SOURCES OF CONTRACT LAW AND SIGNIFICANCE

OF CUSTOM AS A SOURCE OF CONTRACT LAW

Submitted to: Ms. Balwinder Kaur
Faculty, Law of Contract-I
Submitted by: Naini Swami,Batch XIV, Roll Number 83
Submitted on: October 18, 2016

HIDAYATULLAH NATIONAL LAW UNIVERSITY

RAIPUR (C.G.)

CERTIFICATE
Certified that the project entitled SOURCES OF CONTRACT LAW AND SIGNIFICANCE
OF CUSTOM AS A SOURCE OF CONTRACT LAW is a piece of original and bonafide
research undertaken by me.
Signature of the candidate
Naini Swami

ACKNOWLEDGEMENT
First of all, I thank Almighty, who is the source behind every good work in the world.
With his grace only we could complete this project. He gifted me the best, helpful and
supportive guide for my project. I take this opportunity to express my gratitude toward
my guide Ms. Balwinder Kaur, for extending me all the help in making of this project.
This project would not have been possible without her help and guidance . Apart from
giving guidance she gave me enough liberty in carrying out my research.
I thank Ms. Balwinder Kaur again for guiding me personally whenever I went to her. She
gave me suggestions regarding Methodology, advised me to get relevant materials,
encouraged me with her thought provoking words and inspired me with her actions.
I thank the library staffs of HNLU, for providing suitable and easy access to all relevant
books. Without their assistance this research would not have been possible.
I thank all of my friends who had helped me in this project with regard to material,
advice and support.
Last but not the least I thank HNLU for providing me a good project topic as well as all
the opportunities to complete it.

TABLE OF CONTENTS
CONTENTS
1.

PAGE NO.

Introduction
1.1. Research Problem
1.2. Literature Review
1.3. Scope and Objectives
1.4. Research Methodology

2. Understanding Contract Law

10

3. Sources of Contract Law

3.1. Custom
3.2. Legislation
3.3. Precedent
3.4. International treaties

13

4. Custom as a Source of Law

4.1. Custom vis-`a- vis Law
4.2. The Reasons for the Recognition of Customs as Law
4.3. Essentials of a Valid Custom
4.4. Kinds of Custom
4.4.1. Legal Customs
4.4.2. Conventional Customs

16

5. Conventional Customs as a Source of Contract Law

20

6. Significance of customs

22

6.1. In International Contract Law

6.2. In Indian Contract Law
7. Conclusion
8. Bibliography

24
26

CHAPTER-1
INTRODUCTION
A contract is a legally binding agreement between two or more competent persons to do, or not
to do, a particular thing. It is more than just a promise or an exchange of promises. The promises
must be given in return for something. To govern this legally binding agreement a body of law
exist called Contract law. So, Contract law may be defined as set of rules governing the
relationship, content and validity of an agreement between two or more parties regarding the sale
of goods, provision of services or exchange of interests or ownership. It consists of a body of

laws that governs oral and written agreements and subjects, such as agency relationships,
commercial paper, employment, and business organizations.
To understand the nature of contact law it is necessary to understand the sources from which it
was originated. There are many sources which led to development of contract law some of them
are like customs, legislation, judicial precedent, international treaty and jurists works. Each and
every source plays an important role but in this project our emphasis will be on custom and its
significance in contract law.
Custom is a habitual course of conduct observed uniformly and voluntarily by the people
concerned under like circumstances. When large sections of the society are in the habit of doing
an act over a long period, it becomes custom. Custom is a very historical source of todays
contract law. For example the old ius mercatorum was a universal customary law created by the
merchants in the late Middle Ages to regulate their trade in lieu of Roman law. It was developed
by mercantile corporation through decisions of the curiae mercatorum, as a result of the growth
of commerce and legal systems, both ecclesiastical and secular, which included the practices of
fairs, markets and ports.1 Medieval commercial tribunals applied universal law merchant to deal
with the legal problems caused by a rapidly increasing commerce that did not respect the borders
drawn by feudal lords. Some of these customs and practices were incorporated into national
contract laws like the adoption of the French Code de Commerce in 18072.
1.1. Research Problem
SOURCES OF CONTRACT LAW AND SIGNIFICANCE OF CUSTOM AS A
SOURCE OF CONTRACT LAW
Before knowing the provisions of the law, it is important to know the sources of law
because according to Austin the immediate author of law is the source of law.
So, here research problem is to look into the sources of contract law and to understand the
significance of custom in the development of contract law.
1 Jorge JARAMILLO-VARGAS, Lex Mercatoria - A Flexible Tool To Meet Transnational Trade Law NeedsToday,
(2002)1Heionline <http//www.Lex%20Mercatoria%20(1).pdf>accessed 2nd September2014

2French Code de Commerce enacted in 1807, to regulate commercial transactions, the laws of business,
bankruptcies, and the jurisdiction and procedure of the courts dealing with these subjects.

