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Mercantile law may be defined as that branch of law which consists of laws relating to trade,
industry and commerce. It is one of the important branches of Civil Law. It is also called as
Commercial Law.
Scope of Mercantile Law
The scope of mercantile law is very wide and varied. It includes law relating to contracts,
partnership, sale of goods, negotiable instruments, companies, insolvency, insurance, carriage of
goods, etc.
Mercantile law is concerned with the study of rights and obligations arising out of mercantile
transactions between mercantile persons. Mercantile persons are persons who carry on
commercial transactions. They may be individuals, partnership concerns or joint stock
companies.
Knowledge of mercantile law is essential to merchants. It helps the merchants to avoid conflicts
with the persons with whom he comes into business contacts.
Main sources of Mercantile Law
Indian mercantile law is based largely upon the English mercantile law. Prior to the enactment of
the various Acts constituting mercantile law, the personal laws of the parties to suit regulated
mercantile transactions. The rights of Hindus were governed by the Hindu Law and that of
Muslims by the Mohammedan Law.
In case of persons other than Hindus and Muslims, the Courts applied the principles of English
Law. Further, where laws and usage of Hindus or Muslims were silent on any point, the
principles of English Law were applied.
The first efforts to pass an Act constituting mercantile law in India were made in 1872 by the
passing of the Indian Contract Act. From that time a large number of statutes have been enacted
concerning matters coming within the purview of mercantile law. For example, the Sale of
Goods Act, 1930, the Partnership Act, 1932, the Companies Act, 1955, etc.
The main sources of Indian Mercantile Law are:
1. English Mercantile Law.
2. Statute Law.
3. Judicial Decisions.
4. Customs and Usage.