Get access to latest and updated syllabus of PIPFA Level 2 Business Law now. Here you will find detailed course content or Syllabus of PIPFA Business Level 2 Law for upcoming attempt.
Unfortunately, PIPFA does not publish it’s own study text. But you need not to worry as you can use study texts of ICAP and/or ICMAP. You will have the advantage on other students. The reason being ICAP and ICMAP study texts are comparatively more difficult than the books recommended by PIPFA examination body.
Here is the grid for syllabus of PIPFA Level 2 Business Law.
|Introduction to Pakistan’s legal system||05 – 10|
|Contract Act 1872||15 – 20|
|Sale of Goods Act 1930||10 – 15|
|Partnership Act 1932||10 – 15|
|Companies Act, 2017||40 – 50|
|Code of Corporate Governance||10-15|
The course outline for syllabus of PIPFA Level 2 Business Law for upcoming attempt gives an overview of the course .The detailed Syllabus of PIPFA Level 2 Business Law for upcoming attempt is given below the course outline section.
Introduction to Pakistan’s Legal System:
- Sources of law and introduction to constitution of Pakistan
- Process of legislation
- Legal system in Pakistan
Contract Act 1872:
- Communication, acceptance and revocation of proposals
- Essentials of a valid contract
- Void agreements and voidable contracts
- Contingent contracts
- Performance of contracts and related matters
- Certain relations resembling those created by contracts
- Breach of contracts
- Contracts involving indemnity & guarantee, bailment & pledge and contract of agency
Sale of goods Act,1930:
- Formation of the contract of sale
- Transfer of property and transfer of title
- Performance of the contract of sale
- Rights of unpaid seller
- Breach of contract of sale
- Sale by auction
- Scope and definitions
- Nature of partnership
- Mutual rights and duties of partners
- Relations of partners to third parties
- Definitions, Jurisdiction of Courts and incorporation of companies (Section 1 to 51)
- Shares and debentures, rights of shareholders, charges and mortgages (Section 57 to 117)
- Management and Administration (Sections 142 to 204 A)
- Investments, contracts and disclosure of interests (Sections 208 to 229)
- Accounts, audit and distribution of profits (Sections 230 to 257)
Code of Corporate Governance:
- Public Sector Companies (Corporate Governance) Rules, 2013
- Code of Corporate Governance for Listed Companies ( Chapter II, III & V)
Detailed Syllabus Contents:
The detailed Syllabus of PIPFA Level 2 Business Law for upcoming attempt is given below.
Introduction to Pakistan’s Legal System:
- Briefly describe sources of law in Pakistan
- Describe the basic structure of the constitution of the Islamic Republic of Pakistan.
- Define legislation and describe its forms
- Briefly describe the process of legislation as per the Constitution
- Identify and briefly explain the structure of the courts in Pakistan
- Explain alternate dispute resolution (ADR) and its advantages and disadvantages.
Contract Act 1872:
- Be aware of circumstances or conditions when an agreement is considered as voidable / void
- To understand the formation of valid contract
- Identify different types of voidable / void agreement.
- Define contingent contract
- Identify characteristics of contingent contract
- Understand rules regarding contingent contract
- Understand the difference between contingent contact and wagering agreement.
- Explain performance and its types i.e. actual and attempted
- Understand rules relating to joint and reciprocal contracts and appropriation of payment
- Identify essentials of a valid tender
- Define tender and explain its types and effects. Describe the essentials of a valid tender
- Identify factors which may affect the performance of a contract
- Understand and apply rules relating to joint and reciprocal promises
- Understand the meaning of appropriation of payment and rules regarding appropriation of payment
- Explain the assignment of contracts.
- Explain the remedy
- Describe the various remedies available in case of breach of a contract
- Understand rules relating to amount of damages
- Identify and explain different kinds of damages
- Understand the remoteness of damages.
- Define contract of indemnity and contract of guarantee. Differentiate between contract of guarantee and indemnity
- Identify parties in a contract of indemnity and contract of guarantee
- Differentiate between contract of guarantee and indemnity
- Describe the rights of indemnity holder
- Identify the essentials of the contract of guarantee
- Understand the kinds of guarantees i.e. specific and continuing, and revocation of continuing guarantee
- Describe rights and responsibilities of surety
- Explain how surety is discharged
- Understand rules relating to indemnity, guarantee and surety.
Sale of Goods Act 1930:
- Definition of certain terms.
- Meaning of contract of sale
- Distinctions of sale from another similar contract
- Formalities of Contract of sale
- Subject matter of contract of sale.
- Ascertainment of price for the contract of sale
- Stipulation as to time
Partnership Act 1932:
- Define the terms.
- Understand and describe the partnership relationship, its creation and identify and explain the types of partnership and the mode of determining existence of a partnership.
- Determine and explain the rights and duties of partners of the firm under various circumstances
- Explain the provisions of the law relating to conduct of the business, property of the firm and personal profits earned by partners.
- Describe the relationship of partners with third parties
- Identify and explain the concepts of implied authority of the partner in relation to third parties, partner’s authority in an emergency, mode of doing act to bind the firm, effect of admissions by a partner, effect of notice to acting partner, liability of a partner for acts of the firm and liability of the firm for wrongful acts of a partner or misapplication by partners, principle of holding out in given situations
- Identify and explain the rights and restrictions of transferee of a partner’s interest
- Identify and explain the rights and liabilities of a minor admitted to the benefits of partnership.
Companies Act, 2017:
- Define/describe the terms which are relevant to the areas covered in the syllabus.
- Provision relating to nature / number of shares and other securities
- Describe the classes and kinds of shares
- Describe with simple example the condition of fully paid shares
- State the provision relating to alteration of share capital / kinds of alterations that can be made to the share capital
- Understand the meaning of variation of shareholders’ rights
- Demonstrate familiarity with the provisions relating to variation of Shareholders’ rights.
- State the provision with respect to prohibition of purchase of own shares by a company.
- Discuss with simple examples the provisions with regard to having a registered office, publication of name, Penalties for non- publication of names and publication of authorized and paid- up capital.
- Define minimum subscription and State the conditions to be fulfilled before commencement of business by a company
- State the applicability and non-applicability of the conditions on different kinds of company.
- State the consequences of non-compliance of Section 19
- State the timing, matters and reports relating to statutory meetings
- State the timing, matters and reports relating to an annual general meeting using simple examples
- State who can call an annual general meeting
- State the timing, matters and reports relating to an extraordinary general meeting
- Describe the conditions applicable to a company for making investment in associated companies and undertakings.
- Discuss with simple examples as to how a company can hold its investment in names other than its own name.
- Explain the provisions/ requirements of disclosure of interest by director in contract / arrangement entered into by or on behalf of the company.
- Explain the provisions/ requirements of disclosure of interest by officers in contract / arrangement entered into by or on behalf of the company.
- Describe the provisions relating to participation of interested director in the proceedings of directors in contract arrangement entered into by or on behalf of the company.
- Describe the provisions relating to the books of accounts to be kept by company.
- Explain the provisions/ requirements with respect to the Financial statements
- Describe contents of directors’ report and statement of compliance / duty to prepare directors’ report and statement of compliance
- Describe the provisions relating to approval and authentication of financial statements
- Discuss requirements of filing of financial statements with the registrar.
Code of Corporate Governance
- Discuss the requirement of the Public sector code
- Explain the compliance of code in various situations.
- Explaining the compliance to provisions of Chapters II, III and V of Corporate Governance Rules 2017
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