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 v 
SYLLABUS 
PAPER – 2: BUSINESS LAWS (100 MARKS) 
Objective: 
To develop general legal knowledge of the law of Contracts, Sales and understanding of 
various forms of businesses and their functioning to regulate business environment and to 
acquire the ability to address basic application-oriented issues. 
Contents: 
1. Indian Regulatory Framework- Major Regulatory Bodies such as Ministry of Finance, 
Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice etc. 
2. The Indian Contract Act, 1872: General nature of contract, Consideration, Other 
essential elements of a valid contract, Performance of contract, Breach of contract, 
Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of 
Bailment and Pledge, Contract of Agency.   
3. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and 
Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights. 
4. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and Duties 
of partners, Reconstitution of firms, Registration and Dissolution of a firm.  
5. The Limited Liability Partnership Act, 2008: Introduction-covering nature and scope, 
Essential features, Characteristics of LLP, Incorporation and Differences with other 
forms of organizations.      
6. The Companies Act, 2013: Essential features of company, Corporate veil theory, Classes 
of companies, Types of share capital, Incorporation of company, Memorandum of 
Association, Articles of Association, Doctrine of Indoor Management.  
7. The Negotiable Instruments Act, 1881:  Meaning of Negotiable Instruments, 
Characteristics, Classification of Instruments, Different provisions relating to 
Negotiation, Presentment of Instruments, Rules of Compensation. 
Note: If new legislations are enacted in place of the existing legislations, the syllabus 
would include the corresponding provisions of such new legislations with effect from 
dates notified by the Institute. 
The specific inclusions/ exclusions in the various topics covered in the syllabus will be 
effected every year by way of Study Guidelines, if required. 
© The Institute of Chartered Accountants of India 
Page 2


 
 
  
 v 
SYLLABUS 
PAPER – 2: BUSINESS LAWS (100 MARKS) 
Objective: 
To develop general legal knowledge of the law of Contracts, Sales and understanding of 
various forms of businesses and their functioning to regulate business environment and to 
acquire the ability to address basic application-oriented issues. 
Contents: 
1. Indian Regulatory Framework- Major Regulatory Bodies such as Ministry of Finance, 
Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice etc. 
2. The Indian Contract Act, 1872: General nature of contract, Consideration, Other 
essential elements of a valid contract, Performance of contract, Breach of contract, 
Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of 
Bailment and Pledge, Contract of Agency.   
3. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and 
Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights. 
4. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and Duties 
of partners, Reconstitution of firms, Registration and Dissolution of a firm.  
5. The Limited Liability Partnership Act, 2008: Introduction-covering nature and scope, 
Essential features, Characteristics of LLP, Incorporation and Differences with other 
forms of organizations.      
6. The Companies Act, 2013: Essential features of company, Corporate veil theory, Classes 
of companies, Types of share capital, Incorporation of company, Memorandum of 
Association, Articles of Association, Doctrine of Indoor Management.  
7. The Negotiable Instruments Act, 1881:  Meaning of Negotiable Instruments, 
Characteristics, Classification of Instruments, Different provisions relating to 
Negotiation, Presentment of Instruments, Rules of Compensation. 
Note: If new legislations are enacted in place of the existing legislations, the syllabus 
would include the corresponding provisions of such new legislations with effect from 
dates notified by the Institute. 
The specific inclusions/ exclusions in the various topics covered in the syllabus will be 
effected every year by way of Study Guidelines, if required. 
© The Institute of Chartered Accountants of India 
 
