Mercantile Law
Subject Overview
Mercantile Law is the legal backbone every business decision rests on — contracts, partnerships, sale of goods, and negotiable instruments. You'll start with the Indian Contract Act and the laws of indemnity, guarantee, bailment and agency alongside the Partnership Act, move through the Sale of Goods Act, Consumer Protection Act, and Environment Protection Act, and close with the Negotiable Instruments Act — promissory notes, bills of exchange, and cheques. This is a 6-credit core paper across 4 units, essential grounding for Company Law and Direct and Indirect Tax Laws in Semester 6.
Unit-wise Syllabus
4 units — click WhatsApp below to get the full notes for each
Unit 1: Indian Contract Act & related laws
Agreement and kinds of contracts (valid, void, voidable, contingent, quasi, e-contract), offer and acceptance, capacity to contract, free consent, consideration, performance and discharge, remedies for breach, law of indemnity, guarantee, bailment, pledge and agency
Unit 2: Partnership Act & Sale of Goods Act
Admission, retirement and death of a partner, dissolution of a partnership firm, formalities of a contract of sale, sale vs. agreement to sell, sale vs. hire-purchase agreement, conditions and warranties, transfer of property, rights of an unpaid seller
Unit 3: Consumer & environment protection
Objectives, features and structure of the Consumer Protection Act, objectives, features and structure of the Environment Protection Act
Unit 4: Negotiable Instruments Act
Meaning and characteristics of negotiable instruments, classification, promissory notes and bills of exchange, acceptance, cheques and dishonour penalties, holder and holder in due course, maturity of an instrument