Business Law
What is business law?
Ans: Law is basically some rules and regulations. In other
word, law means some rules and principles that governs and regulates social
conduct and the observance of which can be enforced in courts.
However, business law is a branch of law, which governs and
regulates the trade and commerce. Business law also known as commercial law, mercantile
law. On the other hand, According to
Salmond, law is ‘’the body or principles recognized and applied by the state in
the administration of justice.’’
What are the sources
of the Business Law?
Ans: Important sources of business law can be described as:
1.
Legislation/Statutory
law- Law enacted by the parliament. In
other words, both parliament and state assemblies have enacted a number of legislations
that cover various aspects of business, I.e. The sale of Goods Act,1930.
2.
Custom/Customary
law- Law which come from custom and usage. Briefly, custom accepted by
courts and incorporated in judicial interpretations, becomes law. Moreover,
many of the business customs or usages have already been adopted and legalized.
3.
Case Law/
Judicial precedent- Simply, judicial precedent, the decision is taken by superior
court similar case happened in past.
4.
Natural
Law- Natural law is basically laws, which derived from nature. According to
nature law, no man can be punished twice for the same crime is a guiding
principle for any legislation. i.e. The National Textile Unions V. Ramkrishna.
(1982).
5.
English
Law/English Mercantile law- In our country, some law still remaining from
British period. In other words, English Mercantile Law is an unwritten,
generalized law of England to deal with custom and judicial activities which
has equity Law, merchant law, common law, and statute law its source. i.e. The
Carries of Goods by sea Act 1925.
Types of Business
Law can be defined as:
Contract Drafting/ Negotiations/ Legislation.
Consumer Good Sales.
Antitrust
Intellectual property
Immigration Law
Taxes.
Objective of
business law can be defined as:
§
Define the rules of the game
§
Enable enforcement of rights
§
Facilitate Industrial growth
§
Achieve social justice
§
Fix priority of want
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