Semester I
Course 112: LEGAL FRAMEWORK OF BUSINESS
Marks: 100 (Theory = 70, Internal Assessment = 30)
Objective: To acquire knowledge and understanding of major commercial and economic laws.
Contents:
Unit I- Law relating to Contract: Meaning and essentials of a valid contract; Legality of objects;
special contracts (indemnity and guarantee, bailment and pledge, law of agency);contract of sale;
conditions and warranties; Transfer of ownership of goods including sale by non-owners; e-contracts.
Unit II – Law relating to LLP: The Limited Liability Partnership Act, 2008; salient features of LLP;
difference between LLP, partnership and a company; LLP agreement; nature of LLP; partners and
designated partners; incorporation document; incorporation by registration; registered office of LLP and
change therein; change of name; partners and their relations; extent and limitation of liability of LLP
and partners; whistle-blowing; contributions, financial disclosures, annual return, taxation of LLP;
conversion to LLP; winding up and dissolution.
Unit III-Law Relating to Information: Right to Information Act, 2005- Definitions; right to
information; obligations of public authorities; request for obtaining information; disposal of request;
exemption from disclosure of information; grounds for rejection to access in certain cases; severability;
central information commission- its constitution, term of office, conditions of service and removal;
Powers and functions of information commissions; appeals and penalties.
Unit IV: Law relating to Competition and Consumer Protection: Concept of competition;
Competition Act, 2002 - anti competitive agreements, abuse of dominant position, combination,
regulation of combinations; Competition Commission of India; compliance of competition law;
Consumer Protection Act, 1986-consumer protection in India; rights of consumers; consumer disputes
redressal agencies.
Unit V-Law Relating to Foreign Exchange: Objectives and definitions under FEMA, 1999; current
account transactions and capital account transactions; foreign direct investment in India and abroad;
acquisition and transfer of immovable property in India and abroad; establishment of branch, office etc.
in India; realization and repatriation of foreign exchange; authorized person; penalties and enforcement;
powers of central government; adjudication, appeal and compounding; offences and penalties.