MFA-115 Legal Aspects of Business Notes cover all 4 units of the GGSIPU MBA (Financial Analysis) Semester 1 paper in one 93-page book: 46 sections, 30 figures, 25 case-law boxes and 24 solved short answers, plus 88 practice questions. They follow the MBA (FA) scheme that applies from the 2021-22 session onwards.
Written by Prateek Talwar, Founder, Unnati Educations (ACS, ICSI) · Reviewed by Sheetal Kirola, Academic Head, M.Ed. (academic review) · Checked against the official MBA (FA) syllabus PDF, 28 Oct 2026 · Updated 28 October 2026 · Editorial policy
Scheme: MBA (Financial Analysis) Scheme and Syllabus, 2021-22 onwards | Applies to: batches from the 2021-22 academic session onwards | Verified against: nt0722536 (9).pdf on ipu.ac.in, 28 Oct 2026
MFA-115 Legal Aspects of Business at a glance: GGSIPU MBA (Financial Analysis) Sem 1 credits, units and exam pattern
| Code and title | MFA-115 Legal Aspects of Business |
|---|---|
| Course and semester | MBA (Financial Analysis), Semester 1 |
| Category and credits | Core/Open Elective · 3 credits · L 3, T/P nil |
| Marks | 100: 50 internal (two class tests of 15 + 20 for assignments, presentation, viva or participation) + 50 end-term |
| Applies to | Batches from the 2021-22 session onwards |
| End-term pattern | University written exam; paper-setter instructions not printed in the official PDF |
| Units and hours | 4 units: 8 + 12 + 12 + 10 = 42 hours |
| Paired lab | None (theory paper) |
| Pass rules | Not stated in the MBA (FA) PDF; see Ordinance 11 |
Units 2 and 3 get 12 hours each. MFA-115 is the only law paper among the ten GGSIPU MBA (Financial Analysis) Semester 1 papers.
MFA-115 Legal Aspects of Business Notes unit-wise: 25 case laws, 30 figures and 24 solved answers across 4 units
Each unit ends with a Quick Revision table and exam questions. These MFA-115 Legal Aspects of Business IPU notes keep section numbers and case names as courts cite them. Other papers are under GGSIPU MBA (Financial Analysis) notes.
MFA-115 Unit 1: Introduction to Law and Legal Systems
Meaning, sources and classes of law, then the court ladder from the Supreme Court (Art. 124) and 25 High Courts to courts under the CPC and BNSS, 2023, and tribunals such as NCLT, SAT and DRT. It ends with ADR, Art. 19(1)(g) with Art. 19(6), Arts. 301 to 307 and regulation after 1991.
In the notes: pages 5-24 · 10 sections · 7 figures · 4 case laws · 6 solved and 21 practice questions.
| Basis | Courts | Tribunals |
|---|---|---|
| Creation | Regular judicial system | Special statutes |
| Members | Judges only | Judicial plus expert members |
| Procedure | CPC / BNSS and evidence law | Flexible, natural justice |
Quick look: courts vs tribunals (from page 15)
- Basis
- Creation
- Courts
- Regular judicial system
- Tribunals
- Special statutes
- Basis
- Members
- Courts
- Judges only
- Tribunals
- Judicial plus expert members
- Basis
- Procedure
- Courts
- CPC / BNSS and evidence law
- Tribunals
- Flexible, natural justice
MFA-115 Unit 2: Laws Governing Contracts
The Contract Act, 1872 from the Section 10 essentials (Carlill, Balfour, Mohori Bibee) to performance, frustration under Section 56 and anticipatory breach; then the Sale of Goods Act, 1930: types of goods, implied conditions, caveat emptor, passing of property, nemo dat and the unpaid seller's rights.
