Business Regulatory Framework- I

Unit No.

Unit Title

Contents

1

The Indian Contract Act, 1872

1)       The nature of the contract, General Principles

2)       Definitions and elements of Contract- consideration, other essential elements of a valid contract,

3)       Legality of object and consideration., Void Agreements. , Discharge of contract.

4)       Performance of the contract and breach of contract and remedies (Including damages, meaning, kinds and rules for ascertaining damages)

2

The Indian Partnership Act, 1932

1)       General Nature of Partnership, Rights, and duties of partners, Types of partner

2)       Registration and dissolution of a firm

3)       Limited Liability Partnership Act 2008: Limited Liability Partnership (LLP); Concept, Nature and Advantages, Difference between LLP and Partnership Firm, Difference between LLP and company

4)       Incorporation of LLP, Partners and their relations, Liability of LLP and Partners (Section 27). Financial Disclosure by LLP, Contributions (Section 32), Assignments and Transfer of Partnership Rights (Section 42) Conversation to LLP (Section 55), Winding-up and dissolution (Section 63 & 64)

3

The Sale of Goods Act, 1930

1)       Formation of the contract of sale, Concept and Essentials. Sale and agreement to sale.

2)       Goods – Concept and kinds, Conditions and Warranties.

3)       Transfer of ownership and delivery of goods.

4)       Unpaid seller and his rights and Remedial Measures.

4

Arbitration and Conciliation:

1)       Concept of Arbitration & Conciliation.

2)       Definition & Essentials of Arbitration Agreement. Power and Duties of Arbitration. Conciliation proceeding. (Provisions of Arbitration & Conciliation Act,1996 in nutshell with Amendment of 2021to be covered.)