Business Law 3e

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Business Law 3e

ISBN 9789393161611

Publication Date Tue Jun 01 00:00:00 UTC 2021

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Table of contents

Biographical note

User Reviews

FEATURES:

• Clear concepts and lucid writing style.

• Appropriate real life examples and case laws

• Relevant tabular presentation and illustrations.

• Numerous end-of-chapter exercises including short answer, long answer, essay type, choose the correct answer, fill in the blanks and true or false.

• End-of-chapter review questions.

• Latest question papers.

New to this edition:

• Thoroughly revised to suit the latest syllabi of various universities

• A few case laws have been included

• Chapters on:

 Right to Information Act with latest amendments 2019

 Information Technology Act

 Intellectual Property Rights

 Laws of Insurance

Cover
Title Page
Copyright Page
Contents
Preface
Chapter 1 Nature and Formation of Contract
- Introduction
- Key Definitions Used in the Indian Contract Act
- Nature of Contract
- Elements of Contracts
- Classification of Contracts
  - On the Basis of Validity/Enforceability
  - On the Basis of Formation/Creation
  - On the Basis of Performance/Execution
- English Law
- Exercise
Chapter 2 Offer and Acceptance
- Introduction
- Proposal
  - Express Offer and Implied Offer
  - Specific or General Offer
  - Facts of the Case
  - Decision
- Essential Requirements of a Valid Offer
  - Revocation of Offer
  - Cross Offers
  - Counter Offer
  - Tenders
- Acceptance
  - Essentials of a Valid Acceptance
  - Effect of Silence on Acceptance
  - Agreement to Agree in Future
  - Counter Offer is not an Acceptance
- Communication of Offer, Acceptance and Revocation
  - Revocation of Proposal and Acceptance
  - Termination of Offer
  - Revocation or Lapse of Offer — Sec. 6
- Offer and Acceptance by Post
  - Contracts over Telephone or Telex
- Exercise
Chapter 3 Consideration
- Introduction
- Definition
- Types of Consideration
- Essentials of Consideration
- Privity of Contract
  - Exceptions
- No Consideration - No Contract
  - Exceptions
- Exercise
Chapter 4 Capacity of Parties
- Introduction
- Definition
- Minors
  - Minors in Indian Law
  - Decision
  - Legal Decisions Constituting Necessities
  - Liability of the Minor for Torts and Crimes
- Persons of Unsound Mind
  - Idiocy
  - Lunacy
  - Drunken Persons
- Disqualified Persons
  - Aliens
  - Foreign Sovereigns
  - Statutory Corporations
  - Married Women
  - Insolvent Person
  - Convicts
  - Professionals
- Exercise
Chapter 5 Free Consent
- Introduction
- Free Consent
- Coercion
  - Essentials of Coercion
  - Burden of Proof
  - Duress
  - Effect of Coercion
- Undue Influence
  - Essentials of Undue Influence
  - Undue Influence-Consequences
  - Defences Available against Undue Influence
  - Pardanashin Women
- Fraud
  - Elements of Fraud
  - Mere Silence is not Fraud
  - Exceptions
  - Fraud—Consequences
- Misrepresentation
  - Essentials of Misrepresentation
  - Consequences of Misrepresentation
- Mistake
  - Mistake of Law
  - Mistake of Fact
- Exercise
Chapter 6 Legality of Object and Consideration
- Introduction
- Agreements Against Public Policy
- Exercise
Chapter 7 Void Agreements
- Introduction
- Classification of Unlawful Agreements
- Agreements in Restraint of Trade
- Agreements in Restraint of Legal Proceedings
  - Exceptions
  - Uncertain Agreements
- Wagering Agreements
  - Essentials of Wagering Agreements
  - Effects of Wagering Agreements
- Agreements Contingent on Impossible Events [Sec. 36]
  - Agreement to Agree in Future
  - Illegal Agreement
- Exercise
Chapter 8 Contingent and Quasi-Contracts
- Definition
- Essentials of Contingent Contracts
  - Rules Regarding Enforcement of Contingent Contracts (Secs. 32 - 36)
