MBA management

Introduction to Legal System, State, Rule of Law & Framework of Business Laws

If we are to live with others, we must have a way to resolve the inevitable disputes. Perhaps we also need to have a code to provide a framework for our relations with others. We need to be able to create Contracts those are enforceable over long time periods. So if we are to design the institutions for a free Society, we must include a legal system in our deliberations.

Although our primary purpose is to create proposals for the future, we may get some ideas or, at least, some inspirations, from studying the history of legal systems. Perhaps we can avoid some of the mistakes that have already been made... business laws and ethics notes

Law of Contracts

The principles of law of contracts are creature of English courts. The law of contracts consisting of limiting principles subject to which the law will uphold. The parties to a contract, in a sense, make the law for themselves. So long as they do not infringe some legal provisions, they can make what rules they like in respect of the subject matter of their agreement and the law will give effect to their decisions. Indian contract Act is the Act which regulates the entire arena of business world which does its business on the basis of contract... business laws and ethics notes

Law Relating to Companies

There is no clear definition for the term Company in the Companies Act, 1956. However according to sec (i) Company means a company formed and registered under the Companies Act. When the law fails to provide clear definition, it seeks the opinion of the court. In the famous case Solomon v Solomon and co it is stated that a company is a legal person or legal entity separate from and capable or surviving beyond the lives of its share holders or members. The Companies Act, 1956 consists of 658 sections and 15 schedules dealing in various aspects of company commencing from registeration to various functions and winding up. The Companies Act, 1956 is dealing in substantive and procedural aspects of the company... business laws and ethics notes

Law Relating to Taxation

India has s well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income, which the State Governments can levy), customs duties, central excise and service tax. Value Added Tax (VAT), (Sales tax in States where VAT is not yet in force), stamp duty, State Excise, land revenue and tax on professions are levied by the State Governments. Local bodies are empowered to levy tax on properties, octroi and for utilities like water supply, drainage etc. Since April 01, 2005, most of the State Governments in India have replaced sales tax with VAT... business laws and ethics notes

Law of Intellectual Property Rights

The laws relating to intellectual property rights have assumed great significance in the present millennium on account of global economy faster travel by supersonic aero planes and rapid means of satellite communications. The Patents Act, 1970 (Act No.39 of 1970) Is a comprehensive legislation to amend and consolidate the existing law on patents and designs. Any new and useful invention comprising of art, process, method or manner of manufacture, machine, apparatus or other article and a substance produced by manufacturer are regulated by this Act and the rules made there under. The earlier law on the Trade marks was insufficient and outdated and so the present enactment, the Trade Mark Act, 1999 (Act No.17 of 1999) was brought on the statue book. The Act provides for the procedure of registration of trademarks of the goods and services, its protection and prevention of fraudulent marks. The Act is comprehensive and complete Code on the subject... business laws and ethics notes

Law of Sale of Goods & Consumer Protection

With the emergence of the welfare state concepts and industrial revolution in almost all countries for raising standard of common man, consumer protection has assumed great importance in modern jurisprudence. Modern life has increased the dependence of human beings upon the industrial product. Need for protecting the interest of consumers was also felt in our country and we see today that government has been playing important role in consumer awareness programmes. Several laws for consumer protection were already there since 1947, but the enactment of Consumer Protection Act 1986 and amendments made in the MRPT Act, 1969 in 1984 gave a positive role to the government in this field... business laws and ethics notes

Law of International Trade

International trade is exchange of capital, goods, and services across international borders or territories. In most countries, it represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their own borders... business laws and ethics notes

Business Ethics

The profession of business ethics has long needed highly practical resources that designed particularly for leaders and managers, those people charged to ensure ethical practices in their organizations, Unfortunately, far too many resources about business ethics and up being designed primarily for philosophers, academics and social critics. As a result, leaders and managers struggle to be really able to make use of the resources at all. Also, far too many resources about business ethics contain sensationalistic stories about business “gone bad” or prolonged preaching to business to “do the right thing.” These resources often explore simplistic ethical questions, such as “should jane steal from company?” The real world of leaders and managers is often more complex than that. Therefore, ethics refers to a system of moral principal-a-sense of right and wrong and “goodness” and “Badness” of actions, and their motives and consequences. Business ethics refers to the application of ethics to business. To be more specific, business ethics is the study of good or bad, right and wrong and just or unjust actions of businessman .Business people should not try to evolve their own principle s to justify what is right and wrong. The society does not condone or permit such an expectation. The businessmen are bound by the some ethical principles which are applicable to other sections of the society... business laws and ethics notes

Review Questions
  • 1. What is an Agreement?
  • 2. Define Consideration.
  • 3. What is fraud?
  • 4. Define Public Company.
  • 5. What is the difference between bailment and pledge?
  • 6. What are participating prefernce shares?
  • 7. Define condition in a contract of sale.
  • 8. What is contract? Explain the essential elements of valid contract?
  • 9. What do you understand by 'Corporate Veil'? When is it said to be lifted?
  • 10. Explain the process of organisational development.
  • 11. Discuss the requisites of a valid general meeting?
  • 12. Discuss the main features of central excise.
  • 13. What is contract?
  • 14. What is offer and acceptance?
  • 15. What are the conditions of a valid contract?
  • 16. Describe Contract and its essentials.
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