Skip to main content

CA Foundation Law | Mercantile law-Indian Contract Act 1872 | CA Foundation Video Lectures


CA Foundation Law - Indian Contract Act 1872 Video Lectures


CA Foundation Law  Mercantile law-Indian Contract Act 1872  


What is Mercantile Law?

 

Mercantile law means the laws which regulate trade and commerce. These laws are an integral part of social life.

 

Indian Mercantile Laws is an outcome of British law. It is further classified into contract act, sale goods act, and Indian partnership act

 

What is a Contract?

”The Indian Contract Act deals with the enforcement of rights and duties on the contracting parties.” 

Contract means an agreement between any two persons. The Indian Contract Act deals with the enforcement of rights and duties on the contracting parties.

 

Extent and Applicability- Law related to contracts in India is contained in the Indian Contract Act 1872, which was passed by British India and is based on the Principles of English common law.

 

The contract requires the following points- 

1. Two Parties- There must be at least two parties to constitute a contract.

2.  An agreement- A Proposal from the side of one party to do or abstain from doing a particular act and its acceptance by the other party are the two essential elements of an agreement.

3.  An obligation- An obligation is a legal duty to do or abstain from doing something.


Essential elements of a valid contract-

1. An agreement, i.e proposal, and acceptance.

2. Intention to create a legal relationship

2. Lawful consideration

3.  Competent parties

4.  Free consent

5. Not expressly declared void by law

6. Certainty and possibility of performance.

7. Compliance with legal formalities.


Terminologies:- 

1. Proposal- When One Person signifies to another, his willingness to do or to abstain from doing anything, with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.

2. Promise- When the person to whom the proposal is made, signifies his assent thereto, the proposal is said to be accepted. A proposal, when accepted, becomes a promise.

3. Agreement- Every promise and set of promises forming consideration for each other is an agreement.

4. Contract- An agreement enforceable by law is a contract.


Browse this Video Lectures for Complete Knowledge on CA Foundation Law-Mercantile law

Browse this Video Lecture: What is Ratio and Proportion CMA Foundation Maths Lectures 


Takshila Learning Providing Online Classes for CA Foundation Accounting Classes and Best CA Foundation Study Material to Crack the Exam · Principles And Practice Of Accounting,  Mercantile Law, ·Quantitative Aptitude,  Other Reference Video lectures. 

Enroll Now for CA Foundation online Classes. Join Today CA Online Classes at Takshila Learning by Experts.

OR

Call us at 8800999280/83/84





 




Labels:

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Last Minute Tips to Crack SSC CGL 2019-20 (Tier-I) Exam

Last-Minute Tips to Crack SSC CGL 2019-20 (Tier-I) Exam 1. Don’t read any new topic at the last moment · Try to avoid studying any new topic at the last moment. Just revise what you have already studied. 2. Don’t forget your Admit Card, Photograph and ID Proof · Take a print out of your admit card and original photo identity proof, 1 photo and photocopy of the ID proof. Reach the examination center before time to avoid any last-minute trouble. 3. Maintain your Speed & Accuracy and Maximize your Score · Speed and Accuracy are two important factors to crack any competitive exam. Speed will help in maximizing the attempts while accuracy will ensure that you don’t end up losing marks as the negative marking of 0.5 marks for wrong answers is there. 4. Attempt according to the strategy you followed in the mock tests · Make sure you attempt the easier section first. The exam should be attempted with the same strategy you fol...
4 comments
Read more

Online cbse coaching class for 11 Mathematics

Online cbse Class 11 maths : Online coaching classes for 11 maths  and for other subjects. We are here to solve students problem instantly, So that they can improve himself/herself. One to One Correspondence and Equivalent Sets Suppose the members of the family are dinning and plates are prepared on the table then there is a One to one correspondence between the set of family members and the plates prepared. We will indicate this correspondence by the symbol If each element of a set A is associated with one and only one element of a set B and each element of B is associated with one and only one element of set A, then the sets A and B are said to be in one to one correspondence. If both the sets are finite and if they are in one to one correspondence, it is obvious that they have the same number of elements. If two sets have the same number of elements, they are said to be equivalent sets. Using symbol, we write A B. Between two equivalent sets, a one to one corr...
Post a Comment
Read more

Digital marketing course online and class

Digital marketing course online and class Students and professionals, both are searching for the  digital marketing courses . Generally, the problem occurs in selecting the best  digital marketing course  is – as students and professionals, both have different requirements. Few search for a regular course, some want an additional qualification, or just to improve their skills. On the other hand, every institute has its own pros and cons, learner requirements are not easily matched with the institute’s pattern and regulations. So, they are willing to join some online course as they can learn anytime and anywhere. In India, another challenge is language. Like in North India, Majority of students understands Hindi and they want to do a digital marketing course in Hindi. Finding a good trainer who can teach you in Hindi is very difficult. But this type of course, practical knowledge and getting answers to questions, from a trainer is not so easy. Continue .... ...
Post a Comment
Read more