What is the Meaning and source of Mercantile law

Commercial law is a part of civil law. It controls and regulates trade and commerce in the country. Trade Law addresses the needs of a businessman. These are the laws relating to insurance companies, corporations, contracts, corporations, securities, arbitration, freight, etc.
Law in India has taken from English law. So the English law largely follows with some modifications and reservations to the suite with the conditions of India and practice. The following are the main source of commercial law in India:
First Law of Business English: English law and come into being through the development and use of the customs of the traders and merchants in England is the main source of India Business Law. This control of the customs of the merchants in their dealings with others. Also known as common law. There is an unwritten and based on customs and precedents based. The law of contracts is part of the common law in England. It is one of the most important part of commercial law.


Second Statute Law of India: Another major source of commercial law in India, Proceedings of the laws of India happened. India Contract Act 1872, the Sale of Goods Act 1930, the Transport Act 1881, the role of some of the companies Act, 1953 Acts of the laws of India will be taken.
Third Judicial decisions: another important source of corporate law, decisions of the courts. Decide disputes before the courts are persuasive and lead. The judge has the case where the law is silent on an issue to decide on the principle of equality, justice and good conscience. For the interpretation of the statutes of India and decide cases of several decisions of the English courts are often referred to as role models.
Customs and traditions Fourth: Another important source of commercial law in India, customs and traditions of the profession in particular is currently followed by the dealers. These practices play a crucial role in the development of commercial law. It is important that these customs and practices must be reasonable, which is widely known to be constant and is not inconsistent with law. The EMS India accepts this practice through the provision of the clause / text "nothing that is the use or practice to affect trade." The law of negotiable instruments and accept the fact the statement that "nothing contained therein affects any local usage relating to the instruments in an oriental language."