Commercial Laws in India Overview

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Questions and Answers

What is the weight of Section C: Corporate Laws in the course module?

25%

15%

40% (correct)

30%

Which Act focuses on the governance of company formations and shareholder rights?

Negotiable Instruments Act, 1881

Employees State Insurance Act, 1948

Indian Contracts Act, 1872

Companies Act, 2013 (correct)

Which of the following Acts is included in Section B: Industrial Laws?

Sale of Goods Act, 1930

Factories Act, 1948 (correct)

Limited Liability Partnership Act, 2008

Indian Partnership Act, 1932

What percentage of the course is dedicated to understanding Business Ethics?

15% Signup and view all the answers

Which Act regulates employee compensation and the work environment?

Payment of Gratuity Act, 1972 Signup and view all the answers

Which of the following is NOT covered under Commercial Laws in the course?

Factories Act, 1948 Signup and view all the answers

Which component has the highest percentage weight in the course module?

Corporate Laws Signup and view all the answers

What is the focus of the Limited Liability Partnership Act, 2008?

Governing limited liability partnerships Signup and view all the answers

Which grounds are explicitly prohibited for discrimination under Article 15(1)?

Religion, Race, Caste, Sex Signup and view all the answers

What does Article 15(2) state regarding access to public places?

All citizens should have equal access to state-funded public facilities. Signup and view all the answers

Which of the following is NOT an exception to the non-discrimination clause in Article 15?

Special employment quotas for economic status Signup and view all the answers

What principle does Article 16 promote in public employment?

Equality of opportunity regardless of certain grounds Signup and view all the answers

Which of the following grounds is specifically mentioned in both Article 15 and Article 16 as prohibited for discrimination?

Place of birth Signup and view all the answers

Under what condition can the state make special provisions for Scheduled Castes according to Article 15?

For advancement in education and other spheres Signup and view all the answers

What does Article 15(3) explicitly allow for?

Special provisions for women and children Signup and view all the answers

Which of the following statements accurately reflects a provision of Article 15?

Equality is guaranteed in matters of access to public places. Signup and view all the answers

What can Parliament do regarding the powers of the Supreme Court?

Parliament may by law empower other courts to exercise specific powers. Signup and view all the answers

Which of the following is NOT considered a major source of law in modern society?

Public opinion Signup and view all the answers

What is a valid condition for a custom to become law?

It must be observed continuously for a long time without interruption. Signup and view all the answers

Which type of custom applies to a specific region of a country?

Local Customs Signup and view all the answers

Which of the following statements about legal customs is true?

Conventional customs bind parties to agreements. Signup and view all the answers

What effect did the advent of modern civilization have on the importance of customs as a source of law?

The importance of customs diminished compared to legislation and judicial precedents. Signup and view all the answers

What is required for the Hindu Marriage Act of 1955 to allow marriages within prohibited degrees of relationship?

An established custom within a community Signup and view all the answers

Which aspect distinguishes a general custom from a local custom?

General customs prevail throughout the territory of the State. Signup and view all the answers

What happens if a Money Bill is not returned to the House of the People by the Council of States within fourteen days?

It is deemed to have been passed by both Houses. Signup and view all the answers

What can the President do after a Bill is presented for assent?

Return the Bill for reconsideration if it is not a Money Bill. Signup and view all the answers

After the President's assent to a Bill, what is the next step for publication?

It is published in the Gazette of India Extraordinary. Signup and view all the answers

What occurs if a Bill is returned by the President after being recommended for amendments?

The Houses must reconsider the Bill with the proposed amendments. Signup and view all the answers

Which of the following bodies can be approached for dispute resolution when a lawful agreement is breached?

A court or a tribunal. Signup and view all the answers

In the context of a Money Bill, what is its status if it is passed by the House of the People?

It is considered passed by both Houses without further action if not returned. Signup and view all the answers

What is typically included in the President's message when returning a Bill for reconsideration?

