Business Regulations By University Of Calicut Pdf
Download Business Regulations By University Of Calicut Pdf book free online – from Business Regulations By University Of Calicut Pdf book; This note covers the following topics: Business Laws, Special Contracts: Contract Of Indemnity And Guarantee, The Sale Of Goods Act 1930, The Consumer Protection Act 1986, The Information Technology Act 2000.
Business Law is a wide term and embraces all legal principles concerning business transactions. It is also known as the ‘Commercial Law’, ‘Law Merchant’ or ‘Mercantile Law’. Business Regulations By University Of Calicut Pdf
Business Law consists of those legal rules, which govern and regulate the business activities, transactions and trade. It also encompasses the law relating to regulation of business associations and other incidental matters.
The law of contracts deals with agreements, which can be enforced through law courts. Law of contracts is the most important branch of mercantile law. It affects every person in one way or the other, as all of us enter into some kind of contract everyday. The object of the law of contracts is to introduce definiteness in commercial and other transactions, and to ensure the realization of reasonable expectation of the parties, who enter into a contract.
The consideration is one of the essential elements of a valid contract. The term ‘consideration’ may be defined as the price of the promise. This term is used in the sense of quid pro quo (i.e., something in return). Accordingly, an agreement which is not supported by consideration is a nudum pactum (a nude or a bare agreement), and the effect of a nude agreement is expressed in the legal maxim, ex nudo pacto non orilur actio meaning no cause of action arises from a bare
agreement. The consideration need not be adequate to the promise but it must be of some value in the eye of the law.