Commercial Law

Legal awareness is vital for developing and protecting businesses in such a dynamic and competitive business environment today. Like every other organization, a business organization is also bound to follow some set of rules and regulations, known as Commercial Law. These laws are crucial for any organization and should be strictly followed to have healthy and responsible business practices at all levels of the organization.

Commercial Law is relevant in running a business’s day-to-day aspects and is concerned with trade, commercial transactions, and business deals. Commercial Law governs every business operation area, and therefore, it is necessary to strictly follow it to ensure the transparent and efficient functioning of an organization. All laws related to business aim to protect the interest of stakeholders and lead the company towards growth and expansion. Organizations while working face certain financial issues, employee and customer dissatisfaction, market competition, etc., for which Commercial Laws must be in place to guide them.

I. Law of Contracts

1. Nature and Kinds of Contracts

• Agreement under Contract Law | Meaning, Essentials, Types and FAQs
• Contract : Meaning, Elements, Types and Purpose
• Types of Contract | Based on Validity, Formation and Performance
• Law of Contracts: Elements, Purpose and FAQs
• Doctrine of Privity of Contract: Meaning, Exceptions and FAQs
• Doctrine of Restitution: Meaning, Exceptions and FAQs
• Difference between Agreement and Contract
• Franchising Agreements: Meaning, Components, and Types
• Master Service Agreement (MSA): Significance, Merits, Clauses and FAQs
• Pre-Incorporation Contracts: Meaning, Legality, Legal Ramification and FAQs
• Balfour Vs. Balfour: Case Analysis
• How to Read a Contract in 7 Easy Steps?
  
• Rental Agreements: Important Clauses and Format
• Rental Agreements : Meaning, Importance, Procedure and Documents
• Types of Legal Agreement
• Difference between Under Contract and Pending Contract
• Essentials of a Strong Contract : A Checklist
• All about Termination of Employment Contracts in India

2. Offer and Acceptance

• Proposal or Offer: Meaning, Legal Rules and Revocation
• Acceptance: Meaning, Legal Rules and FAQs
• Communication of Offer, Acceptance and Revocation

3. Consideration

• Consideration: Meaning, Essentials and FAQs
• No Consideration, No Contract : Exceptions and FAQs

4. Capacity of Parties

• Capacity of Parties : Capacity to Contracts and Legal Requirements
• Minor: Meaning, Minor’s Agreements and Exception
• Person of unsound mind: Meaning, Cases and Effects
• Disqualified Persons under Law: Meaning and Disqualifications

5. Free Consent

• Free Consent : Meaning, Elements and FAQs
• Coercion under Indian Contract Act : Case Laws and Effects
• Undue Influence: Meaning, Presumptions and Effects
• Difference between Coercion and Undue Influence
• Misrepresentation : Meaning, Cases & Effects (Indian Contract Act)
• Fraud: Meaning, Cases and Effects
• Difference between Fraud and Misrepresentation
• Mistake under Indian Contract Act, 1872

6. Legality of Object and Consideration

• Consideration: Meaning and Unlawful Considerations
• Unlawful Consideration in Part & Illegal Agreements (Indian Contract Act)

7. Void Agreements

• Void Agreements: Meaning and Expressly Declared Void Agreements
• Difference between Void and Voidable Contract
• Difference between Void and Illegal Agreement

8. Contingent Contract

• Contingent Contract: Meaning, Elements and Enforcement
• Difference between a Contingent Contract and a Wagering Agreement

9. Performance of Contracts

• Performance of Contract under Indian Contract Act
• Performance of Joint Promises: Meaning, Contracts Demand and Performed
• Assignment of Contracts and Order of Performance of Reciprocal Promises: Brief
• Time and Place for Performance: Meaning and Rules
• Appropriation of Payments: Meaning and Rules
• Doctrine of Frustration : Meaning, Applicability, Conditions, and Effects