In the notes: pages 25-46 · 11 sections · 7 figures · 9 case laws, the most of any unit · 6 solved and 22 practice questions.
| Basis | Condition | Warranty |
|---|---|---|
| Meaning | Essential to the main purpose | Collateral to it |
| Remedy on breach | Reject goods and claim damages | Damages only |
| Section | Sec. 12(2) | Sec. 12(3) |
Quick look: condition vs warranty (from page 38)
- Basis
- Meaning
- Condition
- Essential to the main purpose
- Warranty
- Collateral to it
- Basis
- Remedy on breach
- Condition
- Reject goods and claim damages
- Warranty
- Damages only
- Basis
- Section
- Condition
- Sec. 12(2)
- Warranty
- Sec. 12(3)
MFA-115 Unit 3: Laws Governing Business Forms
The longest unit: the Partnership Act, 1932 (mutual agency, Section 69, dissolution), the Companies Act, 2013 (corporate veil, OPC, MoA and AoA, directors' duties, winding up), the IBC, 2016 with CIRP and the Section 53 waterfall, and the LLP Act, 2008.
In the notes: pages 47-70 · 13 sections · 8 figures · 5 case laws · 6 solved and 23 practice questions.
| Basis | Partnership | LLP | Private company |
|---|---|---|---|
| Registration | Optional | Compulsory | Compulsory |
| Liability | Unlimited, joint and several | Limited to contribution | Limited to unpaid capital |
| Members | 2 to 50 | Minimum 2 | 2 to 200 |
Quick look: partnership vs LLP vs private company (from page 68)
- Basis
- Registration
- Partnership
- Optional
- LLP
- Compulsory
- Private company
- Compulsory
- Basis
- Liability
- Partnership
- Unlimited, joint and several
- LLP
- Limited to contribution
- Private company
- Limited to unpaid capital
- Basis
- Members
- Partnership
- 2 to 50
- LLP
- Minimum 2
- Private company
- 2 to 200
MFA-115 Unit 4: Laws Governing Relations with Various Stakeholders
SEBI's objectives, powers and IPO rules (ASBA, 50:15:35 allocation, lock-in); the Consumer Protection Act, 2019 with its definitions, six rights and the CCPA; and the Competition Act, 2002 on cartels, vertical agreements, abuse of dominance and combinations.
In the notes: pages 71-92 · 12 sections · 8 figures · 7 case laws · 6 solved and 22 practice questions.
| Basis | District | State | National |
|---|---|---|---|
| Pecuniary limit | Up to ₹50 lakh | ₹50 lakh to ₹2 crore | Above ₹2 crore |
| Appeal against order | State, 45 days | National, 30 days | Supreme Court, 30 days |
Quick look: three-tier consumer commissions (from page 82)
- Basis
- Pecuniary limit
- District
- Up to ₹50 lakh
- State
- ₹50 lakh to ₹2 crore
- National
- Above ₹2 crore
- Basis
- Appeal against order
- District
- State, 45 days
- State
- National, 30 days
- National
- Supreme Court, 30 days
Damages for breach under Section 73 in contract law: excerpt from page 34 of the MFA-115 notes
Excerpt from page 34
Rescission
The injured party may treat the contract as rescinded and refuse further performance. A person who rightfully rescinds a contract is also entitled to compensation for any damage caused by the non-fulfilment (Sec. 75).
Damages (Section 73)
Under Section 73, the party who suffers from a breach can recover compensation for loss or damage which (a) arose naturally in the usual course of things from the breach, or (b) the parties knew, when they made the contract, was likely to result from the breach. Remote and indirect loss is not compensated. The rule comes from the English case Hadley v. Baxendale (1854).
Case law: Hadley v. Baxendale (1854)
Hadley's mill stopped because its crankshaft broke. He handed the shaft to Baxendale, a carrier, to take to the makers as a model for a new one. The carrier delayed delivery and the mill stayed closed longer. Hadley claimed loss of profits. Held: the carrier was not liable for lost profits because he was never told the mill would stand idle without the shaft, so that loss was too remote.
Kinds of damages
- Ordinary damages: loss arising in the usual course, usually contract price minus market price. A seller fails to deliver wheat at ₹2,500 a quintal and the buyer pays ₹2,700, so damages are ₹200 a quintal.
