INTRODUCTION TO LAW

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What is it in stake for you ??

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Law

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Sources of Indian Law

Customs
Judicial Precedents
1. Doctrine of Stare Decisis
2. Ratio Decidendi
3. Obiter Dicta
. Statutes or Legislation
. Personal Law
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Classification of Law and Legal

Systems
Mercantile
Law

Public
Law
Constitutiona
l
Administrative
Criminal

Private Law
Contra
ct
Tort
Proper
ty
Trust
Family

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Types of Contract

1. On the basis of creation

a) Express Contract
b) Implied Contract
c) Tacit Contract

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2. On the basis of execution

a)
b)
c)
d)
e)

Executed Contract
Executory Contract
Partly Executed/Partly Executory Contract
Unilateral Contract
Bilateral Contract

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3. On the basis of enforceability

a) Valid Contract
b) Void Contract
c) Void Agreement
d) Voidable Contract
e) Illegal Agreement
f) Unenforceable Contract

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Essential elements of a valid contract

Offer and Acceptance

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Intention to create legal relationship

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Capacity of parties

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Lawful consideration

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Free Consent

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Lawful Object

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Certainty of Meaning

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Possibility of performance

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Legal formalities

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Performance of Contract

By whom can a contract be

performed?
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Entities competent to perform a

contract
1. Promisor
2. Agent
3. Legal Representative
4. Third Party
5. Joint Promisors

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Who can demand

performance?

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Discharge of Contract
A contract is deemed to be discharged
in the following circumstances
1. Discharge by performance

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2. Discharge by substituted
agreement
a) Novation
b)Rescission
c) Alteration
d)Remission
e) Waiver

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3. Discharge by lapse of time

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4. Discharge by impossibility of
performance

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5. Discharge by operation of law

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6. Discharge by breach

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Discharge by breach

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Bailment & Pledge

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Corporate Law

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Characteristics of
Company

Separate Legal Entity

Perpetual Succession
Limited Liability
Separate Property

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Transferability of shares
Common Seal
Capacity to sue
Application of Doctrine of Ultra
Vires
Winding Up
Legal Restriction

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Types of Companies

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Private and Public Company

Minimum Capital : Rs.
100000

Minimum Capital : Rs.

500000

2 (Two)

7 (Seven)

Maximum 200 (Two

Hundred)

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Private Limited as Last

Word

Public Limited as Last

Word

To be agreed and approved To be agreed and approved

by all the members
through a Special
Resolution
Two members personally
present

a) Five in case of Members

upto 1000;
b) Fifteen in case of
Members more than 1000,
upto 5000;
c) Thirty in case of
Members exceed 5000.
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Can a private company be

converted into public company?

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Lifting of the Corporate Veil

Protection of revenue
Prevention of fraud
Determination of Character of company
Economic Offences
Company acts as an agent for its
shareholders

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Formation of Company

Promotion
Registration
Floatation

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Memorandum of Association

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Articles of Association

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Page 207-213

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Assignment

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 Kinds of Meeting:
1.Meeting of Board of Directors
2.Meeting of Shareholders
a)Statutory Meeting
b)Annual General Meeting
c)Extraordinary General Meeting
3. Meeting of debenture holder

Meetings
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Legal Requirements of
Meeting
1.Notice of Meeting
2. Required Quorum
3.Proxy
4. Chairman
5. Minutes
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RESOLUTION
Ordinary Resolution
Special Resolution
Resolution Requiring Special
Notice

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Directors

Intern
al

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Extern
al

Legal Position
Employe
es

Managin
g
Partner

Trustees

Agent
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Important Provision

Appointm
ent

Remunera
tion

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Removal

By
Sharehold
ers

Central
Governme
nt

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Company
Law Board

Duties of Directors
Statutory Duties
Duty to attend board meeting

Duty not to contract without board consent

Duty to disclose interest
Disclosure of shareholding
To disclose receipts from transfer of property

Fiduciary and general

duties

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Liability of Director
Towards company
Breach of statutory duties
To third parties
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Role of auditor under

Companies Act, 2013

Auditor ?

Appointment of auditor
Tenure
Government Company
Eligibility, Qualifications and
Disqualifications of auditors

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 Special resolution
Resignation
Tribunal Consequences

Removal and Change of Auditor

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Powers of auditors and auditing standards

Right to access
Auditor to sign audit reports
Auditor in general meeting
Right to remuneration

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Duties of auditors and auditing standards

Make report
Audit report of Government
Company
Liable to pay damages
Auditing Standards
Fraud Reporting
Winding Up

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whistle blowing

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