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Atoduction, A3, (b) Fquin t overcame the limititions of the common law, Is is based on the, oonoepts of jutice developed by the judges whose decisions bccame, precedents (A previous case taken as an exampe for absequent ce, is called a procedon) Like the common lew, the equity law is aiso, unwritten Both are now being applied to all cases without any, distinction, or, ile, (e) nglish Statute Le: t refers to the lew enacted by the British, Partianent. Itis superior to the common law and equity, (d) Law Merchant or Lex Mercatoria h waabased en customs and usages, prevalent among the merchants and traders over a period of time, Gradually it came to be recognised by the common Inw courts, 2 Indian Statute Law- The Acts pessed by the Parliament ora State Legislanme, in India are also an important source of the Indian Mercantile Law. A few, examples of such Acts are given below., a) The Indian Contruct Act, 1872, (b) The Sale of Goods Act, 1930, (e) The Indian Partnership Act, 1932, (d) The Companies Act, 1956., 3. Judicial Decisions - A Court decision inaparticular case becomes a precedent, (taken as an example) for similar future cases. This is done when law is silent, on a particular issue., 4 Customs and Usages -Custons and usages prevalent umong certain sections, of the business community are also an important source of the Indian, Mercantile Law. Courts too recognise these.