Published on Financial Studies (https://finance.iisuniv.ac.in)

Home > Mercantile Law

Mercantile Law [1]

Paper Code: 
24EFSG115
Credits: 
3
Contact Hours: 
45.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to gain knowledge regarding different laws relating to business.

Course Outcomes: 

Course

Learning Outcome

(at course level)

Learning and teaching strategies

Assessment Strategies

Course Code

Course

Title

 

24EFSG 115

 

Mercantile Law

 (Theory)

CO25: Assess commercial contract rules, including proposal criteria, consent elements, consideration principles, void agreements, performance modes, and discharge evaluations.

CO26: Analyze and evaluate the legal intricacies of special contracts such as Indemnity, Guarantee, Bailment and Contract of Pledge.

CO27: Appraise Sales of Goods Act 1930, covering conditions, warranties, unpaid seller situations, and associated rights.

CO28: Comprehend partnership law's legal framework: essential elements, registration, partnership types, partner rights and duties, and dissolution methods.

CO29: Gain an in-depth comprehension of consumer protection laws, rights, and dispute resolution mechanisms, and dispute redressal agencies.

CO30: Contribute effectively in course-specific interaction

 

Approach in teaching: Class room Lecture (Theory/ Using Power Point Presentation) , Discussions using Leading Case laws.

 

Learning activities for the students:

Reading assignment, Role Play activities, Group Discussions, Class presentation 

 

Class participation, assignments and presentations, observation, C A Test, Semester End Exams.

 

 

 

12.00
Unit I: 
Indian Contract Act, 1872

• Meaning of contract, Important definitions (Sec.2a to Sec. 2j), Valid essentials of contract, Classification of Contracts
• Proposal: Meaning of proposal, types
• Acceptance: Meaning & Features
• Contractual capacity Meaning, Minors (effects of minor’s agreements), Person of unsound mind (Meaning, types and effects), Persons disqualified by laws.
• Free consent: Meaning & Features of Coercion, Undue Influence, Fraud, Misrepresentation& Mistake
• Consideration: Meaning, legal rules,
• Void agreements: Meaning, Types.
• Performance of contract: Meaning, Modes of performance
• Discharge of contract: Meaning and modes of discharge of contract

9.00
Unit II: 
Specific Contracts

• Contract of Indemnity: Meaning, valid essentials, rights of indemnifier and indemnity holder.
• Contract of Guarantee: Meaning, valid essentials,
• Bailment: meaning, valid essentials, duties and rights of bailor and bailee,
• Pledge: meaning, essentials, difference between bailment and pledge.

9.00
Unit III: 
Sale of Goods Act, 1930

• Meaning, essentials, difference between sale and agreement to sell,
• Classification of goods, Condition& warranty: Meaning, difference, types,
• Unpaid seller: Meaning, rights-against the goods and against the buyer.
Remedies for breach of contract: Buyer’s remedy and auction sale.

9.00
Unit IV: 
The Indian partnership Act, 1932

• Definition of partnership, essentials,
• Formation and registration: Procedure of Registration,
• Types of partnership, types of partners, minor as partner in benefits.
• Relations of partners: Rights and duties of partners,
• Dissolution of firm: Difference between dissolution of partnership and firm, modes of dissolution of firm,

6.00
Unit V: 
Consumer Protection Act, 1986

• Objectives, important terms, Rights of consumer.
• Dispute Redressal agencies: District forum ,State commission, Central commission
• Dispute Redressal Procedure

Essential Readings: 

• Aggarawal, Rohini, Student’s guide to Mercantile & Commercial Laws, Taxmann Allied Services Pvt. Ltd., NewDelhi.
• Kapoor, N. D., Elements of Mercantile Law, Sultan Chand & Sons, NewDelhi
• Tulsian, P. C., Business Law, Tata McGraw-Hill Publishing Company, New Delhi.
• Nolakha, R. L., Business Laws, Ramesh Book Depot, Jaipur

References: 

Suggested Readings:
• Datey, V.S., Business and Corporate Laws, Taxmann Allied Services Pvt. Ltd., NewDelhi
• Singh, Nirmal, Business Laws, Deep & Deep Publications Pvt. Ltd., NewDelhi
• Sharma, Arya, Gupta, Jain, Business Laws, Ajmera Book Company, Jaipur
• Gulshan, S. S., Business Law, Excel Books, NewDelhi

e- Resources:
• Pillai RSN, Bhagavathi, Business Laws, S. Chand publishing https://www.google.co.in/books/edition/_/kCwrDAAAQBAJ?hl=en&gbpv=1 [2]
• Ryder,Griffiths,Singh, Commercial Law: Principles & Policy, Cambridge University Press https://www.google.co.in/books/edition/_/kCwrDAAAQBAJ?hl=en&gbpv=1 [2]
• Study Material of ICSI on Economic, Business & Commercial laws
https://www.icsi.edu/media/webmodules/Economic%20Business%20and%20Commer... [3]

Academic Year: 
2024-2025 [4]

Follow Financial Studies on:

IIS (Deemed to be University)

Gurukul Marg, SFS, Mansarovar, Jaipur 302020, (Raj.) India Phone:- +91-141-2400160-61, 2397906-07, Fax: 2395494, 2781158

Source URL: https://finance.iisuniv.ac.in/courses/subjects/mercantile-law

Links:
[1] https://finance.iisuniv.ac.in/courses/subjects/mercantile-law
[2] https://www.google.co.in/books/edition/_/kCwrDAAAQBAJ?hl=en&gbpv=1
[3] https://www.icsi.edu/media/webmodules/Economic%20Business%20and%20Commercial%20Laws.pdf
[4] https://finance.iisuniv.ac.in/academic-year/2024-2025