Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.[1] It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.[2] It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law.In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, and the U.S. territories.
Commercial law, also known as business law or corporate law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.[1] It is often considered to be a branch of civil law and deals with issues of both private law and public law.
Commercial law includes within its compass such titles as principal and agent; carriage by land and sea; merchant shipping; guarantee; marine, fire, life, and accident insurance; bills of exchange, negotiable instruments, contracts and partnership.[2] It can also be understood to regulate corporate contracts, hiring practices, and the manufacture and sales of consumer goods. Many countries have adopted civil codes that contain comprehensive statements of their commercial law.In the United States, commercial law is the province of both the United States Congress, under its power to regulate interstate commerce, and the states, under their police power. Efforts have been made to create a unified body of commercial law in the United States; the most successful of these attempts has resulted in the general adoption of the Uniform Commercial Code, which has been adopted in all 50 states (with some modification by state legislatures), the District of Columbia, and the U.S. territories.
Jurisprudence is the basic subject in law. It is the grammar of law, as it studies law as a whole through different theories, principles, and philosophical and sociological approach. Different jurists through their interpretations have evolved theories which helps us study the purpose and utility of laws around the world.
This Presentation details the specifics of public and private nuisance and give scenarios of each so that readers can fully understand the concepts applicable to business law.
Definitions of Jurisprudence. Scope & Relationship with other social sciencescarolineelias239
this slide says about the definitions put forward by famous scholars, better meaning of jurisprudence, and how different social science subjects are inter connected with Jurisprudence.
Jurisprudence is the basic subject in law. It is the grammar of law, as it studies law as a whole through different theories, principles, and philosophical and sociological approach. Different jurists through their interpretations have evolved theories which helps us study the purpose and utility of laws around the world.
This Presentation details the specifics of public and private nuisance and give scenarios of each so that readers can fully understand the concepts applicable to business law.
Definitions of Jurisprudence. Scope & Relationship with other social sciencescarolineelias239
this slide says about the definitions put forward by famous scholars, better meaning of jurisprudence, and how different social science subjects are inter connected with Jurisprudence.
Basic concepts of fundamental business law in India which requires to understand by every person who run their own business or works for managing business or management students for their subject course
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
Visit Now: https://www.tumblr.com/trademark-quick/751620857551634432/ensure-legal-protection-file-your-trademark-with?source=share
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
Introducing New Government Regulation on Toll Road.pdfAHRP Law Firm
For nearly two decades, Government Regulation Number 15 of 2005 on Toll Roads ("GR No. 15/2005") has served as the cornerstone of toll road legislation. However, with the emergence of various new developments and legal requirements, the Government has enacted Government Regulation Number 23 of 2024 on Toll Roads to replace GR No. 15/2005. This new regulation introduces several provisions impacting toll business entities and toll road users. Find out more out insights about this topic in our Legal Brief publication.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
2. Definitions
Classification Of law
Overview of general and commercial terms
Business entities
Business Law Basics
By
Berger Harris and Samuel D Brickley
3. Law.
◦ A rule of action to which men are obliged to make
their conduct conformable, a command, enforced
by some sanction, to acts and forbearances of
class
◦ A principle of conduct observed habitually by an
individual or a class
◦ In its widest sense, law is an aggregate of rules
enforceable by judicial means in a given country
Jowitt on Dictionary of English law, 2nd Ed
Mitra`s Legal and Commercial Dictionary
4. Four principal functions and purposes:-
◦ Establishing standards
◦ Maintaining order
◦ Resolving dispute
◦ Protecting liberties and rights
A guidepost for minimally acceptable
behavior in society
5. Written
Unwritten
National
International
Public
Private
Substantive
Procedural
Criminal
Civil
Act
Ordinance
Rules
Regulations
6. These are rules of law those have been
reduced into a written form.
They are embodied in a formal document e.g
Constitution
Written laws prevails over unwritten law
7. These are rules of Law that have not been
reduced into written form
They are not embodied in any single
document e.g African customary law,
common law, equity
Their existence must be proved
8. These are rule of law operational within the
boundaries of the country
Regulates the relation between the citizens
Regulate the relation between the citizens
and the state
Based on the act of parliament , customary
and religious practice of the people
9. It is a body of rules that regulates relations
between countries/states and other
international persons e.g United Nations
It is based on international agreements of
treaties and customary practice of states and
general principles
10. It consist of those fields or branches of law in
which the state has an interest as the
sovereign e.g Criminal Law, Constitutional
Law, Administrative Law
Public law is concerned with the constitutions
and functions of the various organs of
Government including local authorities, their
relations with each other and citizens
Public law asserts state sovereignty and
power
11. It consists of those fields or branches of law
in which the state has no direct interest as
the sovereign e.g Law of Contracts, Law of
Property , Law of Succession
Private law is concerned with day to day
transactions of legal relationship between
persons
It defines the rights and duties of parties
12. Create rights and duties of parties
Concerned with the rules themselves as
opposed to the procedure on how to apply
them
Provides remedies when the rights are
violated
Defines offenses and prescribes punishments
e.g Pakistan Penal Code
13. Deals with procedures on how to apply law
Consist of steps or guiding principles or rules
of practice to be complied with or followed in
the administration of justice or in the
application of substantive law
Referred to as Adjective Law e,g CrPC, CPC
14. It has been defined as the law of crimes
A crime has been defined as an act or
omission committed or omitted In violation of
public law e.g murder, robbery, theft
All crimes or offence are created by
parliament through statutes
Suspects are arrested by the state through
the police
Offences are generally prosecuted by the
state through the office of the Attorney
General
15. It is concerned with the violation of private rights in there
individual or corporate capacity e.g breach of contract ,
negligence , defamation , nuisance, trespassing
If a persons private rights are violated the person has a
cause of action
Cause of actions are recognized by statutes and by the
common law
The person whose rights have been allegedly violated sues
the alleged wrong doer hence civil cases styled as plaintiff
vs defendant
It is the duty of the plaintiff to adduce evidence to prove
his case the burden of proof lies on plaintiff
Purpose of civil law is the protection of rights and
enforcement of duties as well as provision of legal
remedies as and when a persons rights have been violated
16. Means a thing done, deed, something done by a person
pursuant to his violation.
