Business law 1


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Business law 1

  1. 1. Dear StudentsWelcome back to AIT
  2. 2. Chapter 15 2
  3. 3. Legal Issues in BusinessSyllabus Indian Contract Act, 1872 Negotiable Instruments Act, 1881 Indian Sale of Goods Act, 1930 Indian Partnership Act, 1932 Companies Act, 1956 Consumer Protection Act, 1986 Information Technology Act, 2000 Chapter 15 3
  4. 4. Law- Introductory Law has different connotations :  Set of rules to be obeyed by a citizen  Vocation for a lawyer  Creation of a legislator  Guiding principles to be applied in making decisions – for a judge  Law includes all the principles and rules which regulate our relations with other individuals and with the State.  Laws can be :  Civil Laws (CPC-Code of Civil Procedure-1908)  Criminal Laws (Cr. PC/IPC-Criminal Procedure Code-1860)  Mercantile Laws  Industrial Laws  International Laws so on and so forth Chapter 15 4
  5. 5. Law - Definitions Holland- A jurist, defines ‘law’ as rules of external human action enforced by the sovereign political authority i.e. the State Salmond- Law is the body of principles recognized and applied by the State in the administration of justice Woodrow Wilson – law as that portion of the established habit and thought of mankind which has gained distinct and formal recognition in the shape of uniform rules backed by the authority and power of the government. It represents the code of conduct which is established and enforced by the State. It is an abstract body of rules and also a social machinery for securing order in community Chapter 15 5
  6. 6. Objectives of Law To maintain order Uniformity in socio-economic justice Safety and Security Welfare Improvement in material, moral and spiritual wellbeing For the people and by the people (Thro their reps.) Chapter 15 6
  7. 7. Need for the knowledge of law “Ignorantia juris not excusate”- a maxim For business For safety and security For rights and duties For general knowledge For peace and harmony To avoid conflict Chapter 15 7
  8. 8. Mercantile Law Branch of law dealing with contractual situations and the rights and obligations arising out of business transactions between mercantile persons. A mercantile person can be an individual, a partnership firm or a joint stock company. The aggregate body of those rules which are connected with trade, industry and commerce. Chapter 15 8
  9. 9. Sources of Mercantile Law English Mercantile Law (Modified) Common Law- Habits, Usages, Traditions and Customs (Unwritten but evolved systematically) Equity- Concept of justice developed by the judges (Unwritten) Statute Law Maritime Law (14th & 15th Century laws) Roman Laws- based on Bible Case Laws- Precedents Chapter 15 9
  10. 10. THANKSChapter 15 10