MS-115 Legal Aspects of Business Notes are a 74-page printed book covering all 4 units of this first-semester GGSIPU MBA paper: 50 sections, 17 diagrams, 46 one-line short answers and answer hints for 34 long questions. They follow the MBA scheme and syllabus in force from the 2021-22 session.
Written by Prateek Talwar, Founder, Unnati Educations · Checked against the MBA Scheme of Examination & Syllabi, First and Second Semesters (w.e.f. 2021-22), ipu.ac.in · Updated 13 October 2026 · Editorial policy
Scheme: MBA Scheme and Syllabus 2021-22 onwards | Applies to: academic session 2021-22 onwards | Verified against: Scheme of Examination & Syllabi of MBA, First and Second Semesters (w.e.f. 2021-22)
MS-115 Legal Aspects of Business at a glance: GGSIPU MBA Sem 1 credits, units and exam pattern
MS-115 is the only law paper of MBA Semester 1. It sits with eight other GGSIPU MBA Semester 1 papers, 25 credits in all.
| Item | Official detail |
|---|---|
| Code and title | MS-115 · Legal Aspects of Business |
| Course and semester | MBA, First Semester |
| Type and credits | Core/Open Elective · L-3 · 3 credits |
| Marks | 100: 25 internal (class test 15 + assignments or viva 10) + 75 end-term |
| Applies to | Scheme w.e.f. academic session 2021-22 |
| End-term pattern | Not printed in the official PDF |
| Exam duration | 3 hours |
| Units and hours | 4 units · 8 + 12 + 12 + 10 = 42 hours |
| Paired lab | None (MS-117 lab pairs with MS-109) |
| Pass marks | Not printed; see GGSIPU Ordinance 11 |
MS-115 snapshot from the official MBA scheme of examination and syllabus
- Item
- Code and title
- Official detail
- MS-115 · Legal Aspects of Business
- Item
- Course and semester
- Official detail
- MBA, First Semester
- Item
- Type and credits
- Official detail
- Core/Open Elective · L-3 · 3 credits
- Item
- Marks
- Official detail
- 100: 25 internal (class test 15 + assignments or viva 10) + 75 end-term
- Item
- Applies to
- Official detail
- Scheme w.e.f. academic session 2021-22
- Item
- End-term pattern
- Official detail
- Not printed in the official PDF
- Item
- Exam duration
- Official detail
- 3 hours
- Item
- Units and hours
- Official detail
- 4 units · 8 + 12 + 12 + 10 = 42 hours
- Item
- Paired lab
- Official detail
- None (MS-117 lab pairs with MS-109)
- Item
- Pass marks
- Official detail
- Not printed; see GGSIPU Ordinance 11
MS-115 Legal Aspects of Business Notes unit-wise: 80 exam questions and 17 diagrams across 4 units
These MS-115 Legal Aspects of Business IPU notes follow the four official units, split by statute into Parts A, B and C, each ending with an exam corner. Other papers: GGSIPU MBA notes. One page per unit is in the sample PDF above.
MS-115 Unit 1: Introduction to Law and Legal Systems
Pages 4 to 21, sections 1.1 to 1.10. Sources and classes of law, Supreme Court and High Court jurisdiction with the five writs, tribunals and five ADR methods. Part B covers Art. 19(1)(g), Art. 19(6) tests and business regulation. 3 diagrams; 7 long and 10 short questions.
| Basis | Supreme Court (Art. 32) | High Court (Art. 226) |
|---|---|---|
| Scope | Only Fundamental Rights | Fundamental Rights and other legal rights |
| Nature | Itself a Fundamental Right | Discretionary remedy |
| Territory | Whole of India | Its own territory |
| Emergency | Can be suspended (Art. 359) | Continues for other legal rights |
Quick look: Article 32 vs Article 226 (from page 11)
- Basis
- Scope
- Supreme Court (Art. 32)
- Only Fundamental Rights
- High Court (Art. 226)
- Fundamental Rights and other legal rights
- Basis
- Nature
- Supreme Court (Art. 32)
- Itself a Fundamental Right
- High Court (Art. 226)
- Discretionary remedy
- Basis
- Territory
- Supreme Court (Art. 32)
- Whole of India
- High Court (Art. 226)
- Its own territory
- Basis
- Emergency
- Supreme Court (Art. 32)
- Can be suspended (Art. 359)
- High Court (Art. 226)
- Continues for other legal rights
MS-115 Unit 2: Laws Governing Contracts
Pages 22 to 40 (19, the longest), sections 2.1 to 2.13. Part A takes the Contract Act, 1872 through tender, six modes of discharge with frustration (Taylor v. Caldwell) and remedies under Secs. 73 and 74. Part B covers the Sale of Goods Act: conditions, warranties, caveat emptor and nemo dat. 5 diagrams; 9 long and 12 short questions.
