Principles of mercantile law

The work appeared in 1973 as an attempt us study the underlying principles affecting of the prominent beacher of mille lew. The that has elapsed between the Rese and the pot been without signiflexnen to this j. Some of tanding branches have undergone serious amendments Comer protection has now become an accepted principle of action for the modern welfare States. The com has been suffering at the hands of producers and suppliers of goods. Now they should naffer some reduction of their liberty of contract in the interest of the comumer. Thus liberty of contract is on the whole running down. One important step in this direction has been taken by the (English) Supply of Goods (Implied Terms) Act, 1973. It has for the first time given sta tutory definition to the expression "merchantable quality". It distinguishes between consumer and non-consumer sales and does not permit any more the seller or the manufacturer to exclude his liability in a consumer'sale for the conditions and warranties implied by the Sale of Goods Act. It virtually rules out of exis tence the rule of caveat emptor. No such legislative measure has yet been taken in India but one hopes that the Indian legislature will not lag much behind.

Though the Indian legislature has not touched the Sale of Goods Act, it has, by enacting the Companies (Amendment) Act, 1974, brought companies under much greater control and this will miltimately, by preventing undesirable manipulations of corporate finances and concentration of economic power, benefit the con umer and the general public in a long way, regard being had to The fact that almost every large-scale commercial activity for the roduction of goods and provisions of services is in the hands of ne corporate sector.