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Instructor Faiza Ismail

Room No. 1-22
Office Hours Tuesday/Thursday 2:00-3:00pm
Email faiza@lums.edu.pk
Telephone
Secretary/TA Muhammad Subhan Yaqub <23090072@lums.edu.pk>
TA Office Hours -
Course URL (if any) -

COURSE
BASICS
Credit Hours 4
Lecture(s) 9:00-10:50am No. Lectures per week: 2 Duration
Tues/Thurs
Recitation/Lab (per No. Lectures per week - Duration
week)
Tutorial (per week) No. Lectures per week - Duration

COURSE
DISTRIBUTION
Core B.A./LL.B

2
 Elective No
Open for Student Open to All
Category
Close for Student None
Category

COURSE DESCRIPTION AND LEARNING OUTCOMES

This course is designed to give class participants an overview of law applicable to commercial transactions and markets. Throughout the course
participants will examine concepts of property in commercial law and agency which exists independently as well as in connection with partnerships,
bailments and corporations. Study of Receivable financing, Negotiable instruments and Insurance contracts will equip the participants with the
technical knowledge of Commercial law.
This course will cover following statutes in detail

(i) The Sales of goods Act 1930,

(ii) The Contract Act 1872,
(iii) The Partnership Act 1932 and
(iv) The Companies Act 2017.

After taking the lectures and going through essential and recommended content of the course, the students shall be able to:
 Understand development, nature and working modalities of Commercial law
 Develop the relationship between Property and Commercial law
 Understand the important tenants of Principal agent relationship and
 Understand the working modalities of a Partnership and a Company

3
 GRADING BREAKUP AND
DISABILITY
POLICY POLICY
Project/Presentation:
Any student
Midtermwho, because of ain-house
30% disability, mayopen
exam require special notes
book/open arrangements
exam in order to meet the course requirements should contact the instructor or
the Office of Student
Assignment Affairs (OSA) as soon as possible so that requisite arrangements can be made.
Final Examination 30% in-house open book/open notes exam
Class Participation: 15%
Quiz 20%
Attendance: 5%

EXAMINATION DETAIL
Midterm Exam In-house exam open book/open notes

Final Exam In house, open book/notes

COURSE OVERVIEW

4
LECTURE TOPICS RECOMMENDED READING OBJECTIVES

1 Law, Economics and

Business
2 Commercial Contracts Introduction to Commercial Law
Rainy Sky v Kookmin Bank (2011)
3 Property Right I Basic Concepts of Personal Property  Difference between personal and real
What is property right? property
 Characteristics of property rights
 Significance of property rights

4 Property Right II Ownership and Possession  Types of property rights

Leigh and Sillavan ltd vs Aliakmon Shipping Co Ltd  The importance of possession
(1986)  The protection of Possession
5 Property Right III Acquisition and Transfer of Legal and Equitable
Ownership
Protection of Possession
6 Agency I The Concept of Agency  The Legal Concept of Agency
Creation of Agency  Agency distinguished from other
Liability on Contracts Made by Agents relationships

7 Agency II Interpretation of Power of Attorney in Pakistani

Courts
Sitara and Others v Sohrab and Others 2014 PLD
Lahore 179
Messrs Simpex Trading Corporation and others v
Province of Punjab through Secretary 2003 CLC 486

5
8 Agency III The Rights of the Agents
9 Agency IV The Duties of the Agents

Quiz I
10 Partnership I The Partnership Act 1932  The Partnership Agreement
The Nature of Partnership  Universal clauses
The Definition of a Partnership
Specific Indications of Partnership
The Partnership Agreement

11 Partnership II Partnership Property  Partnership Property

Motal Bai v A Aziz (1968)  Dissolution and
Kohinoor Soap v Basra Soap (2002)  Winding up
Mian Parvaiz Shah v A Aziz (2014)

12 Partnership III Partners’ relationship with Each Others  Partners’ relationship among themselves
Patterns’ fiduciary Duties to Each Others  Partners’ relationship with outsiders and
 Fiduciary duties
13 Partnership IV Partners and third parties
Partners’ relationship with Outsiders

14 Midterm

15 Company Law I- The Company Act 2017  The Nature of a company

The Nature of a Company- Separate legal entity  The Corporate Veil
The Corporate Veil

6
16 Company Law II Classification of Companies  Classification of Companies
Formation and Registration  Formation of Registered Companies
 Off-the-shelf Companies
17 Company Law III Registration of names  Contracts made before the company is
Zafar Iqbal v Registrar of Companies (2010) formed
Darson Industries v SECP (2005)  The Company Name
Soneri Travels v Soneri Bank (2011)  The Registrar of Companies
18 Company Law IV Directors  Directors
 Directors’ Duties
19 Company Law V Shareholders and  Shareholders
Resolutions  The nature of shares
 Becoming a shareholder of a company with
a share capital
 Company resolutions and meetings Insider
dealings and market abuse

20 Quiz II

21 The Sale of Goods I The Sale of Goods Act 1930  The Sale of Goods Act and the general law
PST Energy vs OW Bunker  The Application of the Sale of Goods

22 The Sale of Goods II Dawson vs Duffield (1936)  Sale of Goods Distinguished from other
transactions

23 Bailment II The Contract Act 1872  Types of Bailments

 Requirements of Bailment
 Bailment and third parties

7
24 Bailment II The Contract Act 1872  The bailee’s liability
The Pioneer Container (1994)  The burden of proof
 Bailment and third parties

8
26 Negotiable instruments  Negotiable Instruments
 Promissory Notes
 Bill of Exchange
 Cheque
 Discharge of Liability

27-28 Guest lectures

FINAL EXAMINATION