1. 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
         
   

2. 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 

3. BUSINESS LAW
MODULE-1

4. 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.

5. 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.

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

7. BUSINESS LAW
Meaning:
It is that branch of law comprising laws concerning trade, industry and commerce.

8. Scope of Business Law: Contracts Sale of Goods Partnership Companies
Negotiable Instruments
Insurance
Insolvency
Carriage of Goods
Arbitration

9. Presumption of Law Every person is presumed to know the law.
“Ignorantia juris non-excusat”
Ignorance of law is no excuse.

10. SOURCES OF MERCANTILE LAW
1. English Mercantile Law
2. The Statute Law
3. Judicial decisions or Case Law
4. Customs and Usages

11. 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.

12. The Statute Law Statute is an Act of Parliament.
Bulk of Indian Business Law is Statute Law

13. 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.

14. THE INDIAN CONTRACT ACT 1872
Original Act was comprehensive
General Principles Sec. 1-75
Sale of Goods Sec
Indemnity and Guarantee Sec
Bailment and Pledge Sec
Agency Sec
Partnership Sec

15. Sections repealed New Acts enacted
In 1930 Sec
Sale of Goods
In 1932 Sec
Partnership
Replaced by
Sale of Goods Act, 1930
Indian Partnership Act, 1932.

16. 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.

17. 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.