Revised Syllabus and Recommended Books of Mercantile Law

Amna · #1 Sunday, June 07, 2015

PAPER: 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, shareholders, 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.

SUGGESTED READINGS

1. Law of Contract ----------------------------------------------------Agarwala, M. Mehmood

2. Sales of Goods Act-------------------------------------------------Pollock & Mulla

3. Bare Acts: -------------------------------------------------------- Government of Pakistan

i) Contract Act, 1872

ii) Negotiable Instrument Act, 1881

iii) Sale of Goods Act, 1930

iv) Companies Ordinance, 1984

v) Arbitration Act, 1947

vi) Competition Act, 2010

vii) Electronic Transactions Ordinance, 2002

viii) Consumer’s Protection Act, 2006

ix) Electronic Fund Transfer Act, 2007

4. Case Law Reading
i) Carlil vs. Carbolic Smoke Ball Co. (1893) 1 QB 256

ii) Pharmaceutical Society of Great Britain vs. Boots Cash Chemicals Ltd.(1952) 2 QB 795

iii) Curie vs. Misa (1875) LR 10 Ex 153

iv) Byrne & Co. vs. Van Tienhaven & Co. (1880) 5 CPD 344

v) Mohri Bibi vs. Dharmodas Ghose (1903) 30 IA 114

vi) Derry vs. Peeks (1889) 14 App. Cas 337

vii) Mannu Singh vs. Umadat Panday (1890) 12 ALL 523

viii) Coggs vs. Bernard (1703) 2Ld Raym 909

ix) Lumley vs. Wanger (1852) EW HC (Ch)J 96

x) Manni Devi vs. Ramayan Singh AIR 1985 Pat. 35

xi) Lachhman Joharimal vs. Bapu Khandu (1869) 6 Bombay High Court Reports 241

xii) Mischeff vs. Springett (1942) 2 KB 331

xiii) Watson vs. Coupland (1945) 1 all er 217

xiv) Ashbury Railway Carriage & Iron Co. Ltd. Vs. Riche (1875) LR 7HL 653

xv) Lee vs. Lee’s Air Farming (1960) 3 All ER420

xvi) Salomon vs. A. Salomon & Co. Ltd. (1897) AC 22

xvii) Royal British Bank vs. Turqnand (1856) 6 E&B 327

xviii) Ram Raja Ram vs. Dhirba Charan Jen AIR 1982 Ori 264

xix) Badridas Kothari vs. Megraj Kothari AIR 1967 Cal 25

xx) Hitachi Ltd. & others vs. Rupali Polyester & others (1998 SCMR 1618)

xxi) Marflower Theatre Trust Ltd. Vs. HMRC (2007) STC 880

xxii) Pickering vs. Bux (1812) 15 East 38

xxiii) Liaqat Islam vs. State (2011 YLR 2280)

xiv) Alamgir Khalid Chughtai vs. State (PLD 2009 Lahore 259)

xv) United States vs. Forty Barrels and Twenty Kegs of Coca Cola, 241 U.S. 265
(1916)

xvi) Hedley Byrne & Co. Ltd. Vs. Hella & Partners Ltd. (1964) AC 465

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