 
 vi 
CONTENTS 
CHAPTER – 1: INDIAN REGULATORY FRAMEWORK  .......................................................1.1 
 Chapter Overview ........................................................................................................................... 1.2 
1. Introduction ..................................................................................................................................... 1.3 
2. What Is Law? .................................................................................................................................... 1.3 
3. Sources of Law  ............................................................................................................................... 1.4 
4. The Process of Making A Law ..................................................................................................... 1.5 
5. Enforcing The Law  ......................................................................................................................... 1.6 
6. Structure of The Indian Judicial System ................................................................................. 1.11 
 Test Your Knowledge .................................................................................................................. 1.13 
CHAPTER – 2: THE INDIAN CONTRACT ACT 1872 ...........................................................2.1 
Unit– I: Nature of Contracts .............................................................................................2.1 
 Unit Overview .................................................................................................................................. 2.2 
1.1 What is Contract ? .......................................................................................................................... 2.4 
1.2 Essentials of Valid Contract ......................................................................................................... 2.5 
1.3 Types of Contracts ......................................................................................................................... 2.9 
1.4 Proposal/Offer [Section 2(a) of the Indian Contract Act, 1872] ...................................... 2.15 
1.5 Acceptance ..................................................................................................................................... 2.22 
1.6 Communication of Offer and Acceptance ............................................................................. 2.26 
1.7 Communication of Performance .............................................................................................. 2.30 
1.8 Revocation of Offer and Acceptance ...................................................................................... 2.30 
 Summary ......................................................................................................................................... 2.33 
 Test Your Knowledge .................................................................................................................. 2.38 
© The Institute of Chartered Accountants of India 
Page 3


 
 
  
 v 
SYLLABUS 
PAPER – 2: BUSINESS LAWS (100 MARKS) 
Objective: 
To develop general legal knowledge of the law of Contracts, Sales and understanding of 
various forms of businesses and their functioning to regulate business environment and to 
acquire the ability to address basic application-oriented issues. 
Contents: 
1. Indian Regulatory Framework- Major Regulatory Bodies such as Ministry of Finance, 
Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice etc. 
2. The Indian Contract Act, 1872: General nature of contract, Consideration, Other 
essential elements of a valid contract, Performance of contract, Breach of contract, 
Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of 
Bailment and Pledge, Contract of Agency.   
3. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and 
Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights. 
4. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and Duties 
of partners, Reconstitution of firms, Registration and Dissolution of a firm.  
5. The Limited Liability Partnership Act, 2008: Introduction-covering nature and scope, 
Essential features, Characteristics of LLP, Incorporation and Differences with other 
forms of organizations.      
6. The Companies Act, 2013: Essential features of company, Corporate veil theory, Classes 
of companies, Types of share capital, Incorporation of company, Memorandum of 
Association, Articles of Association, Doctrine of Indoor Management.  
7. The Negotiable Instruments Act, 1881:  Meaning of Negotiable Instruments, 
Characteristics, Classification of Instruments, Different provisions relating to 
Negotiation, Presentment of Instruments, Rules of Compensation. 
Note: If new legislations are enacted in place of the existing legislations, the syllabus 
would include the corresponding provisions of such new legislations with effect from 
dates notified by the Institute. 
The specific inclusions/ exclusions in the various topics covered in the syllabus will be 
effected every year by way of Study Guidelines, if required. 
© The Institute of Chartered Accountants of India 
 
 
 vi 
CONTENTS 
CHAPTER – 1: INDIAN REGULATORY FRAMEWORK  .......................................................1.1 
 Chapter Overview ........................................................................................................................... 1.2 
1. Introduction ..................................................................................................................................... 1.3 
2. What Is Law? .................................................................................................................................... 1.3 
3. Sources of Law  ............................................................................................................................... 1.4 
4. The Process of Making A Law ..................................................................................................... 1.5 
5. Enforcing The Law  ......................................................................................................................... 1.6 
6. Structure of The Indian Judicial System ................................................................................. 1.11 
 Test Your Knowledge .................................................................................................................. 1.13 
CHAPTER – 2: THE INDIAN CONTRACT ACT 1872 ...........................................................2.1 
Unit– I: Nature of Contracts .............................................................................................2.1 
 Unit Overview .................................................................................................................................. 2.2 
1.1 What is Contract ? .......................................................................................................................... 2.4 
1.2 Essentials of Valid Contract ......................................................................................................... 2.5 
1.3 Types of Contracts ......................................................................................................................... 2.9 
1.4 Proposal/Offer [Section 2(a) of the Indian Contract Act, 1872] ...................................... 2.15 
1.5 Acceptance ..................................................................................................................................... 2.22 
1.6 Communication of Offer and Acceptance ............................................................................. 2.26 
1.7 Communication of Performance .............................................................................................. 2.30 
1.8 Revocation of Offer and Acceptance ...................................................................................... 2.30 
 Summary ......................................................................................................................................... 2.33 
 Test Your Knowledge .................................................................................................................. 2.38 
© The Institute of Chartered Accountants of India 
 