| Basis | Lien (Secs. 47 to 49) | Stoppage in transit (Secs. 50 to 52) |
|---|---|---|
| Possession | Seller holds the goods | Goods are with a carrier |
| Buyer insolvent? | Not necessary | Must be insolvent |
| Object | Retain possession | Regain possession |
| Exercised by | Keeping the goods | Possession or notice to the carrier |
Quick look: lien vs stoppage in transit (from page 36)
- Basis
- Possession
- Lien (Secs. 47 to 49)
- Seller holds the goods
- Stoppage in transit (Secs. 50 to 52)
- Goods are with a carrier
- Basis
- Buyer insolvent?
- Lien (Secs. 47 to 49)
- Not necessary
- Stoppage in transit (Secs. 50 to 52)
- Must be insolvent
- Basis
- Object
- Lien (Secs. 47 to 49)
- Retain possession
- Stoppage in transit (Secs. 50 to 52)
- Regain possession
- Basis
- Exercised by
- Lien (Secs. 47 to 49)
- Keeping the goods
- Stoppage in transit (Secs. 50 to 52)
- Possession or notice to the carrier
MS-115 Unit 3: Laws Governing Business Forms
Pages 41 to 57, sections 3.1 to 3.14. Partnership Act: mutual agency (Cox v. Hickman) and Sec. 69 non-registration. Companies Act, 2013: Salomon, incorporation, MOA and AOA, directors, winding up and the IBC. LLP Act: designated partners and conversion. 5 diagrams; 9 long and 12 short questions.
| Basis | Firm | LLP | Company |
|---|---|---|---|
| Status | No separate entity | Body corporate | Body corporate |
| Liability | Unlimited, joint and several | Limited (except fraud or own wrong) | Limited |
| Registration | Optional | Compulsory | Compulsory |
| Members | 2 to 50 | Minimum 2 | Private 2 to 200; public 7+; OPC 1 |
Quick look: partnership firm vs LLP vs company (from page 54)
- Basis
- Status
- Firm
- No separate entity
- LLP
- Body corporate
- Company
- Body corporate
- Basis
- Liability
- Firm
- Unlimited, joint and several
- LLP
- Limited (except fraud or own wrong)
- Company
- Limited
- Basis
- Registration
- Firm
- Optional
- LLP
- Compulsory
- Company
- Compulsory
- Basis
- Members
- Firm
- 2 to 50
- LLP
- Minimum 2
- Company
- Private 2 to 200; public 7+; OPC 1
MS-115 Unit 4: Laws Governing Relations with various Stakeholders
Pages 58 to 73, sections 4.1 to 4.13. SEBI Act: Sec. 11 functions, powers and ICDR 2018 IPO rules. Consumer Protection Act: definitions, six rights, CCPA. Competition Act, 2002: anti-competitive agreements, abuse of dominance (DLF, Google), combinations and CCI. 4 diagrams; 9 long and 12 short questions.
| Basis | District | State | National |
|---|---|---|---|
| Consideration paid | Up to ₹50 lakh | ₹50 lakh to ₹2 crore | Above ₹2 crore |
| Members | President + 2 | President + 4 | President + 4 |
| Unfair contracts | No power | Up to ₹10 crore | Above ₹10 crore |
| Appeal to | State, 45 days | National, 30 days | Supreme Court, 30 days |
Quick look: District, State and National Commissions (from page 65)
- Basis
- Consideration paid
- District
- Up to ₹50 lakh
- State
- ₹50 lakh to ₹2 crore
- National
- Above ₹2 crore
- Basis
- Members
- District
- President + 2
- State
- President + 4
- National
- President + 4
- Basis
- Unfair contracts
- District
- No power
- State
- Up to ₹10 crore
- National
- Above ₹10 crore
- Basis
- Appeal to
- District
- State, 45 days
- State
- National, 30 days
- National
- Supreme Court, 30 days
Offer, acceptance and the nine Section 10 essentials in contract law: excerpt from page 23 of the MS-115 notes
Excerpt from page 23, rewritten for the web. The original page is in the sample PDF.
