Business Law

Course Overview

This course is designed to equip students with a solid foundation in the legal framework governing business in Pakistan, especially focusing on contract law, company law, partnership law, and other relevant business laws. It addresses theoretical and practical legal principles that are directly applicable to everyday business transactions and regulatory compliance. The course balances statutory provisions, case law, and conceptual understanding to enable students to analyze, apply, and interpret business law in real-life scenarios.

As per ICAP’s official CAF syllabus, this course covers:

• Introduction to legal system

• Contract Act, 1872

• Other business laws (e.g. partnership, negotiable instruments, anti-money laundering, arbitration)

• Companies Act, 2017 (incorporation, management, meetings, accounts, dividends, etc.)

Course Objectives & Learning Outcomes

By the end of this course, students will be able to:

1. Understand the legal system

   • Describe the sources of law, legislative process, and the structure of courts in Pakistan.

   • Distinguish between statutes, regulations, common law, judicial precedent, and understand how each functions.

2. Master contract law (Contract Act, 1872)

   • Identify the essential elements of a valid contract (offer, acceptance, consideration, capacity, free consent, legality).

   • Recognize void, voidable and unenforceable contracts.

   • Analyze performance, discharge, breach, and remedies for breach of contract.

   • Understand related doctrines such as quasi-contract, contingent contracts, and relations resembling contracts (e.g. agency).

3. Understand other business laws

   • Cover partnership law: formation, rights and duties of partners, relations with third parties, dissolution.

   • Understand negotiable instruments law: promissory notes, bills of exchange, cheques.

   • Learn basic principles of anti-money laundering law, arbitration law, and applicable electronic payments law aspects.

4. Apply company law under the Companies Act, 2017

   • Know the process of incorporation of companies, share issuance, and capital structure.

   • Understand management and administration: directors’ powers, duties, registration of charges, disclosures.

   • Learn about company meetings, proceedings, accounts, audit, dividends, and winding up.

5. Develop analytical and professional skills

   • Interpret legal provisions and apply them to business facts.

   • Critically analyze business law problems, present reasoned judgments, and advise stakeholders.

   • Integrate ethical and governance considerations in legal analysis.