alleryStart learning →Indian Mercantile Law was first codified through which Act, enacted in 1872?
ASale of Goods Act
BIndian Contract Act
CNegotiable Instruments Act
DIndian Partnership Act
Answer & Solution
Correct answer: B. Indian Contract Act
1. Prior to 1872, mercantile transactions were governed by the personal laws of the parties.
2. The Indian Contract Act, 1872 was the first attempt to codify and unify mercantile law.
3. After 1872, other Acts followed: Negotiable Instruments (1881), Partnership (1932), Sale of Goods (1930).
4. Indian Contract Act, 1872 is therefore the foundational statute.
5. The other dates are later codifications.
_Source: ICSI CS Executive Programme, Paper 1 "Jurisprudence, Interpretation and General Laws", Lesson 1 "Sources of Law" (Nov 2021 edition, pp 2-19)._
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