptum).
Personal law:-
Many times, a point of issue between the parties to a dispute is not covered by any statute or
custom. In such cases, the courts are required to applythe personal law of the parties. Thus in
certain matters, we follow the personal laws of Hindus, Mohammedan and Christians.
Secondary sources of Indian law
The secondary sources of Indian Law are English Law and Justice, Equity and Good Conscience.
English law- The chief sources of English Law are:
(i) The Common Law
(ii) Equity
(iii) The law Merchant and
(iv) The Statute Law.
Nowadays, English law is not very important source of Indian law. The English law, in its
application to India, has to conform to the peculiar circumstances and conditions prevailing in
this country. Even though the bulk of our law is based on and follows the
English law, yet in its application our courts have to be selective. It is only when the courts do
not find a provision on a particular problem in the primary sources of Indian Law that it my look
to subsidiary sources such as the English Law. For example, the greater part of the Law
Merchant has been codified in India. The Indian Contract Act, 1872, the Indian Partnership Act,
1932, the Scale of Goods Act 1930 and the Negotiable Instruments Act, 1882, are some of the
very important Acts relating to business transactions. Where, however, there is some doubt as
to the interpretation of any provisions of these Acts or where certain branches of the Law
Merchant have not been codified, the courts in India look to English decisions on the point, for
guidance.
Justice, equity and good conscience- In India we do not have, no did we ever had separate
courts (as in England) administering “equity”. But the equitable principles of law, i.e., justice,
equity and good conscience, are the guiding force behind most of the statutes in our country
and the decisions of the courts. Especially, where law is silent on any point or there is some
lacuna in a statute, the principles of equity come handy to the judges who exercise their
discretion often on equitable considerations. The frequent use of terms such as “good faith”,
3. Kuldeep Singh (Roll No. 571115427)
“public interest”, “public policy”, in statutes and by the judges in their judgments is based on
principles of equity.
Now we shall briefly describe the main sources of English law:
1. Common law- This source consists of all those unwritten legal doctrines embodying customs
and traditions developed over centuries by the English courts. Thus, the common law is
found in the collected cases of the various courts of law and is sometimes known as “case
law”.
2. Equity- The literal meaning of the term “equity” is “natural justice”. The development of
equity as a source of law occurred due to rigours and hardships of the Common Law.
Therefore, in its technical and narrower sense, “equity” means a body of legal doctrines and
rules emanating from the administrations of justice, developed to enlarge, supplement or
override a narrow rigid system of existing law of the land. However, like the common law,
the “equity” is unwritten and is a supplement to common law as a source of law.
3. Statute law- The Statute law consists of the law passed by the Parliament and therefore, is
“written” law. The authority of parliament is supreme but is subject to natural limitations
and those lay down by the Constitution. It can pass any law it pleases and can override its
own previous Acts and the decisions of the courts. Statute law, therefore, is superior to and
can override any rule of Common Law or equity.
4. The law merchant or lexmercatoria- It is another important source of law and is based to a
great extent on customs and usages prevalent among merchants and traders of the
middleages. Its evolution like that of equity can be traced to unsuitability of Common Law so
far as the commercial transactions were concerned. The Common Law was found to be
unsatisfactory in dealing with disputes between merchants. The merchants, therefore,
developed certain rules based upon customs and usages to over their mercantile
transactions. These rules were known as LexMercatoria or the Law Merchant.
4. Kuldeep Singh (Roll No. 571115427)
Question No. 2
We all enter into many contracts in a day knowingly or unknowingly. Explain the definition of
a valid contract. How are contracts classified?
Answer-A contract is an agreement that can be enforceable by law. An agreement is an offer
and its acceptance. An agreement which can be enforceable by law must have some essential
elements. According to Section 10 "All agreements are contracts if they are made by the free
consent of the parties competent to contract, for a lawful consideration and with a lawful
object, and are not hereby expressly declared to be void" As per the above section, a contract
must have the following elements.
