This course contains fundamental understanding of law, sources of business law, general law of contract, specific contracts, law of company and insolvency, legal and regulatory compliance, disputes settlement systems

This course aims to enhance the students’ understanding of composite insights on legal environment of business required for effective management of business operations.

Unit 1: Legal Environment of Business 3 LHs
Nature, Types and Sources of law; Legal Environment of Business: Concept andimportance of legal environment for business; Meaning and sources of business law in Nepal.

Unit 2 : General Law of Contract 3 LHs
Law of Contract
Meaning and definition of contract; Essential elements of a valid contract; Classification of contract; the law relating to contract in Nepal (Part-V of the Muluki Civil Code, 2074).

 Offer and Acceptance   2 LHs
Meaning and Rules regarding Offer; Revocation/lapse of Offer; Meaning and Rulesregarding Acceptance; Communication of Offer and Acceptance.

Contractual Capacity 2 LH
Meaning of Contractual Capacity; Legal effects of agreements made with an incompetentparty (the minor and the person of unsound mind).

Consideration 2 LHs
Meaning and Rules regarding Consideration; Exceptions to the general rule ‘No Consideration no Contract’.

Free Consent 2 LHs
Concept and importance of Free Consent, Meaning, and legal effects of contract caused by: Coercion, Undue Influence, Misrepresentation, Fraud, Mistake

Legality of Object and Consideration 2 LHs
Concept and importance of Legality of Object and Consideration; Conditions of unlawful agreement and void agreements.

Contingent Contract 2 LHs
Meaning and definition of contingent contract; Rules regarding Contingent Contract

Quasi Contract 2 LHs
Meaning and definition of Quasi Contract; Cases of quasi-Contract. 

Performance of Contract 2 LHs
Meaning and nature of Performance of Contract; who can demand Performance of Contract?  Who should perform the contract?

Termination of Contract 2 LHs
Meaning of Termination of Contract; Modes of termination of contract

Breach of Contract 2 LHs
Meaning and types of Breach of Contract; Remedies for Breach of Contract

Unit 3: Specific Contracts

Contract of Agency 4 LHs
Meaning and general rules of agency; Modes of creating agency; Types of agents; Rights and duties of agent; Responsibilities of principal; Personal responsibility of agent;Termination of Agency

Contract of Sale of Goods 4 LHs
Meaning and feature of contract of sale of goods; Difference between sale and agreement to sell;Implied Condition and warranty, and caveat emptor; Transfer of ownership; transfer of
title by non-owner; Rights and duties of unpaid seller.

Contract of Carriage 4 LHs
Meaning and nature of Contract of Carriage; Characteristics of Common Carrier;Difference between Common and Private Carrier; Rights, duties and liabilities ofCommon Carrier; Carriage by land; Carriage by Sea (Contract of Affreightment: Charterparty and Bill of Lading), and Carriage by air; Incoterms 2020: A brief introduction

Unit 4: Law of Company and Insolvency 4 LHs
Company: Meaning, nature and incorporation of company; Insolvency: Meaning andProcedure of insolvency of a company; Liquidation of a Company; Power and role of theLiquidator; Nepalese law of Insolvency and feature of Insolvency Act.

Unit 5: Legal and Regularity Compliance 3 LHs
Changing dimensions of legal environment of business in Nepal; Laws relating to Intellectual Property Rights; Right to Information; Cyber Law; Consumer Protection; Environment Protection; Ethics essentials - business ethics issues in Nepal.

Unit 6 : Dispute Settlement Systems 3 LHs
The Dispute Settlement Systems; Court system: structure and jurisdiction of courts and
civil procedures in Nepal; Arbitration: powers of arbitrator, duties of arbitrator,
revocation of arbitrator's authority.