Mercantile Law Notes

Sociology | Mercantile Law | International Law | International Relations

Mercantile Law and Business Law notes for Commerce, Business and CA students, and for CSS aspirants.

MERCANTILE LAW
A law is a system of rights and obligations which the state might impose and enforce. The Mercantile law is related to the commercial activities (trade and commerce) of the people of a country. The Mercantile law is divided in the following Acts:

CONTRACT ACT
Contract Act 1872
Definition of Contract, Agreement and Promise
Contract and Essentials of a valid Contract
Offer and Legal Rules as to Offer
Acceptance and Legal Rules as to Acceptance
Revocation of an Offer
Communication of Offer and Acceptance
Consideration
Contracts without Consideration
Capacity of Parties
Minor
Unsoundness of Mind
Disqualified Persons
Free Consent
Coersion
Undue influence
Fraud
— Misrepresentation
— Mistake

PARTNERSHIP ACT
Partnership Act 1932
Essentials of Partnership
Types of Partnership
Duties of the Partners
Rights of Partners
Checks as to Profits earned by Partners
Rights and duties of partners after a change in the firm
Minor
Minor on attaining the age of majority
Dissolution of Firm

NEGOTIABLE INSTRUMENT ACT
Negotiable Instrument Act 1881
Types of Negotiable Instrument
Negotiable Instrument Terms
Cheque and Crossing of a Cheque
Discharge of Negotiable Instrument
Maturity of Negotiable Instrument
Drawer, Drawee, Holder and Holder in due course and other Topics

SALES OF GOODS ACT
Sales of Goods Act 1930
Contract of sale and its essentials
Agreement to Sell
Difference between Sale and Agreement to Sell
Condition and Warranty
Difference between Condition and Warranty
When Condition changes into Warranty
Types of Condition and Warranty
Implied Conditions
Implied Warranties
Caveat Emptor
Exceptions to the rule of Caveat Emptor

COMPANIES ORDINANCE
Companies Ordinance 1984
Company Definition; Private and Public Company
Difference between private and public company