 
  
 vii 
Unit– 2:Consideration .................................................................................................... 2.46 
 Unit Overview ................................................................................................................................ 2.46 
2.1 What is Consideration? ............................................................................................................... 2.47 
2.2 Legal Rules Regarding Consideration .................................................................................... 2.48 
2.3 Suit by a Third Party to a Contract .......................................................................................... 2.50 
2.4 Validity of an Agreement without Consideration................................................................ 2.52 
 Summary ......................................................................................................................................... 2.54 
 Test Your Knowledge .................................................................................................................. 2.55 
Unit– 3:Other Essential Elements of a Contract ............................................................ 2.58 
 Unit Overview ................................................................................................................................ 2.58 
3.1 Capacity to Contract .................................................................................................................... 2.59 
3.2 Free Consent .................................................................................................................................. 2.64 
3.3 Elements Vitiating Free Consent .............................................................................................. 2.65 
3.4 Legality of Object and Consideration ..................................................................................... 2.73 
3.5 Void Agreements .......................................................................................................................... 2.77 
 Summary ......................................................................................................................................... 2.82 
 Test Your Knowledge .................................................................................................................. 2.86 
Unit– 4:Performance of Contract .................................................................................. 2.95 
 Unit Overview ................................................................................................................................ 2.95 
4.1 Performance of Contract ............................................................................................................ 2.96 
4.2 Conditions to Be Satisfied for A Valid Tender or Attempted Performance  ................ 2.96 
4.3 By Whom a Contract May Be Performed (Section 40, 41 And 42) ................................. 2.97 
4.4 Distinction Between Succession and Assignment ............................................................... 2.98 
4.5 Liability of Joint Promisor & Promisee  .................................................................................. 2.99 
4.6 Time and Place for Performance of the Promise ...............................................................2.101 
4.7 Performance of Reciprocal Promise ......................................................................................2.102 
© The Institute of Chartered Accountants of India 
Page 4


 
 
  
 v 
SYLLABUS 
PAPER – 2: BUSINESS LAWS (100 MARKS) 
Objective: 
To develop general legal knowledge of the law of Contracts, Sales and understanding of 
various forms of businesses and their functioning to regulate business environment and to 
acquire the ability to address basic application-oriented issues. 
Contents: 
1. Indian Regulatory Framework- Major Regulatory Bodies such as Ministry of Finance, 
Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice etc. 
2. The Indian Contract Act, 1872: General nature of contract, Consideration, Other 
essential elements of a valid contract, Performance of contract, Breach of contract, 
Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of 
Bailment and Pledge, Contract of Agency.   
3. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and 
Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights. 
4. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and Duties 
of partners, Reconstitution of firms, Registration and Dissolution of a firm.  
5. The Limited Liability Partnership Act, 2008: Introduction-covering nature and scope, 
Essential features, Characteristics of LLP, Incorporation and Differences with other 
forms of organizations.      
6. The Companies Act, 2013: Essential features of company, Corporate veil theory, Classes 
of companies, Types of share capital, Incorporation of company, Memorandum of 
Association, Articles of Association, Doctrine of Indoor Management.  
7. The Negotiable Instruments Act, 1881:  Meaning of Negotiable Instruments, 
Characteristics, Classification of Instruments, Different provisions relating to 
Negotiation, Presentment of Instruments, Rules of Compensation. 
Note: If new legislations are enacted in place of the existing legislations, the syllabus 
would include the corresponding provisions of such new legislations with effect from 
dates notified by the Institute. 
The specific inclusions/ exclusions in the various topics covered in the syllabus will be 
effected every year by way of Study Guidelines, if required. 
© The Institute of Chartered Accountants of India 
 