10. Discharge of Contract

• Discharge of Contract : Meaning, Modes and Exceptional Cases

11. Quasi-Contracts

• Quasi-Contracts: Meaning, Features and Types

12. Remedies for Breach of Contract

• Remedies for Breach of Contract: Meaning, Legal Remedies and FAQs
• Consequences of Breach of Confidentiality

13. Indemnity and Guarantee

• Contract of Indemnity: Meaning & Features (Indian Contract Act)
• Contract of Guarantee: Meaning & Features (Indian Contract Act)
• Difference between Contract of Indemnity and Guarantee
• Difference between Guarantee and Warranty

14. Bailment and Pledge

• Contract of Bailment : Meaning, Features, Duties and Rights
• Duties and Rights of Bailor
• Contract of Pledge : Meaning, Features, Duties and Rights
• Contract of Pledge: Meaning and Important Cases
• Difference between Contract of Bailment and Contract of Pledge

15. Agency

• Agent: Definition, Rules and Kinds
• Contract of Agency : Meaning, Characteristics, Methods and Types
• Creation of Agency
• Extent of Agent’s Authority: Indian Contract Act
• Duties & Rights of Agent: Indian Contract Act 1872
• Rights, Duties & Liabilities of Principal: Indian Contract Act 1872
• Termination of Agency : Indian Contract Act, 1872
• Difference between Agent and Servant

II. Law of Sale of Goods

16. Contract of Sale of Goods

• Contract of Sale of Goods: Meaning, Definition and Essentials
• Difference between Sale and Agreement to Sell
• Kinds of Goods under the Sale of Goods Act, 1930

17. Conditions and Warranties

• Conditions under Sale of Goods Act, 1930
• Warranty: Meaning, Elements and Types
• Difference between Condition and Warranty

18. Transfer of Property

• Transfer of Property under Sale of Goods Act 1930
• Transfer of Title by Non-Owners: Meaning and Rules

19. Performance of Contract of Sale

• Delivery : Meaning, Modes & Rules (Sale of Goods Act)

20. Rights of Unpaid Seller

• Rights of Unpaid Seller : Sale of Goods Act 1930
• Buyer’s Rights Against Seller and Auction Sale

III. Law of Partnership

21. Definition and Nature of Partnership

• Indian Partnership Act, 1932: Meaning, Essential Requirements and Kinds
• Partnership | Meaning and Features of Partnership
• Difference Between Partnership and Joint Hindu Family Business
• Difference Between Partnership and Company

22. Formation of Partnership

• Partnership Deed : Aspects and Registration
• Types of Partnership
• Non- Registration of Partnership Firm: Effects and Exceptions

23. Rights, Duties and Liabilities of Partners

• Rights & Duties of Partners (Law of Partnership)
• Relations of Partners to Third Parties (Law of Partnership)
• Incoming and Outgoing Partners

24. Dissolution of Partnership Firm

• Partnership Firm: Meaning and Modes of Dissolution
• Dissolution of a Partnership Firm: Meaning, Modes of Dissolution, Modes of Settlement of accounts (Section 48)

IV. Law of Negotiable Instruments

25. Negotiable Instruments

• Negotiable Instruments Act 1881 : Definition, Kinds & Features
• Promissory Note: Features and Parties
• Bills of Exchange: Meaning, Features, Parties, and Advantages
• Difference between Bills of Exchange and Promissory Note
• Types of Bills of Exchange
• What is a Cheque – Types, Features, Chequebook, Advantages
• Dishonour of Cheque : Meaning, Essentials, and Legal Implications
• Types of Instruments under Negotiable Instruments Act
• Maturity of Negotiable Instruments : Meaning, Rules, and Payment

26. Parties to Negotiable Instruments

• Holder and Holder in Due Course: Meaning, Conditions and Privileges
• Capacity of Parties under Negotiable Instruments Act
• Liability of Parties to Negotiable Instruments: Negotiable Instruments Act, 1881

27. Presentment of Negotiable Instruments

• Presentment For Acceptance: Negotiable Instruments Act
• Presentment for Sight & Payment: Negotiable Instruments Act

