Law focuses on the fundamental principles of the legal system and the essential regulatory frameworks governing business transactions. It emphasizes the core provisions of the Contract Act, Sale of Goods Act, and other mercantile laws necessary for professional foundation.
The Law course at the Foundation Level of ICAN provides students with fundamental knowledge of legal principles and the Nepalese legal system. It is designed to build a strong base for understanding laws applicable to business and professional environments. The course focuses on simple legal concepts, basic interpretation, and practical awareness essential for aspiring Chartered Accountants.
Meaning, nature, and purpose of law
Sources of law in Nepal (legislation, customs, judicial decisions)
Classification of law: Civil vs Criminal, Public vs Private
Structure of courts and legal institutions in Nepal
Learning Outcome:
Students will understand the legal framework and how laws are applied in society and business.
Definition and essential elements of a valid contract
Offer and acceptance
Consideration and capacity of parties
Free consent and legality of object
Types of contracts: valid, void, voidable
Learning Outcome:
Ability to identify valid contracts and understand basic contractual relationships.
Meaning and types of breach
Remedies available: damages, specific performance, rescission
Basic legal consequences of non-performance
Learning Outcome:
Students will understand rights and remedies in case of contract breach.
Basic concepts of business organizations
Introduction to partnership: meaning, features, basic rights and duties
Basic understanding of companies and corporate structure
Legal aspects of business transactions
Learning Outcome:
Students will gain awareness of legal structures and their role in business operations.
Meaning and creation of agency
Types of agents
Rights and duties of agent and principal
Termination of agency
Learning Outcome:
Understand agency relationships commonly used in business activities.
Consumer rights and protection
Basic commercial laws affecting day-to-day transactions
Awareness of legal responsibilities in business dealings
Learning Outcome:
Students will understand basic legal protections and responsibilities in the market.
Introduction to legal procedures in Nepal
Basic idea of civil and criminal cases
Filing complaints and seeking legal remedies
Role of legal professionals
Learning Outcome:
Awareness of how legal processes function in practice.
Importance of ethics in legal and professional life
Integrity, honesty, and compliance with laws
Avoidance of illegal practices and misconduct
Learning Outcome:
Students will develop ethical awareness essential for professional accountants.
Simple contract-based scenarios
Identification of legal issues in everyday situations
Application of basic legal concepts in business context
Learning Outcome:
Enhance understanding through practical examples and basic problem-solving.
By the end of this course, students will be able to:
Understand fundamental legal principles and the Nepalese legal system
Identify and analyze basic contractual relationships
Recognize legal aspects of business activities
Apply basic legal concepts in practical situations
Demonstrate ethical awareness in legal and professional matters
Introduction to Law and Legal System
Basic Principles of Contract Law
Breach of Contract and Remedies
Introduction to Business Law
Law of Agency (Basic Concepts)
Consumer and Commercial Awareness
Legal Procedures and Awareness
Ethics and Professional Conduct
Practical Application & Case Studies