1.2.

Literature Review

1. Sir William Reynell Anson, J. Beatson, Andrew S. Burrows, John Cartwright,

Anson's Law of Contract, Oxford University Press inc., 2010, New York
This book gives extensive information on the role of legislation in the development of
Contract law. It talks about rapid growth in the importance of statute law. There were great
codifying Acts of the 19th century for particular types of contract such as the Bills of
Exchange Act, 1882 and Sales of Goods Act, 1893. It also talks about a number of
European reform statutes such as Law Reform (Frustrated Contracts) Act, 1943, the
Misrepresentation Act, 1943 and the Contract (Rights of Third Party) Act, 1999 which has
been passes to remedy defect or to make particular deficiencies in the common law.

2. Brian A. Blum, Contracts: Examples & Explanations, Aspen Publishers,

2007, New York.
This book explains the role of precedent in the development of modern contract law. This
book in brief talks about the essentials required for a judicial decision to be a judicial
precedent. It shows the role of judicial precedent in contract law through the process
contract case analysis.

3. Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6 th edi,

Central Law Agency, 2011, Allahabad
This piece of work is on the living science of law. It extensively dealt with the topic custom
as a source of law. It provides knowledge regarding custom, its origin and reason why
custom recognized as law. It also deals with the essentials which a custom requires to be a
valid custom.
1.3.

Scope and Objectives

1.

To do an in depth analysis on the sources of contract law.

6

2.
To find out the essentials required for customs to be valid.
3.
To find out the reasons for recognition of custom as source of contract law.
4. To find out the significance of customs in international contract law and in Indian contract
law.
4.1. Research Methodology
The methodology employed for the project is basically doctrinal because the library and internet
were the chief sources of information. The project is descriptive and analytical of the various
issues that have been addressed.
System of Citation and Footnoting
The researcher has followed the OSCOLA (Oxford Standard for the Citation of Legal
Authorities) system of citation and footnoting throughout the project to maintain uniformity.

CHAPTER-2
UNDERSTANDING CONTRACT LAW
Contracts pervade our daily lives. When we marry, we enter into a contract. When we buy a
home and have gas, electricity, and water furnished to the house, we sign separate contracts.
When we buy food or clothing, or go to the doctor or dentist, we act under contracts. When we
write a check we act under a contract with our bank to honor the check, and the check itself may
fulfill our obligation under another contract. We earn our livelihood under contract.

So, a contract is a legally binding agreement between two or more competent persons to do, or
not to do, a particular thing3. It is more than just a promise or an exchange of promises. The
promises must be given in return for something. The daily business of not only our households,
but of the world, is conducted under a series of contracts and the law which governs these
contracts called contract law. Hence, Contract law is a set of regulations that governs the
relationship between two or more parties involved in the sale of goods, the provision of services
or the exchange of interests and ownership. The set of rules also covers different situations such
as a breach of contract where the aggrieved party can seek compensation through the courts. The
purpose of the contract law is to bring definiteness in commercial and other transactions and to
provide a framework within which individuals can freely contract. The contract can legally bind
the contracting parties by the creation of laws which are applicable only to the very individuals
that creates the contract and its subsequent legally binding laws.

There are six basic requirements in a legally enforceable contract:

Offer
An offer is an expression of willingness by one party to contract on certain terms with another
party with the understanding that the contract will become binding when accepted by the person
to whom it is offered. An offer may be made in different ways, such as in a letter, an email, or
even your behavior, so long as it conveys the basis on which the offering party is willing to
contract. An offer should consist of: (1) a statement of present intent by the offering party to
enter into a contract; (2) a specific proposal that is certain in its terms; and (3) a communication
that identifies the person to whom the offer is made. If any of these elements are not present, an
offer has not been made.4

3
Geoff Monahan, Susan Carr-Gregg, Essential Contract Law, 3rd edi, Abingdon, Oxon, New York, 2007,
p. 10
4
Paul Bok, Shoun Micallef, An Introduction to the Law of Contract, Aldelaide, Australia, 1993, P. 59
8

