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Cc laws day 1

  1. What is law? • Definition:- Law includes all the rules and principles which regulate our relations with other individuals and with the state. • Holland, a jurist, defines ‘law’ as rules of external human action enforced by the sovereign political authority, i.e., the state. • In the words of Salmond, “law is the body of principles recognised and applied by the state in the administration of justice.
  2. Object of Law • The object of law is order, and the result of order is that men are enabled to look ahead with some sort of security as to the future. • In a society like ours law has to serve as a vehicle of social change and as harbinger of social justice • “ignorantia juris not excusat”
  3. Mercantile law • The term ‘mercantile law’ is used to denote that branch of law which is concerned with such matters as are usually the subject of what may be called mercantile transactions, i.e., it deals with contractual situations and the rights and obligations arising out of mercantile transactions between mercantile persons. • A mercantile person may be a single individual , a partnership, or a joint stock company. • The term ‘mercantile law’ is used to denote the aggregate body of those legal rules which are connected with trade, industry and commerce.
  4. Sources of mercantile law • The bulk of the Indian mercantile law is based on and follows, the English mercantile law. • The sources of Indian mercantile law are:- • Common law • equity • Statute law • Judicial decisions or precedents • Customs and usages
  5. The Indian Contract Act of 1872 • The law of contract introduces definiteness in business transactions. It is the most important branch of business law. • The law of contract is that branch of law which determines the circumstances in which promises made by the parties to a contract shall be legally binding on them.
  6. The Act • The Act deals with:- • General principles of law of contract (Sec. 1 to 75 ) , deals with:- 1. Stages in the formation of the contract 2. Essential elements 3. Performance or breach & 4. Remedies for breach of contract.
  7. The Act • Special contracts (Secs. 124 to 238 ) deals with:- 1. Indemnity & Guarantee 2. Bailment & Pledge 3. Contract of Agency
  8. Definition of contract • A contract is an agreement made between two or more parties which the law will enforce. Sec. 2(h) defines a contract as an agreement enforceable by law. • Agreement and its enforceability • An agreement is defined as “every promise and every set of promises, forming consideration for each other”. Sec. 2(c) • A promise Sec. 2(b):- “when the person to whom a proposal is made signifies his assent thereto, the proposal is said to be accepted. A proposal when accepted, becomes a promise.” • Agreement = offer+acceptence. • Consensus ad idem