- Quasi-Contracts
  - Quantum Meruit
- Exercise
Chapter 9 Performance of Contracts
- Introduction
- Tender
  - Essentials of a Valid Tender Performance
  - By Whom must the Contracts be Performed?
  - Performance of Reciprocal Promise (Secs. 51 - 54 and 57)
  - Time, Place and Manner of Performance (Secs. 46 - 50 and 55)
  - Assignment of Contracts
  - Contracts which Need not be Performed
  - Who can Demand Performance?
  - Appropriation of Payments
  - Rule in the Hallett’s Estate Case
- Exercise
Chapter 10 Modes of Discharge of Contracts
- Introduction
- Discharge By Performance
  - Tender
- Discharge by Mutual Consent (Sec. 62)
  - Novation
  - Rescission
  - Alteration
  - Remission
  - Waiver
  - Merger
- Discharge by Impossibility of Performance
  - Impossibility at the Time of Contract
  - Subsequent or Supervening Impossibility
  - The Doctrine of Frustration
  - Limitations
  - Effects of Supervening Impossibility
- Discharge by Lapse of Time
- Discharge by Operation of Law
- Discharge by Breach of Contract
  - Actual Breach of Contract
  - Anticipatory Breach of Contract
  - Consequences of Anticipatory Breach of Contract
- Termination by Material Alteration
- Exercise
Chapter 11 Remedies for Breach of Contract
- Introduction
- Cancellation or Rescission
- Restitution
- Specific Performance
- Injunction
- Damages
  - General or Compensatory Damages
  - Special Damages
  - Facts of the Case
  - Nominal Damages
  - Exemplary or Vindictive Damages
  - Rules Regarding the Amount of Damages
  - Difficulty in Calculating Damages
  - Liquidated Damages and Penalty
  - Facts of the Case
  - Decision
  - Conditions Regarding Payment of Interest
- Quantum Meruit
  - Contract not Enforceable
- Exercise
Chapter 12 Indemnity and Guarantee
- Introduction
- Contract of Indemnity
- Contract of Guarantee
  - Essential Features of a Contract of Guarantee
  - Extent of Surety’s Liability
- Kinds of Guarantee
  - Specific Guarantee
  - Continuing Guarantee
- Rights of Surety
  - Rights against Creditor
  - Rights against Principal Debtor
  - Rights against Co-sureties
- Discharge of surety
  - Discharge of Surety by Revocation
  - Discharge of Surety by the Conduct of the Creditor
  - Discharge of Surety by Invalidation of Contract
- Exercise
Chapter 13 Bailment and Pledge
- Introduction
  - Definition of Bailment
  - Requisites of Bailment
  - Does Deposit of Money Constitute Bailment?
  - Bailment and Sale
  - Bailment and Hire-purchase
- Classification of Bailments
  - On the Basis of Charge
  - On the Basis of Benefits
- Duties and Rights of Bailor and Bailee
  - Duties of Bailor
  - Duties of Bailee
  - Rights of Bailor
  - Rights of Bailee
- Termination of Bailment
- Lien
- Pledge
  - Rights of Pawnor
  - Rights of Pawnee
  - Duties of Pawnor
  - Duties of Pawnee
- Finder of Goods
  - Duties of Finder of Goods
  - Rights of Finder of Goods
  - Pledge by Non-owners
- Carrier of Goods
  - Meaning of Charge
  - Meaning of Mortgage
  - Sale Vs. Mortgage, Pledge and Hypothecation
- Exercise
Chapter 14 Law of Agency
- Introduction
- Contract of Agency—Special Features
  - General Rules Regarding Agency
- Classification of Agents
- Creation of Agency
  - Rules of Ratification (Elements of Ratification)
  - Effects of Ratification
- Liabilities of the Principal towards Third Parties
  - Named Principal/Disclosed Principal
  - Unnamed Principal
  - Undisclosed Principal
- Revocation/Renunciation
- Termination of Agent’s Authority as to Third Persons
- Duties and Rights of Principal and Agent
  - Duties of Principal
  - Rights of Principal
  - Duties of Agent
  - Rights of Agent
- Delegation of Authority of Agent
  - Exceptions to the General Rule [Sec. 190]
  - Effects of Delegation of Authority
- Personal Liability of an Agent
