CHRIST BL MODULE 1A

Meaning and Introduction to

Law

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.

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. 124147
Bailment and Pledge Sec. 148-181
Agency Sec. 182-238
Partnership Sec. 239-266

Sections repealed New Acts

enacted
Sections repealed
In 1930 Sec. 76-123
Sale of Goods
In 1932 Sec. 239266
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.