Mercentile Law

Unit-I

Introduction to Contract Act: Agreement, Kinds of Agreements, Contract- Kinds of Contracts: Valid, Void, Voidable, Contingent and Quasi Contract and E Contract, Distinguish Between Agreement and Contract. Offer or Proposal-Definition, Essentials of Valid Proposal or Offer, Counter Offer, Standing or Open Offer, Distinguish Between Offer and Invitation to Offer, Acceptance-Definition, Essentials of a Valid Acceptance, Promise. Communication of Offer, Acceptance and Revocation. Capacity to Contract, Free Consent, Consideration, Legality of Object and Consideration. Performance and Discharge of Contract, Remedies for Breach of contract.

Unit-II

Law of Indemnity and Guarantee, Law of Bailment and pledge, Law of Agency. Partnership Act: Introduction to Partnership Act, Admission of Partner, Retirement and Death of Partner, Dissolution of Partnership Firm.

Unit-III

The Sale of Goods Act 1930: Introduction, Definitions, Formalities of the Contract of Sale, Distinction Between ‘Sale’ and ‘Agreement’ of Sell, Distinction Between ‘Sale and Hire-Purchase Agreement’, Conditions and Warranties, Transfer of Property as Between the Seller and Buyer Rights of an Unpaid Seller. Consumer Protection Act, 1986: Objectives, Features and Structure.

Unit-IV

Negotiable Instrument Act: Meaning and Characteristics of Negotiable Instrument, Operational Rules of Evidence –Presumptions, Classification of Negotiable Instruments, Promissory Notes and Bills of Exchange, Essential Elements of Promissory Note and Bill of Exchange, Distinguish Between Promissory Note Bill of Exchange. Acceptor and Acceptance, Definition of Acceptor, Acceptance for Honour, Absolute and Qualified or Conditional Acceptance, Drawer, Drawee in Case of Need, Payee, Cheques, Types of Cheques and Penalties in Case of Dishonour of Certain Cheques, Distinguish Between Cheque and Bill of Exchange, Holder, Holder in Due Course, Rights and Privileges of H.D.C. Payment in Due Course, Maturity of an Instrument.