Mercantile Law-CA-Technique to solve scenario based questions.

Mercantile Law-CA-Foundation-ICAP-Pakistan- Technique to solve scenario based questions. Terminologies used by the examiner in the questions. By Rehan Aziz Shervani---Cell # 0333-4324961 Mercantile Law Module- B—CA - Pakistan—Institute of Chartered Accountants of Pakistan-ICAP--- Technique to solve scenario based questions. Terminologies used by the examiner in the questions. By Rehan Aziz Shervani---99 Lectures on Business Law http://www.scribd.com/doc/39597948/99-Lectures-on-B...

LECTURES ON BUSINESS LAW/LAW OF CONTRACT/THE CONTRACT ACT 1872 Rehan Aziz Shervani shervani

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LECTURES ON BUSINESS LAW/LAW OF CONTRACT/THE CONTRACT ACT 1872 Rehan Aziz Shervani shervani

Aristotle’s definition of law.
“Law is the experience, developed by reason and reason, tested by experience”.
Experience (=Knowledge)
Reason (= Rationale)
Tested (=Checked)
Thus it may be stated that law is the knowledge, developed by rationale and rationale, checked by knowledge.

Before studying different statutes, it is recom-mended that students must know about the following basic concepts of law:
What is ‘Law’?
To answer the question the following definitions are discussed:
Simple definition
“Law is the right of one, obligation of the other, maintained by law enforcing authority”
Right (= Sheltered and recognized interest)
Obligation (=Duty)
Maintained (=Managed)
Enforcing authority (= Implementing power.)
Thus it may be stated that law is the sheltered and recognized interest of one, duty of the other managed and controlled by law implementing power.
Austinien’s definition of law
“Law is the command of the sovereign”
Command (=Order)
Sovereign (= Ruler)
Thus it may be stated that law is the order of the ruler.

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99 Lectures on Business Law

With My Very Brilliant Students of ICMAP Lahore, Way Back 2018, Probably.

Education makes a man fit company for itself.