Acceptance
Acceptance is a final and unqualified expression of consent to the terms of an offer.5 An offer
may only be accepted by the person to whom it is made unless an agent is authorized to accept
on behalf of that person. In addition, an acceptance must be made in the manner requested or
authorized by the offering party. If the party to whom the offer is made changes the terms of the
offer, he or she has rejected the initial offer and has made a counteroffer that may or may not be
accepted by the other party.
Competent Parties
Parties to a contract must be competent to enter into a contract. In general, most individuals are
deemed to have the capacity to contract unless the person is a minor, incompetent or insane, or
drunk or drugged when entering into the contract6.
Lawful Subject Matter
In order for a contract to be enforceable, its subject matter cannot be prohibited by law or violate
public policy. For example, a contract for the sale of illegal drugs is not enforceable, and a
person cannot promise to transfer clear title to real estate if the property is encumbered by a lien
or mortgage.
Mutuality of Agreement
In order for there to be an enforceable contract, the parties must have a common intention or a
meeting of minds on the terms of the contract. The parties must agree to the same thing, in the
same sense, and at the same time. If one party to a contract has been fraudulently misled about
the terms of the contract by the other party, the contract is voidable. A review of the

5
Ibid, p. 63
6
Ibid, p. 69
9

communications between the parties and how they performed the terms of the contract are used
by the courts to determine whether mutuality of obligation or a meeting of the minds exists.7
Consideration
Consideration is a very important element of an enforceable contract. Consideration may be
money or a promise. In addition, consideration may consist of a restraint from suing on a claim
that may be part of a legal dispute. Whatever consideration is provided under a contract, it must
be clearly agreed upon by both parties to the contract or it must be clearly implied by the terms
of the contract.8

7
Ibid, p. 78
8
Ibid, p. 84
10

CHAPTER-3
SOURCES OF CONTRACT LAW
The general meaning of word Source is origin. The expression source of contract law means
the origin from which rules of contract come into existence and derive legal force or binding
character. According to Austin the immediate author of law is the source of law 9.The contract law
originated from various sources which are as follows:
3.1.
Customs
Custom occupies an important place in the regulation of human conduct in almost all
societies. It is one of the oldest sources of law- making. It may be defined as a continuing
course of conduct which by the acquiescence or express approval of the community
observing it, has come to be regarded as fixing the norm of conduct for the members of
society. It has been generally said that custom is to society what law is to the state. 10 The
la14w relating to bill of exchange11 and most of the provisions of the Sale of Goods Act,
189312 has their origin in the customs which were practiced from time immemorial.
3.2.

Legislation

9
Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6 th edi, Central Law Agency,
2011, Allahabad, p. 136

10
Ibid, p. 141

11

The term legislation is derived from Latin words, legis meaning law and latum which
means to make or set. Thus the word legislation means making of law 13. Legislation
is the source of contract law which consists in the declaration of legal rules by a competent
authority. Legislation regarded as one of the most effective sources of contract law.
Legislative authority is the only source which has all powers of enacting laws, repealing
old laws, and modifying current laws. There were great codified Acts of the 19 th century
such as Bills of Exchange Act, 188214, Sale of Goods Act, 189315 etc.
3.3.

Judicial Precedent
Judicial Precedent is another important source of contract law. A precedent is a statement
of law found in a judicial decision of a High Court or a superior court, meant to be

11
A non-interest-bearing written order used primarily in international trade that binds one party to pay a
fixed sum of money to another party at a predetermined future date.
12
The Sale of Goods Act 1893 was an Act of the Parliament of the United Kingdom of Great Britain and
Ireland which regulated contracts in which goods are sold and bought. Its purpose was to define the rights
and duties of the parties, while specifically preserving the relevance of ordinary contractual principles.
13
Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6 th edi, Central Law Agency, 2011,
Allahabad, p.167
14
A United Kingdom Act of parliament to codify the law relating to Bills of Exchange, Cheques, and
Promissory Notes.
15
The Sale of Goods Act 1893 was an Act of the Parliament of the United Kingdom of Great Britain and
Ireland which regulated contracts in which goods are sold and bought. Its purpose was to define the rights
and duties of the parties, while specifically preserving the relevance of ordinary contractual principles.
12

followed by the same courts as also by subordinate courts. For example in the case
of Donoghue v Stevenson16, the House of Lords held that a manufacturer owed a duty of
care to the ultimate consumer of the product. This set a binding precedent which was
followed in Grant v Australian Knitting Mills17.
3.4.
International Treaties
Treaties today are the most common source of international law norms. Certain areas of
international law, such as international contract law, are almost exclusively regulated by
treaties. A brief definition of a treaty is contained in Art. 2(1) a VCLT 1969.
Treaty means an international agreement concluded between States in written form
and governed by international law, whether embodied in a single instrument or two
or more related instruments and whatever its particular designation.18
Example of international treaty which govern international contract is the 1980 Convention
on Contracts for the International Sale of Goods, or CISG.

