4. What is Law ?
The law is a set of legal rules that governs the way
members of a society act towards one another.
Law is “ 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”. – Woodrow Wilson
Laws are required in society to regulate the behaviour
of the individual, to correspond with what is
acceptable to the majority of individuals,
5. Importance of LAW
Without law, life and business would become a matter
of survival, not only of the fittest but also of the most
ruthless.
Laws are required in society to regulate the behaviour
of the individual, to correspond with what is
acceptable to the majority of individuals,
Law is the potential tool of social change.If fact law
and society are complementary. No society can exist
without law. It is essential for up keeping of peace in
the society.
6. BRANCHES OF LAW
CONSTITUTIONAL LAW
ADMINISTRATIVE LAW
CRIMINAL LAW
CIVIL LAW
COMMERCIAL LAW
7. CONSTITUTIONAL LAW
Is the law which regulates the structure of the
principal organs of the government and their
relationships to one another and determines their
principal functions.
The rules consist both of legal rules and of usages,
commonly called conventions, which without being
enacted are accepted as binding by all concerned with
the government
8. ADMINISTRATIVE LAW
It is the law that governs the executive branch of the
government. It is as old as the executive.
9. CRIMINAL LAWS
Are the laws which wrong doers are punished. At the
same time, civil laws are those laws with which the
private rights of an individual are enforced
10. MERCANTILE LAWS
It deals with the rights and obligations of Commercial
persons emerging from commercial transactions in
respect of commercial property.
11. SCOPE OF BUSINESS LAW
The scope of the business law has enormously
widened due to the increasing complexities of the
modern business world.
It usually covers topics of law of contracts, law relating
to Agency, law relating to sale of goods, law of
partnerships, law of companies, law relating to
negotiable instruments, law of banking, law relating to
insurance, pollution control etc.
These and other topics are covered by legislations
enacted by Central and State Governments.
12. SOURCES OF BUSINESS LAW
Statutory law: Acts passed by Parliament
English mercantile law
Local Customs and usage
Equity: Judges follow decisions that had been
made in similar, previously decided cases, with
remedies based on fairness.
Common law - Judges follow decisions that had
been made in similar, previously decided cases,
with the remedy of damages.
