Namaste, this is students this is professor, so professor and students are one. Now for a wonderful journey of Indian Contract Act, 1872, therefore Namaste.

Friends, we are going to start now the Indian Contract Act of 1872. Now henceforth this will be referred to as a chapter, so this is Chapter 1 and it will have several modules. But before we start with the wonderful journey of Indian Contract Act, 1872, let us first understand the underlying principle of honourable Constitution of India and honourable Indian judiciary which must always be logged in your mind, and that is Satyamev Jayate, which means Truth Alone Win, alone nothing else, so Truth Alone Wins.

And with that we can start now with our first module that is ML-1. Now what is ML -Mercantile Law. So it is a Mercantile Law 1, and our first module is Introduction to Law, because this is a new subject, you are doing it for the first time, that is law, so let’s start with it now.

But before we start with Mercantile Law, two points about the law must be zipped in our mind, the two most important points before we start with Mercantile Law. And the very first point is what is the law, that is the first thing. Now law means the conduct. It is the rules and the regulations to regulate the conduct the people at large because if the conduct of the people is regulated, is governed, is good, is rational, then automatically we will have peace in the society. And when there is peace in the society we will have stability, and when we have stability we will have growth. And when we have growth, we will have development in the society. And that is what is a very civilized society. So the conduct of the people must be regulated, to regulate that conduct of the people we need a guardian, we need a parent called as law. That is the first thing and the second important point about the law that must be very much clear in your mind is why should we be aware of the law, what is the need, because of the maxim ‘Ignorantia Judis Non Excuta’. This is a universal maxim, okay, applicable everywhere throughout the world. What does this Latin English maxim stands for? It stands for ‘Ignorance to the law is not an excuse’. You do not know the law that cannot be a good defence, you should be aware of the law. See this, a person is riding a bike without a licence and when the cop catches him, he says, ‘Sorry, I didn’t knew that I must have a licence”. Will the cop allow him to go? Definitely, no, because ignorance to the law is not an excuse. We are the elite masses, even the tribals living in the villages and all those forest area are aware of the law. They do not rob, they do not kill, they do not do any theft dacoity because they know that the law is going to punish them. So we should be aware of the law to which we are subjected to, okay. So when we got these two points about the law zipped up in our minds that is what is law, conduct. Should we be aware of the law? Yes, because of this maxim ‘Ignorantia Judis Non Excuta’.

Now we can proceed with our CPT Mercantile Law.

Your CPT Mercantile Law comprises of three acts, the very first one is Indian Contract Act of 1872. The second act is the Sale of Goods Act, 1930, and your third act is Indian Partnership Act, 1932.

Let us now start with MCQs, that is multiple choice questions, and here comes the first one.

Awareness of law is mandatory as per ……Maxim.

Now what you’ll can see,  a question and four options, and one more thing, what is that one more thing, tell me, near the number you can see a student sitting. Three things in that student, the student is smiling, amazingly seeing the question and hand is like this. Which means what, smiling because the question is easy now, and amazing with the eyes because it looks very wonderful, and hands up means I know the answer. And that is exactly what you are. Now come to the answer, which is that maxim, yes, Ignorantia Judis Non Excuta, Ignorance to the law is not an excuse. You should be aware of the law, right.

And here comes the second one, Law intends to regulate what, come one, the conduct of the people, yes, sir. Human behavior, sir, it is a conduct, yes, sir. Both, yes, sir, so that is the correct answer (c), because conduct of the people means the behavior, how you behave in your day to day life, so that’s what the law intends for.

And we have the third one, Section 2(b) defines promise, but where 2(b) means what, because it is a legal terminology so your pronunciation must be correct.  So the correct answer is (b) where 2 is a section and (b) is a clause. So we are going to say what, section 2 clause (b) defines promise.

Namaste.