What Is Business Law

Business law is the law that governs what happens with commercial matters, and there are two main types: regulation of commercial entities and regulation of commercial transactions. Laws have evolved over centuries, and have had to adapt to changes in technology and society.

MEANING AND DEFINITION OF LAW

Salmond defines law as the “body or principles recognised and applied by the State in the administration of Justice.”

SCOPE OF BUSINESS LAWThe scope of business law is indeed vast. It usually deals with topics of licences, large houses, monopolies, issues of securities, contracts, property, agency, negotiable instruments, foreign exchange, partnerships, companies, insurance, sales, bailment, guarantees, labour, suretyship, bankruptcy, consumer interest, business crimes, raising loans from financial institutions, obtaining electricity, iron and steel, customs clearance, allotment of materials, import of capital goods, pollution control and the like. These and other aspects are covered by legislations enacted by Central, State or Local Bodies.

SOURCES OF BUSINESS LAW

The important sources of business law are : (1) Legislation, (2) Custom, (3) Case law, (4) Natural law, and (5) English law.

1. Legislation: Legislation is the common source of law. Both Parliament and State assemblies have enacted a number of legislations that cover various aspects of business.

2. Custom:The Indian Contract Act provides that nothing therein contained, “shall affect any usage or custom of trade.” Similarly, the Negotiable

Instruments Act provides that nothing there-in contained “shall affect any local usage relating to instruments in an oriental language.”

3. Case Law :Case law, popularly called “precedent” by lawyers is a judgement of a superior court including a point of law or principle and which necessitates its adoption and adherence in a subsequent case involving the same point. 

4. Natural Law: Natural law or natural justice is another source of law. 

A historic case to be quoted in this context is the National Textile Unions v. Ramakrishna (1983).

5. English Law Our business laws are largely based on English acts applicable in England. 

Types of Business Law:-

      Contract Drafting/ Negotiations/ Legislation.

      •Consumer Good Sales.

     • Antitrust.

     • Intellectual property.

      •Immigration Law.

      •Taxes.

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