Business Law

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Introduction:

A strong legal system is the necessity of any society’s well being and it would be foolish of us to deny that!

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Business Law

As BMS students we are a bunch of rebellious young adults who do everything but follow the rules and regulations set for us, in fact we are so adamant that at times we just do as we please not just because we are right, because we feel that we know everything there is to know. This common trait of rebellion and intelligence combined is one of the ingrained values of a BMSites and it would be false on our part not to take pride at our slight bits of arrogance and large chunks of rebellion that we behold. This very specific trait of ours is what makes the study of Business Law a very interesting prospect for the first year students of the BMS course.

Law as we are all aware of is the set of rules and regulations and the codes of conduct set up by an authority in our case the judicial system of India to ensure that decorum and peaceful well being is maintained in the society. Simply put there are rules of behavior with respect to the different aspects of our life and if we break them we are liable to punishment, these rules also act as codes of conduct to help us know how too conduct certain tasks and deeds.

Business Law

The apex of our legal system is the Supreme Court Of India followed by State High Courts and the the District and Magistrate Courts. As far as BMS is concerned the branch of law that we study in the very first semester is Business Law, as students of business studies it is a must that we know our rights, duties and follow them accordingly.  Business Law is that one subject that makes you want to think, analyse and evaluate your studies. This subject pushes you to want to consider different aspects of the given situation and dig deeper and deeper into the case at hand.

Contrary to popular belief that law is a collection of chapters to mug up information and vomit away in the exam, Business Law is quite an intriguing subject and if you have the aptitude for it then it can be a future career option as well.  Business Law is a very new kind of subject that we are faced with and is purely theoretical in nature, it is time consuming and not something you can do at the last minute.

Business Law

You will need to mug up the laws, dates and certain sections. You will have to have an open mind and analyse everything before you just start learning answers and give a little back thought to whatever you study in the case of this subject. In case you happen to land a good professor, preferably a lawyer your lectures will be a lot of fun to attend.

Why should I Study this Subject?

Business Law

To successfully conduct any business we must be aware of the Laws that govern it, we must know how and where we can go wrong in order to avoid making those mistakes. Law helps us know a lot of procedures and detailing regarding the various processes in business, which is why knowledge of the legal system is a must.

This subject will help to demonstrate an informed understanding of the law and social responsibility relevant to managing an organization domestically and internationally.

Business Law

The learners will be able to explain the corporate governance system, including the law related to agency, they will be able to explain how those in control of the organization’s assets, operations and management take into consideration the company’s local and global impacts on society and the environment informed by the opinions of multiple affected stakeholders in their decision-making.

Is Business Law boring?

Business Law

No business law is not at all a boring subject, it is very interesting to study.

Is it Difficult?

Business Law

Yes, it is difficult to grasp and understand this subject. It takes a lot of time and effort to score good marks in this subject and majority of students receive their first KT’s in this subject owing to over confidence.

Do I need to join a Coaching Class for Business Law?

Business Law

No, coaching classes professors or college professors can’t help you unless you help yourself in this subject and work hard.

What is the Syllabus for Business Law?

Business Law

The syllabus of business law is divided into 4 units as follows:

Unit 1:

a.  Contract Act,1872

b. Sale of Goods Act ,1930

Unit 2:

a. Negotiable Instrument Act ,1981

b. Consumer Protection Act. 1986

Unit 3:

1. Company Law

Unit 4:

1. Intellectual Property Rights (IPR)

You can find the detailed syllabus Here!

What Notes can I Refer?

Business Law

BMS.co.in Business Law notes

Managementparadise.com Business Law notes

How should I Study Business law?

Business Law

Business Law needs you to read and read it a lot over and over again, so lets make this process by planning our measures of study effectively.

You know you are Studying LAW when:

 

Business Law

1. You have to re-read the sentences twice to understand certain terms that kept reappearing and you didn’t understand them any of the times they crossed you.

2. When after reading the same answer 3 times the fourth time you can’t remember a single word of what was given in the first line.

3. Your textbook looks like a hole of words, words and more words and you fell like all the acts and dates are circling you pulling you into the hole along with them.

4. You can remember the date of your first kiss with your 7th boyfriend but the date on the act is like, ‘uhh.. what was that again?’

5. When you can’t remember answers so you plan to write them and suddenly  you feel like harry potter writing I will not tell lies untill it get’s imprinted on his arm!

So step one is to take a chill pill and start afresh, we are going to ‘Nail it’ with Law and be sure of that!

Business Law

If you are lucky enough to get a law professor who gives you notes, treat them as your holy grail and study from there only, if not then you will need to follow certain tricks so that you can pass in your exam.

Tip: Start learning your answers and underline all the key words that you come across, it helps in remembering the answers.

Take up one act at a time and start your studies, read the different aspects of the act mentioned and start learning them one by one. Make your own notes by using all the underlined key words you came across while reading your act. Law needs to be understood while learning if you can manage that then it gets easier to score good marks. The jargon of this subject is very technical and you need to make sure that you know the right words to be used and use them correctly in all your answers.

