Contract Act,1872 in Business Law - What is Business? what is Law? Need to study.- why Students need to Study Business Law- Career options in Business Law- Business Law in Daily life.

1. Law which rules business
Dr.R.Jolly Rosalind Silva

2. What is a Business?
Making money by producing or buying and
selling products.

4. What Is a Law?
•Law is a set of rules
•to govern the behaviour of people
•maintain peace and harmony among the
individuals.

6. UNDERSTANDING OF BUSINESS LAW
 help to make better decisions

7. Every person is presumed to know the law.
“Ignorantia juris non-excusat”
Ignorance of law is no excuse.
We need to study, the law of land.
NEED FOR STUDY

8. ………While doing a
•degree in commerce or related degrees such as
•marketing,
• management,
• public administration,
•Accounting, you’ll be required to take a business law
subject at some point in your academic career, to
understand the importance of business law.
If you are on the way to your MBA /M.Com/MSW
you will likely to take business law.

9. You may wonder why students study
business law–especially if you’re planning a
career in business.
Let's take a look at the reasons and
benefits of studying business law.

10. There are laws to people… to protect their rights.
Similarly for business……
Businesses need laws:
to define acceptable behavior,
to protect the public, and to provide a mechanism
for businesses to resolve disputes.

11. IN BUSINESS..
•You wouldn’t sale goods unless you had a way to
force them to pay for the goods.
•You wouldn’t hire employees without some means of
firing them if they didn’t do their job.
•If you make and sell tires, you must know who will be
held liable if someone is injured due to a blowout.
• If you enter into a contract with another business,
you need to know who is bound to the contract, as
well as what happens if those individuals cannot
perform what they legally agreed to do.

12. The answers to all of these situations and
more are provided by business law.
The course is not intended to make
anyone an expert in any area of business
law,
 but to make business managers, owners,
and executives more aware of the many
legal issues that arise in the day-to-day
operation of any business.

13. Business law, also called commercial
law or mercantile law, is the rules governing
the dealings between persons in commercial
matters.
Business law covers two broad areas:
(1) the regulation of commercial entities by
the laws of company, partnership, agency,
and bankruptcy and
(2) the regulation of commercial
transactions by the laws of contract and related
fields.

14. This branch of law relates to the
liabilities, duties and rights of
individuals or businesses involved in
transactions that relate to commerce
and trade.

15. Knowingly or unknowingly….
Business law touches everyday lives through
every contractual dealing undertaken.

16. Consider a few examples from daily life:
1. First thing we do when we wake up was to
check our mobile and respond to
emails/whatsAPP .

17. We have a contract with phone
company— paying a certain fee
every month, they provide a phone,
as well as with access to their cell
towers. I/we accepted this offer
when I/we signed the phone
contract and began using their
service.

18. When We check the email , we were in a
contractual relationship with Google.
 Google provides me with access to its
Services. Google offers these services and we
enter into a contract by creating an account
and agreeing to the Google Terms of Service.

19. 2. While we plan to have breakfast in a canteen
nearby and ordered a plate of IDLI, VADA and a
TEA. The cashier told me that the total would be
Rs.65, which I paid in cash. Two minutes later I was
handed the food.

20. When I handed the cashier the money, I entered into
a contract with Canteen. As a consideration I provided
Rs.65. They fulfilled the terms of the contract by
providing me with my food.

21. Take a minute to think about your day so far:
How many contracts have been involved
with in the past hour?
when we make a purchase
When we hire a car,
when we hire an employee

27. what happens if those individuals cannot
perform what they legally agreed to do?

28. The answers to all of these situations and
more are provided by business law.

29. Careers in Business Law
Those who are interested in legal aspects of
commercial transactions such as , legal advice and
guidance, writing contracts , bank guarantees and
investments can opt for this course.
 Graduates have a variety of job opportunities
because every business needs a legal advisor.
 It is reported that there will be a 6% increase in job
growth of lawyers from 2018-2028.

30. Legal Expert Provides legal advice, assists in handling
conflicts, drafts legal documents, and
maintains records for future
correspondence.
Law Reporter A Journalist who does reports about the
law. They also comprehend the legal
matter and convey it to the public.
Advocate and Attorney General They provide legal advice to the
state/central government on all legal
matters.
Magistrate Handles small cases like theft, violations
and crimes that are considerably small.
Reduces the burden of judges.
Public Prosecutor An officer who helps in the administration
of justice. Also helps in finding the facts of
the case. He/she has to be unbiased, fair
and honest.
Law- Assistant Professor Develops and implements professional
methods to improvise student
performance. Guides lead and motivate
students.

32. Scheme of the Act:
The scheme of the Act may be divided into two
main groups:
1. General principles of the law of contract
(Secs. 1-75).
2. Specific kinds of contracts, viz:
(a)Contracts of lndemnity and Guarantee (Secs.
124-147).
(b)Contracts of BaiIment and Pledge (Secs. 148-
181).
(c) Contracts of Agency (Secs. 182-238).

33. Before 1930 the Act also contained provisions
relating to contracts of sale of goods and
partnership.
Sections 76- 1 23(Chapter VII) relating to sale
of goods were repealed in 1930 and a
separate Act called the Sale of Goods Act was
enacted.
, Sections 239-266(Chapter XI) relating to
partnership were repealed in 1932 when the
Indian Partnership Act was passed.

34. SYLLABUS
• Unit I: Indian Contract Act, 1872 – Fundamental essentials of a
valid contract – classification of contracts – offer – acceptance –
consideration – capacity – free consent – legality of object –
contingent contracts. (13 hours)
• Unit II: Performance of contract – discharge of contract - breach of
contract – remedies – quasi contracts. (12 hours)
• Unit III: Special contracts – indemnity – guarantee.
(20 hours)
• Unit IV: Bailment – Pledge – contract of agency.
(15 hours)
• Unit V: Sale of goods Act – differences between sale and
agreement to sell – sale and hire purchase agreement –
classification of goods – documents of title to goods – rights and
duties of buyers and sellers – rights of unpaid seller.
(15 hours)