- Special damages: loss from special circumstances known to both parties when contracting.
- Exemplary damages: punitive and rare in contract, such as a bank wrongfully dishonouring a trader's cheque.
- Nominal damages: a token sum, such as ₹1, where a right is infringed but no real loss occurs.
- Liquidated damages (Sec. 74): a sum fixed in advance, such as a delay charge of 0.5% a week in a supply contract.
Liquidated damages and penalty (Section 74)
Where a contract names a sum payable on breach, the court awards reasonable compensation up to that sum, whether or not actual loss is proved. Indian law does not draw a strict line between liquidated damages and a penalty. In Kailash Nath Associates v. DDA (2015), the Supreme Court held that where loss can be proved it must be proved, because Section 74 does not allow a windfall.
Duty to mitigate
The injured party must take reasonable steps to reduce the loss (Explanation to Sec. 73). If a seller fails to deliver, the buyer should buy from the market instead of keeping the factory idle.
How to write MFA-115 answers: section-cited definitions, case-law support and comparison tables
These Legal Aspects of Business notes in English train one habit across all four units: quote the section, name the case, then explain. A contract answer opens with Sections 2(e) and 2(h); an unpaid seller answer cites Section 45 in its first line.
Each case-law box follows the order that works in an exam paragraph: facts in two lines, what was held, then the principle. For the essentials of a valid contract, the tip on page 29 pairs each Section 10 essential with one case and ends with the Figure 2.1 chart.
Diagrams and tables carry weight. The page 43 tip on the unpaid seller says to draw Figure 2.7 and add the lien vs stoppage table; the page 68 tip says comparison questions are best answered as a table.
Two more tips set the structure for long answers. On partnership registration (page 49), open with the line "optional but practically compulsory" and then explain the Section 69 disabilities with their exceptions. On SEBI public-issue rules (page 75), use numbered headings in this order: eligibility, pricing and book building, promoters' contribution and lock-in, offer-document disclosures, ASBA and UPI, allocation, listing, and a closing note on debenture rating, trustee and asset cover.
Worked example: "Distinguish between Art. 32 and Art. 226." Following the page 12 tip, write three points:
- Scope: Art. 32 covers only Fundamental Rights; Art. 226 covers other legal rights too.
- Nature: Art. 32 is itself a Fundamental Right; Art. 226 relief is discretionary.
- Territory: Art. 32 runs all over India; Art. 226 within the High Court's territory.
Whatever the unit, use the new criminal law names as well: the BNS, BNSS and BSA, 2023 replaced the IPC, CrPC and Evidence Act from 1 July 2024 (page 22). Practise this format on GGSIPU MBA (Financial Analysis) important questions.
MFA-115 exam corner: 24 solved short answers and 88 practice questions across 4 units
| Unit | Solved short answers | Practice short (2.5 Marks) | Practice long (12.5 Marks) | Case laws |
|---|---|---|---|---|
| Unit 1 | 6 | 12 | 9 | 4 |
| Unit 2 | 6 | 13 | 9 | 9 |
| Unit 3 | 6 | 13 | 10 | 5 |
| Unit 4 | 6 | 13 | 9 | 7 |
MFA-115 exam questions in the notes, unit by unit
- Unit
- Unit 1
- Solved short answers
- 6
- Practice short (2.5 Marks)
- 12
- Practice long (12.5 Marks)
- 9
- Case laws
- 4
- Unit
- Unit 2
- Solved short answers
- 6
- Practice short (2.5 Marks)
- 13
- Practice long (12.5 Marks)
- 9
- Case laws
- 9
- Unit
- Unit 3
- Solved short answers
- 6
- Practice short (2.5 Marks)
- 13
- Practice long (12.5 Marks)
- 10
- Case laws
- 5
- Unit
- Unit 4
- Solved short answers
- 6
- Practice short (2.5 Marks)
- 13
- Practice long (12.5 Marks)
- 9
- Case laws
- 7
One exam-style question per unit:
- Distinguish between civil law and criminal law. Contrast the aim (compensation vs punishment), who files and the proof standard.
