This thoroughly revised edition of Business Laws, like its earlier editions, presents the fundamental principles of business law in a simple and easily comprehensible manner. Since its last edition, there have been quite a few amendments to various laws, besides introduction of new laws. All such legislative changes have been incorporated in this edition for the benefit of readers at large. The text has been suitably elucidated with new cases decided by the judiciary at various levels.

The book has been divided into four units as per the CBCS Syllabus. Unit I covers Principles of Law of Contract; Unit II focuses on Special Contracts; Unit III deals with the law relating to Sale of Goods; Unit IV amplifies the law relating to Limited Liability Partnership while Unit V covers the important law relating to information technology. The salient features of this edition are:

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Thomas Swint, an Illinois resident, is the President and a primary shareholder of Swint Industries, an Illinois corporation. Thomas Wright, a Michigan resident, is the owner and president of Premiere Sales, a Michigan corporation. (Rule 12(M) Statement  1-4). On September 27, 1992, Swint Industries sold its assets and its plastic injection molding business to Signal Technical Products Corporation ("Signal"). Mr. Wright was a principal shareholder and officer of Signal. At the time of the sale Swint Industries entered into two asset purchase agreements. Under one agreement Swint Industries sold the operating business to Signal and under another agreement Swint Industries sold the plastic injection molding equipment to Premiere Sales. (Rule 12(M) Statement  6-7).

In June, 1995, Premiere Sales defaulted on its asset purchase agreement and Signal ceased business operations and entered into an assignment for the benefit of its creditors. At the time of the default in excess of $1.1 million was owed to Swint Industries and Mr. Swint by Premiere Sales and Signal. (Rule 12(M) Statement  11-12). After the default, Premiere Sales and Mr. Wright requested that Swint Industries and Mr. Swint terminate the 1992 agreements and forbear bringing suit the 1992 agreements. (Rule 12(M) Statement  14-15). In exchange for termination of the 1992 agreements, Mr. Wright proposed that the parties enter into a new agreement called the Sales Consulting Agreement in which Premiere Sales would pay Swint Industries reduced payments of the balance due under the 1992 agreements. (Rule 12(M) Statement  16). 2351a5e196

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