Bussiness Law
MS EDUCONZ PVT. LTD.
LAW& AUDIT
What is Law? Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society. Why Should One Know Law? One should know the law to which he is subject because ignorance of law is no excuse. Sources of Mercantile Law in India
English Mercantile
Indian Status Law
Judicial Decisions
Customs and Usages
STUDY NOTE – 1 : INDIAN CONTRACT ACT, 1872
Section 1:Short Title The Indian contract Act 1872 Commencement and applicability:Extent and Applicable to whole Indian except the state of Jammu & Kashmir commencement First day of September 1872(1st Sept. 1872)
Prior to this English law of contract was followed in India. It has XI chapter. Law of contract creates jus in personem and not in jus in rem. The Indian Contract Act consists of the following two parts: (a) General principals of the Law of Contract. (b) Special kinds of contracts. The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature. Special contracts are contained in Sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee, Bailment, pledge and Agency. Note: In our discussion on this part of the book, unless otherwise stated, the sections mentioned are those of the Indian Contract Act, 1872. Contracts as Defined by Eminent Jurists 1. “Every agreement and promise enforceable at law is a contract.” – Pollock 2. “A Contract is an agreement between two or more persons which is intended to be enforceable at law and is contracted by the acceptance by one party of an offer made to him by the other party to do or abstain from doing some act.” – Halsbury 3. “A contract is an agreement creating and defining obligation between the parties” – Salmond SUJEET JHA 1 9213188188
MS EDUCONZ PVT. LTD.
LAW& AUDIT
LAW& AUDIT
What is Law? Law means a ‘set of rules’ which governs our behaviours and relating in a civilized society. So there is no need of Law in a uncivilized society. Why Should One Know Law? One should know the law to which he is subject because ignorance of law is no excuse. Sources of Mercantile Law in India
English Mercantile
Indian Status Law
Judicial Decisions
Customs and Usages
STUDY NOTE – 1 : INDIAN CONTRACT ACT, 1872
Section 1:Short Title The Indian contract Act 1872 Commencement and applicability:Extent and Applicable to whole Indian except the state of Jammu & Kashmir commencement First day of September 1872(1st Sept. 1872)
Prior to this English law of contract was followed in India. It has XI chapter. Law of contract creates jus in personem and not in jus in rem. The Indian Contract Act consists of the following two parts: (a) General principals of the Law of Contract. (b) Special kinds of contracts. The general principals of the Law of Contract are contained in Sections 1 to 75 of the Indian Contract Act. These principles apply to all kinds of contracts irrespective of their nature. Special contracts are contained in Sections 124 to 238 of the Indian Contract Act. These special contracts are Indemnity, Guarantee, Bailment, pledge and Agency. Note: In our discussion on this part of the book, unless otherwise stated, the sections mentioned are those of the Indian Contract Act, 1872. Contracts as Defined by Eminent Jurists 1. “Every agreement and promise enforceable at law is a contract.” – Pollock 2. “A Contract is an agreement between two or more persons which is intended to be enforceable at law and is contracted by the acceptance by one party of an offer made to him by the other party to do or abstain from doing some act.” – Halsbury 3. “A contract is an agreement creating and defining obligation between the parties” – Salmond SUJEET JHA 1 9213188188
MS EDUCONZ PVT. LTD.
LAW& AUDIT