“Make a chart with all the names of the acts and the dates mentioned there and pin it up on a wall or some place that is clearly visible so that you can read it once or twice a day helping you memorize the dates and the name of the act easily” says Sheetal Kashyap, a BMS alumni and the Topper of her batch. 

Business Law

“Do Law for one and half hour a day on alternate days if you want to score really good marks in your exam. In order to study all the legal aspects clearly, you can refer the internet for terms and cases that you have a doubt with. The more you read related terms and words the easier it is to reproduce them at the time of exams,” she adds.

If you have a little time at hand, then practice writing answers; with Law the problem many students face is they don’t know how to write answers, keep writing your answers and solving papers it helps on exam day.

If you have just one month left then too you can pass in the exam.

Praful Patil, a BMS alumni who has been a constant last minute study person says, ” Now when i look back at my grades I completely regret the fact that I always studies at the last minute which I shouldn’t have. Business Law the toughest exam but lucky for me that I had attended all the lectures and my faculty were very good. They made sure that they concepts were that so well, that I managed to pass my exam, if not for them Law would have surely been a KT for me.” 

Follow these 3 very Simple Rules so that you can pass with ease:

Business Law

1. Take up important questions from BMS.co.in/ college professor notes/ past question papers.

2. Study for an hour and 30 minutes every day, because if you do a lot of law chances are that you will forget it all.

3. Make sure you mug up the names and dates well.

Case Studies form a very important part of Law, solving case studies for Law are a big help in understanding the concepts and important parts of the acts, make sure you spend quality time solving and discussing case studies in class and with friends. With subjects like law group studies is not a bad idea, discuss concepts and solve doubts with each other you never know these discussion may help you remember more than what only reading and memorizing will.

Business Law

A unique way to Memorize Law: Mind Maps!

When you face a lot of difficulty in memorizing Law here is a simple method you can use, it’s called creating Mind Maps. Now as the name says a mind map is a map or a guide for your mind in a graphical format so that you know which route to take and where not to go.

You can create a mind map for Sale of goods act as follows:

 Sale o goods act, 1930 –> Definition –> Contract of Sale –> How Contract of sale is made –> Two parties to contract –>Goods –> Price –> Conditions and Warranties

So the one in red color is important, the points is purple are related, the light green follows the dark green and orange is a new entity. As you draw up the chapter in this fashion step by step use colors to help you understand what is high on priority and what is not, then you can interlink points that have similar conclusions.

You can use the image below for reference of what a mind map is all like:

business law

Law is a difficult subject to study yet there are many of us who end up liking this subject a lot, here are 5 characteristics that will determine that you are a Law person:

1. You attend law class regularly, even if its a 7 am or a 2 pm lecture, you are wide awake.

2. You can’t remember the date of your besties birthday, but you clearly know the 1872 of contract act and 1930 of the sale of goods act

3. You prefer solving law case studies than learning or practicing the easiest of subjects.

4. You find an excuse to use legal jargon wherever you can, giving your friends the feeling that they are in a courtroom all the time.

5. You don’t miss an opportunity to argue/ debate/ discus you last law class at every opportunity possible.

Here are 5 personality traits of Law Lovers:

Business Law

1. A know-it-all vibe:

Because they love law they feel it is synonymous with the fact that they love reading and since they read a lot they are well informed, so you will not come across someone who is a law lover and does not act as if they know everything there is to know.

2. Pessimism:

Yep, they always what can go worst and frame their arguments accordingly (read law lovers always argue)

3. Excessive usage of fancy words:

Oh yea they do use frills and frills around whatever they say, its kind of annoying at times!

4. Highly competitive:

They fight tooth and nail, for everything law lovers are super competitive and will leave no stone un-turned to prove themselves right!

5. Self-focus:

Focused on doing everything right, law lovers are those who will never loose track in anything they do!

Now that you know you are a true blue Law person, can you translate this love for Law in something productive?

Yes, you can take up corporate law as a degree post your graduation in BMS. If you have any doubts then try taking up an internship under a practicing lawyer, you will realize how interested you are in the field.

Did You Know?

Business Law

There can be 50-70 different types of fields of legal specialization, Business law itself has 5 different kinds of specializations within itself! 

  • Collections
  • Contracts
  • Incorporation
  • Litigation
  • Patents

 

What are the best Law Colleges  in India?

1. National Academy of Legal Studies and Research University (NALSAR) – Hyderabad.

2. National Law School of India University (NLSIU) – Banglore

3. Campus Law Center, University of Delhi – Delhi

4. The W.B. National University of Juridical Sciences (NUJS) – Kolkata

5. National Law Institute University (NLIU) – Bhopal

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'Ever Learning, Ever Evolving, Never Giving up' sums up www.bms.co.in's Content Manager and passionate writer, Ami. She is a BMS graduate who has freelanced in the past with the top Indian newspapers and magazines. Apart from writing she also likes to indulge into travelling, photography and social work.
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