GREETINGS MY DEAR YOUNG FRIENDS 1971 Greetings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    1971 Greetings Type: Oil on canvas Measurements: 24"x36" - 610x915mm Last known owner: Sold to ... in 1975   GREETINGS MY DEAR YOUNG FRIENDS                

BOOKS RECOMMENDED Text Book:  Mercantile Law-M.C. Kuchhal - Vikas Publication Reference books:   Business Law, S.S.Gulshan, Excel Books. Business and corporate Laws-C.L. Bansal-Excel Books. Elements of Mercantile Law-N.D. Kapoor. Business Law for Managers-Prof. P.K Goel—Biztantra Publication 

BUSINESS LAW MODULE-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 Law Every 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. 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 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 conscience are 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.