ICMAP

SYLLABUS 2016
Estd. 1951

FUNDAMENTAL LEVEL
F5 - Commercial Laws

Weightage
Part-A Part-A Introduction to Legal System 10%
Part-C
Part-B Mercantile Laws 65%
Part-B
Part-C Companies Ordinance, 1984 25%

Syllabus Overview: l Explicate the different laws and provisions

This course is designed to focus on the important topics of
commercial laws and governing the legal aspect of
business.
Learning Outcomes:
On completion of this course, students will be able to:
l Understand legal system for describing the sources
of laws
l Comprehend the contract act, 1872 to elucidate the
various aspects of contracts such as communi-
cation, acceptance and revocation of proposals,
essentials of valid contract performance, discharge,
breach of contract and damages for breach of
contract, contract of bailment, the contract of
indemnity and guarantee and the contract of agency
including rights and liabilities of agents and principal
contained in the partnership act, 1932
l Describe the laws and provisions incorporated in the
negotiable instrument act, 1881
l Understand memorandum and articles of
association
l Know about forms of memorandum and articles of
association
l Comprehend general provisions with respect to
registration of memorandum and articles of
association
l Elucidate the provisions with respect to name of
companies
l Understand the concept of associations not for profit
l Comprehend provisions regarding companies
limited by guarantee

l Explain the various laws and provisions included in l Define prospectus and how these are issued
the sale of goods act, 1930
l Understand the restriction(s) on public company to
commence the business

Detailed Contents Weightage Level of

in % Study Required

PART-A: INTRODUCTION TO LEGAL SYSTEM

l Sources of law U
l Legislative procedure, A
Introduction to
l Legislative structure A
Legal
l Constitutional provisions relating to legislation 10 U
System
in federation and provinces
l Jurisdiction of courts, (Section 7 to 10 of U
Companies ordinance, 1984)

Institute of Cost and Management Accountants of Pakistan

(Constituted under Cost and Management Accountants Act, 1966) 67
 ICMAP

SYLLABUS 2016
Estd. 1951

PART-B MERCANTILE LAWS

CONTRACT ACT, 1872

l Preliminary, communication, acceptance and U

revocation of proposals

l Contracts, voidable contracts and void agreements 30 A

l Contingent contracts A

l Performance of contracts A

l Certain relations resembling those

created by contract D

l Consequences of breach of contract D

l Indemnity, guarantee, bailment and pledge U

l Agency U&A

PARTNERSHIP ACT, 1932

l Preliminary, nature and types of partnership U

Mercantile
l Relations of partners to one another 10 A
Laws
l Relations of partners to third parties A

l Dissolution of a firm and related matters D

l Registration of firms U

SALE OF GOODS ACT, 1930

l Preliminary and formation of the contract of sale D

l Effects of the contract A

l Performance of the contract, duties of seller and D

buyer, payment and delivery, etc. 15

l Rights of unpaid seller against the goods A

l Suits for breach of the contract, damages, specific U

performance

l Sundry provisions U

NEGOTIABLE INSTRUMENTS ACT, 1881

l Basic concepts of negotiable instruments and allied A

matters

l Parties to notes, bills and cheques 10 A

l Discharge from liability on notes, bills and cheques D

l Special provisions relating to cheques D

Institute of Cost and Management Accountants of Pakistan

68 (Constituted under Cost and Management Accountants Act, 1966)
 ICMAP

SYLLABUS 2016
Estd. 1951

Part-C COMPANIES ORDINANCE 1984

MEMORANDUM OF ASSOCIATION U
l Section 15 to 25
ARTICLE OF ASSOCIATION U
l Section 26 to 28
FORMS OF MEMORANDUM AND ARTICLES U
l Section 29

THE COMPANIES GENERAL PROVISION WITH RESPECT TO A

ORDINANCE, 1984 REGISTERATION OF MEMORANDUM AND ARTICLES
l Section 30 to 36 25
PROVISIONS WITH RESPECT TO NAMES OF COMPANIES A
l Section 37 to 41
ASSOCIATIONS NOT FOR PROFIT A
l Section 42
COMPANIES LIMITED BY GUARANTEE U
l Section 43
PROSPECTUS D
l Section 52 to 66
COMMENCEMENT OF BUSINESS BY A PUBLIC COMPANY U
l Section 146

TOTAL WEIGHTAGE 100

NOTE:-
U = Understanding
A = Application
D = Decision

Institute of Cost and Management Accountants of Pakistan

(Constituted under Cost and Management Accountants Act, 1966) 69