1. Intention to create legal relationship.
2. Lawful object
3. Agreement not expressly declared void.
4. Proper offer and its acceptance.
5. Free Consent
6. Capacity of parties to contract
7. Certainty of meaning.
8. Possibility of performance.
9. Lawful consideration
10. Legal formalities
Contracts can be classified as under:
Contracts on the basis of creation:
a) Express contract: Express contract is one which is made by words spoken or written.
b) Implied contract: An implied contract is one which is made otherwise than by works
spoken or written. It is inferred from the conduct of a person or the circumstance of the
particular case.
c) Quasi or constructive contract: It is a contract in which there is no intention either side
to make a contract, but the law imposes contract. In such a contract eights and
obligations arise not by any agreement between the practice but by operation of law.
e.g where certain books are delivered to a wrong address the addresses is under an
obligation to either pay for them or return them.
Contracts on the basis of execution:
a) Executed contract: It is a contract where both the parties to the contract have fulfilled
their respective obligations under the contract.
b) Executory contract: It is a contract where both the parties to the contract have still to
perform their respective obligations.
c) Partly executed and partly executory contract: 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
5. Kuldeep Singh (Roll No. 571115427)
obligation.
Contracts on the basis of enforceability:
a) Valid contract: A contract which satisfies all the conditions prescribed by law is a valid
contract. E.g. X offers to marry y. y accepts X offer. This is a valid contract.
b)Void Contract: the term void contract is described as under section 2(j) of I.CA, 1872, A
contract which cases to be enforceable by law becomes void when it ceases to be
enforceable. In other words, a void contract is a contract which is valid when entered into
but which subsequently became void due to impossibility of performance, change of law or
some other reason. E.g. X offers to marry Y, Y accepts X offer. Later on Y dies this contract
was valid at the time of its formation but became void at the death of Y.
c) Void Agreement: According to Section 2(g), an agreement not enforceable by law is said
to be void. Such agreements are void- ab- initio which means that they are unenforceable
right from the time they are made. E.g. in agreement with a minor or a person of unsound
mind is void –ab-initio because a mino or a person of unsound mind is incompetent to
contract.
d) Voidable contract: According to section 2(i) of the Indian contract act, 1872,
arrangement 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 other, is a voidable contract. In other words, a
voidable contract is one which can be set aside or avoided at the option of the aggrieved
party. Until the contract is set aside by the aggrieved party, it remains a valid contract.
For example:- a contract is treated as voidable at the option of the party whose consent has
been obtained under influence or fraud or misinterpretation. E.g. X threatens to kill Y, if the
does not sell his house for Rs. 1 lakh to X. Y sells his house to X and receives payment. Here,
Y consent has been obtained by coercion and hence this contract is void able at the option
of Y the aggrieved party. If Y decides to avoid the contract he will have to return Rs. 1 lakh
which he had received from X. If Y does not exercise his option to repudiate the contract
within a reasonable time and in the meantime Z purchases that house from X for 1 lakh in
good faith. Y cannot repudiate the contract.
e) Illegal Agreement: An illegal agreement is one the object of which is unlawful. Such an
agreement cannot be enforced bylaw. Thus, illegal agreements are always void – ab- initio
(i.e. void from the very beginning) e.g. X agrees to y Rs. 1 lakh Y kills Z. Y kill and claims Rs. 1
lakh. Y cannot recover from X because the agreement between X and Y is illegal and also its
object is unlawful.
f) Unenforceable contract: It is contract which is actually valid but cannot be enforced
because of some technical defect (such as not in writing, under stamped). Such contracts
can be enforced if the technical defect involved is removed.
6. Kuldeep Singh (Roll No. 571115427)
Question No. 3
The parties to bailment have certain rights and duties. Discuss the duties of both parties i.e.
the bailor and bailee.