 
 vi 
CONTENTS 
CHAPTER – 1: INDIAN REGULATORY FRAMEWORK  .......................................................1.1 
 Chapter Overview ........................................................................................................................... 1.2 
1. Introduction ..................................................................................................................................... 1.3 
2. What Is Law? .................................................................................................................................... 1.3 
3. Sources of Law  ............................................................................................................................... 1.4 
4. The Process of Making A Law ..................................................................................................... 1.5 
5. Enforcing The Law  ......................................................................................................................... 1.6 
6. Structure of The Indian Judicial System ................................................................................. 1.11 
 Test Your Knowledge .................................................................................................................. 1.13 
CHAPTER – 2: THE INDIAN CONTRACT ACT 1872 ...........................................................2.1 
Unit– I: Nature of Contracts .............................................................................................2.1 
 Unit Overview .................................................................................................................................. 2.2 
1.1 What is Contract ? .......................................................................................................................... 2.4 
1.2 Essentials of Valid Contract ......................................................................................................... 2.5 
1.3 Types of Contracts ......................................................................................................................... 2.9 
1.4 Proposal/Offer [Section 2(a) of the Indian Contract Act, 1872] ...................................... 2.15 
1.5 Acceptance ..................................................................................................................................... 2.22 
1.6 Communication of Offer and Acceptance ............................................................................. 2.26 
1.7 Communication of Performance .............................................................................................. 2.30 
1.8 Revocation of Offer and Acceptance ...................................................................................... 2.30 
 Summary ......................................................................................................................................... 2.33 
 Test Your Knowledge .................................................................................................................. 2.38 
© The Institute of Chartered Accountants of India 
 
 
  
 vii 
Unit– 2:Consideration .................................................................................................... 2.46 
 Unit Overview ................................................................................................................................ 2.46 
2.1 What is Consideration? ............................................................................................................... 2.47 
2.2 Legal Rules Regarding Consideration .................................................................................... 2.48 
2.3 Suit by a Third Party to a Contract .......................................................................................... 2.50 
2.4 Validity of an Agreement without Consideration................................................................ 2.52 
 Summary ......................................................................................................................................... 2.54 
 Test Your Knowledge .................................................................................................................. 2.55 
Unit– 3:Other Essential Elements of a Contract ............................................................ 2.58 
 Unit Overview ................................................................................................................................ 2.58 
3.1 Capacity to Contract .................................................................................................................... 2.59 
3.2 Free Consent .................................................................................................................................. 2.64 
3.3 Elements Vitiating Free Consent .............................................................................................. 2.65 
3.4 Legality of Object and Consideration ..................................................................................... 2.73 
3.5 Void Agreements .......................................................................................................................... 2.77 
 Summary ......................................................................................................................................... 2.82 
 Test Your Knowledge .................................................................................................................. 2.86 
Unit– 4:Performance of Contract .................................................................................. 2.95 
 Unit Overview ................................................................................................................................ 2.95 
4.1 Performance of Contract ............................................................................................................ 2.96 
4.2 Conditions to Be Satisfied for A Valid Tender or Attempted Performance  ................ 2.96 
4.3 By Whom a Contract May Be Performed (Section 40, 41 And 42) ................................. 2.97 
4.4 Distinction Between Succession and Assignment ............................................................... 2.98 
4.5 Liability of Joint Promisor & Promisee  .................................................................................. 2.99 
4.6 Time and Place for Performance of the Promise ...............................................................2.101 
4.7 Performance of Reciprocal Promise ......................................................................................2.102 
© The Institute of Chartered Accountants of India 
 