CHAPTER-4
CUSTOM AS A SOURCE OF LAW
Custom is a habitual course of conduct observed uniformly and voluntarily by the people
concerned under like circumstances. When large sections of the society are in the habit of doing
16
[1932] AC 562
17
[1936] AC 85
18
A.Quast,M. Fitzmaurice, Law of Treaties,(2004)University of London
<http://www.londoninternational.ac.uk/sites/default/files/law_treaties.pdf> accessed 5 th
September 2014

13

an act over a long period, it becomes custom. Custom was defined in the Tanistry Case (1608) as
'such usage as has obtained the force of law' and that has existed for so long that it should be
given the force of law, even though it may conflict with the general common law 19. Salmond
opines that custom embodies those principles as are acknowledged and approved not by the
power of the state, but by the public opinion of the society at large. When state takes up its
function of administrating justice, it accepts as valid the rules of right already accepted by the
society of which it is itself a product and it finds those principles already realized in the customs
of realm. Salmond further observes that when the state acquires more self- confidence, it seeks to
conform national usages to the law, rather than the law to national usages.
4.2. The Reasons for the Recognition of Customs as Law
Some local and general customs have been given the force of law. Many jurists put forwarded
many reasons regarding the recognition of customs as law. According to Salmond, there are two
basic reasons for the recognition of customs as law. In the first place, custom is frequently the
embodiment of those principles which have commended themselves to the national conscience
as principles justice and public utility. A second ground of the law-creative efficacy of custom is
to be found in the fact that the existence of an established usage is the basis of a rational
expectation of its continuance in the nature.20
There is one more reason for the acceptance of custom by courts which we can deduce from
various case laws that in the absence of a code, local customs usually were the only available
guides and justices were glad to avail themselves of these to win local confidence.

4.3.

Essentials of Valid Custom21

19
Xanthinia Singer, Custom, University of Leeds<
http://leedslawrevision.weebly.com/custom.html>accessed 2 September 2014
20
Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6th edi, Central Law Agency, 2011, Allahabad,
p.218

14

To be regarded as conferring legally enforceable rights, a custom must fulfill several criteria.
According to Blackstone those criteria are following.
Immemorial Antiquity
A custom to be valid should have been continuously in existence from the time immemorial.
According to Blackstone A custom in order that it may be legal and binding, must have been
used so long that the memory of man does not run to the contrary. If anyone can show the
beginning of it, it is no good custom.22 English law has, however, set an arbitrary but necessary
limit to legal memory. It has fixed 1189 A.D. the year of accession of King Richard I as good
enough to constitute the antiquity of a custom. It means that if the continuance of a custom is
traced back to 1189 A.D., the custom shall be held as a legally valid custom.
In India, however, the English rule of recognizing the year 1189 .D. as the limit for reckoning
immemorial antiquity does not apply. All that is required to be proved is that the custom has
been in existence from ancient time.
Continuous
A custom to be valid must have continued without interruption since time immemorial. This
refers not to the active exercise of the custom, but rather to its assertion. It must have been in
existence and recognized by the community without any intervening break.
Certainty
The custom must be certain and precise. It must be definite. A custom which is vague or
indefinite cannot be recognized. The custom must exist as a matter of fact, or as a legal
presumption of fact.

Reasonableness
A custom must be reasonable. The reason referred to here is not to be understood as meaning
every unlearned mans reason but a reason warranted by the authority of law i.e. the authority
21
Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6th edi, Central Law Agency, 2011,
Allahabad, p. 223
22
Ibid, p. 226
15

,of prevailing custom is never absolute, but it is authoritative provided it conforms to the norms
of justice and public utility. A custom shall not be valid if it is apparently repugnant to right and
reason and it is likely to do more mischief than good if enforced.
Peaceful Enjoyment
The custom must have been peaceably enjoyed, as custom owes its origin to common consent.
For the enforcement of a custom, it is necessary to show that the custom has been enjoyed
without any disturbance or contest. It must be indisputable prevalent.
4.4.

