Section B: Mercantile Laws (40 marks)

Objective: To test the general comprehension of elements of mercantile laws.


  1. The Indian Contract Act, 1872: An overview of sections 1 to 75 covering the general nature of contract, consideration, other essential elements of a valid contract, performance of contract and breach of contract.
  2. The Sale of Goods Act, 1930: Formation of the contract of sale- Conditions and Warranties- Transfer of ownership and delivery of goods- unpaid seller and his rights.
  3. The Indian Partnership Act, 1932: General Nature of Partnership- Rights and duties of partners- Registration and dissolution of a firm.