Answer:-
Bailment is defined as the “delivery of goods by one to another person for some purpose, upon
a contract that they shall, when the purpose is accomplished, be returned or otherwise
disposed of according to the directions of person delivering them”. The person delivering the
goods is called the “bailor” and the person to whom the goods are delivered is called the
“bailee”. The explanation to the above Section points out that delivery of possession is not
necessary, where one person, already in possession of goods contracts to hold them as bailee.
The bailee is under an obligation to re-deliver the goods, in their original or altered form, as
soon as the time of use for, or condition on which they were bailed, has elapsed or been
performed”.
For example-
(i) A delivers some clothes to B, a dry cleaner, for dry cleaning. (ii) A delivers a wrist watch to B
for repairs. (iii) A lends his book to B for reading. (iv) A delivers a suit-length to a tailor for
stitching. (v) A delivers some gold biscuits to B, a jeweler, for making jewellery. (vi) Delivery of
goods to a carrier for the purpose of carrying them from one place to another. (vii) Delivery of
goods as security for the repayment of loan and interest thereon, i.e., pledge.
Duties of a bailor-
1. To disclose know faults in the goods- The bailor is bound to disclose to the bailee faults in
the goods bailed, of which the bailor is aware and which materially interfere with the use of
them or expose the bailee to extraordinary risks. If he does not make such disclosure, he is
responsible for the damage arising to the bailee directly from such faults.
Example: A lends a horse, which he knows to be vicious, to B. He does not disclose thefact that
the horse is vicious. The horse runs away. B is thrown and injured. A isresponsible to B for
damage sustained.2.
2. Liability for breach of warranty as to title- The bailor is responsible to the bailee for any loss
which the bailee may sustain by reason that the bailor was not entitled to make the bailment,
or to receive back the goods or to give directions respecting them (Sec.164).
Example: A gives B‟s car to C without B‟s knowledge and permission. B sues C and receives
compensation. A, the bailor, is responsible to make good this loss to C, the bailee.
3. To bear expenses in case of gratuitous bailments- Regarding bailments under which bailee is
to receive no remuneration, Sec.158 provides that in the absence of a contract to the contrary,
the bailor must repay to the bailee all necessary expenses incurred by him for the purpose of
the bailment.
4. In case of non-gratuitous bailments, the bailor is held responsible to bear only extraordinary
expenses.
Example: A car is lent for a journey. The ordinary expenses like petrol, etc., shall be borne by
the bailee but in case the car goes out of order, the money spent in its repair will be regarded
as an extraordinary expenditure and borne by the bailor.
Duties of a bailee-
7. Kuldeep Singh (Roll No. 571115427)
1. To take care of the goods bailed- In all cases of bailment, the bailee is bound to take as much
care of the goods bailed to him as a man of ordinary prudence would, under similar
circumstances, take of his own goods of the same bulk, quality and value as the goods bailed. In
case, bailee has taken the amount of care as described above, he shall not be responsible, in
the absence of any special contract, for the loss, destruction or deterioration of the thing bailed
(Sec.152).
Example: A lends a car to B for his own driving only. B allows C, his wife, to drive the car. C
drives with care, but the car is damaged in an accident. A is liable to make compensation to B
for the damage done to the car.
2. Not to make unauhorised use of goods- In case the bailee makesunauthorised use of goods,
i.e., uses them in a way not warranted by the terms of bailment, he is liable to make
compensation to the bailor for any damages arising to thegoods from or during such use of
them.
3.Not to mix bailor’s goods with his own- If the bailee without theconsent of the bailor, mixes
the goods of the bailor with his own goods and the goods canbe separated or divided, the
bailee shall be bound to bear the expense of separation ordivision and any damages arising
from the mixture.
