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This book explains the legal aspects of the different business laws of the land to help students understand and gain knowledge of the legal environment in which the businesses operate. The knowledge of the business laws is of paramount importance to every business manager and chartered accountant, who both need to regularly deal with legal matters requiring a deep understanding of laws. This book is specifically designed to introduce the students to the legal environment by discussing such topics as the Law of Contracts, The Sales of Goods Act, 1930, The Negotiable Instruments Act, 1881, the Law of Insurance, the Company Law, The Factories Act, 1948, The Industrial Disputes Act, 1947, The Trade Unions Act, 1948, The Minimum Wages Act, 1948, The Employees’ State Insurance Act, 1948, The Consumer Protection Act, 1986, The Pollution Control Acts, 1974 and 1981, and the other important legal issues. The book presents a systematic and in-depth treatment of the various Acts in a concise, lucid and illustrative manner, using several suitable practical examples and studies of different law cases with a view to making the subject more intelligible, interesting and authentic. Review questions and practical assignments provided at the end of the chapters are designed to help the students grasp and apply the provisions of different Acts. The book is primarily designed to serve the need of a text for B.Com. students. It would equally be useful to BBA and MBA students and those pursuing professional courses at The Institute of Chartered Accountants and The Institute of Company Secretaries, besides meeting the growing needs of aspirants preparing for competitive examinations. Table of contents Preface  Table of Cases Part One: Mercantile Law Section 1—Law of Contracts 0. Introduction 1. Nature of Contracts 2. Offer or Proposal 3. Acceptance 4. Consideration 5. Capacity of Parties 6. Free Consent 7. Legality of Consideration and Object 8. Contingent Contracts and Wagering Contracts 9. Quasi Contracts 10. Performance of Contract 11. Discharge of Contract 12. Remedies for Breach of Contract Section 2—Special Contracts 13. Indemnity and Guarantee 14. Bailment and Pledge 15. Agency Section 3—Other Laws 16. Sale of Goods Act, 1930 17. Negotiable Instruments Act, 1881 18. Partnership Part Two: Law of Insurance 19. Insurance 20. Life Insurance 21. General Insurance 22. Insurance Regulatory and Development Authority (IRDA) Part Three: Company Law 23. Introduction 24. Definition and Nature of a Company 25. Kinds of Companies 26. Formation and Incorporation of a Company 27. Memorandum of Association 28. Articles of Association 29. Prospectus 30. Membership in a Company 31. Share Capital 32. Shares 33. Application and Allotment of Shares 34. Calls and Forfeiture of Shares 35. Share Certificate and Share Warrant 36. Transfer and Transmission of Shares 37. Borrowing Powers 38. Directors 39. Other Managerial Personnel 40. Company Secretary 41. Meetings 42. Dividends 43. Accounts and Audit 44. Supremacy of Majority and Protection of Minority 45. Prevention of Oppression and Mismanagement 46. Compromises, Arrangements and Reconstructions 47. Winding up of a Company Part Four: Industrial Law 48. The Factories Act, 1948 49. The Industrial Disputes Act, 1947 50. The Trade Unions Act, 1926 51. The Minimum Wages Act, 1948 52. The Employees’ State Insurance Act, 1948 Part Five: General Law 53. The Consumer Protection Act, 1986 54. Pollution Control Act Index