ICAB CL Business Law study guide
ICAB CL Business Law · Work through your exam, one topic at a time.
Business Law is a subject within the Chartered Accountancy qualification delivered by the Institute of Chartered Accountants of Bangladesh (ICAB), which describes itself as "a National Professional Accounting Body in Bangladesh" and as "the regulatory body for the profession of accountants and connected matters therewith." The qualification is aimed at students who have registered with ICAB and are working through its examination levels, and at members maintaining their professional knowledge. ICAB publishes a curriculum, a latest syllabus, study manuals, past question papers, suggested answers, examination time tables, examination guidelines and an examination FAQ, and it operates a separate examination portal plus sample question papers for computer-based testing at Certificate Level. Candidates should therefore treat the ICAB syllabus and study manual as the authoritative statement of what Business Law covers, and should confirm the current syllabus version, the applicable time table and any examination guidelines directly with ICAB before planning study. A sensible preparation order is to read the prescribed study manual chapter by chapter, build short summaries of each legal principle with the leading case or statutory provision beside it, then practise past question papers under timed conditions and compare answers against the suggested answers ICAB publishes. Topics on this exam: Business Law. The ICAB CL Business Law study guide has 1 section and about 372 words.
01Business Law: Contract Formation, Terms and Remedies
A contract needs offer, acceptance, consideration, intention to create legal relations, and capacity. An offer must be definite and communicated; an invitation to treat (advertisement, display of goods, auction call, tender notice) is not an offer. Acceptance must be unqualified and communicated by the offeree - the mirror image rule - so a purported acceptance adding new terms is a counter-offer that destroys the original offer (the classic battle-of-the-forms trap). Watch for the postal rule : acceptance by post is effective on posting, not receipt, but only where post is contemplated; instantaneous methods (phone, email) generally bind on receipt.
372 words, about 2 min