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BUSINESS LAWMODULE-1
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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.
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INTRODUCTIONLAW:
Law is that portion of
established habitand
thought of mankind
which has gained
distinct and formal recognitionin the shape of uniform rules
backed by the authority and
power of Government.
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BRANCHES OF LAW INTERNATIONALLAW
CONSTITUTIONALLAW
CRIMINALLAW
CIVILLAW
BUSINESS LAWOR MERCANTILELAW
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BUSINESS LAWMeaning:
It is that branch of law
comprising laws concerning
trade, industry and commerce.
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Scope of Business Law: Contracts
Sale of Goods
Partnership Companies
NegotiableInstruments
Insurance Insolvency
Carriage of Goods
Arbitration
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Presumption of LawEvery person is presumed to know the law.
Ignorantia juris non-excusat
Ignorance of law is no excuse.
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SOURCES OFMERCANTILE LAW1. English Mercantile Law
2. The Statute Law
3. Judicial decisions or Case Law
4. Customs and Usages
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English Mercantile Law
Indian Mercantile Law is built
on the foundation ofEnglish Mercantile Law.
In case of ambiguity,
our courts take recourse to English Law.
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The Statute Law
Statute is an Act of Parliament.
Bulk of Indian Business Law is
Statute Law
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The Statute Laws: The Indian Contact Act, 1872.
The Negotiable Instruments Act, 1881.
The Sale of Goods Act, 1930.
The Indian PartnershipAct, 1932.
The Companies Act, 1956.
The Arbitration and Conciliation Act, 1996.
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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
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Sections repealed New Acts enactedSections repealed
In 1930 Sec. 76-123Sale of Goods
In 1932 Sec. 239-266
Partnership
Replaced by
Sale of Goods Act,1930
Indian PartnershipAct,
1932.
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JUDICIAL DECISIONS
(CASE LAW)Binding on all courts having jurisdiction lower tothat
of the court which gave the judgment.
Courts with equal jurisdiction generally takecognizance of the
judgment, though not bound byit.
In case of ambiguity, when act is silent,
principles of justice, equity and good conscience
are applied.
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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.
