Commercial Law and Preliminaries of Auditing · Class 11 Commerce
Ch 1Introduction to Law — Class 11 Commercial Law and Preliminaries of Auditing, concept-first.
Every organised society needs a set of rules to hold it together, and the word "law" in its legal sense refers to the body of rules that a State recognises and enforces to regulate the conduct of the people living within it.
Key concepts
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Definition and Features of Law
Law, in the legal sense, is a body of rules of human conduct made or recognised by the State, enforced through courts, backed by a sanction, and applicable uniformly to everyone it covers.
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Chapter contents
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Definition of Law
Every organised society needs a set of rules to hold it together, and the word "law" in its legal sense refers to the body of rules that a State recognises and enforces to regulate the conduct of the…
Features of Law
Once law is defined, it helps to pin down the recurring features that every rule must have before it can properly be called "law." These features are what a student can use, almost like a checklist, t…
Rule of Law
"Rule of Law" is a foundational constitutional principle that says a country should be governed by law, and by law alone — not by the arbitrary will or wide personal discretion of the persons in power…
Meaning of Commercial Law
Having seen what "law" in general means, this unit now narrows the focus to Commercial Law (also called Mercantile Law) — the specific branch of law this whole two-year syllabus is built around.
Sources of Indian Commercial Law
Where does Indian Commercial Law actually come from? It is not the invention of any single body — it has grown out of four broad, recognised sources.
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- Q1Which of the following best defines 'Law' in the sense understood by jurists such as John Austin? (a) A set of moral principles that members…Free
- Q2Which of the following is NOT considered an essential feature of law? (a) It is a body of rules of conduct enforced by a sovereign authority…Free
- Q3The concept of 'Rule of Law', as propounded by the British jurist A. V. Dicey, does NOT include which of the following principles? (a) Supre…Preview
- Q4Commercial Law (or Mercantile Law) is best described as: (a) The entire body of law applicable in a country, covering both civil and crimina…Preview
- Q5Which of the following is a recognised source of Indian Commercial Law? (a) Legislation — Acts passed by Parliament, such as the Indian Cont…Preview
- Q6A well-established practice that is customarily followed by merchants in a particular trade, and which becomes part of a contract unless the…Preview