This document provides an outline for a lecture on mercantile law. It begins with definitions of law and mercantile law. It then lists various types of commercial laws like banking laws, sales laws, mortgages, bankruptcy laws, credit loan laws, and contract laws. Next, it discusses the significance of studying law for understanding contracts, business rights, establishing standards, and maintaining equilibrium. It also notes laws help reduce fraud and ensure ethical conduct. The document then examines the impact of law on society, such as facilitating dispute resolution and maintaining order. Finally, it discusses how laws protect individual rights and liberties.

1. W h a t i s l a w ?
MGN101:MERCANTILE LAW
Theory
[Mrs. Gagandeep kaur]
S c h o o l o f M a n a g e m e n t s t u d i e s
C T U n i v e r s i t y
[Assistant Professor]
Academic Session 2021-22: Spring Term

2. What is law?
• Body of principles recognised and applied by
the state in administration of justice”
• Law operates to regulate actions of persons
with respect to one another and state

3. MEANING OF MERCANTILE LAW
• Mercantile law or commercial law is the law
that regulates commercial activities of the
economy. It is a very wide term and all the
laws that regulate commercial transaction in
India are covered under its ambit

4. VARIOUS TYPES OF LAWS
• Various types of commercial or business law:
• 1 Banking laws:
• Banking law is not a separate legal field, such as
contracts or torts. It governs the collection and
transition of interest rates, checks, checking
accounts activities, and other deposit insurance
numbers, negotiable instruments, etc.
• 2 Sales laws:
• Sales laws regulate all transactions involving the
selling and lease of products. Many of the disputes
are connected to the terms of the statutory sales
agreement.

5. • 3 Mortgages:
• A mortgage is a contractual agreement in
which a person, for example, borrows money
to purchase property and has to pay back the
money over the years and provides
something as security for example: loans
taken from the banks or any other finance
company.
• 4 Bankruptcy laws:
• It allows for the removal and reduction of
debts that can be discharged and can provide
a repayment plan for non-dischargeable
debts.

6. • 5 Credit loan laws:
• Consumer loan law regulates conflicts
between credit card firms and borrowers.
• 6 Contract laws:
• It is a contractual arrangement between two
individuals or parties establishing certain
duties enforced by law under which there is a
commitment to do something in exchange for
a beneficial one. Disputes resulting from a
breach of contract are common nowadays.

7. SIGNIFICANCE OF STUDYING LAW
• 1 Contract handling and legal contracts:
• Legal agreements and contracts are essential to the smooth operation of a
business. Students in management who have in-depth knowledge of
business laws can better understand the terms and conditions of these
agreements and assess whether they can be beneficial to the business. They
may also recommend to their legal staff that they make the necessary
changes to remove any terminology that could seem to contradict their
corporate interests.
• 2 Be Clear About The Company Rights:
• Gaining proper legal education makes company owners, managers, and
other practitioners aware of the enterprise’s rights. They will protect their
company and defend it against any illegal acts taken by other corporations
or individuals. Such information will also be used to secure the
organization’s staff from abuse. The understanding of business law for
students helps them in managing these kinds of situations.

8. 3. A Universal set of standards: Earlier, the customer had
to suffer a lot due to the absence of a proper law that could
safeguard their interests and money invested in a particular
business. As there was no such law regarding maintenance
of order, rights, and liabilities, etc., the business owners
made their own standards and made the customers suffer
just because of the greed to make more money. With the
establishment of business law, many standards have been
established which have to be followed by businesses
worldwide.

9. 4.Maintenance of Equilibrium: This creates a sense of
satisfaction among customers. In the absence of the law,
different countries had different laws regarding the
business dealings which made it difficult for the
customers as well as the seller to establish a deal. But
now every country has the same standards, and the deal
between buyer and seller is easily established. This
brings ease in business dealings and transactions all
across the globe.

10. 5.Less chances of frauds: Business law helps the
owners itself to get aware of the laws against other
businesses and individuals. It also helps the individuals,
to be aware of the rights against the businesses so that
they can use them in case they fall prey to the frauds
and misery of the business.

11. 6.Presence of Ethical conduct: With the help of business
law, business owners may make better decisions, and also
know when to seek legal help. Every business has to
maintain an ethical conduct but most businesses, in the
greed to earn more profits; do not follow such conducts.
Business law makes it mandatory for all the businesses to
maintain an ethical conduct which in turn pleases the buyers
and they form a good image of the business.

