BCOC-133: Business Law

By Dr N. Rajendra Prasad   |   IGNOU
Learners enrolled: 1450

Foreword for Business law

There is a well-known Maxim in Latin “IGNORANTIA JURIS NON EXCSUT” – Ignorance of Law excuses none.  It is a legal principle which says that a person who is unware of law may not be excused from the liability for violating the law by merely saying he/she is unaware of it.  

Of course, it is not possible for a common human being to remember/learn about all the branches of law.   But at least, a person should know the law of the law by which he/she is governed.  

It is not only essential for a merchant to know about this law but also to an individual because they are living in a civilized society and enter into so many contracts from sunrise to sunset every day.

The BCOC 133 for B. Com online course having 6 credits is designed in a simple form by keeping in view the common core syllabus of the university of IGNOU in such a manner that it can be easily understood even by a common person having no knowledge of law.  

Business law focuses on all the types of agreements like Social, Domestic, Moral, Religious and Commercial.  Out of these 5 agreements it is only the legal or commercial agreements which speaks about enforceability.   It ultimately helps a Business to function smoothly within the legal boundaries of the law of the land by which the people are governed.

Through this course the students are made capable enough in guiding the management in decision making without receiving any constant help from the legal department.  With this knowledge the students can manage the business more efficiently by avoiding unwanted legal issues as they are capable enough to understand the legal terms and conditions that are related to the business.

Course Status : Completed
Course Type : Core
Duration : 16 weeks
Category :
  • Commerce
Credit Points : 6
Level : Undergraduate
Start Date : 01 Sep 2022
End Date :
Exam Date :

Page Visits

Course layout

Week wise Modules

Sl. No.

Week wise sessions

        Topics and Contributors


Week -1: Essentials of a contract 

  1. Contract: An overview

  2. Classification of contracts 

  3. Essentials of a valid contract


Week- 2: Offer and acceptance 

  1. Offer 

  2. Acceptance 

  3. Communication of offer and acceptance, 

Revocation of offer and acceptance 


Week-3: Capacity of parties 

  1. Who can enter into a contract,

Position of  minor

  1. Agreement by persons of unsound mind. 

Persons disqualified by law.


Week-4: Free consent 

  1. Introduction, meaning of consent

  2. Concepts of free consent

  3. Coercion, Undue influence


Week-5:  Free consent

  1. Distinction between coercion and undue influence 


  1. Misrepresentation, distinction between fraud and misrepresentation 



Week-6: Consideration and Legality of object

  1. Consideration, Legal Rule for valid consideration,

  2. Stranger to a contract and stranger to consideration, Adequacy of consideration, Legality of Agreement without consideration & Agreements opposed to public policy


Week-7:   Void agreement and contingent contracts

  1. Void Agreements 

  2. Contingent contracts 


Week-8:  Performance and discharge  

Remedies for Breach and quasi contracts

  1. Introduction, meaning of performance, Types of performance, Performance of reciprocal promises

  1. Modes of discharge of a contract.

  2. Breach of contract, Remedies for breach contract Quasi contract, quantum meruit


Week-9:  Indemnity and guarantee Bailment and pledge


  1. Indemnity and guarantee 

  2. Rights of a surety , Discharge of surety from liability

  1. Bailment, Pledge 


Week-10:  Contract of agency

Definition and registration of partnership  

  1. Contract agency, creation agency classifications, Scope authority, substituted agent. 

Agency Ratification Rights, Duties, liabilities termination agency, irrevocable agency

  1. Partnership 

Registration of Partnership


Week-11: Rights, duties and liabilities of partners 

Dissolution of partnership firm

  1. Mutual relations of partners, property of the firm, property of the firm, Relations of the partners. Position of incoming and outgoing.

  2. Dissolutions  of partnership firm and models

Consequences of dissolution of firm 


Week-12: Limited liability partnership 

Nature of contract of  sale

  1. Nature of limited liability partnership 

  1. Meaning of contract sale , Sale and hire purchase agreement types of goods


Week-13: Conditions and warranty 

Transfer of ownership and delivery 

  1. Conditions and warranty  Meaning and significance ,

  2. Meaning and significance, Rules transform ownership 

  1. Delivery to carriers, reservation of right of dispersal, sale by non owners


Week – 14 Rights of an unpaid seller

Negotiable instruments and  its parties  

  1. Meaning, rights, goods unpaid seller

Rights of the buyer, auction sales

       34.   Negotiable instrument meaning and essentials,  

Capacity and liabilities of various parties 


  1. 15

Week-15: Promissory note bill of exchange and cheque 


  1. Promissory note 

  2. Bills of exchange, Hundies, cheque

  1.  Negotiation models, assignments 

  2. Liability, Fraud


Week-16: Presentment and discharge 

  1. Presentment acceptance, presentment for payment 

  2. Dishonor by non-acceptance and non-acceptance. 

Books and references

1.M.C.Kuchhal,and Vivek Kuchhal, Business Law, Vivek publishing house, New Delhi

2.Avatar singh, Business law, Eastern book company, Lucknow.

3. S. N Maheshwari and SK Maheswari, Business law, National Publishing

4.G.K. Kapoor Business law, Scholar Tech press, New Delhi 

5. P. C. Tulasian and Bharath Tulaian, Business law, McGraw Hill Education

Instructor bio

Dr N. Rajendra Prasad


Dr. N. Rajendra Prasad is currently Assistant Professor in the School of Management studies in the discipline of Commerce, Indira Gandhi National Open University New Delhi. He has done B. Com from Osmania University. He is a Post Graduate in Commerce and obtained his Ph.D degree from the Department of Commerce, Osmania University.  He was a Project Fellow under UGC Major Research Project titled “Financing Cost and Efficient Analysis of Public Hospitals in Andhra Pradesh”. He has also worked as a ICSSR Doctoral Research Fellow. He is a Life Member of Indian Commerce Association and Telangana Commerce Association.  Dr. Prasad has a brilliant academic record. He has been a Guest Faculty in various Colleges and academic institutions. His academic, organizing abilities are well known to the students of Osmania University. He has a number of publications in National and International journals of repute. He is a personality deeply committed to the academics. During his Ph.D. tenure, he was considered as one of the committed and passionate research scholars of the Department of Commerce, Osmania University. He has also received many best research paper awards at various conferences. He has published many articles in prominent dailies of the Telangana State on different  educational and social issues.

Course certificate


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