- Termination of Agency
  - By the Act of the Parties
  - By Operation of Law
  - Effects of Termination
  - Irrevocable Agency
- Exercise
Chapter 15 Formation of Contracts under the Sale of Goods Act, 1930
- Introduction
- Contract of Sale
  - Sale
  - Elements of Contract of Sale
  - Making of Contract of Sale
  - Subject-matter of Contract
  - Goods Perishing before Making of Contract (Sec. 7)
  - Goods Perishing before Sale but After Agreement to Sell (Sec. 8)
  - Distinction between Sale and Agreement to Sell
- Sale and Hire-purchase Agreement
  - Essentials of Hire-purchase Agreement
- Meaning of Goods [Sec. 2 (7)]
  - Documents of Title to Goods [Sec. 2 (4)]
- Classification of Goods
  - Existing Goods
  - Future Goods
  - Contingent Goods
- Price of Goods
  - Modes of Fixing the Price
  - Ascertainment of Price (Sec. 9)
  - Agreement to Sell at Valuation (Sec. 10)
  - Earnest Money
- Conditions and Warranties
  - Stipulations as to Time
  - Condition and Warranty (Sec. 12)
  - Distinction between Condition and Warranty
  - Circumstances when a Condition can be Treated as Warranty
- Implied Conditions and Warranties [Secs. 14 - 17]
  - Implied Warranties as to the Title and Possession (Sec. 14)
  - Implied Conditions as to the Description (Sec. 15)
  - Implied Conditions as to Quality or Fitness (Caveat Emptor) [Sec. 16]
  - The Exceptions to the Doctrine
  - Decided Case Laws
  - Implied Condition as to the Mercantile Quality [Sec. 16 (2)]
  - Usage of Trade [Sec. 16 (3)]
  - Sale by Sample [Sec. 17 (1)]
- Exercise
Chapter 16 Transfer of Property and Rights of An Unpaid Seller
- Introduction
- Transfer of Title By Non-Owners (Secs. 27-30)
  - General Rule as to Transfer of Title (Sec. 27)
  - Exceptions to the Rule
- Performance of the Contract
  - Rules Regarding Delivery of Goods
- Rights of the Buyer
  - Acceptance
- Rights of an Unpaid Seller
  - Rights of an Unpaid Seller Against Goods (Sec. 46)
  - Stoppage in Transit
  - Rights of Unpaid Seller Against the Buyer Personally
  - Auction Sale
- Exercise
Chapter 17 Right to Information Act, 2005
- Right to know about information as stated in Article 21
- The Supreme Court, in State of U.P v. Raj Narain
- Object of the RTI Act
- Definitions
  - Duties of a Public Authority
  - Designation of Public Information Officers (PIO) [Section 5]
  - Submission of Application to get Information
  - Duties of Public Information Officers
  - Rejection of Request
  - Exemption from Disclosure (Section 8)
  - Agencies Excluded Under RTI Act, 2005 (Section 24]
- Constitution of Information Commissions
  - Central Information Commission (CIC)
  - State Information Commission (SIC)
  - Duties and Powers of Information Commissions
- Powers
- Appellate Authorities
  - Penalties [Section 20]
  - Right to Information (Amendment) Bill, 2019
- Exercise
Chapter 18 Cyber Law and Information Technology Act
- Introduction
  - Scope and Applicability of the Act
  - Significance of the Act
  - Advantages of the Information Technology Act
- Key Definitions used in the Act
- Digital Signature [Sec.3]
- Electronic Governance [Sec.4]
- Security Procedure [Sec.16]
- Appointment of Controller and other Officers [Sec.17]
  - Functions of Controller[Sec.18]
  - Recognition of Foreign Certifying Authorities [Sec.19]
  - Licence to Issue Digital Signature Certificates [Sec.21]
  - Application for Licence [Sec.22]
  - Disclosure
- Cyber Appellate Tribunal
  - Certifying Authority to Issue Digital Signature Certificate [Sec.35]
  - Establishment and Composition of Cyber Appellate Tribunal [Sec.48 and 49]
  - Term of Office [Sec. 51]
  - Appeal to Cyber Appellate Tribunal [Sec. 57]
  - Appeal to High Court [Sec.62]
  - Nature and Characteristic Features of Cyber Crime
  - Characteristics of Cyber Crime
  - Types of Cybercrime
