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on April 25, 2024

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Basics of Business Law for Academics

Basics of Business Law for Academics Law: The word ‘law’ is a general term and has different connotations for different people. Lawyer who practices law may think of law as a vocation. A legislator may look at law as something created by him. A judge may think of law as guiding principles to be applied in making decisions. The word law is often preceded by an adjective to give it more precise meanin e.g., civil law, criminal law, mercantile law, industrial law, international law etc. Indian Contract Act 1872: There are 266 sections. General principles of the law of contract (Secs. 1-75). Sections 76 -123 were repealed by Sale of Goods Act 1930. Speciﬁc kinds of contracts; Contracts of indemnity and Guarantee (Secs. 124-147) Contracts of Bailment and Pledge (Secs. 148-181) Contracts of Agency (Secs. 182-238). Sections 239-266 were repealed by Indian Partnership Act 1932. Agreement 2(e): Section 2(e) “every promise and every set of promises, forming the considerati...

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