1971GreetingsType: Oil on canvasMeasurements: 24"x36" - 610x915mmLast known owner: Sold to ... in 1975

 

         

 

   

 

         

GREETINGSMY DEAR YOUNG FRIENDS

BOOKS RECOMMENDED Text Book:  Mercantile Law-M.C. Kuchhal - Vikas Publication Reference books:  1. Business Law, S.S.Gulshan, Excel Books.2. Business and corporate Laws-C.L. Bansal-Excel

Books. 3. Elements of Mercantile Law-N.D. Kapoor. 4. Business Law for Managers-Prof. P.K Goel—

Biztantra Publication 

BUSINESS LAWMODULE-1

TOPICS Introduction to law  - presumption of law.

Definition and scope of Business law –

Sources of Business Law: English Law, Statute Law, Case Law,

Customs & usages.

INTRODUCTION

LAW:Law is that portion of

established habit and

thought of mankind which has gained

distinct and formal recognition in the shape of uniform rules backed by the authority and

power of Government.

BRANCHES OF LAW INTERNATIONAL LAW CONSTITUTIONAL LAW CRIMINAL LAW CIVIL LAW BUSINESS LAW OR MERCANTILE LAW

BUSINESS LAW

Meaning:

It is that branch of law comprising laws concerning

trade, industry and commerce.

Scope of Business Law:

Contracts Sale of Goods Partnership Companies Negotiable Instruments Insurance Insolvency Carriage of Goods Arbitration

Presumption of LawEvery person is presumed to know the law.

“Ignorantia juris non-excusat”

Ignorance of law is no excuse.

SOURCES OF MERCANTILE LAW

1. English Mercantile Law

2. The Statute Law

3. Judicial decisions or Case Law

4. Customs and Usages

English Mercantile Law

Indian Mercantile Law is built

on the foundation of

English Mercantile Law.

In case of ambiguity,

our courts take recourse to English Law.

The Statute Law

Statute is an Act of Parliament.

Bulk of Indian Business Law is Statute Law

The Statute Laws: The Indian Contact Act, 1872. The Negotiable Instruments Act, 1881. The Sale of Goods Act, 1930. The Indian Partnership Act, 1932. The Companies Act, 1956. The Arbitration and Conciliation Act, 1996.

THE INDIAN CONTRACT ACT 1872

Original Act was comprehensive General Principles Sec. 1-75 Sale of Goods Sec. 76-123 Indemnity and Guarantee Sec. 124-147 Bailment and Pledge Sec. 148-181 Agency Sec. 182-238 Partnership Sec. 239-266

Sections repealed New Acts enacted

Sections repealed

In 1930 Sec. 76-123

Sale of Goods

In 1932 Sec. 239-266

Partnership

Replaced by

Sale of Goods Act, 1930

Indian Partnership Act, 1932.

JUDICIAL DECISIONS(CASE LAW)

Binding on all courts having jurisdiction lower to that of the court which gave the judgment.

Courts with equal jurisdiction – generally take cognizance of the judgment, though not bound by it.In case of ambiguity, when act is silent,principles of justice, equity and good conscienceare applied.

CUSTOMS & USAGES Custom or usage must be widely known, Certain and reasonable. Must not be opposed to any legislative

enactment.

Where rule of law specially provides that the law is subject to well recognised custom or usage of trade, the latter may override the statute law.