Commercial Law is a business law which is applied in business activities including trade and commerce. The study of commercial law deals with the law undertaken in a business which regulates corporate contracts, rules and regulations related to manufacturing and sales of consumer goods. The course focuses on the operation of the commercial law on international and national business taking place in the country like in the case of exports and imports.
The term commercial law has no fixed meaning in India. As a rule, there is no distinction between commercial and non-commercial contracts, government or non-government contracts. The concerned enactments are generally uniform in their application to these contracts.
There are no commercial courts in this country. Broadly speaking, a discussion on commercial law may include within its ambit the Indian Contract Act, 1872; the Negotiable Instruments Act, 1882; the Transfer of Property Act, 1882; the Presidency Towns Insolvency Act, 1909; the Provincial Insolvency Act, 1920; the Sale of Goods Act, 1930; the Indian Partnership Act, 1932; the Arbitration and Conciliation Act, 1996; the Companies Act, 1956 and the specific Relief Act, 1963.
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