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• what is a law? •Why one should know the law?
•What is a mercantile or a commercial law ?
•Need of mercantile law for MBA students
Criminal Law. peaceful living and social security •There are several branches of law such as International Law. etc. Every branch of Law regulates and controls particular field of activity. Constitutional Law. to protect their property and contractual rights with view to securing justice. . Civil Law.what is a law? • LAW means set of rules •Law may be defined as rules of conduct recognized and enforced by the state to control and regulate the conduct of people.
For eg. – if Y is caught driving scooter without driving license. he cannot plead that he cannot plead that he was not aware of the rule regarding the purchase of ticket and therefore. he may be excused. . he cannot plead that he was not aware of the traffic rule regarding the obtaining of a driving license and therefore.if X is caught travelling in train without ticket.Why one should know the law? One should know the law to which he is subject to because “IGNORANCE OF LAW IS NO EXCUSE” For eg.. he may be excused.
Insurance. etc. companies. . •It is a part of civil law which deals with the rights and duties of mercantile persons arising out of mercantile transactions in respect of mercantile property •It includes laws relating to various contracts. partnership. negotiable instruments.What is a mercantile or a commercial law ? •Mercantile law is not a separate branch of law.