Mercantile Law
Asalam-o-Alaikum dear members.
This was my last paper, my last attempt, and CSS-2009’s last paper as per schedule.
Mercantile Law paper was comparatively easy because there was a good mix of the theoretical questions and practical case studies.
I scored 15 MCQ correct, 1 incorrect, and 4 in doubt.
Part-II comprised 4 questions of 20 marks each from Contract Act 1872, covering topics of Agreement vs Contract; Coercion; gratuitous acts;and Pledge. (This was the great favor by the paper setter to the candidates because most of the candidates do cover Contract Act thoroughly).
One could attempt the entire 4 question only from Contract Act.
One question was covered from Sales of Goods Act 1930.
One question was covered from Companies Ordinance as usual.
Final question covered Negotiable instruments Act 1881 and Arbitration Act.
I attempted Q:2, Q:3, and Q:5 from the Contract Act. And Q:7 from Sales of Goods Act.
Over all my paper consisted of three case studies of which 2 case studies are 100% correct and third one is correct but not with strong evidences. Third case study was little bit irrelevant in our Pakistani Law and that carried controversial judgments and uncertainty from the Indian Judges. (I am talking about the exercise of coercion by Husband through the threat of committing suicide). I have replied in affirmative as intended by the examiner but my argues were not so much strong in this case. Probably I may loose 5 marks out of 10 marks in this case study.
Rest all the case studies, and remaining questions were correct and satisfactory.
Well, before attempting paper I was very uncertain about Mercantile Law paper because this paper is very risky (hero or Zero). But today’s paper proved to be a lucky one, Insha Allah this may fetch good marks.
Tips:
Do cover following four areas:
1) Contract Act: Must
2) Partnership Act: Must
3) Sales of Goods Act: Must
4) Companies Ordinance relevant sections only (Formation of company starting from the promoter’s stage till the commencement of business covering Prospectus, statement in leu of prospectus, MOA, AOA etc; some sections regarding “Company Name” selection; some sections on alteration of MOA, and AOA; some sections on the meetings. Enough)
Optional areas:
1) Negotiable Instruments Act
2) Insurance
3) Arbitration
Easy and Quick Method to pass the paper with good marks:
1) Cover Contract Act (including Agency, Bailment & Pledge, Indemnity and Guarantee)
2) Cover Companies ordinance relevant selected section only. Because one question is always covered from Companies ordinance.
3) Arbitration Act (Because it is very short and mostly one question is always covered from Arbitration)
4) Either Sales of Goods Act or Partnership Act (Any one)
Merits of this quick strategy:
a) Time saving, lesser tension, easy revision
b) Gain good marks (arround 70)
Demerits of quick strategy:
a) Loose some MCQs which are covered from all the topics. Your selective study will not be able to answer all the MCQs
b) No Guarantee for excellent marks like 80+ marks.
Excellent Strategy for scoring 80-90 marks:
At least go through the whole syllabus for once. After one reading make some topics as your favorite topics out that whole syllabus. And these favorite topics should be (Contract Act, Partnership Act, Sales of Goods Act, and Companies Ordinance). Attempt these favorite topics in the Part-II. Where as your first complete reading of the whole syllabus can help you in scoring well in MCQs and short questions.
My study material:
1) Bare Acts (Essence of the Law)
2) Luqman Baig (Best one: Comprehensive, reader friendly and relevant to Pakistani paractices)
3) M.C. Shuckla (Best one, standard book)
4) P.P.S. Gogna ( Explanatory, easy and comprehensive)
5) M.C. Kuchhal (Good one but not so reader friendly)
6) CA. Study Text (To the point and short one but lacks some crucial details)
7) Companies Ordinance (Easy and to the point, just demands two to three hours for the relevant sections).
8) Arbitration Act summary from Net.
Suggestion to aspirants:
1) Bare Acts for revision during exam days
2) Luqman Baig (Main book for reference).
3) Companies ordinance
4) Arbitration Act
5) Life insurance from any other relevant book.
6) And if you have further time: Do cover each chapter end Practical problems of M.C. Kuchhal for getting grip over case studies. Do go through case studies from M.C. Shukla
Please pray for my better result.
Regards