Legal environment of business 1


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Legal environment of business 1

  1. 1. Legal Environment of Business By : Rishabh Jain
  2. 2. Topics for Pre – Mid SemIntroduction to legal environmentBusiness contractsNon – corporate Business EntitiesLaw relating to Corporate BusinessEntities
  3. 3. Introduction to Legal EnvironmentSession 1 Philosophy of Law Classification of Law Torts
  4. 4. What is Law ?An Instrument of social justiceAssures uniform application of lawsRegulates the actions and behavior ofindividuals
  5. 5. Philosophy of lawMeaning of Law– The body of rules accepted by a community– The command of the sovereign– Recognized and enforced by courts of law– Process of balancing conflicting interests– Acc to Blackstone “ A rule of action applicable to all kinds of actions”– Holland “Law is a general rule of external human actions, enforced by the Sovereign Political Authority”
  6. 6. Philosophy of lawPurpose Of Law– Maintaining order and securing justice– Powered by state’s sanction– Maintaining status quo : Ensuring stability and security of social order.
  7. 7. Philosophy of lawAdvantages of Law– Provide uniformity and certainty to administration of justice– Fixed Principles – Avoids any arbitrary, biased and dishonest decisions & errors of individual judgment– More reliable than individual judgment
  8. 8. Philosophy of lawSources of Law– Holland “Denotes the quarter from where we obtain our knowledge of law or the ultimate authority”– John Austin refers following three meanings The direct author i.e. the sovereign Historical documents The causes bringing rules into force
  9. 9. Philosophy of law Sources of Law – Acc to SalmondFormal sources Material sources(giving force & validity) (constituents) Legal sources Historical sources (Authoritative) (No binding Force) Statute Customary Case
  10. 10. Philosophy of lawLegislation– Making or setting of law, includes all methods by which law is made– Most important source of law in all countries– Declaration of legal rules by competent authority Supreme authority : Parliament of India – which can’t be repealed Subordinate authority : Depends on supreme authority for its existence
  11. 11. Classification Of LawImperative Law : Prescribes a general course ofaction imposed by authorityPhysical or scientific laws : Universaluniformities of natureNatural or Moral Law : Rightful action, based onprinciples of natural justiceConventional Law : Agreed upon by people forregulation of their conductCustomary law : Voluntary action implementedas law
  12. 12. Classification Of LawPractical or Technical Law : related tosome technical area, for attainment ofcertain endsCivil Law : Acc to Salmond “ the law of thestate or of the land, the law of lawyers andthe law of courts” , includes a number ofbranches.