Act used with a reference to an offence are or a civil wrong
shall include a series of act and words which refers to acts
done extend also to illegal emission
Act includes illegal emissions
The word act extends to illegal emissions and no
distinctions can be made between acts done illegally and
in bad faith and acts done bona fide in official capacity
According to criminal procedure code act means and
includes the power to examine and cross examine
witnesses and address the court
Mitra`s Legal and Commercial Dictionary
Roop K Shorey V State, AIR 1967 Punj 42
17. President of Pakistan has the power to
promulgate Ordinance during reses of
parliament
18. Rule shall mean a rule made in exercise of
power conferred by any enactment and shall
include a regulation made as a rule under any
enactment
General Clauses Act 1897 & 1956
Section 3 ( 47 )
19. Regulation means a regulation made by the
federal government under government of India
act 1870 or the government of India act 1915 or
under section 95 or section 96 of government of
India act 1935 or by the governor under article
103 or article 104 of the constitution of 1956 or
by the President or by the Governor under article
223 of the constitution of 1962 or by the
President or by the Governor under article 247 of
the constitution of 1973
General Clauses Act 1897 & 1956
Section 3 ( 46 )
21. When one person signifies to another his
willingness to do or abstain from ding any act
An offer to contract must be made with the
intention to create, if accepted, a legal
relationship. It must be capable of being
accepted (not containing any impossible
conditions), must also be complete (not
requiring more information to define the
offer) and not merely advertising
22. It is the unconditional agreement to an offer.
This creates the contract. Before acceptance,
any offer can be withdrawn, but once
accepted the contract is binding on both
sides. Any conditions have the effect of a
counter offer that must be accepted by the
other party.
23. Offer when accepted without any condition
becomes a promise.
Section 2 ( B )
24. In a contract each side must give some
consideration to the other. Often referred to
as the quid pro quo. Usually this is the price
paid by one side and the goods supplied by
the other. But it can be anything of value to
the other party, and can be negative - eg
someone promising not to exercise a right of
access over somebody else's land in return
for a payment would be a valid contract, even
if there was no intention of ever using the
right anyway.
25. Every promise and every set of promises
forming the consideration is an agreement.
Section 2 ( E )
26. An agreement enforceable by law is a
contract.
Section 2 ( H )
27. Failure by one party to a contract to uphold
their part of the deal. A breach of contract
will make the whole contract void and can
lead to damages being awarded against the
party which is in breach
28. Using an independent third party to settle
disputes without going to court. The third
party acting as arbitrator must be agreed by
both sides. Contracts often include
arbitration clauses nominating an arbitrator
in advance.
29. The formal breaking up of a company or
partnership by realizing (selling or
transferring to pay a debt) the assets of the
business. This usually happens when the
business is insolvent, but a solvent business
can be liquidated if it no longer wishes to
continue trading for whatever reason
30. When two or more people or organizations
join together to carry on a business
31. The formal recognition that a person cannot
pay their debts as they are due. Note this only
applies to individuals, companies and
partnerships that become insolvent
are wound up.
32. Money paid as the normal remedy in the law
as compensation for an individual or
company's loss. If another type of remedy is
wanted (such as an injunction) but cannot be
or is not given by the court, then damages
will be awarded instead.
33. The situation where a person or business
cannot pay its debts as they fall due
34. A written document by which a person
transfers ownership of real property to
another. A deed must be properly executed
and delivered in order to be effective
35. A contract by which an owner of property
conveys exclusive possession and use of it
for a specified rent and for a specified period
after which the property reverts to the owner
38. It is an entity that is formed and administered
as per commercial law in order to engage in
business activities, charitable work or other
activities allowable
Most often business entities are formed to
sell a product or a service
40. It is a more complex and generally suggested
for larger, established companies with
multiple employees
It is also referred as C-corporation
A corporation is an independent legal entity
owned by share holders
The corporation itself, not the share holders
that owns it, is held legally liable for the
action and debits the business incurs
41. People form cooperative to meet a collective
need or to provide a service that benefits to
all members-owners
Profits and earnings generated by the
cooperative are distributed amongst the
members, also known as user-owner
Typically , an elected board of directors and
officers run the cooperative
Regular members have voting power to
control the direction of the cooperative
42. When two or more persons make an
association to do a business for sharing the
profit
Business is conducted by all partners or any
of them on behalf of all
The liabilities' unlimited
Types:
◦ General, Limited, Particular, At Will
43. It is the most basic type of business
You alone own the company and are
responsible for its assets and liabilities
It is an unincorporated business owned and
run by one individual with no distinction
between the business and the owner
You are entitled to all profits and are
responsible for all your business loses and
liabilities
44. It is designed to provide the limited liability
feature of the corporation and the tax efficiency
and operational flexibility of a partnership
The owner of the LLC are referred to as members
Unlike the share holders in a corporation LLC`s
are not taxed as a separate business entities.
Instead , all profits and loses are past through
the business to each member of LLC
LLC members report profits and loses on there
personal federal tax return just like the owner of
the partnership would do