- What is anticipatory breach of contract? Refusal before the due date (Sec. 39); rescind and sue at once (Hochster v. De La Tour) or wait.
- What is the true test of partnership? Mutual agency, not profit sharing (Sec. 6; Cox v. Hickman).
- Is being dominant illegal under the Competition Act? No; only abuse of dominance under Sec. 4 is prohibited.
The MFA-115 notes solve 24 short-answer questions across 4 units and list 51 short and 37 long practice questions, backed by 25 case laws.
More practice sits in the MFA-115 important questions.
MFA-115 and the GGSIPU MBA (Financial Analysis) Sem 1 papers it connects to
MFA-115 has no lab; all papers are listed on the GGSIPU MBA (Financial Analysis) syllabus page.
If you use these GGSIPU MBA (Financial Analysis) Sem 1 Legal Aspects of Business notes, Unit 4 links to three papers: SEBI and public issues to MFA-111 Financial Markets and Institutions (book building, SEBI reforms), the Competition Act to the monopoly models in MFA-105 Managerial Economics, and consumer rights to MFA-109 Personal Finance.
The other Semester 1 papers are MFA-101 Accounting for Management, MFA-103 Quantitative Techniques, MFA-107 Information Technology Management, MFA-113 Management Process and Organizational Behaviour, MFA-117 Communication in Organizations and MFA-119 Information Technology Management - Lab.
Who writes and checks the MFA-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. Author bio
- Sheetal Kirola, academic reviewer: Academic Head, Unnati Educations · M.Ed. · 7 years of experience. Reviewer bio
The 2026-27 edition, mapped to the 2021-22 onwards scheme, includes the Mediation Act, 2023, the BNS, BNSS and BSA, 2023 and the 2023 Competition Act amendment. Last updated 28 October 2026. See our editorial policy.
The same team prepares GGSIPU important questions for every course.
Do the MFA-115 notes cover the full GGSIPU syllabus?
Yes. Every topic in the four official MFA-115 units has a matching section in the notes; no gap was found.
| Official unit | Official topics | Where in the notes | Status |
|---|---|---|---|
| I: Introduction to Law and Legal Systems | Basic concepts and classification of law, Indian legal system, constitutional and subordinate courts, tribunals, ADR, freedom to do business, government regulation | Sections 1-10, pages 5-21 | Covered |
| II: Laws Governing Contracts | Contract Act, 1872: essentials, performance, discharge, breach, remedies; Sale of Goods Act, 1930: sale, goods, conditions and warranties, transfer of property, unpaid seller | Sections 1-11, pages 25-43 | Covered |
| III: Laws Governing Business Forms | Partnership Act, 1932; Companies Act, 2013 incl. winding up and IBC, 2016 overview; LLP Act, 2008 | Sections 1-13, pages 47-68 | Covered |
| IV: Laws Governing Relations with Various Stakeholders | SEBI Act, 1992; Consumer Protection Act, 2019; Competition Act, 2002 and role of CCI | Sections 1-12, pages 71-89 | Covered |
Official MFA-115 syllabus mapped to the notes
- Official unit
- I: Introduction to Law and Legal Systems
- Official topics
- Basic concepts and classification of law, Indian legal system, constitutional and subordinate courts, tribunals, ADR, freedom to do business, government regulation
- Where in the notes
- Sections 1-10, pages 5-21
- Status
- Covered
- Official unit
- II: Laws Governing Contracts
- Official topics
- Contract Act, 1872: essentials, performance, discharge, breach, remedies; Sale of Goods Act, 1930: sale, goods, conditions and warranties, transfer of property, unpaid seller
- Where in the notes
- Sections 1-11, pages 25-43
- Status
- Covered
- Official unit
- III: Laws Governing Business Forms
- Official topics
- Partnership Act, 1932; Companies Act, 2013 incl. winding up and IBC, 2016 overview; LLP Act, 2008
- Where in the notes
- Sections 1-13, pages 47-68
- Status
- Covered
- Official unit
- IV: Laws Governing Relations with Various Stakeholders
- Official topics
- SEBI Act, 1992; Consumer Protection Act, 2019; Competition Act, 2002 and role of CCI
- Where in the notes
- Sections 1-12, pages 71-89
- Status
- Covered
Official source: MBA (Financial Analysis) Scheme and Syllabus, 2021-22 onwards (MFA-115 on pages 19-20; scheme on pages 4-5).
