What is Business law

Law is essentially some rules and regulations. In different word, law means some policies and principles that governs and regulates social habits and the observance of which can be enforced in courts.

However, commercial enterprise regulation is a branch of law, which governs and regulates the trade and commerce. Business regulation additionally regarded as business law, mercantile law. On the other hand, According to Salmond, law is ‘’the body or principles identified and applied by the kingdom in the administration of justice.’’

What are the sources of the Business Law?

Ans: Important sources of commercial enterprise regulation can be described as:

1. Legislation/Statutory law- Law enacted through the parliament. In other words, both parliament and country assemblies have enacted a number of legislations that cowl a variety of factors of business, I.e. The sale of Goods Act,1930.

2. Custom/Customary law- Law which come from customized and usage. Briefly, customized universal via courts and integrated 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 selection is taken via top-quality 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 identical crime is a guiding precept for any legislation. i.e. The National Textile Unions V. Ramkrishna. (1982).

5. English Law/English Mercantile law- In our country, some regulation nonetheless ultimate from British period. In other words, English Mercantile Law is an unwritten, generalized law of England to deal with customized and judicial activities which has equity Law, merchant law, frequent law, and statute regulation its source. i.e. The Carries of Goods by way of sea Act 1925.