2.3 Essential elements of a valid contract (Section 10)
Section 10 says all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not expressly declared void. Courts have added a few more conditions, so the notes list nine essentials, shown together in Fig 2.1:
- Offer and acceptance: a lawful offer and an absolute acceptance (Secs. 2 and 7).
- Intention to create legal relations.
- Lawful consideration (Secs. 2(d), 23 and 25).
- Capacity: a major of sound mind, not disqualified by law (Secs. 11 and 12).
- Free consent: no coercion, undue influence, fraud, misrepresentation or mistake.
- Lawful object: not illegal, immoral or against public policy (Sec. 23).
- Not expressly declared void by Secs. 24 to 30 or Sec. 56.
- Certainty of meaning, or capable of being made certain (Sec. 29).
- Possibility of performance (Sec. 56).
1. Offer and acceptance
An offer can be express or implied, and specific (made to one person) or general (made to the public). In Carlill v. Carbolic Smoke Ball Co. (1893), an advertisement promising £100 to anyone who caught influenza after using the smoke ball was a general offer, accepted simply by using the product as directed.
An offer is different from an invitation to offer. Price lists, catalogues, goods on a shop shelf, tenders and most advertisements only invite offers (Pharmaceutical Society v. Boots, 1953; Harvey v. Facey, 1893).
Acceptance must be absolute and unqualified (Sec. 7); a conditional acceptance is a counter-offer that kills the original offer. It must also be communicated, because silence or a private decision is not acceptance (Felthouse v. Bindley, 1862), and it must come from the person the offer was made to, who knows of the offer (Lalman Shukla v. Gauri Dutt, 1913).
Under Sec. 4, an offer is complete when it reaches the offeree. Acceptance is complete against the proposer once it is put in the course of transmission, and against the acceptor when it reaches the proposer. Under Secs. 5 and 6, an offer can be revoked until acceptance is complete against the proposer, and it lapses on expiry of time, rejection, a counter-offer, the proposer's death or insanity (if known), or failure of a condition precedent.
How to write MS-115 answers: section numbers, leading cases and comparison tables
A law answer here is built from three things the notes supply in every unit: the right section or Article, one decided case per point, and a comparison table where two ideas sit close (civil vs criminal law, sale vs agreement to sell, MOA vs AOA). The long-question hints list exactly these, and name the diagram to draw, such as Fig 2.3 for remedies for breach.
Open with a precise definition; page 4 gives one for law (rules of conduct made or recognised by the State, applied by courts, backed by sanctions) before quoting Austin and Salmond. Avoid outdated law: write BNS, BNSS and BSA 2023, and the 2021 consumer limits of ₹50 lakh and ₹2 crore, not the older ₹1 crore and ₹10 crore. End with a conclusion line; Unit 1 offers "an umpire, not a player" for regulation.
Short answers need the same discipline in one line: the term, its meaning and the section. The notes model this throughout, for example "novation: substitution of a new contract for the old one (Sec. 62)" or "unpaid seller: one who has not received the whole price (Sec. 45)". The section number is what makes it a legal answer.
Worked example: "The freedom to carry on business in India is not absolute." Discuss.
- Art. 19(1)(g) gives citizens the right to trade; a company is not a citizen (State Trading Corporation v. CTO, 1963).
- Art. 19(6) allows reasonable restrictions, professional qualifications and State monopoly.
- Tests of reasonableness: Chintaman Rao (an excessive ban fails) and Khoday Distilleries (no right to trade in liquor).
- Arts. 301 to 304 on inter-State trade, and Art. 300A on property.
- Conclude: the Constitution balances economic freedom with public welfare.
Practise this plan on other papers' questions at GGSIPU MBA important questions.
