INDIAN CONTRACT ACT, 1872
The law is important because it acts as a guideline as to what is accepted in society. Every nation enacts laws for smooth conductance of business and society. Law is a set of rules recognized and enforced by the state to control and regulate people’s behaviour with certain objectives. As society is dynamic, the laws of society keep changing as per the requirements.
Different laws such as international law, constitutional law, criminal law and civil law regulate and control a particular field of activity. Mercantile or commercial law is civil law. It deals with the rights and obligations of mercantile persons arising out of mercantile transactions concerning mercantile property. These laws include contract act, partnerships, ...
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