Kinds of Custom

A custom which has the force of law is of two kinds: legal and conventional.
4.4.1. Legal Customs
A legal custom is one which possesses in itself the force of law. These customs operate as a
binding rule of law. A legal custom is one whose legal authority is absolute. They have been
recognized by the courts and have become a part of the law of land. They have the force of law
without the necessity of any agreement. Legal custom may be divided into two classes: general
and local.
General custom is the custom prevailing throughout the entire realm and not limited to any
locality of the state. For instance, the custom of eldest male member of the family inheriting the
entire property of the deceased karta of the joint Hindu family was a well established custom in
India before the enactment of the Hindu Succession Act. Likewise, the custom of prohibiting
widow remarriage in most of the communities in India prior to statutory enactment in this regard
was a well established general custom in this country. Whereas by local custom meant those
customs which apply only to a definite locality of region of the realm such as a district, a village,
etc.

4.4.2. Conventional Custom

A conventional custom is also called usage. It is a practice established by having been followed
for a considerable period of time, arising out of contract between the parties, it does not arise out

16

of its own force. A conventional custom is so called because it is rooted in agreement. Its
authority dependent upon prior acceptance by the parties sought to be bound by it.

CHAPTER- 5
CONVENTIONAL CUSTOMS AS A SOURCE OF CONTRACT LAW

17

A conventional custom

is an established practice whose authority is conditional on its

acceptance and incorporation in the agreement between the parties bound by it. A conventional
custom is legally binding not because of any legal authority independently possessed by it, but
because it has been expressly or impliedly incorporated in a contract between the parties
concerned. Conventional custom depends for its force on its acceptance and incorporation in
agreements between the parties to be bound by it. Conventional custom in this sense is still
operative in the law of contract. In some circumstances and under rigorous conditions, a trade,
business or professional custom may be incorporated by implication into a contract and become
one of its terms. The condition are that the conventional custom be clear or reasonable and so
generally accepted in by those in the particular trade, business or professions that was involved
in the contract that it may be presumed to form an ingredient of the contract.
Conventional custom is not a source of contract law directly. The development of conventional
customs essentially involves three stages. Firstly, it must be so well established as to have
attained the notoriety of a usage. The existence of usage must be proved on the basis of evidence.
In its second stage of development, a conventional custom gets recognition through a judicial
decision. At this stage it assumes the form of a precedent. After having passed through these two
stages the conventional custom is finally accepted as statutory law after its codification. This is
its third stage of development.23
The law merchant mainly the law of Negotiable Instruments, Sale of Goods, Marine Insurance,
Bills of Lading etc. has been based much on, and is the result of Conventional custom. The law
merchant is the accumulated product of the merchants to which sanction has been given by
decisions of courts. The Law of Negotiable Instruments before it was embodied in statute was a
part of the law merchant. The law merchant is conventional custom. The Mercantile Law is
based mainly on mercantile usages or customs of trade which merchants had established by their
own voluntary practice.
23
Dr. N. V. Paranjape, Studies in Jurisprudence and Legal Theory, 6th edi, Central Law Agency, 2011,
Allahabad, p. 225
18

In order that a usage or conventional custom may be capable of being incorporated into a
contract, it must be shown that:24
I.
II.
III.
IV.

It is well established usages. It may even be a recent custom provided it is well established.
The usage cannot conflict with the general law
It must be reasonable; and
It needs no particular scope. Usages may be limited to trade or locality, but they may be
common to the whole country, or even be international.

CHAPTER-6

24
Ibid, p. 229
19

SIGNIFICANCE OF CUSTOMS
Custom has played an important role in the development of contract law and its significance is
being experienced even to this day. Custom was the sole source of contract law in early times
because the laws in these days were mostly unwritten. These customary rules had the approval of
the public opinion. When states came into existence, they gave recognition to the customs
prevailing at that time and thus they were recognized as valid laws. For example the old ius
mercatorum was a universal customary law created by the merchants in the late middle Ages to
regulate their trade in lieu of Roman law. It was developed by mercantile corporation through
decisions of the curiae mercatorum, as a result of the growth of commerce and legal systems,
both ecclesiastical and secular, which included the practices of fairs, markets and ports. Medieval
commercial tribunals applied universal law merchant to deal with the legal problems caused by a
burgeoning commerce that did not respect the borders drawn by feudal lords. Some of these
customs and practices were incorporated into national contract laws like the adoption of the
French Code de Commerce in 1807 and the German AlIgemeine Handelsgesetzbuch in 186125.
In international contract law custom plays a significant role. For example UNIDROIT Principles
of International Commercial Contracts is true reflection of ius mercatorum, universal customary
law. The principles consist of 119 Articles that are divided into 7 chapters. They contain basic
rules dealing with such fundamental notions as freedom of contract, freedom of form and proof,

