Paper 2 · Business Laws

Indian Regulatory Framework – Chapter Notes

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Summary Infographic

Indian Regulatory Framework — Memory Map

Read every business-law question by identifying the source of law, the competent authority and the rule that governs the transaction.

1. Legal Framework

Constitution is the supreme law.
Statutes are enacted by Parliament or State Legislatures.
Rules and regulations support the parent Act.

2. Sources of Law

Legislation.
Judicial precedents.
Customs and usages.
Personal laws where applicable.

3. Business Laws

Indian Contract Act, 1872.
Sale of Goods Act, 1930.
Partnership Act, 1932.
LLP Act, 2008.
Companies Act, 2013.
Negotiable Instruments Act, 1881.

4. Court Structure

Supreme Court.
High Courts.
District and subordinate courts.
Special tribunals and forums.

5. Doctrine of Precedent

Higher-court decisions bind lower courts.
Ratio decidendi is binding.
Obiter dicta is persuasive.

6. Delegated Legislation

Made under authority of a parent statute.
Cannot exceed the enabling Act.
Includes rules, regulations, notifications and bye-laws.

7. Interpretation

Literal rule.
Golden rule.
Mischief rule.
Harmonious construction.

8. Final Exam Approach

Identify the governing statute.
State the applicable rule.
Apply facts.
Give a direct conclusion.

Core Memory: Framework first: Constitution → statute → delegated law → judicial interpretation → application to facts.