What is Law? State the sources of Mercantile Law.
Law refers to a set of rules. Law can also be defined as the rules of conduct recognized and enforced by the state to control and regulate the conduct of people to protect their property and contractual rights with a view to securing justice, peaceful living and social security. Law is a rule of civil conduct, prescribed by the supreme power of state. commanding what is right and prohibiting what is wrong. Law is the body of principles recognized and applied by the state in the administration of justice.
The main sources of mercantile law in India are as follows:
English Mercantile Law: Our laws are primarily based on the English Laws which were developed through customs and usages of traders and their dealings with each other. The most common part of mercantile law in India would include the Law of Contracts.
Indian Statute Law: The Acts passed by the Indian Legislature are considered a main source of Indian Mercantile-Law, which include, Indian Contracts Act 1872, The Negotiable Instruments Act 1181, The. Sale of Goods Act 1930, The Indian Partnership Act 1932, The Companies Act 1956, etc.
Judicial Decisions: Another important source of law are the past judicial decisions, which are referred by the courts while deciding similar cases before them.
Customs and Usages: The customs and usages of particular trade play an important role in regulating the dealings between the merchants of that trade.