Commerce, merchandising, and sales are governed by commercial law, often called mercantile law or trade law, which is a body of legislation governing the rights, relations, and behavior of individuals and businesses participating in these activities. Often considered a subset of civil law, it addresses public and private legal concerns. Download Project on Mercantile and Commercial Laws in SCM.
Mercantile law refers to the body of legislation or legal code that governs commercial and business activities on a global scale, including but not limited to: contracts, franchising, insurance, licensing, patents, shipping, transportation, trademarks, and other similar matters.
- To put it simply, mercantile law is a collection of local, national, and international rules and practices controlling many aspects of doing business.
- The rights, obligations, and liabilities of the many participants to a commercial transaction are often spelled out in mercantile law.
- In India, there is no universally accepted definition of commercial law; rather, its components are derived from a variety of sources.
- Commercial law refers to a body of rules governing business transactions.
- Businesses of people, traders, and industry are all engaged.
Commercial law covers a wide range of topics, from company formation and bankruptcy to insurance and transportation. Rights and duties stemming from commercial transactions between business people are the focus of mercantile law. Mercantile law is the branch of law that deals with the legal consequences of business dealings between business people.
Businesspeople are those who engage in business exchanges. People may be sole proprietors, partnerships, or publicly traded enterprises. To help with all these different kinds of commercial dealings, mercantile law has developed certain rules and regulations. To ensure uniformity in the resolution of legal issues, it also allows for a high degree of standardization in the underlying legal frameworks of corporate transactions. When cases are resolved consistently, parties to a disagreement know what to anticipate.
CONCLUSION OF MERCANTILE AND COMMERCIAL LAWS IN SCM
Mercantile law is a repository of all the laws that are incorporated in a corporation to manage or look after the commercial operations that the firm engages in. It is a word that encompasses the whole of the legal system. All of the other legislation, such as the Company Act, the Limitations Act, the Indian Contract Act, and so on, are considered to be subsidiary acts of the Mercantile Law.
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|Project Name||: Mercantile and Commercial Laws in SCM|
|Project Category||: Supply Chain Management|
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