28. Negotiation of Negotiable Instruments

• Negotiation of Negotiable Instruments: Definition, Meaning and Modes
• Endorsement: Definition, Meaning and Kinds
• Negotiation by Unauthorised Parties: Negotiable Instrument Act, 1881

29. Dishonour and Discharge of Negotiable Instruments

• Dishonour of Negotiable Instruments: Types, Effects & Notice
• Discharge of Negotiable Instruments: Meaning, Types and Concepts
• Difference between Dishonour and Discharge of Negotiable Instrument

30. Crossing and Bouncing of Cheques

• Crossing of Cheques (Negotiable Instruments Act)
• Bouncing of Cheques: Meaning, Remedies, Offences and Case Laws

V. Law of Information Technology

31. Information Technology Act, 2000

• Information Technology Act, 2000: Elements, Applicability and Amendments
• Difference between Electronic Signature and Digital Signature
• Electronic Governance : Information Technology Act, 2000
• Electronic Contracts: Meaning, Legal Validity and Kinds
• Regulation of Certifying Authorities: Meaning, Appointment, Functions and Concepts
• Electronic Signature Certificate
• Duties of Subscribers under the Information Technology Act, 2000
• The Cyber Appellate Tribunal
• Offences and Penalties under the Information Technology Act, 2000
• Electronic Payment System: Types, Advantages, Disadvantages and Regulatory Bodies
• Legal Issues and Consideration in E-commerce
• Digital Signature, Electronic Signature & Authentication of Electronic Records
• E-Signatures & Electronic Contracts: 10 things You Need to Know

VI. Law of Consumer Protection

32. Consumer Protection Act, 1986

• Consumer Protection Act 2019 : Features, Significance, Rights and Provision
• Complaints under the Consumer Protection Act, 1986
• Consumer Protection Councils
• Consumer Disputes Redressal Agencies
• Power of the Consumer Forums

VII. Law of Insurance

33. Nature and Principles of Insurance

• Insurance: Definition, Types and Concepts
• Contract of Insurance: Definition, Nature and Principles

34. Life Insurance

• Life Insurance: Meaning, Definition and Concepts
• Kinds of Life Insurance Policies and Concepts

35. Fire Insurance

• Fire Insurance: Meaning, Definition and Concepts
• Types of Fire Policies and Concepts

36. Marine Insurance

• Marine Insurance
• The Marine Policy
• Marine Losses under Marine Insurance

VIII. Law of Insolvency

37. Objects and Scope of the Insolvency Law

• Insolvency Law: Meaning, Procedure and Concepts
• SARFAESI Act: Introduction, Procedure, Penalties and FAQs

38. Procedure of Insolvency

• Adjudication – Meaning, Definition, Process and Examples
• Procedure of Insolvency: Adjudication Concepts
• Order of Adjudication

39. Property and Debts of Insolvent

• Property under Insolvency Law
• Debts of Insolvent under Insolvency Law
• Annulment of Adjudication

40. Discharge of Insolvent

• Discharge of Insolvent under Insolvency Law

IX. Law of Arbitration and Conciliation

41. General Provisions Regarding Arbitration

• Arbitration: Definition, Meaning and Types
• Arbitration Agreement: Meaning, Types and Concepts
• Alternative Dispute Resolution (ADR): Meaning, Types and FAQs

42. Arbitral Tribunal

• Arbitral Tribunal: Appointment, Composition, Jurisdiction and FAQs
• Arbitrator: Meaning, Appointment and Concepts
• Arbitrator: Powers and Duties
• List of 7 Famous Arbitrators Who Made an Impact

43. Arbitration Proceedings

• Arbitration Proceedings: Meaning, Rules, Procedures and Concepts
• Arbitral Award

44. Conciliation

• Conciliation: Meaning, Procedure and Concepts
• Difference between Mediation and Conciliation

