Advocate, High Court of Delhi
As we know, Commercial law, is a body of law which governs the enterprises and entities in business and commercial transactions. It is often considered to be a branch of civil law and deals with issues of both private law and public law. It is also called business law. Similarly, the same is also known as trade law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. Commercial law could be classified into various branches viz. Companies law, Corporate law, Corporate governance, Competition law (antitrust), Consumer protection, Contract law, Environmental law, Intellectual property law (including Copyright law, Patent law, Trademark law), International trade law, Labour law etc. In this short article author tries to give an insight of 10 most important principles of commercial law, which each one one of us should compulsorily know. This paper deals with the principles like Agreement to Sell: Essential Ingredients, Lifting the Corporate Veil, Under Insurance & Averaging Out, Contra Proferentum, Arbitration or Adjudication by the Court, Claim for Damages, Ownership in property can be gifted without transfer of possession of property, Specific Performance of an Agreement to Gift, Section 23 read with Section 25 of the Registration Act, 1908: Registration is to be done within ‘Eight Months’ from the date of execution of a document required to be registered, and Composite Document: ‘Will’ as well as Gift.
Keywords: Agreement to sell, Lifting up of corporate veil, Specific performance of an Agreement, Under insurance, Average out