12. IMPACT OF LAW ON SOCIETY
• The law is important for a society for it serves as a
norm of conduct for citizens. It was also made to
provide for proper guidelines and order upon the
behavior for all citizens and to sustain the equity on
the three branches of the government. It keeps the
society running. Without law there would be chaos
and it would be survival of the fittest and everyman
for himself. Not an ideal lifestyle for most part.

14. • 1. Law plays an important indirect role in regard to
social change by shaping a direct impact on society.
For example: A law setting up a compulsory
educational system.
• 2. On the other hand, law interacts in many cases
indirectly with basic social institutions in a manner
constituting a direct relationship between law and
social change. For example, a law designed to
prohibit polygamy.

15. • Law plays an agent of modernization and social
change. It is also an indicator of the nature of societal
complexity and its attendant problems of integration.
Further, the reinforcement of our belief in the age-old
panchayat system, the abolition of the abhorrible
practices of untouchability, child marriage, sati,
dowry etc. are typical illustrations of social change
being brought about in the country trough laws.

16. • Law certainly has acted as a catalyst in the process of
social transformation of people wherein the dilution
of caste inequalities, protective measures for the weak
and vulnerable sections, providing for the dignified
existence of those living under unwholesome
conditions etc. are the illustrious examples in this
regard

17. • Laws provide a framework and rules to help resolve
disputes between individuals. Laws create a system where
individuals can bring their disputes before an impartial
fact-finder, such as a judge or jury. There are also legal
alternatives where individuals work together to find a
solution, such as by using alternative dispute resolution
(ADR). There are courts at every level, from local to
federal, to decide who should win in a dispute.

18. • Laws help societies to maintain order. What would society be
like without the rule of law? You might need to provide your
own protection because there would be no police force or
army. Without federal banking protections, you might need to
find other ways to get what you couldn’t provide for yourself.
With the structure and organization of laws come order and
predictability. Individuals can feel safe, leading to wider social
structures and greater productivity

19. • Laws protect individual rights and liberties. The Bill
of Rights was added to the U.S. Constitution to
guarantee several important protections. The laws
protect individuals from other individuals, from
organizations, and even from the government. The
First Amendment of the Bill of Rights prohibits the
government from making any law that would
interfere with an individual’s right to free speech.
There are some exceptions based on what is
considered free speech.

20. IMPACT OF LAW ON BUSINESS
• Business Formation – Business law plays the role of
a foundation stone for any business concern.
Establishing business includes a lot of legal
processes, leasing, and permits
• Compensation Issues – Business law is essential to
handle various compensation issues in an
organization.It is the responsibility of the attorney to
ensure that his or her client does not violate
compensation and benefits laws at any cost. The
consequences can be fatal in case of any
discrepancies.

21. IMPACT OF LAW ON BUSINESS
• • Change in business laws means changes in the
way businesses operate.: Taxation policy is one the
government policies that affect businesses directly
because taxation is based on the amount of money
earned by all businesses. For example, increase in
corporation taxes which focus on the businesses
profits has an effect similar to increase in costs. VAT
(value added tax) is also a tax policy that will affect the
bottom line, although in most governments VAT, is a
cost on the consumer and not the business owner.
• • Business laws affect employer to employee
relationships and vice-versa: For instance, it is
mandatory for employers to follow government
regulations regarding the way they treat their
employees and their hiring mechanism.

22. • • When it comes to international trade, business laws
are imposed in regards tointernational trade tariffs:
Such rules and regulations are strict on the kind of
products going in and out internationally. The
international trade rules and regulations also enforce
guidelines on the parties that should take part in
international trade.
• • Lastly, governments impose business rules and
regulations to ensure that all businesses are run in line
with codes of ethics, good health and safety of the
consumers.

23. Constitutional aspect and its
implications

49.  Instructor Information
 Course Introduction
 Course Outcomes
 Course Components
 Course Syllabi / Practical Detail
 Modus Operandi
 Important Basics Concepts
 Practical-1 : LED Fading
 Practical-2 : Pulse Width Modulation
Lecture Outline (sample)
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52. Thank you
Q&A