4.Customs and Usages:

Customs and usages are one of the important sources of the Indian Mercantile Law.

Customs and usages refer to those mercantile customs and usages of which are established by long usage and recognised and incorporated by courts in judicial decisions.Examples of legally recognised customs and usages are cheques considered stale after they are in circulation for more than six month ,account payee crossing ect..

The legally recognised customs and usages become binding  on the parties entering into commercial transactions.In many Indian Statutes ,specific provisions have been made for the enforceability of the legally  recognised customs and usages.

Customs or usages will be always subordinate to the statutory law.But where a statute specifically provides that the rules of law contained therein are subject to any well-recognised custom or usage of trade,then the latter may override.

Sources of English Mercantile.

a)Lex Mercatoria or Law Merchant:

 Lex Mercatoria or Law Merchant was the forerunner of the English Mercantile Law.

It is the name given to the legal principles based on the maritime usages customs and usages that prevailed among the merchants trading in European port during the fourteenth and fifteenth centuries.

It developed as a separate system of law during the fourteenth and fifteenth centuries.It recognised by the mercantile community,and was administered by tribunals consisting mainly of merchants themselves.Later on it was recognised also by the common Law  courts,and so,it merged with the common Law.

b.Common Law:

Common Law is one of the important sources of the english Mercantil Law.The law of contract is,for instance ,a part of the common Law,Even today.

Customs And usages which were evolved,recognised and practised over centuries, as  rules of conduct,by the english Community became the legal principles of law and acquired the name Common Law,when they become common over a wide area and found expression in the judicial pronouncements,so,Common Law refers to a system of Law based upon English customs ,usages and traditions,which are recognised and enforced by the Common Law courts of England.

c.Equity Law or Equity:

Equity Law or Equity is a system of law ,based upon the concepts of justice ,equity and good conscience,enforced by Equity Law courts or Courts of chancery.Like the common Law, the Equity Law also is an unwritten law.

Equity Law grew up a little later than the common Law.It developed as a system of law supplementary to the common Law.It Developed separately on account of the harshness and deficies of the Common Law.It was intended to modify the Common Law in some respects and supplement it in some other respects.The Common Law Courts were governed by certain archaic system of procedure with peculiarities of writs, action,ect…Relief under the Common Law was given only in cases to which any of the writs applied.

d.Statute law

Statute law refers to the law laid down in the Acts of the British parliament

The statute law is superior to,and overrides any rule of common law or equity law.

e.Roman Law.

Roman Law also is one of the sources of the English Mercantile Law.whenever the English customs and usages fail to afford solution to any par