45. Enforcement of Certain Foreign Awards

• Foreign Awards: Meaning and Concepts under Law of Arbitration

Other Topics

• Payment of Bonus Act, 1965 : Applicability, Calculation, Offences and Penalties
• Banking Regulation Act, 1949: Features, Objectives and Provisions
• Factories Act, 1948: Provisions, Advantages, Disadvantages and FAQs
• Employees’ Compensation Act, 1923: Rights, Liability, and Compensation
• Maternity Benefit Act, 1961: Objectives, Provisions, Impact and Challenges
• The Apprentices Act 1961 in India: Meaning, Obligations, Legal Status and FAQs
• Gratuity Act, 1972: Features, Advantages, Disadvantages and FAQs
• The Industrial Disputes Act, 1947: Objectives, Amendments, Provisions & FAQs
• Provident Fund: Types, Applicability, Eligibility and FAQs
• Child Labour Legislation in India: Features, Evolution, Amendments, and Ongoing Challenges
• Difference between Payment of Wages Act, 1936 and Minimum Wages Act, 1948
• Difference between Strict Liability and Absolute Liability
• 10 Common Signs of Child Abuse : What to Look For
• Internet Safety for Kids: 10 Legal Tips for Parents
• 10 Steps to file an FIR
• 10 Steps to Apply for Mutual Consent Divorce
• 10 Top Law Colleges in India in 2023
• Legal Aspects of Buying a Home : 10 Step-by-Step Guide
• 10 Factors Property Owners Must Consider
• 10 Must Have Skills to get a Good Legal Job in India
• 10 Best Certificate Courses for Law Students in India
• 7 Child Custody Tips for Parents Going Through Divorce
• Top 7 Career Options in Law in India
• 5 Steps to Take if You Are a Victim of Domestic Violence
• Juvenile Delinquency | Meaning, Causes, Types and FAQs
• Professional Ethics in Law: Legal Framework and Advantages
• Nidhi Companies: Meaning, Benefits, Rules & Registration
• Medical Malpractice: Signs, Prevention & Legal Recourse
• How to Send a Legal Notice?
• How to Start Studying Law : Step-by-Step Guide for Indian Students
• Role of Cryptocurrencies in Money Laundering : Myth vs Reality
• How can you become Advocate on Record (AOR) in Supreme Court of India?
  

Importance of knowing Commercial Law

Knowing Commerical laws and smoothly implementing them is very important for the following reasons:

• Business set up: It helps to set up a business in a planned way by following the legal principles and laws step by step.
• Rights of Stakeholders: It helps to meet stakeholders’ requirements by maintaining a healthy and transparent operation and keeping stakeholders happy and satisfied.
• Compensations: Commercial law helps to settle compensation for management and employees as violation of those laws will lead to several legal consequences.
• Drafting Contract: Commercial law helps to draft a contract by following rules and regulations. In such contracts, one party agrees to exchange with some consideration, signed by both parties and made legally enforceable.
• Litigation Settlement: Court proceedings may arise due to reasons like employment or contract-related disputes, discrimination at the workplace, violation of intellectual property rights, etc.
• Labor Management: Business has several laws related to labour relations. Labourers are an integral part of a company, and it is vital to look after their utmost welfare.

What do Commercial Lawyers do?

The precise requirements of an organization will determine how Commercial lawyers will perform their obligations in addition to their core employment functions. These include:

• Giving Legal Advice: Commercial lawyers provide knowledge on a variety of legal issues, including contracts, legal compliance, corporate governance, intellectual property, and more. They aid in drafting a contract and help with mergers, acquisitions and other business transactions. In addition, they also do the due diligence, create transactional paperwork, and make sure the law is followed.
• Intellectual Property Protection: When infringement takes place after registering Trademarks, Patents and Copyrights, commercial lawyers assist organizations in protecting their Intellectual Property Rights.
• Assurance of Regulatory Compliance: Commercial lawyers keep companies informed and updated on pertinent rules and regulations by ensuring that they operate within the law and are free from any legal complications.
• Client Representation: Commercial lawyers act as legal advocates to their clients by offering them advice and defending their rights in court.
• Research and Analysis: To make sure their clients are well-informed and in a position to make wise legal judgements, they do in-depth research work on the legal problems that concern them.
• Risk Assessment: Commercial lawyers evaluate possible legal risks and counsel their clients on appropriate techniques for risk mitigation. In order to safeguard the interests of their clients during contractual agreements, they tend to negotiate on behalf of their clients.
• Legal Documentation: Commercial lawyers draft and evaluate legal papers such as contracts, agreements, policies and licenses to guarantee compliance with applicable laws.
• Collaboration: Commercial lawyers frequently coordinate closely with financial consultants, management teams, and accountants to offer legal advice and support.

