Preface to the First Edition

Business law has day-to-day application in any kind of business. Since managers and executives are sometimes required to plead in front of the court, they need to have a good understanding of the legal aspect of business. However, the requirements of a commerce student are different from law students. This book adopts a fresh approach to study and read business law. It will also be useful for candidates appearing for B.Com., BBA, BBM and MBA examinations. It is written in a student-friendly language without compromising on the technical details.

This book is divided into 24 chapters. It covers various topics of business law, namely, Contract Act, Partnership Act, Sales of Goods Act, Consumer Protection Act, Negotiable Instrument Act, Bonus Act, Gratuity Act, Information Technology Act, Foreign Exchange Management Act and Companies Act. Each chapter consists of 4 elements. (i) Theory supported with necessary examples and case studies; (ii) landmark judgements; (iii) test your knowledge, and (iv) multiple-choice questions. The book is supported with interpretations, explanations and illustrations to help students understand provisions in a better way. A small case study is also given after the completion of the subject–matter to test the understanding of students. Case studies include questions asked in CA and CS examinations in the recent past. Questions under Test Your Knowledge segment are prepared with reference answers by highlighting relevant paragraph number. A large number of multiple choice questions along with answers will encourage both the student and the teacher to test their knowledge and take tests, respectively. Although every effort has been made to make the information provided on the laws as authentic as possible, claiming absolute accuracy will be too tall a claim. Moreover, there may be differences in interpretation.

I would like to thank CA M. N. Mone, CA Sandeep Kamdar, CS Hitesh Buch, CS Umesh Ved, CS Upen Shah, Professor Milan Shah, Professor Ashish Dholakia and Professor Charu Dholakia. I would also like to express my gratitude to Dhiraj Pandey and Ruchi Sachdev of Pearson Education for their interest and support in this project. They have been meticulous, prompt and a pleasure to work with. Last but not the least, I would like to thank my wife, parents and daughter for their sacrifice and cooperation for providing the necessary environment. I would be happy to receive any suggestions or comments for the improvement of the book and students may also reach me on my face book id, Tejpal Sheth.

Tejpal Sheth