In a global business scenario, people involved in the business activities, while interacting with each other, my confront with so many problems. It may be noncompliances of trade agreement by accident or by deliberate intentions or due to bad time or for any other uncontrollable reason. Such noncompliances will lead to misunderstanding between the parties involved in business process. For the smooth settlement of these problems, many legislation have been enacted. These legislation include Contract Act, 1872, Sale of Goods Act, 1930, Consumer Protection Act, etc., and they are serving as frameworks and guidelines to conduct business on sound lines. These business legislations facilitate the businessmen to avoid litigation, while conducting the business.
The students of business education, should have the knowledge of these legislations which control the business process and guide business people to run the activities on the ethical lines. If they cross the ethical borders, these legislations contain provisions to punish them according to the intensity of malpractices they commit. New legislations concerning business are enacted from time to time, to address new business problem that crop up. Amendments are also made to the existing legislations to smoothen the business operations.
Contents –
1. The Indian Contract ACT, 1872
2. The Sale of Goods ACT, 1930
3. Negotiable Instruments ACT, 1881
4. Consumer Protection ACT, 2019
5. Partnership ACT, 1932 & LLP ACT, 2008