SPRING 2018 COURSE BASICS

Transcription

1 Instructor Rida Jamal Room No. 1-18B Office Hours TBD Telephone Ext: 5614 Secretary/TA TBD TA Office Hours - Course URL (if any) - LAHORE UNIVERSITY OF MANAGEMENT SCIENCES COMMERCIAL LAW LAW 223 SPRING 2018 COURSE BASICS Credit Hours 4 Lecture(s) No. Lectures per week 2 Duration 1 hour 50 minutes Recitation/Lab (per No. Lectures per week - Duration - week) Tutorial (per week) No. Lectures per week - Duration - COURSE DISTRIBUTION Core B.A./LL.B Page 1 of 8

2 Elective Open for Student Category Close for Student Category No Open to All None COURSE DESCRIPTION AND LEARNING OUTCOMES This Course has been designed to familiarize the students with inter alia the following: (a) Law of contract; (b) Sale of goods; (c) Negotiable instruments; (d) Competition laws; (e) Agency; (f) Partnerships and limited liability partnerships; (g) Corporate law; and (h) Banking, finance and foreign exchange laws. COURSE PREREQUISITES Law 101 Introduction to Legal Reasoning OR Law 102 Introduction to Pakistan Legal System. Page 2 of 8

3 DISABILITY POLICY Any student who, because of a disability, may require special arrangements in order to meet the course requirements should contact the instructor or the Office of Student Affairs (OSA) as soon as possible so that requisite arrangements can be made. Midterm 30% Examination: Project: 20% Final Examination: 35% Class Participation: 10% Attendance: 5% GRADING BREAKUP AND POLICY EXAMINATION DETAIL Midterm Exam Final Exam Yes Duration: Open Book/Open Notes Yes Duration: Page 3 of 8

4 Open Book/Open Notes COURSE OVERVIEW LECTURE TOPICS RECOMMENDED READING OBJECTIVES 1 Basics of Contract Law Contract Act, 1872 (a) Introduction to the course, instructor and the students. (b) Revision of basic concepts of the law of contract in Pakistan including: Essentials of a valid contract Void and voidable contracts Terms of a contract Default and termination Indemnity, guarantee and bailment 2-4 Sale of Goods Sale of Goods Act, 1930 (a) A basic understanding of the law on sale of goods in Pakistan. In particular, this Course will cover the following: Scope and applicability of the law Contract Act, 1872 v. Sale of Goods Act, 1930 Formation of a valid contract Terms of contract Effect of a valid contract Performance of a contract Rights of unpaid seller against the goods Page 4 of 8

5 Breach of contract and remedies 5-7 Negotiable Instruments Negotiable Instruments Act, 1882 (a) The Course will, at a minimum, cover the following: Meaning and significance of negotiable instruments in trade and commerce Types of negotiable instruments and their formation Acceptance, presentment and payment of negotiable instruments Noting and protesting Endorsement and negotiability Principles of abstractness, literality, autonomy and negotiability 8 Competition Laws Competition Act, 2010 (a) Understanding of the following: Meaning and significance of competition laws in commercial matters Competition Commission of Pakistan Types of and restrictions on anti-competitive practices Individual and block exemptions 9 Forms of Business (a) The students will be introduced to different forms of business and the differences between such forms. (b) Session will include an overview of sole proprietorship, partnerships, private and public limited companies and the major points of difference between the same. Page 5 of 8

6 10-12 Agency Contract Act, 1872 (a) The Course will cover the following: Definitions of agents, principals and sub-agents Essentials for an agency relationship and appointment of agents Significance of an agency relationship in business and commercial matters Authority and responsibilities of agents Ratification Agent s duty to principal and vice versa Effect of agency on contract with third parties 13 REVISION SESSION 14 MIDTERM EXAMINATION Partnerships Partnership Act, 1932 Limited Liability Partnership Act, 2017 (a) The Course will cover the following: Creation and registration of a partnership Relations of partners to one another Relations of partners to third parties Dissolution of a partnership (b) The students will further be introduced to the concept of limited liability partnerships. In particular, the following will be covered: Difference between partnerships and limited liability partnerships Difference Page 6 of 8

7 18-25 Company Law and Finance Companies Act, 2017 Securities and Exchange Commission Act, 1997 Securities Act, 2015 Listed Companies (Substantial Acquisition of Voting Shares) Regulations, 2017 Registration Act, 1908 Secured Transactions Act, 2016 (a) Students will be introduced the concepts of separate legal personality, limited liability, corporate veil and piercing the corporate veil. (b) In addition to the above, the following will be discussed: The different forms of corporate structures envisaged under the Companies Act, 2017 and an overview of incorporation, licensing and post incorporation requirements for such structures Constitutive Documents Forms of financing: Debt and Equity Raising and Maintaining Share Capital Special provisions relating to Debt Secured and unsecured transactions Company Directors Duties of Directors Shareholder rights, Minority Protection and Derivative Claims Mergers, Takeovers, Amalgamation and Reconstruction Insider dealing Disclosure requirements Bankruptcy and Winding up PROJECT DUE DATE (SESSION 20) Miscellaneous Banking Companies Ordinance, 1962 (a) An introduction to the following additional vehicles Page 7 of 8

8 Foreign Exchange Regulation Act, 1947 Foreign Exchange Manual, 2016 NBFC Rules and Regulations Companies Act, 2017 Private Fund Regulations, 2015 of doing business/providing finance in Pakistan: Banking Companies and DFIs Private Equity and Venture Capital Funds Trust Funds Modaraba Companies (b) An overview of restrictions on dealing in foreign exchange in Pakistan and its impact on foreign investment in the country. Modaraba (floatation and control) Ordinance, 1980 Trusts Act, 1882 REVISION SESSION FINAL EXAMINATION Page 8 of 8