Definition: Business law is a section of codes that are involved in protecting liberties and rights, maintaining order, resolving disputes, and establishing standards for the business concerns and their dealings with government agencies and individuals.

Sources of Business Law: 

>Statutory Law: Law enacted by the parliament. It is a law introduced by the legislative of the government. They can be modified, change, abolish, and delete.

I.e. The sale of Goods Act,1930

>Case or Common Law: Case or common law is originated from England. It refers to the laws which are made as precedents by judges. Rulings and decessions taken by the courts. The lower courts need to stand by the previous decision of the higher court for future references which is similar in nature.

>Natural Law: 

Natural law is basically laws, derived from nature. According to natural 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)

>Custom: Law which comes 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.