  - Offences Under the Information Technology Act, 2000
  - Tampering with Computer Source Documents
  - Computer Related Offences (Section 66)
  - Power to Investigate any Offence
  - Power to Issue Order to Intercept, Monitor or Decrypt any Information
  - Liability of Network Service Providers (Section 2(1)(w)
- Penalties and Adjudications
  - Adjudicating Officer
- Exercise
Chapter 19 Intellectual Property Rights
- Intellectual Property
  - Meaning of Intellectual Property Rights
  - Characteristic Features of Intellectual Property
  - Need for Intellectual Property Laws
- Types of Intellectual Property Rights
- Designs
  - Application for Registration of Designs
- Trade Marks
  - Trade Mark - Meaning
  - Trade Marks Act, 1999
  - Classification of Goods and Services
  - Protection of Trade Marks
  - Registration of Trade Marks
  - Term of Trade Mark
  - Renewal of Trade Mark
  - Infringement of Trademark
  - Defences in Infringement
- Copyright
  - Meaning of Copyright
  - Term of Copyright
  - Ownership of Copyright
  - Procedure for Registration of Copyright
  - Rights of the Author
  - Rights of the Owner
  - Appeals
- Geographical Indications of Goods
  - Geographical Indication
  - Goods
  - Indication
  - Prohibition of Registration
  - Register of Geographical Indications
  - Rights Bestowed on the Registered Proprietor
  - Action for Infringement
  - Other Important Provisions
- Trade Secrets
  - Undisclosed Information
  - Trade Secrets - Types
  - Action for Violation
- Patent Act, 1970
  - Significance of Patents
  - Basic Requisites of Patentability
  - Inventions not Patentable
  - Procedural Formalities for Registration of Patent
  - Infringement of Patents
  - Action for infringement
- Semiconductor Integrated Circuits Layout Design Act, 2000
  - Meaning
  - Main Features
  - Layout Designs of an Integrated Circuit
  - Infringement
- Exercise
Chapter 20 Insurance Law
- Introduction
- Framework of the Law
  - The Insurance Act, 1938
  - Life Insurance Corporation Act, 1956
  - General Insurance Business (Nationalisation) Act, 1972
  - Insurance Regulatory and Development Authority (IRDA) Act, 1999
- Insurance
- Important Definitions
- Functions of Insurance
- Duties and Rights of Insurers
  - Duties of the Insurers
  - Rights of Insurers
- Principles of Insurance
- Types of Insurance
  - Life Insurance
  - General Insurance
  - Fire Insurance
  - Marine Insurance
  - Miscellaneous Insurance
- Exercise
University Question Papers
Index

Dr. V. Balachandran is presently working as Registrar - in - charge of Alagappa University, Karaikudi. He is Professor of Corporate Secretaryship and Dean (SA) and Formerly Director of Distance Education, Alagappa University. He is a Fellow Member of the Institute of Company Secretaries of India, New Delhi. He has over 30 years of P.G. teaching experience and 25 years of Research Experience. He has guided 23 Ph.D. and 55 M.Phil candidates. He has authored/ co - authored 12 books pertaining to Indirect Taxation, Corporate Governance, Ethics and Social Responsibility, Office Management, Legal Aspects of Business, Economic and Other Legislations ( Corporate Laws), Company Secretarial Practice, Business Law, Taxation Law and Practice and Business Taxation. He has published over 300 articles/research papers and has been on editorial board for 10 national and online international journals. He has completed several projects funded by UGC and ICSI. He has received many awards from prestigious institutions for his contributions in the educational arena. He has been a co-ordinator for UGC's Innovative Programme "PGDVAT and Service Tax" from 2012 - 2015.

S Thothadri, M.A(C.S), M.Phil.,is a Lecturer in Corporate Secretaryship, The New College, Chennai.

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