COURSE: BUSINESS LAW (SSC 220)

SYLLABUS

I. The Legal System

II. Law relating to companies established in Pakistan---The
Companies Act, 2017
III. Law relating to partnership--- Partnership Act, 1932
IV. Law governing contracts---The Contract Act, 1872
V. Law relating to the sale of goods---The Sale of Goods Act,
1930
VI. Law relating to Promissory Notes, Bills of Exchange and
Cheques - The Negotiable Instruments Act, 1881

Core Reading List

1. BUSINESS LAW – P C TULISAN

2. BUSINESS LAW – SATISH B MATHUR
3. Mercantile and Industrial Laws in Pakistan---Khawaja Amjad
Saeed
4. (Oxford University Press Lahore)
5. Mercantile Laws in Pakistan---Mirza Munawar Hussain
6. (IBP Publications, 42, Ferozpur Road, Lahore)
7. Business Law----Qazi Awais Amin (Theami Art Press, Lahore)
8. Business Law--- Azhar Ikram Ahmad, Sohail Afzal, Nadeem
Ishtiaq (Syed Mobin Mahmood & Co. 9/4, Rattigan Road,
Lahore)
9. Modern Business Law (Principles and Practices)----Third
Edition: Jonathan Merritt (Liverpool Academic Press, 2002)
10. Further Suggested Readings:
i. Companies Ordinance, 1984 Sultan Hameed
Rizvi
ii. Partnership Act, 1932 Nasim Sabir Ch.
iii. Contract Act, 1872 M.Mahmood
iv. Negotiable Instruments Act 1881 Shaukat Mahmood
v. Sales of Goods Act, 1930 Nasim Sbir Ch.
COURSE: BUSINESS LAW (SSC 220)

Course Objectives:

The course aims to develop knowledge and understanding of the

general framework within which businessmen operate, with particular
reference to specific areas central to business law. Students will learn
to understand and apply the laws to legal issues and problems relating
to the working of a business.

On completion of the course, students should be in a position to

analyze and evaluate situations from a legal perspective, having
developed a sufficient level of understanding needed for that purpose
of:

 The essential elements of the legal system, including the

nature and purpose, main sources and administration of law

 The core principles of the law of contract governing business

situations, including those involved in contract formation and
content, performance and breach, law relating to partnerships,
contracts of bailment, indemnity and guarantee and the sale of
goods.

Student Learning Outcomes

 To understand the importance of legality in any kind of

business

 To demonstrate the relationship between law and economic

activity by developing an awareness of legal principles
involved in economic relationships and business transactions

 To develop in the students a habit of analytical thinking and

logical reasoning as a technique for decision making

 To improve reading skills

 To develop the ability to prepare and present an argument for

and/or against a proposition

Teaching Methodology:

• Lectures
• Recommended Text/Supplementary Texts
• Reading Material
• Handouts
• Skills Development Exercises
• Term Presentation

Term Project: The term project will be a group presentation. Each

group will have to form and register a company using SECP
guidelines. All documents required will have to be drafted and all
procedural forms will have be duly filled. Details of the project will be
discussed at length in class.

Final Assessment Criteria:

Term Paper/Project 25%

Quiz 20%
Assignments 20%
Class Participation and attendance 10%
Mid Term Examination 10 %
Final Examination 15%

Note: No late submissions and no exemptions for assignments and

quizzes. Two assignments and one quiz will be dropped i.e. students
can miss two assignments and one quiz.

Students are expected to exhibit RESPONSIBLE BEHAVIOR AT

ALL TIMES (Deduction 1%)

• Name plates

• Seating plan

• Note books/ Books

Lahore School of Economics Plagiarism Policy

Lahore School adheres strictly to HEC plagiarism policies which are

available on the HEC website and Lahore School handbook on
plagiarism policy.

The policy can be found at

http://hec.gov.pk/english/services/faculty/Documents/Plagiarism/
Plagiarism Policy.pdf

The Lahore School Regulations on Student Code of Behaviour

specifies penalties for plagiarism in reports, research papers and
presentations in courses taken and in articles published while studying
at the Lahore School.
COURSE: BUSINESS LAW (SSC 220)

Lecture Sessions Discussion Sessions

1. THE LEGAL SYSTEM Legal Systems; Sources of

Definition and Sources of Law;
Law

2. THE LEGAL SYSTEM 2 Hierarchy of courts &

Court structure

3. Formation of a Contract 1 Formation of a contract:

Essentials; Intention to be
Legally Bound;

4. Formation of a Contract 2 Offer; Special terms;

Invitation to treat

5. Formation of a Contract 3 Acceptance;

Communication of
acceptance; Revocation;
Termination

6. Invalidating Factors Free Consent;

Capacity/competence;
Illegal object

7. Consideration 1 What is consideration;

Essentials; No
consideration no contract;

8. Consideration 2 Promissory estoppel

9. AGENCY 1 What is agency; Test;

Creation of agency; Extent
of agents authority;
delegation of authority

10. AGENCY 2 Rights and duties of agent;

Personal liability of agent;
Termination of agency

11. CONTRACTS OF Essentials of bailment;

BAILMENT; Contract of indemnity -
INDEMNITY & rights of indemnity holder;
GUARANTUEE Contract of guarantee –
essentials, liability of
guarantor

12. Breach and Remedies Breach: Anticipatory &

actual breach; Remedies:
Rescission, damages,
 specific performance,
injunction and quantum
merit

13. THE LAW OF Essential Elements of a

PARTNERSHIP 1 Partnership; Partnership
Nature and Formation of Deed; Registration of
Partnerships partnership

14. PARTNERSHIP 2 Partner by estoppel;

Position of a minor; Rights
and duties of partners

15. PARTNERSHIP 3 Relation of partners with

third parties; Implied
authority of partners;
Implied authority and third
parties; Reconstitution and
dissolution of a firm

16. COMPANY LAW: Corporate Veil; Types of

Nature of a Company companies; Registration;
Memorandum and articles;

17. Capital and Financing in a Shares: types, issuance,

Company transfer; Secured and
unsecured loans; Charges

18. Management of companies Meetings; Directors; CEO

19. Compliance Books of accounts;

Auditors: appointment,
removal, powers and duties

20. Prevention of S 290: Power of the court

mismanagement and under s 290; Section 295
oppression

21. Winding up of companies What is winding up; Types

of winding up;
Consequences of winding
up

22. SALES OF GOODS ACT Contract of Sale;

1 Conditions and warranties;
Implied conditions;
23. SALES OF GOODS ACT Caveat emptor principle;
2 Exceptions to caveat
emptor

24. SALES OF GOODS ACT Goods; Types of goods;

3 Effect of destruction of
goods; Passing of property
in goods; When ownership
 transfers in goods; Transfer
of risk

25. SALES OF GOODS ACT Delivery; Types of

4 delivery; Rules of delivery;
Acceptance of delivery.
UNPAID SELLER

26. LAW ON Intellectual Property

INTELLECTUAL Organization of Pakistan
PROPERTY RIGHTS 1 2012 & Copyright
Ordinance 1962

27. LAW ON Patent Ordinance 2000 &

INTELLECTUAL Trademark Ordinance 2000
PROPERTY RIGHTS 2

28. TERM PROJECT Presentations

29. TERM PROJECT Presentations

30. FINAL EXAM