Business Law

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ALGAPPA UNIVERSITY

KARAIKUDI – 630 003 TAMILNADU

DIRECTORATE OF DISTANCE EDUCATION

B B A

(II YEAR)

PAPER 2.4

BUSINESS LAW

Paper 2.2

Commercial Law : Business Law

Indian Contract Act 1872 : Meaning and essentials of a valid contract Formation of contract – Performance of contract – Termination and discharge of contract – Remedies for breach of contract – Quast contract

Special Contracts : Indemnity of guarantee – Bailment – Agency

Sale of Goods Act, 1930 : Contract of sale – Conditions and warranties – Transfer of property – Performance of the sale Rights of an unpaid seller

Negotiable Instruments Act, 1881 : Negotiable instruments – Parties to a negotiable instrument – Material alteration – Crossing of cheques – Endorsement Payment and collection of cheques

Indian Partnership Act, 1932 : Meaning and test of partnership – Registration of firms – Relations of partners – dissolution of firms

Arbitration Act, 1940 : Arbitration – Arbitration without intervention of court – Arbitration in suits

Carriage of Goods : Classification of Common Carriers – Rights duties and liabilities of common carrier – Carriage by rail – Contract of affreightment – Charter Party – Bill of Lading – Carriage by air – Documents relating thereto – Liability of the air Carrier

Contract of Insurance : Basic elements – Kinds of Insurance – Fire Insurance – Marine Insurance

Books for reference
1. Kapoor, N DElements of Mercantile Law
2. Sen and MitraCommercial Law
3. Shukla, M. C.Mercantile Law
4. Relevant bare acts

Course Material prepared by –
Dr. S. Sudalaimuthu,
Reader in Department of Corporate Secretaryship
Algappa University, Karaikudi.

|Lesson No. |Title | |1. |Indian Contract Act. 1972 | | |Special Contracts | |2. |Contract of Indemnity and Guarantee | |3. |Contract of Bailments | |4. |Contract of Agency | |5. |Sale of Goods Act. 1930 | |6. |Negotiable Instruments Act, 1881 | |7. |Partnership Act. 1932 | |8. |Arbitration Act. 1940 | |9. |Common Carriers Act | |10 |Contract of Insurance |

LESSON 1

INDIAN CONTRACT ACT. 1872

MEANING

The law relating to the contracts is contained in the Indian Contract Act. 1872. It is that branch of law which lays down the essentials of a valid contract, the different modes of discharging the contract and the remedies available to the aggrieved parts in the case of breach on contract. It is the most important branch of business law. It is of particular importance to people engaged in trade, commerce and industry as bulk of their business transactions are based on contracts.

A contract is an agreement made between two or more parties which the law will enforce Sec. 1 the of the Indian Contract Act defines it as “An agreement enforceable by law” Sec 10 lays down that “All agreements are contracts if they are made by the free consent of parties competent to contract for a lawful consideration and with a...
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