LEGAL ASPECTS OF

BUSINESS
 STATUTORY WARNING
USE OF LAPTOPS AND MOBILES IS
STRICTLY PROHIBITED WHEN THE
LECTURE IS IN PROGRESS.

APPROPRIATE LEGAL ACTION SHALL BE

TAKEN
 MANAGER
&
BUSINESS LAW
Manage Law?
 FINANCE

HRD MANAGER MARKETING

IM/
OPS
 FINANCE

COMMERCIAL
CORPORATE Law of Limitation
Loans/Deposits 2. GST
2. Form of Organisation 3. S.138 Negotiable
Instruments/IPC
Law of limitation
Section 138 N.I.Act and IPC
Loans/Deposits
Forms of organisation
 MARKETING

PROJECT
CONSUMER
Arbitration
L/c
2. Collaborations-Payments to
2. Samples
Foreign Collaborator
Letter of credit
Arbitration
Collaborations
 CYBER LAWS
INFORMATION
TECHNOLOGY ACT
2000
 HRD

LABOUR WELFARE LAWS

INCOME TAX – SALARY PACKAGE
Labour Welfare Laws
Income Tax Salary Package
 BUSINESS DECISION
 1. COSTING ASPECTS
 2. ORGANISATIONAL ASPECTS
 3. ACCOUNTING ASPECTS
 4. LEGAL ASPECTS
INDIAN CONTRACT ACT 1872
DEFINITION OF CONTRACT

An agreement

enforceable by law

is a contract
Agreement

Every promise and

every set of promises
forming consideration
for each other is
called an agreement
 DISCLAIMER
IN MY PRESENTATION, I HAVE USED SOME
SKETCHES\PHOTGRAPHS. IF THEY ARE
MATCHING WITH ANY OF THE FACES IN
THE CLASS, IT IS JUST A COINCIDENCE
 Promise

A proposal when
accepted becomes a
promise
 Proposal
 When one person,
signifies to another his
willingness to do or
abstain
 from doing something
with a view to obtain the
assent of that another,

he is said to make a
proposal.
RULES OF A PROPOSAL

 A proposal must be
intended to create
legal relations and
must have legal
consequences
Family gathering Social engagement
Tennis star claims he paid ‘fees’
to his dad
Father and son entered
into an agreement on
June 10, 1994, where
Bhupathi agreed to
reimburse the Rs 28.5
lakh spent by his father
on him on educating,
feeding and clothing him,
and for his tennis training
and travel
He also claimed it as an
expenditure against his
earnings in his Income
Tax Return
 A proposal may be
general or it may be
specific
 Terms of a proposal
must be certain and
not loose
 An offer (proposal) must be distinguished
from an invitation to offer
Exposure of goods in a shop
Railway Time Tables
Hotel Menu Card
Taxis/Auto rickshaw
Calling for tenders
 An offer must be
communicated
 Counter offer
A counter offer is the rejection of offer
followed by a new offer
 Cross offers
Offer by the buyer and the seller for the
same goods on same terms and conditions
in ignorance of each other’s offer
How can one make a
proposal?

Words spoken

Oral agreement
 Words written
By conduct
Thanks