Many lecturers stated that this book was a compulsory book for students. Roger LeRoy Miller, Ph. As a professor, he has taught intellectual property law and entertainment law, among other subjects.
Frank B. Cross is the Herbert D. Contact: Email: onyekachiduru gmail. Appreciate the working of the guiding principles of business law derived from the case law. Understand the role of law of contract as the basis or foundation of business transaction in Nigeria.
Explain the meaning and nature of business law. Outline the Scope of Business Law. Analyze the functions and importance of Business Law. Identify the sources of Business Law in Nigeria. Business law is the body of enforceable principles, rules, regulations and practices governing the various interactions between parties to a commercial transaction. In other words, business law is the legal framework through which economic and business activities are conducted and regulated.
Scope of Business Law: Business law pervades different aspects of law, including the following: a. Law of Contract: This is the branch of business law which regulates the formation, terms, performance, discharge and remedies for breach of enforceable agreements contracts between parties.
Law of Agency: Law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual relationships that involves express or implied derivation of authority by one party, the agent, from the other party, the principal. The law of agency itself deals primarily with the relationship which arises where one person, expressly or implied employs another or is by law deemed to have employed such person, to perform some tasks for and on his behalf.
Sale of Goods: This is the aspect of business law which regulates the contract of sale of goods. By Section1 1 of the Sale of Goods Act , it is a contract whereby the seller transfers, or agrees to transfer, the property in goods to the buyer for a money consideration called the price. The essence of a Sale of Goods Contract is that the parties intend to transfer ownership of property in the goods from the seller to the buyer.
Hire Purchase: The hire purchase law is a branch of business law that regulates the formation of a hire purchase contract and the respective rights and liabilities of the parties to the transaction.
A hire-purchase agreement is an agreement under which the owner of goods hires them to another person called the hirer, the agreement also providing that the hirer shall have the option to buy the goods if and when the number of installments specified in the agreement had been paid. Law of Partnership: The law of partnership is the branch of business law that regulates the rights and liabilities of the partners among themselves and their rights and liabilities in dealing with third parties.
Company Law: Company law is a branch of business law which regulates the formation and dissolution of various types of business organizations, such as companies, business names, partnerships and incorporated trustees. Company law regulates the process of incorporation, management and financing of the company, the extent of the powers of the company and its officials. Industrial Law: This branch of business law governs the relationship between employer and employees and the regulation of their rights and liabilities.
Industrial law also covers the formation and regulation of the activities of trade and employers unions and their members in other to achieve industrial peace and harmony. Insurance Law: This branch of business law regulates the establishment and the conduct of the insurance business and the contract between the insured and the insurer as well as their rights and liabilities.
Thus a contract of Insurance is one whereby a person or company the insurer agrees in consideration of a single or periodical payment called the premium to pay a sum of money to another person or company the insured on the happening of a certain event or to indemnify against loss caused by the risk insured against.
Law of Banking and Negotiable Instruments: This is the aspect of business law regulating the establishment, management and control of banks and the different modes of effecting payment for goods and services in form of cheques and other types of bill of exchange.
If you have already studied the business law notes , then its time to move ahead and go through previous year business law question paper. It will help you to understand question paper pattern and type of business law questions and answers asked in mba, bba, bcom business law exam. Below is the list of business law book recommended by the top university in India. Below is the top business law book that can be bought from Amazon. In the above article, a student can download business law notes for mba 1st semester subjects , bcom 1st sem subjects and bba 1st semester subjects.
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