ICWA FOUNDATION LAW

SECTION A: FUNDAMENTALS OF COMMERCIAL LAWS [70 MARKS] 

1. Laws of Contracts 

• Essential elements of a contract, offer and acceptance
• Void and voidable agreements
• Consideration, legality of object and consideration
• Capacity of Parties, free consent
• Quasi-contracts, contingent contracts, termination or discharge of contracts 

2. Laws relating to Sale of Goods 

• Definition
• Transfer of ownership
• Performance of the Contract of Sale 

3. Negotiable Instruments Act,1881 

• Definition
• Acceptance and negotiation
• Rights and liabilities of Parties
• Dishonour of a Negotiable Instrument
• Hundis
• Bankers and Customers 

4. Indian Partnership Act,1932 

• Nature of Partnership
• Rights and liabilities of Partners
• Dissolution of Firms 

SECTION B: FUNDAMENTALS OF INDUSTRIAL LAWS [20 MARKS] 

5. Factories Act,1948 

• Objective, Scope
• Applicability of Factories Act,1948 

6. Payment of Wages Act, 1936 and Minimum Wages Act, 1948 

• Objective, Scope
• Applicability of Payment of Wages Act, 1936 and Minimum Wages Act, 1948 

7. The Employees’ State Insurance Act, 1948 

• Objective, Scope
• Applicability of ESI Act, 1948 

8. The Child Labour (Prohibition and Regulation) Act,1986 

• Objective, Scope
• Applicability of the Child Labour (Prohibition and Regulation) Act,1986 

SECTION C: FUNDAMENTALS OF ETHICS [10 MARKS] 

9. Ethics and Business 

• Ethics – meaning, importance
• The “Seven Principles of Public Life” – selflessness
• The relationship between Ethics and Law