BUSINESS LAW

BUSINESS LAW
AREA OF STUDY: CORE
BAC231

Year: 3
Semester: 5

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* Continuous
** Duration: 3 hours

Objectives:
This course aims to develop an understanding of the regulations affecting business operations and transactions .
Course Contents:
Unit I: Introduction: L.H.5
Meaning and nature of law; Concept & importance of BL, Sources of Nepalese business law.
Unit II: Law of Contract: L.H.18
Meaning, nature and essentials of a valid contract, Meaning and essential rules of valid offer and an acceptance; Definition and rules of consideration; Contractual capacity, general rule and exceptions, minor, unsound mind and disqualified persons; Meaning and importance of free consent; Meaning and rules of contingent contract. Distinction between contingent contract and wagering agreement; Performance of contract; Termination and discharge of contract; Remedies of breach of contract; Evolution of contract law in Nepal.
Unit III: Bailment and Pledge: L.H.5
Meaning and features of bailment and pledge; Distinction between bailment and pledge; Right and duties of bailor and bailee ; Pawner and pawnee Rights and duties of finder of lost goods
Unit IV: Indemnity and Guarantee: L.H.5
Meaning of contract of indemnity; Rights and duties of indemnifier and indemnity holder; Meaning and types of guarantee; Rights and liabilities of surety; Discharge of surety's liability; Distinction between indemnity and guarantee.
Unit V: Contract of Agency: L.H.5
Meaning and nature of agency; Creation of agency; Classification of agents; Termination of agency; Provisions of Nepal Agency Act, 2014 and Agency Rules, 2019.
Unit VI: Introduction to Sales: L.H.5
Nature of sales contract; Difference between sales and agreement to sell; Transfer of title and risk of loss; Conditions and warranties; Performance of contract of sale of goods; unpaid seller.
Unit VII: Law of Negotiable Instruments: L.H.5
Concept and importance of negotiable instruments; Difference between promissory notes and bill of exchange; Meaning of holder and holder in due course; Discharge of negotiable instruments;
Suggested Readings:
1. W.R Anson, Anson's Law of Contract, Oxford University Press, London.
2. L.Y.Robertson Smith, G.G.Mann, R.A. & Roberts Business Law, West Publishing Co. Chicago
3. S.R Bahl,. Business Law, Kitab Mahal, Alahabad.
4. S.B Karki, B.P Mishra., Business Law, Aayush Publication, Ktm, Nepal.
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6. M.C.Kuchhal, Mercantile Law, Bikas Publishing House, New Delhi (Reprint 1999)
7. Satyanarayan, Kalika, Business Law, Buddha Academic Enterprise, Kathmandu
8. Prevailing Nepal Contract Act 056, Agency Act 2014, Agency Rules 2019, Nepal Negotiable Instruments Act 2034