 
 viii 
4.8 Appropriation of Payments .....................................................................................................2.106 
4.9 Contracts, Which Need not be Performed – with the consent of both the parties .......2.107 
4.10 Discharge of a Contract ............................................................................................................2.110 
 Summary .......................................................................................................................................2.113 
 Test Your Knowledge ................................................................................................................2.115 
Unit– 5:Breach of Contract and its Remedies ............................................................. 2.122 
 Unit Overview ..............................................................................................................................2.122 
5.1 Anticipatory Breach of Contract .............................................................................................2.123 
5.2 Actual Breach of Contract ........................................................................................................2.124 
5.3 Suit for Damages ........................................................................................................................2.125 
5.4 Penalty and Liquidated Damages (Section 74) ..................................................................2.127 
 Summary .......................................................................................................................................2.131 
 Test Your Knowledge ................................................................................................................2.132 
Unit– 6: Contingent and Quasi Contracts ................................................................... 2.138 
 Unit Overview ..............................................................................................................................2.138 
6.1 Contingent Contracts ................................................................................................................2.138 
6.2 Rules Relating to Enforcement ...............................................................................................2.140 
6.3 Quasi Contracts ..........................................................................................................................2.143 
 Summary .......................................................................................................................................2.146 
 Test Your Knowledge ................................................................................................................2.149 
Unit– 7: Contract of Indemnity and Guarantee  ......................................................... 2.154 
 Unit Overview ..............................................................................................................................2.154 
7.1 Contract of Indemnity  ..............................................................................................................2.155 
7.2 Contract of Guarantee  .............................................................................................................2.157 
7.3 Types of Guarantees .................................................................................................................2.159 
7.4 Distinction Between a Contract of Indemnity and A Contract of Guarantee  ...........2.160 
© The Institute of Chartered Accountants of India 
Page 5


 
 
  
 v 
SYLLABUS 
PAPER – 2: BUSINESS LAWS (100 MARKS) 
Objective: 
To develop general legal knowledge of the law of Contracts, Sales and understanding of 
various forms of businesses and their functioning to regulate business environment and to 
acquire the ability to address basic application-oriented issues. 
Contents: 
1. Indian Regulatory Framework- Major Regulatory Bodies such as Ministry of Finance, 
Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice etc. 
2. The Indian Contract Act, 1872: General nature of contract, Consideration, Other 
essential elements of a valid contract, Performance of contract, Breach of contract, 
Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of 
Bailment and Pledge, Contract of Agency.   
3. The Sale of Goods Act, 1930: Formation of the contract of sale, Conditions and 
Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights. 
4. The Indian Partnership Act, 1932: General Nature of Partnership, Rights and Duties 
of partners, Reconstitution of firms, Registration and Dissolution of a firm.  
5. The Limited Liability Partnership Act, 2008: Introduction-covering nature and scope, 
Essential features, Characteristics of LLP, Incorporation and Differences with other 
forms of organizations.      
6. The Companies Act, 2013: Essential features of company, Corporate veil theory, Classes 
of companies, Types of share capital, Incorporation of company, Memorandum of 
Association, Articles of Association, Doctrine of Indoor Management.  
7. The Negotiable Instruments Act, 1881:  Meaning of Negotiable Instruments, 
Characteristics, Classification of Instruments, Different provisions relating to 
Negotiation, Presentment of Instruments, Rules of Compensation. 
Note: If new legislations are enacted in place of the existing legislations, the syllabus 
would include the corresponding provisions of such new legislations with effect from 
dates notified by the Institute. 
The specific inclusions/ exclusions in the various topics covered in the syllabus will be 
effected every year by way of Study Guidelines, if required. 
© The Institute of Chartered Accountants of India 
 
 
 vi 
CONTENTS 
CHAPTER – 1: INDIAN REGULATORY FRAMEWORK  .......................................................1.1 
 Chapter Overview ........................................................................................................................... 1.2 
1. Introduction ..................................................................................................................................... 1.3 
2. What Is Law? .................................................................................................................................... 1.3 
3. Sources of Law  ............................................................................................................................... 1.4 
4. The Process of Making A Law ..................................................................................................... 1.5 
5. Enforcing The Law  ......................................................................................................................... 1.6 
6. Structure of The Indian Judicial System ................................................................................. 1.11 
 Test Your Knowledge .................................................................................................................. 1.13 
CHAPTER – 2: THE INDIAN CONTRACT ACT 1872 ...........................................................2.1 
Unit– I: Nature of Contracts .............................................................................................2.1 
 Unit Overview .................................................................................................................................. 2.2 
1.1 What is Contract ? .......................................................................................................................... 2.4 
1.2 Essentials of Valid Contract ......................................................................................................... 2.5 
1.3 Types of Contracts ......................................................................................................................... 2.9 
1.4 Proposal/Offer [Section 2(a) of the Indian Contract Act, 1872] ...................................... 2.15 
1.5 Acceptance ..................................................................................................................................... 2.22 
1.6 Communication of Offer and Acceptance ............................................................................. 2.26 
1.7 Communication of Performance .............................................................................................. 2.30 
1.8 Revocation of Offer and Acceptance ...................................................................................... 2.30 
 Summary ......................................................................................................................................... 2.33 
 Test Your Knowledge .................................................................................................................. 2.38 
© The Institute of Chartered Accountants of India 
 