Example:A bails 100 bales of cotton marked with a particular mark to B. B, without A’sconsent,
mixes the 100 bales with other bales of his own bearing a different mark. A isentitled to have
his 100 bales returned and B is bound to bear all expenses incurred in theseparation of the
bales and any other incidental damage.But in case goods are mixed in such a manner that it is
impossible to separate the goodsbailed from the other goods and deliver them back, the bailor
is entitled to becompensated by the bailee for the loss of the goods.
4.To return the goods bailed without demand- It is the duty of the bailee toreturn, or
deliveraccording to the bailor‟s directions, the goods bailed, without demand,as soon as the
time for which they were bailed has expired, or the purpose, for which theywere bailed has
been accomplished.If bailee fails to return the goods at the proper time, he is responsible to the
bailor for anyloss, destruction or deterioration of the goods from that time (Sec.161).
8. Kuldeep Singh (Roll No. 571115427)
Question No. 4
A contract comprises of reciprocal promises. In a contract of sale who is an unpaid seller?
Discuss the remedies for breach of contract under Sale of Goods Act, 1930.
Answer- A contract is comprised a reciprocal promises. In a contract of sale, if seller is under as
obligation to deliver goods, buyers has to pay for it. In case buyer fails or refuse to pay, the
seller shall have certain rights.
Unpaid Seller: - A seller of goods is an unpaid seller when
i) The whole of the price has not been paid or tendered.
ii) A bill of exchange or other negotiable instrument has been received as conditional
payment and the condition on which it was received has not been fulfilled by
reasons of the dishonor of the instrument or otherwise.
Remedies for breach of contract-
In addition to rights of a seller against goods provided in Secs. 47 to 54, the seller has the
following remedies against the buyer personally.
i) Suit for price (Sec. 55)
ii) Damage for non-acceptance of goods (Sec. 56)
iii) Suit for interest (Sec. 61)
Suit for Price- Where under a contract of sale the property in the goods has passed to the buyer
and the buyer wrongfully neglects or refuses to pay the price, the seller can sue the buyer for
the price of the goods. Where the property in goods has not passed to the buyer, as a rule, the
seller cannot file a suit for the price; his only remedy is to claim damages.
Suit for damage for non-acceptance- Where the buyer wrongfully neglects or refuses to accept
and pay for the goods, the seller may sue him for damage for non-acceptance. Where the
property in the goods has not passed to the buyer and the price was not payable without
passing of property, the seller can only sue for damages and not for the price. The amount of
damage is to be determined in accordance with the provisions laid down in Sec. 73 of the Indian
Contract Act, 1872. Thus, where is an available market for the goods prima facie, the difference
between the market price and the contract price can be recovered.
Suit for interest- When under a contract of sale, the seller tenders the goods to the buyer and
the buyers wrongfully neglects or refuse to accept and pay the price. The seller has a further
right to claim interest on the amount of the price. In this absence of contract to the contrary,
the court may award interest at such rate as it thinks fit on the amount of the price. The
interest may be from the date of the tender of the goods or from the date on which the price
was payable. It is obvious that the unpaid seller can claim interest only when he can recover
the rice, i.e., if the seller’s remedy is to claim damages only, than he cannot claim interest.
Buyers remedy against seller- The buyer has the following rights against the seller for breach of
contract.
9. Kuldeep Singh (Roll No. 571115427)
I) Damages for non-delivery (Sec. 57)
II) Right of recovery of the price
III) Specific Performance (Sec. 58)
IV) Suit for breach of condition
V) Suit for breach of warranty (Sec.59)
VI) Anticipatory breach (Sec. 60)
VII) Recovery of interest (Sec. 61)
Question No.5
The Companies Act, 1956 deals with the formation and transaction of business of a company.
Discuss the features of a company. Also explain the process of formation of a company
Answer-In common usage, ‘Company’ means an association of persons associated for some
common purpose. The common object may be business, charity, research etc. The persons are
united for achieving a common objective, normally, for earning profits, which are shared by the
investors.
Definition of Company- Section 3 (1) (i) of the Companies Act, 1956 defines a company as:
“A company registered and formed under this Act or an existing company.”
