Business & Corporate Law: Course Outline
The course basically deals with the introduction of those commercial laws which are directly or indirectly related to Business. It includes a short study of contract law, partnership Act, companies’ ordinance and Negotiable instruments.
- Definition and classification of Laws, over view of general and commercial terms, Business Entities such as sole proprietorship, partnership and joint stock companies
- Definition of a contract, Essential elements of a valid contract, Legal provision governing offers ,communication, acceptance or counter offer, consideration, agreement, lawful purpose, parties to the contract and their intent to create contractual obligations
- Rights and Duties of parties, specific performance of the contract ,Discharge of the contract, Breach of the contract and remedies, illegal, voidable and void contracts
- Definition and Essential Elements of a partnership, partnership deeds, rights and duties of partners, partnership distinguished from sole proprietorship and the companies
- Individual and Joint liabilities of the partners for the firm debts, principles governing ownership of the firm’s asset and distribution of profits, implied and specific authority of the partners, principle of holding out, Dissolution of the partnership
- Concept of limited liability and Juristic person Requirement and process of incorporation, Effects of incorporation, types of joint stock companies by nature and formation, Ownership and management of the companies
- Rights of the shareholders, Rights ,power and duties of the Board of Directors, Statutory provisions governing the election of Directors, meeting of the shareholders and the board of Directors, disclosure requirements and the financial statements
- Listed vs. non listed companies, advantages and disadvantages of listing, listing requirements of Stock Exchange. salient provision of Code of Corporate Governance, Brief discussion of Securities and Exchange Commission Of Pakistan as the corporate watch dog
- Definition, Nature of the contract of sale, conditions and warranties, Definition ,Nature of the contract of sale condition and warranties
- Transfer of property ,performance of the contract of sale, Delivery of the goods, Unpaid seller and auction sale, Consignment basis, Delivery against advance payment ,supply against letter of credit, types of letter of credit
- Laws relating to indemnity, guarantees, bailment, hyphothetication, pledge and Mortgage, agency agreement
- Evolution of Banks, types of banks, major function of banks, Negotiable instruments Act ,Definition ,characteristics of Negotiable instruments,
- Bill of Exchange and promissory Notes, parties to instrument, negotiation and endorsement, liabilities of the parties, payment and discharge of liabilities.