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1971 Greetings

1971 Greetings Type: Oil on canvas Measurements: 24"x36" - 610x915mm Last known owner: Sold to ... in 1975. GREETINGS MY DEAR YOUNG FRIENDS. BOOKS RECOMMENDED. Text Book:  Mercantile Law-M.C. Kuchhal - Vikas Publication Reference books: Business Law, S.S.Gulshan, Excel Books.

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1971 Greetings

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  1. 1971Greetings Type: Oil on canvasMeasurements: 24"x36" - 610x915mmLast known owner: Sold to ... in 1975 GREETINGS MY DEAR YOUNG FRIENDS

  2. BOOKS RECOMMENDED Text Book:  Mercantile Law-M.C. Kuchhal - Vikas Publication Reference books: • Business Law, S.S.Gulshan, Excel Books. • Business and corporate Laws-C.L. Bansal-Excel Books. • Elements of Mercantile Law-N.D. Kapoor. • Business Law for Managers-Prof. P.K Goel—Biztantra Publication 

  3. BUSINESS LAW MODULE-1

  4. 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.

  5. 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. INTRODUCTION

  6. BRANCHES OF LAW • INTERNATIONAL LAW • CONSTITUTIONAL LAW • CRIMINAL LAW • CIVIL LAW • BUSINESS LAW OR MERCANTILE LAW

  7. Meaning: It is that branch of law comprising laws concerning trade, industry and commerce. BUSINESS LAW

  8. Scope of Business Law: • Contracts • Sale of Goods • Partnership • Companies • Negotiable Instruments • Insurance • Insolvency • Carriage of Goods • Arbitration

  9. Presumption of Law Every person is presumed to know the law. “Ignorantia juris non-excusat” Ignorance of law is no excuse.

  10. 1. English Mercantile Law 2. The Statute Law 3. Judicial decisions or Case Law 4. Customs and Usages SOURCES OF MERCANTILE LAW

  11. Indian Mercantile Law is built on the foundation of English Mercantile Law. In case of ambiguity, our courts take recourse to English Law. English Mercantile Law

  12. The Statute Law Statute is an Act of Parliament. Bulk of Indian Business Law is Statute Law

  13. 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.

  14. THE INDIAN CONTRACT ACT 1872 • Original Act was comprehensive • General Principles Sec. 1-75 • Sale of Goods Sec. 76-123 • Indemnity and Guarantee Sec. 124-147 • Bailment and Pledge Sec. 148-181 • Agency Sec. 182-238 • Partnership Sec. 239-266

  15. Sections repealed In 1930 Sec. 76-123 Sale of Goods In 1932 Sec. 239-266 Partnership Replaced by Sale of Goods Act, 1930 Indian Partnership Act, 1932. Sections repealed New Acts enacted

  16. 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.

  17. 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.

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