MS-115 exam corner: 46 two-to-five-mark and 34 long-answer questions by unit
| Unit | Short-answer (2–5 marks) | Long questions with hints | Diagrams |
|---|---|---|---|
| 1. Legal systems | 10 | 7 | 3 |
| 2. Contracts | 12 | 9 | 5 |
| 3. Business forms | 12 | 9 | 5 |
| 4. Stakeholders | 12 | 9 | 4 |
Exam corner questions in the MS-115 notes, by unit
- Unit
- 1. Legal systems
- Short-answer (2–5 marks)
- 10
- Long questions with hints
- 7
- Diagrams
- 3
- Unit
- 2. Contracts
- Short-answer (2–5 marks)
- 12
- Long questions with hints
- 9
- Diagrams
- 5
- Unit
- 3. Business forms
- Short-answer (2–5 marks)
- 12
- Long questions with hints
- 9
- Diagrams
- 5
- Unit
- 4. Stakeholders
- Short-answer (2–5 marks)
- 12
- Long questions with hints
- 9
- Diagrams
- 4
The MS-115 notes give one-line answers to 46 short-answer (2–5 marks) questions and answer hints for 34 long questions across 4 units. Four from the book:
- Unit 1: What are tribunals? Distinguish between courts and tribunals. Pointer: Arts. 323A and 323B, a differences table, L. Chandra Kumar (1997).
- Unit 2: Explain caveat emptor and its exceptions. Pointer: Sec. 16, six exceptions, caveat venditor under the 2019 Act.
- Unit 3: Distinguish MOA and AOA; explain ultra vires and indoor management. Pointer: Ashbury v. Riche, Royal British Bank v. Turquand.
- Unit 4: What steps has SEBI taken to protect investors? Pointer: PIT, SAST and LODR regulations, SCORES, the ODR portal.
No year tags are printed, so these are exam-style questions. More sits in the MS-115 important questions.
MS-115 and the GGSIPU MBA Sem 1 papers it connects to
MS-115 has no lab paper; every first-semester code and credit is listed on the GGSIPU MBA syllabus page. Three unit links help revision:
- Unit 4 Competition Act → MS-105 Managerial Economics (market structures, monopoly).
- Unit 4 unfair trade practices and misleading ads → MS 111 Marketing Management (pricing, advertising).
- Unit 3 Board approval of financial statements (Sec. 179(3)) → MS-107 Accounting for Management.
The rest of the semester: MS-101 Management Process and Organisational Behaviour, MS-103 Quantitative Techniques, MS-109 Information Technology Management, MS 113 Communication in Organizations and MS-117 Information Technology Management Lab.
Who writes and checks the MS-115 Legal Aspects notes?
- Prateek Talwar, author. Founder, Unnati Educations; Associate Company Secretary (ACS), ICSI, membership no. 58704, since 15 May 2019; B.Com, University of Delhi (SOL), 2012. Profile.
These GGSIPU MBA Sem 1 Legal Aspects of Business notes are mapped to the 2021-22 MBA scheme. The 2026-27 edition adds the 2023 criminal codes, the Competition (Amendment) Act 2023 and T+3 IPO listing. Last updated 13 October 2026 under our editorial policy.
The same team prepares GGSIPU important questions for every course.
Do the MS-115 notes cover the full GGSIPU syllabus?
Yes. Every official MS-115 topic has its own section in the notes; we found no gap.
