• CURRENT EVENTS

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    Paper 3: Fundamentals of Law and Ethics

    Section A: Fundamentals of Commercial Laws [70 marks]
    1. Laws of Contracts
    (a) Essential elements of a contract, offer and acceptance
    (b) Void and voidable agreements
    (c) Consideration, legality of object and consideration
    (d) Capacity of Parties, free consent
    (e) Quasi-contracts, contingent contracts, termination or discharge of contracts
    2. Laws relating to Sale of Goods
    (a) Definition
    (b) Transfer of ownership
    (c) Performance of the Contract of Sale
    3. Negotiable Instruments Act,1881
    (a) Definition
    (b) Acceptance and negotiation
    (c) Rights and liabilities of Parties
    (d) Dishonour of a Negotiable Instrument
    (e) Hundis
    (f) Bankers and Customers
    4. Indian Partnership Act,1932
    (a) Nature of Partnership
    (b) Rights and liabilities of Partners
    (c) Dissolution of Firms

    Section B: Fundamentals of Industrial Laws [20 marks]
    5. Factories Act,1948
    (a) Objective, Scope
    (b) Applicability of Factories Act,1948
    6. Payment of Wages Act, 1936 and Minimum Wages Act,1948
    (a) Objective , Scope
    (b) Applicability of Payment of Wages Act, 1936 and Minimum Wages Act,1948
    7. The Employees’ State Insurance Act, 1948
    (a) Objective, scope
    (b) Applicability of ESI Act, 1948
    8. The Child Labour (Prohibition and Regulation)Act,1986
    (a) Objective Scope
    (b) Applicability of The Child Labour (Prohibition and Regulation) Act,1986

    Section C: Fundamentals of Ethics [10 marks]
    9. Ethics and Business
    (a) Ethics – meaning, importance
    (b) The “Seven Principles of Public Life” – selflessness, integrity, objectivity, accountability, openness, honesty and leadership
    (c) The relationship between Ethics and Law


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