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R21 Regulations
JAWAHARLAL NEHRU TECHNOLOGICAL UNIVERSITY ANANTAPUR
(Established by Govt. of A.P., ACT No.30 of 2008)
ANANTHAPURAMU – 515 002 (A.P) INDIA
MASTER OF BUSINESS ADMINISTRATION
MBA; MBA (General Management); MBA (Business Management)
COMMON COURSE STRUCTURE
Course Code L T P C
BUSINESS ENVIRONMENT & LAW
21E00102 4 0 0 4
Semester I
Course Objectives:
• To Introduce business environment and various business environment factors and laws
relating to business that have major repercussions on business enlighten.
• To explain and update the changes that occur constantly in the sphere of business environment
and laws .
Course Outcomes (CO): Student will be able to
• Acquire the knowledge on business policies and environment factors to carryout a business.
• Understand the various laws relating to business activities
• Conduct and plan business effectively and efficiently in the light of information on various
business policies and laws.
UNIT - I Lecture Hrs: 8
Introduction to Business Environment:-Meaning, Components of Business Environment.-Industrial
policy of 1991, Liberalization, Privatization and Globalization.
UNIT - II Lecture Hrs: 12
Monetary, Fiscal and Trade Policy: Monetary& Fiscal Policy –,EXIM Policy, Role of EXIM Bank.
Balance of Payments: WTO: Role and functions of WTO in promoting world trade –TRIPS, TRIMS
and GATS, - Dumping and Anti-dumping measures.
UNIT - III Lecture Hrs:12
Law-Definition -Need, classification and sources of Business Law, Law of Contract -1872 (Part-I):
Nature of Contract and essential elements of a valid Contract, Offer and Acceptance. Law of Contract
– 1872 (part-II): Consideration, Capacity to Contract and free consent, Legality of the object.
UNIT - IV Lecture Hrs:12
Companies Act, 1956 (Part-I): Kinds of Companies, Formulation of Companies, Incorporation,
Company Documents. Company Act, 1956 (Part-II): Company Management, Directors, Company
meetings, Resolutions, Auditors, Modes of Winding-up of a company.
UNIT - V Lecture Hrs:12
Information Technology Act, 2000: Scope and Application of ITAct, 2000- Digital signature e-
governance, penalties and adjudication, cyber regulations appellate, tribunals, duties of subscribers-
Right to Information Act,2005 –GST Act 2017.
Textbooks:
1. Essentials of Business Environment, K.Aswathappa, Himalaya publishers.
2. Economic Environment of Business, 7th Edition , Ahuja H.L. S.chand
3. Mechantile Law- Garg, Sareen, Sharma, Chawla, Kalyani publishers.
Reference Books:
• Indian Economy, Dutt and Sundaram, S. Chand, New Delhi.
• Business Environment – Text and Cases, Justin Paul, TMH.
• Indian Economy- Misra and Puri, Himalaya.
• Legal Aspects of Business, Ravinder Kumar, Cengage.
• A Manual of Business Laws,S.N.Maheshwari& Maheshwari, Himalaya.
• Business law for management, K.R.Bulchandani-Himalaya Publishing.
• Business law, R.S.N Pillai, Bhagavathi, S.Chand
Online Learning Resources:
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UNIT-3
LEGAL ASPECTS OF
BUSINESS
Presented by
Dr.K.Ramanjaneyulu
LAW
Law means legally aspects of ways of business
A representative persons or a citizen or a lawyer or a judge
is take the decisions of law.
LAW OF CONTRACT MEANING
“ A Contract is an agreement made between
two or more parties which law will enforce”
DEFINITATION OF LAW OF CONTRACT
According to section 2 (b) Indian contract
act 1872 can be define “ An agreement enforceable by law
is a contract”.
(or)
According to salmond can be define “ a contract is an
agreement creating and defining obligations between two
parties”.
CONTRACT MEANING
Contract= Agreement+ Acceptance (or)
Agreement+ Enforceable By Law
BUSINESS
all these activities which are aimed to transfer of
goods and services from the production center to
consumption center carried out by an entrepreneur by
optimum utilizing resources at his control. i.e.
money, man, materials, machines with a view of
maximize profits.
CLASSIFICATIONS OF LAW
Legal law
Criminal law
Civil law
National and international law
Public and private law
General and special law
Natural and physical law
DEFINE CONTRACT? DISCUSS THE ESSENTIAL ELEMENTS OF VALID
CONTRACT (OR) WHAT IS THE NATURE AND THE OBJECT OF CONTRACT
According to section 10 “ all agreements are
contracts but not all contract are agreements.
“All agreements are contracts If they are made by
the free consent of the parties competent to
contract for all lawful consideration and with a
lawful object and not hear by expressly declared
to be void”
In order to become a contract an agreements must
have the following essential elements of contracts
they are follows.
ESSENTIAL ELEMENTS OF VALID CONTRACTS
Offer and acceptance
Intention to create legal relationship
Lawful consideration
Capacity of parties
Free consent or genuine consent
Lawful object
Certainty of meaning
Possibility of preference
Not declared to be void u/s 24 to 30 of the act
Legal formalities
DEFINE OFFER OR PROPOSAL
Definition : according to section 2(a) of Indian contract act
1872, can be defines offer as “ when one person signifies to
another his willingness to do (or)
To pull out from doing anything with a view to such act it is
offer or proposal.
Legal rules or essential elements of a valid offer or proposal.
Offer must be capable of creating legal relations
Offer must be certain, definite and not unclear
Offer must be communicated
Offer must be well known from an invitation or invite to
offer
Offer must be expressed
Offer must be made b/w two parties
Offer must be specific or general
Offer must be made with a view to obtaining the assets
Offer must not be statements at price
Offer should not include a term
Define acceptance ? Explain the rules and regulations a valid
acceptance
Definition: according to section 2 (b) of the Indian contract
act 1872, can be define : an acceptance is when the person
to whom the proposal is made signifies is assets there to the
proposal is said to be acceptance become promise”.
On the acceptance of the proposal the proposer is called the “
promisor/offerer and the acceptance is called the
promise/offeree.
Legal rules to acceptance:
It must be obsolute and un-qualified
It must be communicated to the offeror
It must be according to the made or style arranged or usual
and reasonable manner
It must be given with in a reasonable time
It cannot precede an offer
It must be given by the parties
It cannot be implied from silence
It must be expressed
DEFINE CONSIDERATION?
WHAT ARE THE RULES OF CONSIDERATION
Meaning: consideration is a technical term used in the “ quid-
pro-quo” i.e something in return. When a party to an
agreement promises to do something it must get something
in returns. This is called as a consideration.
Definition : according to section 2 (b) of the Indian contract
act 1872, can be define consideration as “ when at the
desire of the promisor, promise”.
Legal rules or essential elements of a valid consideration
It may be past, present, future.
It must be move at the request of the promisor
It must not be illegal, immoral
It need not be adequate – any particular value
It must be real
It must be move from the promise or any other person
It must be something the promisor is not already bound to
do
it must be an act
CLASSIFICATION OF CONTRACTS
Classification of contracts
Validity or
enforceability Performance
Valid contracts Formation Completed contracts
Void contracts Express contracts Not-completed
void agreements Implied contracts contracts
Voidable contracts Quasi contracts Unilateral contracts
Un-enforceable Bilateral contracts
Illegal contracts
