Mercantile Law

Mercantile Law

Mercantile Law was the name given to that law which evolved in England from the years of customs and rules between businessmen and traders relating to their transactions, which evolved over the years. It gradually became part of the Common Law of England.

Sources of Mercantile Law

  • Law Merchant: Law merchant is the main source of Mercantile law. It refers to those customs and rules that apply to traders and businessmen on their dealings and tradings with each other.
  • Statute Law: Statute law is that law that has been created by the legislation. A statute is a formal act of the legislature in written form. It has also become an important source of Mercantile law.
  • The Principle of Equity: The principle of equity refers to a set of rules, which neither originated from customs nor statutory law. Thus, equity rules were formed on the basis of dictates of conscience which had been decided in the courts of chancery.
  • Common Law: Common law consists of a body of rules, which have been defined by customs, judicial decisions and old scholarly works in the law. It is the unwritten law of English which applies to everyone in the country. Common law, in this case, refers to the principles of law that have been evolved by judges through their case judgments.

Mercantile Law in India

 

Before the year 1872, business transactions were regulated by the personal law of individuals who were in involved in legal matters. During 1872, the Indian Contract Act was brought into existence, which codified and recognised unified principles of mercantile law. Since then, many Acts have been introduced to regulate transactions that relate to monetary transactions, partnerships, the sale of goods, etc.

Course Duration

1Year

Course Duration

1Year

Lectures Duration

2

Lectures Duration

2

Job Opportunities

Yes

Job Opportunities

Yes