 
  
 vii 
Unit– 2:Consideration .................................................................................................... 2.46 
 Unit Overview ................................................................................................................................ 2.46 
2.1 What is Consideration? ............................................................................................................... 2.47 
2.2 Legal Rules Regarding Consideration .................................................................................... 2.48 
2.3 Suit by a Third Party to a Contract .......................................................................................... 2.50 
2.4 Validity of an Agreement without Consideration................................................................ 2.52 
 Summary ......................................................................................................................................... 2.54 
 Test Your Knowledge .................................................................................................................. 2.55 
Unit– 3:Other Essential Elements of a Contract ............................................................ 2.58 
 Unit Overview ................................................................................................................................ 2.58 
3.1 Capacity to Contract .................................................................................................................... 2.59 
3.2 Free Consent .................................................................................................................................. 2.64 
3.3 Elements Vitiating Free Consent .............................................................................................. 2.65 
3.4 Legality of Object and Consideration ..................................................................................... 2.73 
3.5 Void Agreements .......................................................................................................................... 2.77 
 Summary ......................................................................................................................................... 2.82 
 Test Your Knowledge .................................................................................................................. 2.86 
Unit– 4:Performance of Contract .................................................................................. 2.95 
 Unit Overview ................................................................................................................................ 2.95 
4.1 Performance of Contract ............................................................................................................ 2.96 
4.2 Conditions to Be Satisfied for A Valid Tender or Attempted Performance  ................ 2.96 
4.3 By Whom a Contract May Be Performed (Section 40, 41 And 42) ................................. 2.97 
4.4 Distinction Between Succession and Assignment ............................................................... 2.98 
4.5 Liability of Joint Promisor & Promisee  .................................................................................. 2.99 
4.6 Time and Place for Performance of the Promise ...............................................................2.101 
4.7 Performance of Reciprocal Promise ......................................................................................2.102 
© The Institute of Chartered Accountants of India 
 
 
 viii 
4.8 Appropriation of Payments .....................................................................................................2.106 
4.9 Contracts, Which Need not be Performed – with the consent of both the parties .......2.107 
4.10 Discharge of a Contract ............................................................................................................2.110 
 Summary .......................................................................................................................................2.113 
 Test Your Knowledge ................................................................................................................2.115 
Unit– 5:Breach of Contract and its Remedies ............................................................. 2.122 
 Unit Overview ..............................................................................................................................2.122 
5.1 Anticipatory Breach of Contract .............................................................................................2.123 
5.2 Actual Breach of Contract ........................................................................................................2.124 
5.3 Suit for Damages ........................................................................................................................2.125 
5.4 Penalty and Liquidated Damages (Section 74) ..................................................................2.127 
 Summary .......................................................................................................................................2.131 
 Test Your Knowledge ................................................................................................................2.132 
Unit– 6: Contingent and Quasi Contracts ................................................................... 2.138 
 Unit Overview ..............................................................................................................................2.138 
6.1 Contingent Contracts ................................................................................................................2.138 
6.2 Rules Relating to Enforcement ...............................................................................................2.140 
6.3 Quasi Contracts ..........................................................................................................................2.143 
 Summary .......................................................................................................................................2.146 
 Test Your Knowledge ................................................................................................................2.149 
Unit– 7: Contract of Indemnity and Guarantee  ......................................................... 2.154 
 Unit Overview ..............................................................................................................................2.154 
7.1 Contract of Indemnity  ..............................................................................................................2.155 
7.2 Contract of Guarantee  .............................................................................................................2.157 
7.3 Types of Guarantees .................................................................................................................2.159 
7.4 Distinction Between a Contract of Indemnity and A Contract of Guarantee  ...........2.160 
© The Institute of Chartered Accountants of India 
 