Careers in Commercial Law

1. Lawyer

• A Lawyer is a legal professional who represents clients during court proceedings.
• Lawyers hold meetings with clients in order to discuss their legal needs and conduct research to frame cases that they might later argue in court.
• A lawyer specializing in commercial law has to prepare documents for organizations, such as contract agreements and advise businesses that need help adhering to legal regulations in their operations.

2. Financial Analyst

• A Financial Analyst advises businesses and organizations on the ways through which they can earn revenue from investments.
• A Financial Analyst also takes care of the laws and regulations that businesses need to comply with while investing.

3. Human Resource Manager

• A Human Resource Manager has to comply with the labour laws and regulations.
• They also assist companies in hiring new staff by recruiting potential candidates, conducting interviews and training new hires.

4. Corporate Paralegal

• A Corporate Paralegal is a legal professional, and they assist a lawyer with their work in commercial law.
• They perform duties such as drafting legal documents, and agreements and gathering research and evidence to use while developing legal strategies.
• They also pay attention to commercial laws and regulations to make sure that the lawyers they work with are aware of all important updates and relevant changes.

5. Employee Relations Manager

• An Employee Relations Manager is a human resource professional supporting employees in the workplace and keeping themselves updated with the relevant laws.
• They also oversee a team of professionals and help employees in a company on a more in-depth level through individual meetings.

6. Compliance Officer

• A Compliance Officer ensures that a company follows all laws and regulations at the time of operating its business.
• They collaborate with state and central governments throughout their work in order to ensure that they’re aware of updates to regulations that they might need to pass on to the clients.

7. Judge

• A Judge might specialize in cases that cover labor relations and employment regulations.
• They use their expertise to determine when laws are broken and what a business can do to ensure their future operations follow all the relevant laws and regulations.

8. Intellectual Property Paralegal

• They are legal professionals who help to establish trademarks for companies that sell products or services.
• They also conduct research into copyrights, patents and trademarks to ensure they’re unique.

9. Policy Manager

• A Policy Manager keeps a check on the policies in an organization to ensure they’re effective and adhere to laws and regulations.
• They evaluate an organization’s existing policies to identify any areas that might need improvement and conduct research on new trends.

10. Corporate Attorney

• Corporate Attorneys represent the company in all illegal dealings, whether the case is civil or criminal.
• Corporate litigation attorneys are often more specialized, and their business law education has a focus on a particular field like Intellectual Property or Real Estate.

Commercial Law- FAQs

What is the primary difference between Commercial Law and Business Law?

Commercial law play different roles and focuses specifically on the laws that govern commercial transactions like sales, banking and insurance. On the other hand, Business law deals with all the legal issues related to business including contracts, employment, intellectual property and taxation.

What are the skills and qualities needed to excel in Commercial Law?

Appropriate knowledge and motivation, High ethical standards, Self confidence, Initiative and Responsibility, Commercial Awareness, Attention to details, etc.

What is the average salary of a Commercial Lawyer in India?

The salary ranges between ₹1.5 Lakhs to ₹21 Lakhs with an average annual salary for ₹6.0 Lakhs.

What do Commercial law firms look for?

Law firms mostly look for lawyers with a sound knowledge of law and high level of writing and reading skills.

What qualification is needed to become a Commercial Lawyer?

To become a successful law professional, one should hold a degree in Law and clear the bar exam. And to specialise in commercial law, one can study further for a master’s degree in the specialization.

Are Commercial Lawyers in demand?

The demand for commercial lawyers is rising and it is likely to increase in the future as well as individuals, companies and government seek expert legal advice and guidance on various elements of national and international business.