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Mercantile Law in India

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Questions and Answers

What are the two parts of the Indian Contract Act?

The Indian Contract Act consists of general principles of the Law of Contract and special kinds of contracts.

What are the special contracts included in the Indian Contract Act?

The special contracts included in the Indian Contract Act are Indemnity, Guarantee, Bailment, Pledge, and Agency.

What is the Indian Contract Act, 1872?

The Indian Contract Act, 1872 is a law that governs contracts in India and was enforced from the first day of September 1872.

What are the sources of Mercantile Law in India?

<p>The sources of Mercantile Law in India include English Mercantile Law, Indian Statute Law, Judicial Decisions, and Customs and Usages.</p> Signup and view all the answers

What does 'ignorance of law is no excuse' mean?

<p>'Ignorance of law is no excuse' means that individuals are expected to know the law to which they are subject, and not knowing the law is not a valid excuse for not following it.</p> Signup and view all the answers