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Commercial laws in India a Bird's-eye view
Commercial law in India has grown rapidly over the years with the opening up of Indian markets to Foreign Direct Investment and development of Trade policy, according to the World Trade organisation norms. It is a wide concept involving business, commerce and consumer transactions. It is considered as a civil law, dealing with both issues of public and private law.
The history of Commercial law was first encountered during the middle ages, around 16th century in Italy, were the, jurist Benvenuto Stracca, in 1553 published the treat-"De mercatura seu mercatore tractats", it was one of the first imprint, specifically dealing with Commercial law. Earlier, it was only for merchants contract, practices and maritime rights but later it extended to bankruptcy, investments and others.
Commercial law in India doesn't have any fixed meaning or understanding, rather it has its elements formed from different laws altogether.
Commercial law is a set of laws relating to the conduct of trade and sales. Businessess of persons, merchants and commerce are involved in this. Commercial law is also known as 'Business law' or 'Mercantile law' or 'Trade law', regulating the practices of trade and commerce.
The branches or elements of commercial law are Contract law , IPR, Property law, Business Regulations, Corporate law, Uniform commercial code and Tax law. It also covers some elements from environmental laws, real estate, consumer protection and food/safety laws.
Unlike any other laws, Issues relating to commercial law can be solved without being on trial. Major issues relating to commercial law are contract violation, advertising disputes, market term violation, unfair trade practices, deficiency in services, leakage of trade secrets and consumer complaints. Also, third party disputes and other complex issues.
Resolving these issues under commercial law can be done through monetary compensation for the losses incurred, rescission of a contract, injunction and other equitable remedies, mediation and arbitration. However, these remedies depend upon the losses incurred and the breaching party.
Therefore, commercial law is an important part of trade conducts and seeking remedies for the losses incurred, if any. India, after globalisation have opened his markets for many international trade and domestic practices for which commercial law has shown a rapid growth and effectiveness.
