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Business Law
UG 1st year
Meaning and Definition:
 Enforceable rule of conduct that govern commercial
relationships.
 Business Law is the body of law that governs business and
commercial transactions.
“ Business law lays down the rights, duties and obligations
owned by the parties to a contract. It will define the areas of
law relevant to the world of business, and the rights of people
who engaged with in.”
 The word ‘Law’ has been derived from the Teutonic word
‘Lag’ which means ‘definite’.
“Law can be definite rule of conduct and human relations.
It also mean a uniform rule of conduct, which is
applicable equally to all the people of the state. Law
prescribes all regulates general conditions of human
activity in the state”.
Law relating to business, commercial activity and trade or
commerce.
Objectives:
 To advise and assist the management for taking appropriate prompt
decision.
 To carry business in legal ways.
 Clarify rights and power.
 Covers rules that apply to business situations and transaction.
 Concerned civil law, especially contracts.
 To protect and preserve rights of shareholders.

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Business law(1).pdf

  • 2. Meaning and Definition:  Enforceable rule of conduct that govern commercial relationships.  Business Law is the body of law that governs business and commercial transactions. “ Business law lays down the rights, duties and obligations owned by the parties to a contract. It will define the areas of law relevant to the world of business, and the rights of people who engaged with in.”
  • 3.  The word ‘Law’ has been derived from the Teutonic word ‘Lag’ which means ‘definite’. “Law can be definite rule of conduct and human relations. It also mean a uniform rule of conduct, which is applicable equally to all the people of the state. Law prescribes all regulates general conditions of human activity in the state”. Law relating to business, commercial activity and trade or commerce.
  • 4. Objectives:  To advise and assist the management for taking appropriate prompt decision.  To carry business in legal ways.  Clarify rights and power.  Covers rules that apply to business situations and transaction.  Concerned civil law, especially contracts.  To protect and preserve rights of shareholders.