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S.Y.B.COM.
SEMESTER - III (CBCS)
BUSINESS LAW
SUBJECT CODE : UBCOMFSIII.7
© UNIVERSITY OF MUMBAI
Prof. Suhas Pednekar
Vice Chancellor
University of Mumbai, Mumbai.
Prof. Ravindra D. Kulkarni Prof. Prakash Mahanwar
Pro Vice-Chancellor, Director
University of Mumbai. IDOL, University of Mumbai.
Programe Co-ordinator : Prof. Rajashri Pandit
Asst. Prof. in Economic,
Incharge Head Faculty of Commerce,
IDOL, University of Mumbai, Mumbai
Course Co-ordinator : Mr. Vinayak Vijay Joshi
Asst. Professor in Accountancy,
IDOL, University of Mumbai, Mumbai
Course Writer : Dr. Mahendra Pachadkar
Department of Business Law
Prahladrai Dalmia Lions College of
Commerce and Economics,
Malad West, Mumbai – 400064.
: Prof. Rajesh Thakkar
Department of Commerce,
Shankar Narayan College of Arts & Commerce
Bhayandar East, Thane - 401105
Re-edited by : Dr. Mahendra Pachadkar
Prahladrai Dalmia Lions College of
Commerce and Economics,
Malad West, Mumbai - 400064.
November 2021, Print I
Published by : Director
Institute of Distance and Open Learning ,
University of Mumbai,
Vidyanagari, Mumbai - 400 098.
DTP COMPOSEDAND PRINTED BY
Mumbai University Press
Vidyanagari, Santacruz (E), Mumbai - 400098.
CONTENTS
Chapter No. Title Page No
Module I
1. The Indian Contract Act 1872: Introduction To Law of Contract
Agreements & Contracts 01
2. Kinds of Contract: Classification of Contracts 9
3. Offer/Proposal U/S 2(A) & Acceptance U/S 2(B) 14
4. Communication of Offer And Acceptace 25
5. Capacity of Parties U/S 10-12 31
6. Consideration (Sec 2 And 25) 36
Module II
7. Indian Contract Act1872 Part II
Free Consent & Contract Sections. 13 To 22 55
8. Void Agreements: (Section.24-30) 69
9. Contingent Contracts (S.31) Quasi Contracts (S.68-72)
E-Contracts (S.37) 77
10. Performance of Contract, Modes of Discharge And Remedies
For Breach of Contract (S. 73-75) 84
Module III
11. Special Contracts Contract Of Indemnity 106
12. Contract of Guarantee 110
13. Contract of Bailment 119
14. Contract of Pledge 129
Module IV
15. Law of Agency (Section 172 To 179) 135
16. Sale of Goods Act 1930 158
17. Condition And Warranty (Section 11-17) 166
18. Passing of Property And Title (Section 18-26) 174
19. Unpaid Seller 179
Module V
20. The Negotiable Instruments (Amendment Act, 2015) 196
21. Promissory Notes And Bills Of Exchange 202
22. Cheques 211
23. Miscellaneous Provision 221
*****
SYLLABUS
S.Y.B.Com.
Business Law
Course Objective:
• To provide a conceptual study about the framework of Indian Business
Laws.
• To orient students about the legal aspects of business
• To familiarize the students with case law studies related to Business
Laws of Semester III and IV.
Sr.No. Modules No. of Lectures
1 Indian Contract Act — 1872 Part -I 12
2 Indian Contract Act — 1872 Part -II 12
3 Special Contracts 12
4 The Sale Of Goods Act - 1930 12
5 The Negotiable Instruments (Ammended) 12
Act 2015
Total 60
Sr. No Modules
1. Indian Contract Act – 1872 Part –I
• Contract — Definition of Contract and Agreement,
Essentials of Valid Contract, Classification of Contracts.
• Offer and Acceptance — Rules of valid offer and
acceptance, Counter offer, standing or open offer,
distinguish between offer and invitation to offer. Concept
of Communication and Revocation of offer and
acceptance (sec. 3,5)
• Capacity to Contract (S. 10-12) — Minor, Unsound Mind,
Disqualified Persons.
• Consideration (S. 2 & 25) — Concept and Importance of
consideration, Legal rules of Consideration, Exceptions to
the Rule, ’No Consideration NoContract’(Ss. 25)
Unlawful Consideration (S 23)
2. Indian Contract Act – 1872 Part –II
• Consent (Ss.13, 14-18, 39.53, 55, 66)-Agreements in
which consent is not free- Coercion, Undue Influence,
Misrepresentation Fraud, Mistake.
• Void Agreements (S. 24-30) — Concept, Void
Agreements under Indian Contract Act.
• Contingent Contract (S. 31), Quasi Contract (S.68-72),
Concept of E- Contract& Legal Issues in formation and
discharge of E- Contract. Concept of Performance of
Contract (S 37)
• Modes of Discharge of Contract, Remedies on breach of
Contract.(73-75)
i