Short Answer Type Questions (SAQ) [1Mark each]
1. What are the rules enacted by the country?
Answer: Laws are the rules enacted by the country.
2. What are the customs and rules that control the external behaviour of people in social life?
Answer: Laws are the customs and rules that regulate the external behaviour of people in social life.
3. Define law.
Answer: According to Holland, “A Law is a rule of external human actions enforced by the sovereign political authority.”
4. Who enforces the law?
Answer: The country makes and enforces the law.
5. Mention one characteristic of law.
Answer: Laws are rules relating to the external behaviour of people – It has no access to the mental state.
6. What human behaviour is regulated by law?
Answer: External human behaviour is regulated by law.
7. What is the basis of law?
Answer: Coercive action is the basis of the law, i.e. breaking the law is a punishable offence.
8. What is the main element of law?
Answer: The main element of law is conventional customs and behaviours.
9. What is Commercial Law or Merchantile Law?
Answer: Commercial law is the law applied to regulate the contractual relations, rights and liabilities between business persons resulting from commercial transactions.
10. Give two examples of commercial law.
Answer: Two examples of Commercial Law are – The Partnership Act, The Company Act.
11. Mention any two sources of Indian Commercial Law.
Answer: Two sources of Indian Commercial Law are – 1) Customs and traditions, 2) Judicial decisions or judgments.
12. Where legislation is made in the state?
Answer: Legislation in the state is made in the respective state assembly.
13. What is ‘Lex Mercatoria’?
Answer: The maritime customs established for trade in various European ports in the fourteenth and fifteenth centuries are known as ‘Lex Mercatoria’.
14. Mention two laws of two countries whose influence can be seen in Indian Commercial Law.
Answer: Indian Commercial Law is influenced by English Merchantile Law and Roman Law.
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