Every course in GGSIPU notes is mapped to its official PDF this way.
MFA-115 Legal Aspects notes FAQs
How do I get the full MFA-115 notes?
Tap "Get Full Notes" to message us on WhatsApp at 9899436384. The full MFA-115 notes come as a printed book covering all 4 units in 93 pages, with 24 solved answers and 88 practice questions. Delivery takes a maximum of 5-7 days, depending on your location. Our team shares the price and payment details on WhatsApp before you confirm the order.
Are the MFA-115 Legal Aspects of Business notes available as a PDF?
No. The full MFA-115 notes are sold only as a printed book, not as a PDF or e-book.
What is the passing mark for MFA-115 Legal Aspects of Business?
MFA-115 is marked out of 100: 50 internal (two class tests of 15 each plus 20 for assignments, presentation, viva or participation) and 50 end-term. The MBA (Financial Analysis) scheme PDF does not state a pass percentage. For end-term minimums and re-appear rules, check Ordinance 11 on ipu.ac.in or ask your own institute's examination cell.
Which MFA-115 unit is the longest in the notes?
Unit 3, Laws Governing Business Forms, runs to 24 pages (pages 47-70) with 13 sections and 8 figures. It covers the Partnership Act, 1932, the Companies Act, 2013, the IBC, 2016 and the LLP Act, 2008. Unit 2 on contracts and sale of goods has the most case laws in the MFA-115 notes, with 9 boxes.
Do the MFA-115 notes use the new criminal laws, BNS and BNSS?
Yes. Unit 1 of the MFA-115 notes explains that the Bharatiya Nyaya Sanhita, Bharatiya Nagarik Suraksha Sanhita and Bharatiya Sakshya Adhiniyam, 2023 replaced the IPC, CrPC and Evidence Act from 1 July 2024. The hierarchy of criminal courts follows the BNSS, and the ADR section covers the Mediation Act, 2023 and online dispute resolution (ODR).
Which scheme and batch do the MFA-115 notes follow?
They follow the MBA (Financial Analysis) Scheme and Syllabus that applies from the 2021-22 session onwards. There, MFA-115 is a Core/Open Elective Semester 1 paper with 3 credits and 3 lecture hours a week. The four unit titles and topics in the MFA-115 notes match the official syllabus printed on pages 19-20 of that PDF.
Get the full MFA-115 Legal Aspects of Business Notes on WhatsApp
| Unit | Pages |
|---|---|
| Unit 1 | 20 (5-24) |
| Unit 2 | 22 (25-46) |
| Unit 3 | 24 (47-70) |
| Unit 4 | 22 (71-92) |
Pages per unit in the full MFA-115 notes book
- Unit
- Unit 1
- Pages
- 20 (5-24)
- Unit
- Unit 2
- Pages
- 22 (25-46)
- Unit
- Unit 3
- Pages
- 24 (47-70)
- Unit
- Unit 4
- Pages
- 22 (71-92)
93 pages with 25 case laws, 30 figures, unit-wise Quick Revision tables and 112 exam questions (24 solved). Format: printed book only (no PDF). Delivery: maximum 5-7 days; the rest depends on your location.
Order the MFA-115 notes book on WhatsApp (4 units, 93 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.
Ready for the full notes?
Discuss coverage and delivery with our team.