business law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealings between persons in commercial matters.

sources of the Business Law:

There are the 5 sources of business law:

1. Legislation: 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.

2.  Custom: 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: 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. 

5.  English 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.

Essential elements of business Law:

Goods 

Price

Two parties 

Transfer of ownership

Kinds of goods: 

1. Existing goods 

2.Future goods 

3.Contingent goods