| Official unit | Official topics | Where in the notes | Status |
|---|---|---|---|
| I. Introduction to Law and Legal Systems | Law and legal systems, courts, tribunals, ADR, freedom to do business, government regulation | 1.1 to 1.10, pp. 4 to 18 | Covered |
| II. Laws Governing Contracts | Contract Act: essentials, performance, discharge, breach, remedies; Sale of Goods Act: sale, conditions and warranties, transfer of property, unpaid seller | 2.1 to 2.13, pp. 22 to 37 | Covered |
| III. Laws Governing Business Forms | Partnership Act; Companies Act (incorporation, MOA/AOA, directors, winding up); IBC overview; LLP Act | 3.1 to 3.14, pp. 41 to 55 | Covered |
| IV. Laws Governing Relations with various Stakeholders | SEBI Act; Consumer Protection Act, 2019; Competition Act, 2002 and the role of CCI | 4.1 to 4.13, pp. 58 to 71 | Covered |
Official MS-115 syllabus mapped to the notes
- Official unit
- I. Introduction to Law and Legal Systems
- Official topics
- Law and legal systems, courts, tribunals, ADR, freedom to do business, government regulation
- Where in the notes
- 1.1 to 1.10, pp. 4 to 18
- Status
- Covered
- Official unit
- II. Laws Governing Contracts
- Official topics
- Contract Act: essentials, performance, discharge, breach, remedies; Sale of Goods Act: sale, conditions and warranties, transfer of property, unpaid seller
- Where in the notes
- 2.1 to 2.13, pp. 22 to 37
- Status
- Covered
- Official unit
- III. Laws Governing Business Forms
- Official topics
- Partnership Act; Companies Act (incorporation, MOA/AOA, directors, winding up); IBC overview; LLP Act
- Where in the notes
- 3.1 to 3.14, pp. 41 to 55
- Status
- Covered
- Official unit
- IV. Laws Governing Relations with various Stakeholders
- Official topics
- SEBI Act; Consumer Protection Act, 2019; Competition Act, 2002 and the role of CCI
- Where in the notes
- 4.1 to 4.13, pp. 58 to 71
- Status
- Covered
Official source: MBA Scheme and Syllabus 2021-22 onwards (ipu.ac.in).
Each paper in GGSIPU notes is mapped to its official PDF this way.
MS-115 Legal Aspects notes FAQs
How do I get the full MS-115 notes?
Message us on WhatsApp at 9899436384 using the "Get Full Notes" button at the top or the order box at the end. The MS-115 notes are sold as a printed book only, and there is no PDF edition. Our team shares the price, payment and delivery details on WhatsApp, so you know everything before you pay.
What is the passing mark in MS-115?
MS-115 is marked out of 100: 25 internal (a 15-mark class test plus 10 for assignments, presentation, viva or participation) and 75 in the end-term exam. The MBA scheme PDF does not print a pass percentage for theory papers, so we do not quote one. End-term minimums, re-appear and result rules are in GGSIPU Ordinance 11.
Is MS-115 a core paper or an open elective?
The MBA scheme lists MS-115 as "Core/Open Elective" in the first semester, with three lecture hours a week and 3 credits. It is one of three first-semester papers with that label, alongside MS-101 Management Process and Organisational Behaviour and MS 111 Marketing Management. Your institute's timetable shows whether it runs as a core paper or an open elective for your batch.
Which MS-115 unit is the longest in the notes?
Unit 2 (contracts and sale of goods) is the longest at 19 pages; Unit 3 has the most sections, 14, covering the Partnership, Companies and LLP Acts plus the IBC. The official syllabus gives these two units the most teaching time too: 12 hours each, against 8 for Unit 1 and 10 for Unit 4.
Are the MS-115 notes updated for recent laws?
Yes, they are. Unit 1 uses the Bharatiya Nyaya Sanhita, BNSS and Bharatiya Sakshya Adhiniyam 2023, in force from 1 July 2024, plus the Mediation Act 2023. Unit 2 covers the 2018 amendment to the Specific Relief Act. Unit 4 uses the 2021 consumer pecuniary limits, the Competition (Amendment) Act 2023 and the March 2024 combination thresholds.
Can I see MS-115 sample pages before ordering?
Yes. The "View Sample PDF" button at the top opens seven watermarked pages of the printed book: the cover, both contents pages, and one content page from each unit, covering Supreme Court jurisdiction, the Section 10 essentials of a contract, the steps to incorporate a company and the types of anti-competitive agreements under the Competition Act.
Get the full MS-115 Legal Aspects of Business Notes on WhatsApp
The 74-page book has 17 diagrams and landmark case boxes. It is printed as Legal Aspects of Business notes in English, in book form only (no PDF).
Order the full MS-115 notes book on WhatsApp (4 units, 74 pages)
Unnati Educations is an independent education provider based in Vikaspuri, Delhi. We are not affiliated with, authorised by, or endorsed by Guru Gobind Singh Indraprastha University (GGSIPU). 'GGSIPU' and 'IPU' are used only to describe the syllabus our notes follow. For official information, visit ipu.ac.in.
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