Mercantile Law CSS Syllabus

Mercantile Law (100 Marks)

I. Law of Contract, 1872

• Definitions
• Essentials of a valid contract (Proposal, Acceptance, Consideration, Free consent, Capacity of Parties, Not hereby declared to be Void)
• Kinds of Contracts (Valid, Void, Voidable, Not Voidable)
• Variety of Contracts (Contingent, Quasi, Bailment, Pledge, Indemnity, Agency) Performance of Contract, contracts need not to be performed.
• Breach of contract, consequences of breach, damages for breach of contract.

II. Sales of Goods Act, 1930

• Definitions
• Differences: Sale & agreement to sell, conditions and warranties, express & implied conditions.
• Doctrines: Caveat emptor, Nemo dat
• Right and duties of seller & buyer, rights of unpaid seller.

III. Partnership Act, 1932

• Definitions
• Essentials of partnership
• Kinds of partnership (partnership at will, particular partnership, limited partnership)
• Rights and duties of Partners
• Relation of partners to third persons (implied authority of partner, doctrine of holding out)
• Incoming and outgoing partners (minor)
• Dissolution of firms (compulsory, by agreement, by court, by notice on happening of contingencies)

IV. Negotiable Instrument Act, 1881

• Definitions
• Types of negotiable instruments (Cheque, bill of exchange, promissory note)
• Parties to instruments, holder & holder in due course
• Rules (as to negotiation, presentment, payment & interest, discharge, noting and protest, compensation, acceptance, payment for honour)
• Special rules of evidence
• Special provisions relating to cheques & bills of exchange (dishonor, duties of banker)
• Provisions as to foreign instruments

V. Competition Act, 2010

• Definitions
• Prohibition and abuse of (dominant position, certain agreements, discipline, marketing practices)
• Approval of mergers
• Competition commission of Pakistan (established, composition, term)
• Functions and powers of commission Provisions as to penalty and appeals.

VI. Electronic Transaction Ordinance, 2002

• Definitions
• Recognition and presumption of electronic transactions (writing, signature, stamp duty, attestation etc.)
• Electronic documents (attribution, acknowledgement, time and place of dispatch)
• Certification of service providers
• Application to acts done outside Pakistan
• Offences & Nature (false information, false certificates, damage to information system etc)

VII. The Arbitration Law in Pakistan

• Definitions
• Appointment, number and removal of arbitrator
• Award by arbitrator
• Powers of court upon award (remittance, modification and setting aside of award)
• Types of arbitration (with or without intervention of court)
• Stay of legal proceedings in presence of arbitration agreement

VIII. Consumer’s Protection Act, 2006

• Definitions
• Consumer Commission (establishment, powers and functions, complaints before commission and disposal)
• Provisions as to compulsory recall of goods
• Duties and liabilities of provider of goods (return and refund of goods)
• Offences and penalties
• Contract between consumer and provider

IX. Companies Ordinance, 1984

• Definitions
• Types of Companies
• Fundamental papers of company (Memorandum of association, articles of association, prospectus)
• Transfer of shares and debentures
• Management and administration (promoters, share holders, directors, chief executive, auditors)
• Meeting’s and proceedings (statutory, general, annual general meeting)
• Winding up (voluntary, by court)

X. Electronic Fund Transfer Act, 2007

• Definitions
• Payment system and their operation (designation of payment system & revocation, real time gross
• settlement system, governance & operation arrangement)
• Payment instruments (designation, issuing and prohibition of instruments)
• Clearing and other obligations
• Supervisory Control of state bank
• Documentation of transfers
• Notification of error and liabilities of parties Law relating to action before court.