Understanding the Basics of Business Law: An Introduction to Indian Business Regulations, Study notes of Business

Download Understanding the Basics of Business Law: An Introduction to Indian Business Regulations and more Study notes Business in PDF only on Docsity! 6.1 BUSINESS REGULATIONS   OBJECTIVE:  To  introduce  the  students  to  various  Business  Regulations  and  familiarize  them  with  common issues of relevance.   UNIT 1: INTRODUCTION TO BUSINESS LAWS 06 Hrs Introduction, Nature of Law, Meaning and Definition  of Business Laws, Scope and Sources of Business Laws.     UNIT 2: CONTRACT LAWS 18Hrs  Indian Contract Act, 1872: Definition of Contract, essentials of a valid  contract,  classification  of  contracts,  remedies  for  breach  of  contract.  Indian  Sale  of Goods Act,  1930:  Definition of contract of sale, essentials of contract of sale, conditions and warrantees, rights and duties  of buyer, rights of an unpaid seller.     UNIT  3:  COMPETITION  AND  CONSUMER  LAWS:  14  Hrs  The  Competition  Act,  2002:  Objectives  of  Competition Act, Features of Competition Act, CAT, offences and penalties under the Act, Competition  Commission  of  India.  Consumer  Protection  Act,  1986:  Definition  of  the  terms  consumer,  consumer  dispute, defect, deficiency, unfair  trade practices and services. Rights of  the consumer under  the Act,  Consumer Redressal Agencies – District Forum, State Commission, National Commission.     UNIT 4: ECONOMIC LAWS 12 Hrs Indian Patent Laws and WTO Patent Rules: Meaning of IPR, invention  and non‐invention, procedure to get patent, restoration and surrender of lapsed patent, infringement of  patent,  FEMA  1999:  Objects  of  FEMA,  salient  features  of  FEMA,  definition  of  important  terms:  authorized  person,  currency,  foreign  currency,  foreign  exchange,  foreign  security,  offences  and  penalties.     UNIT 5: ENVIRONMENTAL LAW 06 Hrs Environment Protection Act, 1986: Objects of the Act, definitions  of  important terms: environment, environment pollutant, environment pollution, hazardous substance  and  occupier,  types  of  pollution,  rules  and  powers  of  central  government  to  protect  environment  in  India.  Introduction to Business Law. The law affects every aspect of our lives; it governs our conduct from the cradle to the grave and its influence even extends from before our birth to after our death. Law is essential to any society in that it provides the rules by which people and businesses interact. Law affects almost every function and area of business. What is Law? The law is a set of rules, enforceable by the courts, which regulate the government of the state and govern the relationship between the state and its citizens and between one citizen and another. OR Rules made by authority for the proper regulation of a community or society, or for correct conduct in life. Nature of Law ¶ Law is, at one and the same time, essentially authoritative and essentially ideal. ¶ Law necessarily comprises both a real or factual and an ideal or critical dimension. ¶ A central element of its ideal dimension is a claim to correctness, which includes a claim to moral correctness. ¶ A central element of the real dimension of law is coercion or force. "Ignorance of law excuses no one", this is a legal principle holding that a person who is unaware of a law may not escape liability for violating that law merely because one was unaware of its content. The Constitution of India is the supreme law of India. It is the longest written constitution of any sovereign country in the world. It came into effect on 26 January 1950. Business law encompasses all of the laws that dictate how to form and run a business. This includes all of the laws that govern how to start, buy, manage and close or sell any type of business. Business laws establish the rules that all businesses should follow. Characteristics of Business law • Defining general rules of commerce; • Protecting business ideas and business assets; • Providing mechanisms that allow business people to determine how they will participate in business ventures and how much risk they will bear; • Ensuring that losses are borne by those responsible for causing them; and • Facilitating planning by ensuring that commitments are honoured. Sources of Business law Customs of History(Trade) Mercantile Law Principles of Equity Law of Merchants British Statutory law Indian Statutory laws