Rules related to business industry and professions are called Mercantile Law. Mercantile Law relates to rules or regulations that govern the running of business or industry. In simple language by Mercantile Law we mean the rules and regulations that are directly concerned with business or commercial activity or transactions. Some of the learned men have defined Mercantile Law as under:

Definitions :

Sen and Mitra, “The part of law which regulates the transactions of the mercantile community is called commercial or mercantile Law.”

(A) M.C. Shukla, “Mercantile law may be defined as the branch of law which deals with the rights and obligations of mercantile persons arising out of mercantile transactions in respect of mercantile property.”

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(B) A.K. Sen, “Commercial law includes the law applicable to ordinary transactions of merchants, bankers and traders, and denotes that branch of law which relates to the right of property and relations of the person who is engaged in commerce.”

Scope of Indian Business Law :

In the modern age, Business Law is not only confined to the business community but also relates to every member of the society and the Contract Act is as much applicable to the business as to the non-­business community. Besides business community a common man in his day to day experience enters into a number of contracts. Business Law is incorporated in a number of Acts, which follow to a considerable extent the English Business Law with some reservations and modifications necessitated by the peculiar conditions prevailing in India. In this way Business law has a fairly wide scope. The government lays down the rules and regulations to run the business activities smoothly.

The following laws are included in mercantile laws:

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1. Contract Act

2. Sale of Goods Act

3. Partnership Act

4. Companies Act

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5. Negotiable Instruments Act

6. Banking Companies Act

7. Insurance Companies Act

8. Carriers and Carriage of Goods Act

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9. Commercial Securities Act

10. Patents and Copyright Act

11. Insolvency Act

12. Arbitration Act