Topic	Objective	Summary
	Fundamentals of Business Law	The objectives of this module are to help the students to understand the fundamentals of Business Law, to make the students know about the Nature of Contract, to give the students a very clear outline of the Scope of Business Law, to create a general awareness on the law of contract.	The law of contract forms the oldest branch of the law relating to business transactions. It affects every person in one way or other, as all of us enter in to some kind of contract every day. The law of contract applies not only to the business community but also to others. The law relating to contracts in India are stated in the Indian contract Act 1872. The law of contract is different from other branches of law. It contains the limiting principles on the basis of which the parties can create there own rights and duties which the law will up hold.The Indian contract Act of 1872 sec 2(h) defines a contract as an agreement enforceable by law.If we analyze the above definition we can understand that a contract consists of two elements:1.Agreement 2.Enforceability by law.An Agreement is defined as “ Every promise and every set of promises forming consideration for each other”[Sec2(e)].A proposal when accepted becomes a promise[Sec2(b)].The essence of every agreement is the meeting of the minds of the parties in full and final agreement. An Agreement to become a contract must have a legal obligation or duty. Obligation imposes up on a person or persons the necessity of doing or not doing an act which may relate to social or legal matters.   (30 Seconds)
	Center : CEC	Duration: 30:00	Module : click here to view