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Chapter 1.
Concentration Legal Environment and Business An Overview Meaning of Legal Environment Rationale for Understanding Legal Environment The Demand for Legislation Reasons for Maintaining Legal Side An Evaluation of Legal Framework Law of Contract An Overview The Details of Essentials of Law of Contract Termination and Breach of Contracts Sale of Goods Act An Overview Essential Elements Transfer of Ownership Conditions and Warranties Carriage of Goods Act An Overview Carriage by Land Carriage by Sea Carriage by Air Company Law An Overview Memorandum of Association - Articles of Association Registration Prospectus and Winding up Other Important Acts Bangladesh Control of Essential Commodities Act 1956 Pure Food Ordinance 1969 Trade Marks Act 1940 Patent Design Act 1911 Standards of Weights and Measure Ordinance 1982 Drug Policy 1982 The Payment of Wages Act 1936 The Industrial Relation Ordinance 1969 The Shops and Establishment Rules 1970 Other Laws, Acts and Ordinances relating to Business Class Test Class/ Case presentation Review Class
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Text Books:
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Commercial Law, A. K Sen and J. K. Mitra A Manual of Mercantile Law, MC. Shukla. Manual of Company Law (Amendment 1994). Labour and Industrial Law, A. A. Khan.
Course Teacher
Our society has not left business to its own devices- rather business operates within the constraints of law
Legal restrain would ensure the best allocation of resources
The Legal Environment of Business has as its basic purpose the equalization of market opportunities:
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Consumer protection
Consumer protection
Consumer protection
Substances harmful to the human body The unrevealed presence of used, reprocessed and substitute materials
Commitment to national economic priorities and development strategy Concern for and sympathy with emerging consumerism The need for regulation of commercial relation amongst the citizen of the country
Major causes of consumerism has been identified: 1. Rising price 2. Poor product performance 3. Deceptive advertising
The need for regulation of commercial relation amongst the citizen of the country
Rapid economic growth and expansion Rapid change in social and economic structure
Other important developments
The growing demand for capital created by the high investments requirement for specialization Pressures for larger and larger volume of sales to compensates for the high cost of industrialization Expanding network of rail-roads providing the means of market expansion The opportunities for skilled and unskilled labor in the countries/cities
Definition of Law
The term Law is used to denote rules of conduct emanated from and enforced by the State. Law is the command of the Sovereign. It means
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Definition of Law
Law
is the rule of external human action enforced by the sovereign political authority.
Holland
Definition of Law
Law
is the body of principles recognized and applied by the State in the administration of justice
Salmond
Definition of Law
Law is that portion of the established habit and thought of mankind which has gained distinct and formal recognition in the shape of uniform rules backed by the authority and power of the government
Woodrow Wilson
Characteristics of Law
Henry Maine
values rather than the settlement of disputes of interests should be the objective of Law.
Observed by
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Rosco Pound
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Rules of Law
There are three rules1. The rule of law states that, No man is punishable or can be lawfully made to suffer in body or goods except for a distinct breach of law established in the ordinary legal manner before the ordinary courts. The rule of law mean, No man is above law. The rule of law is The result of statues and judicial decision determining the rights of private persons.
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