 
  
 ix 
7.5 Nature and Extent of Surety’s Liability [Section 128]  ......................................................2.161 
7.6 Liability of Two Persons, Primarily Liable, Not Affected by Arrangement  
Between Them That One Shall Be Surety on other’s Default ........................................2.161 
7.7 Discharge of A Surety  ..............................................................................................................2.162 
7.8 Rights of A Surety ......................................................................................................................2.166 
 Summary .......................................................................................................................................2.169 
 Test Your Knowledge ................................................................................................................2.171 
Unit– 8: Bailment and Pledge  ..................................................................................... 2.178 
 Unit Overview ..............................................................................................................................2.178 
8.1 What Is Bailment?  .....................................................................................................................2.178 
8.2 Duties of A Bailor .......................................................................................................................2.180 
8.3 Duties of A Bailee .......................................................................................................................2.182 
8.4 Rights of A Bailor  ......................................................................................................................2.185 
8.5 Rights of A Bailee  ......................................................................................................................2.186 
8.6 Rights of Bailor and Bailee Against Any Wrong Doer (Third Party)  ............................2.187 
8.7 Termination of Bailment  .........................................................................................................2.187 
8.8 Finder of Lost Goods  ................................................................................................................2.188 
8.9 Right of Lien  ...............................................................................................................................2.188 
8.10 Pledge  ..........................................................................................................................................2.190 
8.11 Pledge by Non-Owner  .............................................................................................................2.193 
8.12 Distinction Between Bailment and Pledge  .........................................................................2.194 
 Summary .......................................................................................................................................2.195 
 Test Your Knowledge ................................................................................................................2.197 
Unit– 9: Agency  ........................................................................................................... 2.203 
 Unit Overview ..............................................................................................................................2.203 
9.1 What is Agency ?  .......................................................................................................................2.204 
© The Institute of Chartered Accountants of India
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FAQs on Syllabus for Business Laws - Business Laws for CA Foundation

1. What are the key components of the Business Laws syllabus for CA Foundation?
Ans. The Business Laws syllabus for CA Foundation typically includes various components such as the Indian Contract Act, Sale of Goods Act, Partnership Act, and the Companies Act. Students are expected to understand the fundamental principles of these laws, including formation, execution, and enforcement of contracts, rights and duties of parties involved, and legal implications of business transactions.
2. How important is knowledge of Business Laws for a career in finance and accounting?
Ans. Knowledge of Business Laws is essential for a career in finance and accounting as it helps professionals navigate legal frameworks that govern business operations. Understanding contracts, liabilities, and corporate governance ensures compliance with the law and aids in effective decision-making. This knowledge is crucial for preventing legal disputes and protecting the interests of the business and its stakeholders.
3. What are the examination patterns and types of questions that can be expected in the Business Laws section?
Ans. The examination pattern for Business Laws typically includes multiple-choice questions, short answer questions, and case study-based problems. Students may be required to analyze scenarios and apply legal principles to resolve issues. Questions often test understanding of legal definitions, concepts, and the application of laws to real-life business situations.
4. How can students effectively prepare for the Business Laws exam in CA Foundation?
Ans. Effective preparation for the Business Laws exam involves a combination of thorough reading of the syllabus, understanding key concepts, and regular practice of past exam papers. Students should create summaries of important laws, engage in group discussions for better retention, and utilize online resources or coaching for clarification of complex topics. Time management during study sessions is also critical.
5. Are there any recommended resources or books for studying Business Laws for CA Foundation?
Ans. Yes, several resources and books can aid in studying Business Laws for CA Foundation. Recommended materials often include the official study materials provided by the CA Institute, reference books by established authors in the field, and online courses that offer structured learning. Additionally, students may find it beneficial to join study groups or forums to exchange knowledge and clarify doubts.
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Additional Information about Syllabus for Business Laws for CA Foundation Preparation

Syllabus for Business Laws Free PDF Download

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Syllabus for Business Laws Notes

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Syllabus for Business Laws CA Foundation Questions

The "Syllabus for Business Laws CA Foundation Questions" guide is a valuable resource for all aspiring students preparing for the CA Foundation exam. It focuses on providing a wide range of practice questions to help students gauge their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation. The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level. Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.

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