Legal Aspects of Business - MB25C04

MB25C04:

Legal Aspects of Business

Course Objectives:

This course introduces the key Business laws and their practical applications across commercial contracts, company operations, industry regulations, taxation (including GST), and cyber laws in managing risks. It helps learners gain critical awareness of the legal framework.

Commercial Laws and Business Contracts:

The Indian Contract Act 1872: Definition of contract, essentials elements and types of a contract, Formation of a contract, performance of contracts, breach of contract and its remedies, Quasi contracts - Contract OfAgency: Nature of agency, Creation and types of agents, Authority and liability of Agent and principal: Rights and duties of principal and agents, termination of agency.

The Sale of Goods Act 1930: Nature of Sales contract, Documents of title, risk of loss, Guarantees and Warranties, performance of sales contracts, conditional sales and rights of an unpaid seller -

Negotiable Instruments Act 1881: Nature and requisites of negotiable instruments. Types of negotiable instruments, liability of parties, holder in due course, special rules for Cheque and drafts, discharge of negotiable instruments - The payment and settlement systems Act, 2007.

Company Law and Competition Regulations:

Company Act 1956 & 2013: Major principles, Nature and types of companies, Formation, Memorandum and Articles of Association, Prospectus, Power, duties and liabilities of Directors, winding up of companies, Corporate Governance. Competition Act 2002 - Introduction, Definitions, Enquiry into Certain Agreements and Dominant Position of Enterprise and Combinations.

Industrial Relations and Labour Legislation: An Overview of Factories Act - Payment of Wages Act - Payment of Bonus Act - Industrial Disputes Act.

Corporate Taxation and Goods & Services Tax (GST): Corporate Tax Planning, Corporate Taxes and Overview of Latest Developments in Indirect tax Laws relating to GST: An introduction including constitutional aspects, Levy and collection of CGST & IGST, Basic concept of time and value of supply, Input tax credit, Computation of GST Liability, Registration, Tax Invoice, Credit & Debit Notes, Electronic Way bill, Returns, Payment of taxes including Reverse Charge.

Consumer Protection and Cyber Laws: Consumer Protection Act, Consumer rights, Procedures for Consumer grievances redressal, Types of consumer Redressal Machineries and Forums-- Cyber crimes, IT Act 2000 and 2002, Cyber Laws

Intellectual Property Rights (IPR) in Business: Introduction of IPR Intellectual Property Laws-Introduction, Legal Aspects of Patents, Filing of Patent Applications, Rights from Patents, Infringement of Patents, Copyright and its Ownership, Infringement of Copyright, Civil Remedies for Infringement– Copy rights, Trade marks, Patent Act. Introduction, Right to Information Act, 2005.

Weightage: Continuous Assessment: 40%, End Semester Examinations: 60%.

Assessment Methodology: Written Test I & II (60%) Assignment, Presentation, Case Study, Quiz, Simulation, Online Certification, Seminar, Mini project (40%)

References:

1. Kapoor, N. D. (2024). Elements of mercantile law (39th rev. ed.). Sultan Chand and Company.

2. Goel, P. K. (2023/24). Business law for managers (2nd ed.). Biztantra Publishers.

3. Pathak, A. (2022). Legal aspects of business (8th ed.). Tata McGraw Hill.

4. Kumar, R. (2016). Legal aspects of business (4th ed.). Cengage Learning.

5. Sinha, P. K., & Singhania, V. (2017/18). Text book of indirect tax. Taxmann Publication.

6. Taxmann. (2023). GST manual with GST law guide & digest of landmark rulings (12th ed.).