25
Jorge JARAMILLO-VARGAS, Lex Mercatoria - A Flexible Tool To Meet Transnational Trade Law NeedsToday,
(2002)1Heionline <http//www.Lex%20Mercatoria%20(1).pdf>accessed 2 nd September2014

20

pact sunt servanada26, good faith and fair dealing27. These principles are nothing but the rules
practiced by merchants through customary law i.e. ius mercatorum.
Custom also plays an important role in Indian contract law. The Indian Contract Act, 187228
specifically preserves any usages or custom of trade or any incident of any contract which is not
inconsistent with the provisions of the Act. The position of customs and usage of trade in Indian
contract is inferred from saving clause of Section 1.This section provides that Nothing herein
contained shall affect the provision s of any any Statute, Act or Regulation not hereby expressly
repealed, nor any usage or custom of trade, nor any incident of any contract, nor inconsistent
with the provisions of the Act.29

26
Pact Sunt Servanda is a basic civil law principle which refers to private contracts, stressing that
contained clauses are law between the parties, and implies that non-fulfilment of respective obligations is
a breach of the pact.
27
<http://heinonline.org/HOL/Page?
handle=hein.journals/geojintl28&div=44&g_sent=1&collection=journals#956> accessed 3 September
2014
28
The Act was passed by British India to determine the circumstances in which promises made by the
parties to a contract shall be legally binding on them.
29
The Indian Contract Act, 1872
21

CHAPTER-7
CONCLUSION
Contracts pervade our daily lives. It is a legally binding agreement between two or more
competent persons to do, or not to do, a particular thing. It is more than just a promise or an
exchange of promises. The promises must be given in return for something. It is very necessary
to understand the sources of contract law in order to understand the nature of the contract law.
There are many sources which led to development of contract law some of them are like
customs, legislation, judicial precedent, international treaty and jurists works. Each and every
source has its importance but customs as source plays a very significant role in contract law.
Custom is a very historical source of todays contract law. For example the old ius mercatorum
was a universal customary law created by the merchants in the late middle Ages to regulate their
22

trade in lieu of Roman law which is reflected in UNDRIOT principles of commercial contracts.
It can be conclude that earlier customs were the sole source of contract law but with evolution of
time though there exist other sources like legislation, judicial precedent etc, yet customs still
exert great influence in Contract Law.

BIBLIOGRAPHY
Primary Sources
The Indian Contract Act, 1872
Secondary Sources
Books

1. Blum A. Brian, Contracts: Examples & Explanations, Aspen Publishers, 2007, New York
2. Bok Paul, Micallef Shoun, An Introduction to the Law of Contract, Aldelaide, 1993, Australia,

23

3. Paranjape V. N. Dr., Studies in Jurisprudence and Legal Theory, 6th edi, Central Law
Agency, 2011, Allahabad
4. William Reynell Anson, Beatson J., Burrows S. Andrew, Cartwright John, Anson's Law
of Contract, Oxford University Press inc., 2010, New York

Internet Sources
1. Abul F.M. Maniruzzaman, The Lex Mercatoria and International
Contracts: A Challenge for International Commercial
Arbitration(1999)14AUILR
<http://digitalcommons.wcl.american.edu/cgi/viewcontent.cgi?
article=1322&context=auil>

accessed 30th August 2014.

2. A.Quast,M. Fitzmaurice, Law of Treaties,(2004)University of London

<http://www.londoninternational.ac.uk/sites/default/files/law_treaties.p
df> accessed 5th September 2014
3. Judicial Precedent <http://www.e-lawresources.co.uk/Judicialprecedent.php> accessed 3rd September 2014
4. Understanding contract, Fanger & Associates LLC
<http://www.fangerlaw.com/understanding-contracts.php> accessed 8
September 2014
5. Dragia Grozdanovi,Origin, Development and Main Features of the
New Lex Mercatoria(1997)1(5)Economics and Organization
<http://facta.junis.ni.ac.rs/eao/eao97/eao97-10.pdf> accessed 4th
September2014

24

25