A request for the Houses to consider certain amendments. Signup and view all the answers

Who publishes the Act in printed form for public sale after presidential assent?

The Ministry of Law & Justice. Signup and view all the answers

Which term refers to the right against a specific individual?

Jus in personam Signup and view all the answers

What does 'Lex non a rege est violanda' signify?

Even the king must not violate the law Signup and view all the answers

What is the meaning of 'Mala fide'?

In bad faith Signup and view all the answers

Which phrase signifies that a person cannot be punished twice for the same offense?

Nemo debet bis vexari pro una et eadem causa Signup and view all the answers

What does 'Jus cogens' refer to?

Compelling law Signup and view all the answers

The term 'Inter vivos' refers to which of the following contexts?

Between living people Signup and view all the answers

Which term means a writ issued to compel a public authority to perform its duty?

Mandamus Signup and view all the answers

What does 'Mens rea' refer to in legal terms?

Guilty mind Signup and view all the answers

Study Notes

Course Overview

Subject Title: Business Laws & Ethics
Subject Code: BLE
Paper No.: 05
Focuses on business laws, industrial laws, corporate laws, and ethics relevant to business transactions and internal management.

Module Weightage

Section A: Commercial Laws - 30%
- Introduction to Law and Legal System in India - 5%
- Indian Contracts Act, 1872 - 10%
- Sale of Goods Act, 1930 - 5%
- Negotiable Instruments Act, 1881 - 5%
- Indian Partnership Act, 1932 - 5%
- Limited Liability Partnership Act, 2008 - 5%
Section B: Industrial Laws - 15%
- Factories Act, 1948 - 5%
- Payment of Gratuity Act, 1972 - 10%
- Employees Provident Fund and Miscellaneous Provisions Act, 1952 - 5%
- Employees State Insurance Act, 1948 - 5%
- The Code on Wages, 2019 - 5%
Section C: Corporate Laws - 40%
- Companies Act, 2013 - 40%
Section D: Business Ethics - 15%
- Business Ethics and Emotional Intelligence - 15%

Legal Principles and Articles

Article 15(1): Prohibits discrimination on religion, race, caste, sex, place of birth, or any combination thereof.
Article 15(2): Ensures no citizen faces restrictions in accessing public spaces or services based on these grounds.
Exceptions to Article 15: Allows special provisions for women, children, and backward classes.
Article 16: Provides equality of opportunity in public employment, preventing discrimination based on religion, race, caste, or sex.

Sources of Law

Major sources include:
- Custom: Practices observed continuously and morally accepted.
  - Types: General customs (statewide), Local customs (region-specific), Conventional customs (pertaining to agreement).
- Judicial Precedent: Previous court decisions that serve as authoritative guidance.
- Legislation: Laws enacted by legislative bodies.

Legal Terms and Concepts

Jus cogens: Compelling law not subject to derogation.
Injuria sine damnum: Injury without damage.
Mens rea: The mental state or intent to commit a crime.
Nemo bis punitur pro eodem delicto: Prohibits double jeopardy, or being punished twice for the same offense.
Locus standi: Right of a party to bring a lawsuit in court.

Dispute Resolution

Legal framework includes courts and tribunals for settling disputes arising from lawful agreements.
Ignorance of law is not an excuse, emphasizing the importance of awareness of legal obligations.

Legislative Process

A Bill after passing in Parliament is presented to the President for assent.
The President may return non-Money Bills for consideration before providing assent.
After assent, the Act is published in the Gazette of India.

Important Articles

Article 111: Details the assent process for Bills passed by Parliament.
Importance of the Ministry of Law & Justice in publishing Acts after assent.

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Description

This quiz covers essential aspects of commercial laws in India, including the legal system and key acts such as the Indian Contracts Act, Sale of Goods Act, and Negotiable Instruments Act. Test your understanding of these fundamental legal principles and their applications in Indian commerce.