The above definition does not give clear description about the company. The definition
provided by Haney gives a better view about the essential elements of a company. According to
Haney, “A company is an incorporated association which is an artificial person created for by
law, having a separate entity, with a perpetual succession and a common seal”.
Also Sec. 12 permits the formation of different types of companies. These may be
Companies limited by shares
Companies limited by guarantee
Unlimited Companies
Features of a Company-
1. Registration: A company is to be compulsorily registered under the Companies Act.
2. Artificial Person: A company is an artificial person. “Company is an artificial person, invisible,
intangible and existing only in the eyes of law.” It is created under the law, not itself a human
being. It is called a person as it is clothed with certain rights and obligations.
3. Separate Legal Entity: A company can enter into contracts with its directors, its shareholders
and outsiders. It functions through its board of directors. A company is a distinct person, with
its own independent identity.
One Man Company: When a single person holds almost all the shares of the company, it is
10. Kuldeep Singh (Roll No. 571115427)
called ‘One Man Company’. Such a company has a legal personality, if it complies with the
necessary requirements of registration. Such companies may be public or private companies.
Usually, they are private companies.
Formation of a Company- The whole process of formation of a company is divided into four
steps for convenience.
A. Promotion of Company
B. Incorporation or Registration of Company
C. Floatation of Company
D. Commencement of Business
A. Promotion of Company- Promotion is a term of wide import denoting the preliminary steps
taken for the purpose of registration and floatation of the company. The persons who assume
the task of promotion are called promoters. The Promoter is a person who initiates the process
of formation of company. Heundertakes to form a company with reference to a given project
and takes the necessary steps toaccomplish the purpose. Promoter assumes responsibility for
all the matters relating to the formationof the company.
B. Incorporation or Registration of Company- For a public company, the minimum number of
members is seven, while it is two in the case of a private company. The promoter has to gather
the required number for subscribing to the Memorandum of Association.
The following are the steps for the incorporation of a company:
1. Application for Availability of Name: A company cannot be registered in the name of an
existing company. It also cannot be registered in a name, which is undesirable in the opinion
of the Central Government. Therefore, it is necessary for the promoters to find out the
availability of the name of the company from the Registrar of Companies. The first step in
the formation of a company is the approval of the name by the Registrar of Companies
(ROC) in the State/Union Territory in which the company is to be registered. This approval is
provided subject to certain conditions. For instance, there should not be an existing
company by the same name. Further, the last words in the name are required to be “Private
Ltd.” in the case of a private company and “Limited” in the case of a Public Company.
2. Filing of Documents: The following three documents are required to be filed with the
Registrar of Companies of the State in which the registered office of the company is to be
situated:
(i) Memorandum of Association,
(ii) Articles of Association, and
(iii) Agreement with the company for the proposed appointment of the managing director,
whole-time director or manager.
The above documents (i) and (ii) are required to be signed by the seven persons in the case
of the public company and two persons in the case of private company.
3. Payment of Stamp Duty and Filing Fee: The Company has to pay the necessary stamp duty
and filing fee, according to the authorized share capital of the company.
4. Declaration of Compliance of Act and Rules: A declaration that the requirements of the Act
and the rules framed there under have been complied. This declaration is to be signed by an
advocate of the Supreme Court or High Court or attorney or a pleader having the right to
appear before High Court. Alternatively, this declaration can be signed by a Company Secretary
11. Kuldeep Singh (Roll No. 571115427)
or Chartered Accountant in whole time-practice, who is engaged in the formation of a company
or a person named in the articles as a director. This declaration is also to be filed with the
Registrar of Companies, where the registered office of the company would be located.
5. Additional Requirement, in Case of a Public Company: The following further requirements
are to be complied with:
(i) A list of persons who have consented to act as directors.
(ii) Written consent of the directors to act in that capacity.
(iii) An undertaking by the directors to take up and pay for the qualification shares.
