Lahore University of Management Sciences

MGMT 260 Business Law Spring 2013

Instructor Room No. Office Hours Email Telephone Secretary/TA TA Office Hours Course URL (if any) Course Basics Credit Hours Lecture(s)

M. Anum Saleem/Raza Rehman Room 254, ACF Wing One Hour after class anum@lums.edu.pk 0300-8433110

Recitation/Lab (per week) Tutorial (per week)

4 Nbr of Lec(s) Per Week Nbr of Lec(s) Per Week Nbr of Lec(s) Per Week

Duration 100 Minutes Duration Duration

Course Distribution Core Elective Open for Student Category Close for Student Category

Core

COURSE DESCRIPTION The knowledge of Corporate Law has become vital and important due to rapid development of corporate sector in particular and business in general. The broad objectives of the Companies Ordinance, 1984 as laid down in its preamble are healthy growth of the corporate enterprises, protection of investors and creditors, promotion of investment and development of economy. Each of these themes is equally essential and comprehensive and makes up the foundations of the modern economic reality. Therefore, it is necessary that the Managers running the organizations have a grip over all the concepts, legal as well as financial, of a company; the modern day corporate enterprise to successfully create value for the companys stakeholders. COURSE PREREQUISITE(S)

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None

COURSE OBJECTIVES Business Law is designed to provide management students with the opportunity to think clearly, refine their decision-making skills and train themselves to approach the problems analytically. Primarily based on covering and understanding the relevant statutes, the course will be devoted to dissection of the legal provisions in the first instance before its application to the common real world problems. By the end of the term, we will also try to solve the Riddle. What do business lawyers actually do apart from being non productive actors in an economy? Do they actually create any value or act as Kurt Vonnegut 1; a Law Professor puts it in an amusing way: In every big transaction, there is a magic moment during which a man has surrendered a treasure and during which the man who is due to receive it has not yet done so. An alert lawyer will make that moment his own, possessing the treasure for a magic microsecond, taking a little of it, before passing on. If the man who is to receive the treasure is unused to wealth, has an inferiority complex and shapeless feeing of guilt, as most people do, the lawyer can often take as much as half the bundle, and still receive the recipients blubbering thanks. Learning Outcomes Practical Thinking, Analytical and Negotiation Skills Grading Breakup and Policy Assignment(s): 8% Home Work: Quiz(s): There will be 8 quizzes of 3% each (with two drop quizes): 18% Class Participation: 5% Attendance: 3% Midterm Examination: 20% Project: 10% Final Examination: 36% Attendance carries marks. Make-up exam is not allowed. No entry after 10 minutes of start of class. Academic honesty is paramount. Class Participation carries due weightage. Cell Phones cannot be used in class and should be turned to silent. Clickers are highly discouraged. Three absences during the course are allowed. Each further absence will result in Grade reduction of 0.2%.

Examination Detail

Kurt Vonngut, God Bless you, Mr. Rosewater 17-18 (1965)

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Midterm Exam Yes/No: Yes Combine Separate: Combined Duration: 100 Minutes Preferred Date: March 2013 Exam Specifications: Open Book. Closed Notes.

Final Exam

Yes/No: Yes Combine Separate: Combined Duration: 150 Minutes Exam Specifications: Open Book. Closed Notes.

COURSE OVERVIEW Lecture 1. 2. 3. 4. 5. 6. 7. 8. 9. Sections 1-35 10. 11. 12. 13. 14. 15. 16. 17. Sections 31-65 Sections 36-70 Sections 71-104 Sections 105-136 Trust, Trustee, powers, beneficial owner Topics Introduction to Pakistan Legal System Bills of Lading and Bulk Cargo & Ch. 1 of Contract Act Sections 10-30 Sections 31-59 Sections 61-74 and Indemnity/Guarantee Ch. Bailment Ch Agency Ch. Sections 182-218 Agency Ch. Sections 219-238 and S. 1 -28 of Partnership Act Sections 29-55 Recommended Readings The Asghar Khan case The Contract Act, 1872 The Contract Act, 1872 and caselaw Do Do Do Do Do The Partnership Act and caselaw The Negotiable Instruments Act 1881 Objectives/ Application Understanding the Contract Law in Pakistan Do Do Do Do Do Do Comprehensive Analysis of Principles underlying Partnership Law in Pakistan An overview of law relating to Cheques, Promissory Notes, Letter of Credit and Bills of Exchange Do Do Do An insight into the Law relating to Charitable Trusts, Waqfs, Educational Trusts and Private Trusts To thoroughly grasp the basic legal principles relating to the Sale of Goods Do

Do Do Do The Trusts Act 1920 and caselaw

Mid-term Section 1-30

The Sale of Goods Act 1930 and caselaw Do

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Sections 1 to 51 18. The Companies Ordinance, 1984 and caselaw To enable students to appreciate the legal principles governing companies and other forms of business organisations Do Do Do Do Do To refine the students Analytical Ability, Presentation Skills, Teamwork and Time Management Techniques Do Do Do Do

19. 20. 21. 22. 23.

Sections 52 to 85 Sections 86-117 Sections 118-156 Sections 157-192 Sections 193-229 Presentation

Do Do Do Do Do Do

24.

25. 26. 27. 28.

Presentation Presentation Presentation Presentation

Textbook(s)/Supplementary Readings The Carriage of Goods by Sea Act 1925 The Contract Act 1872 The Partnership Act 1932 The Negotiable Instruments Act 1881 The Sale of Goods Act 1930 The Trusts Act 1920 The Companies Ordinance, 1984 Caselaw and other relevant material in the shape of handouts