What is business law

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