6. Certificate of Incorporation or Registration: If the Registrar is satisfied that the requirements
under the Act for the purpose of registration of a company have been complied with, he shall
register the company and issue a certification of incorporation, under his hand and seal.
C. Floatation of Company- Once the Certificate of Incorporation is received, it means the
company is registered. Then the next step is to raise the required finances for running the
company. The company is ready for floatation.Floatation means raising the required finances
for commencing and carrying on the business, satisfactorily.
In other words, the company can go ahead, with raising capital sufficient to commence the
business and carry on it, satisfactorily.
D. Commencement of Business- A public company, having share capital, cannot commence the
business, without obtaining the certificate of commencement of business. The certificate of
commencement of business can be obtained, only after completing the floatation process. In
other words, a public limited company has to file either prospectus or statement in lieu of
prospectus and comply with the required legal requirements, relating to the capital
requirements. Thereafter only, Certificate of Commencement of Business is issued by ROC.
“A Public Company, having share capital, cannot commence the business, without obtaining the
Certificate of Commencement of Business.”
However, a private limited company can commence the business, without obtaining the
‘Certificate of Commencement of Business’. There is no need for a private company to obtain
Certificate of Commencement of Business. After obtaining the Certificate of Incorporation, it
can immediately commence business. It is the privilege a private limited company enjoys.
12. Kuldeep Singh (Roll No. 571115427)
Question No.6
With Information Technology Act, 2000, India has a set of cyber laws to provide legal
infrastructure for e commerce. Discuss the objectives and limitations of this Act.
Answer-In May 2000, Indian Parliament passed the Information Technology Bill. The Bill
received the assent of the President in August 2000 and came to be known as the Information
Technology Act, 2000. This Act aims to provide the legal infrastructure for e-commerce in India.
And the cyber laws have a major impact for e-businesses and the new economy in India. So, it is
important to understand what are the various perspectives of the IT Act, 2000 and what it
offers. The Information Technology Act, 2000 also aims to provide for the legal framework so
that legal sanctity is accorded to all electronic records and other activities carried out by
electronic means. The Act states that unless otherwise agreed, an acceptance of contract may
be expressed by electronic means of communication and the same shall have legal validity and
enforceability. This act is helpful to promote business with the help of internet. It also set of
rules and regulations which apply on any electronic business transaction. Due to increasing
crime in cyber space, Govt. of India understood the problems of internet user and for
safeguarding the interest of internet users, this act was made.
Main Objectives of I. T. Act - The following are its main objectives
1. It is objective of I.T. Act 2000 to give legal recognition to any transaction which is done by
electronic way or use of internet.
2. To give legal recognition to digital signature for accepting any agreement via computer.
3. To provide facility of filling document online relating to school admission or registration in
employment exchange.
4. According to I.T. Act 2000, any company can store their data in electronic storage.
5. To stop computer crime and protect privacy of internet users.
6. To give legal recognition for keeping books of accounts by bankers and other companies in
electronic form.
7. To make more power to IPO, RBI and Indian Evidence act for restricting electronic crime.
Limitation of Information Technology Act- it extends to the whole of India and save as
otherwise provided in this Act, it applies to any offence or contravention thereunder
committed India by any person.
The Act is not applicable to the following:-
1. A negotiable instrument (other than a cheque) as defined in Sec. 13 of the Negotiable
Instrument Act 1881.
2. A Power of Attorney as defined in Sec. 1A of the Power of Attorney Act, 1882
3. A trust as defined in Sec.3 of the India Trust Act, 1882.
4. A will as defined in Sec. 2(h) of the Indian Succession Act, 1925 including any other
testamentary disposition by whatever name called.
13. Kuldeep Singh (Roll No. 571115427)
5. Any contract for the sale or conveyance of immovable property or any interest in such
property.
6. Any such class of documents or transactions as may be notified by the Central
Government in the Official Gazette.