The developments during the period since the publication of the last edition have been such that this thirteenth edition has involved the most substantial revisions. Among statutory changes, those with the most significant and immediate impact, flow from the Companies (Amendment) Act, 1988 and various Notifications issued by the Central Government from time to time, and some of the labour laws, more particularly, Factories Act, Workmen's Compensation Act, Industrial Disputes Act and Payment of Wages Act. These amendments and case law developments have necessitated thorough and extensive re-writing and updating. Case law has been updated to January, 1991.

Mercantile Law explains the fundamental principles of the basic laws governing the modern business world. It presents a comprehensive, systematic and coherent study of the laws relating to Contracts, Sale of Goods, Partnership, Negotiable Instruments, Information Technology, Consumer Protection, Insurance, Insolvency, and Arbitration and Conciliation. It discusses the statutory provisions and the intricacies of law and explains the logic behind them. A large number of decided cases and illustrations given in the text explain the practical implications of the law. Practical problems with hints and solutions have been given at the end of each chapter for the student’s self-assessment. The book remains the leading text for students preparing for BCom, MCom, CA, ICMA, MBA, Company Secretaries, IAS, banking and judicial services examinations. It also serves as a handy and compact volume for those engaged in business, young managers and all others interested in the study of business law.

A less-expensive grayscale paperback version is available. Search for ISBN 9781680923018. Business Law I Essentials is a brief introductory textbook designed to meet the scope and sequence requirements of courses on Business Law or the Legal Environment of Business. The concepts are presented in a streamlined manner, and cover the key concepts necessary to establish a strong foundation in the subject. The textbook follows a traditional approach to the study of business law. Each chapter contains learning objectives, explanatory narrative and concepts, references for further reading, and end-of-chapter questions. Business Law I Essentials may need to be supplemented with additional content, cases, or related materials, and is offered as a foundational resource that focuses on the baseline concepts, issues, and approaches.

Business law, which is also referred to as mercantile or commercial law, is the group of rules that governs the dealings between individuals or companies involved in commercial matters. These laws can be enacted by: International or national legislation Agreement Convention This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses involved in transactions that relate to merchandising, sales, commerce, and trade. Business law includes private and public laws as part of civil laws. The purpose of this study Material is to present an introduction to the subjects of Business Law for Commerce and Management Students. The book contains the syllabus from basics of the subjects going into the intricacies of the subjects. All the concepts have been explained with relevant examples and diagrams to make it interesting for the readers. An attempt is made here by the experts of TMC to assist the students by way of providing Study Material as per the curriculum with non-commercial considerations. However, it is implicit that these are exam-oriented Study Material and students are advised to attend regular lectures in the Institute and utilize reference books available in the library for Indepth knowledge. We owe to many websites and their free contents; we would like to specially acknowledge contents of website www.wikipedia.com and various authors whose writings formed the basis for this book. We acknowledge our thanks to them. At the end we would like to say that there is always a room for improvement in whatever we do. We would appreciate any suggestions regarding this study material from the readers so that the contents can be made more interesting and meaningful. Readers can email their queries and doubts to our authors on [email protected]. We shall be glad to help you immediately. Dr. Hemant Babulkar I Dr. Mukul Burghate Authors

The book ‘Business Law’ deals with the fundamental branches of business law, namely, law of contract, law of sale of goods, law of partnership, law of negotiable instruments and law of limited liability partnership. Its contents have been extracted from the authors’ reputed title ‘Mercantile Law’ that has gained tremendous readership over the years.