LAW

 Ignorance of law is not excused.

 There is no uniformity in definition of law.
 It change time to time or it should be
according to the society.
 New problem- new law.
 Definition of law

• a set of rules made by the authorities to reform

the conduct of a man.
• Law in general sense has different
connotations for different people
 Definition of law
by scholars
• Different definitions given by some scholars:
• Salmond defines law as the body of
principles recognized and applied by the
state in the administration of justice.
• According to Austin, "law is the aggregate
of rules set by men as politically superior or
sovereign to men as politically subject.
 Cont..
• According to Duguits's definition of law,
Law is also defined in relation with the
society. The aim of the social institutions is
to safeguard and further it.
• Roscoe Pound defines law as a social
institution to satisfy social wants. This
approach is very valuable.
 Salient Features of law
• Equal treatment
• Sovereign authority
• Sanction
• Justice
• Role of Law
• Dynamism
 Nature of law
• Law is set of rule: published and distributed,
simple, understanding.
• It is made and enforced by state or sovereign
authority.
• It regulates external human action.
• It maintain peace and justice in the society. It
also protect life, liberty and property of the
people.
 Cont..
• If law is not followed, then the person will be
punished according to the law.
• Equal treatment to all.
• Means of justice.
• Interpretation by court.
• Dynamic: not static (i.e change)
 Types of law
General way we can classify the law in following
terms:
1. Substantive law and Procedural law.
2. Civil law and Criminal law
3. Private law and Public law
4. National law and International law
 Substantive law and Procedural law.

Substantive law:
 legal principles
 Subject matter of law
 It is real or actual law
 Defined rights and obligation of the person
 No retrospective effect
Procedural law:
 Means to achieve the aims of law
 It explain the instructions to the remedy
 Influence by retrospective effect
 Civil law and Criminal law

Civil law :
 Basically matter of property
 There is no any punishment
 Compensation
 Against people
 E.g, contract, family disputes
Criminal law:
 Punishment
 Party is state
 Crime against state
 E.g, murder
 Private law and Public law

Private law:
 Like civil law
 Related to individual interest

Public law:
 Related to public interest
 Crimes regarding the public security
 Public interest litigation
 National law and International law

National law:
 Function only in territory of state.

International law:
 Followed by other countries
 E.g, Human rights , WTO
 Source of law
1. Tradition, custom and usages.
2. Law made by parliament(legislation).
3. Precedent:
 Law is not clear
 similar nature, Similar fact
 Ratio decidendi (reason of decision)
 Not conflicting with fundamental principle of law
 Not overruled by other statute and precedent.

4. Treaties and convention(conventional law).

 Cont…
5. Laws of other countries.
6. Writing or opinion of the scholars or experts
7. Executive orders: ordinance
 What is Business Law?
• Business &
• Law
 Business
• Human activities, which involve production
or purchase of goods with the object of
selling them at a profit.
• Business being an all embracing term
– Industry - concerned with the production of
goods
– Commerce (including trade) – concerned with
distribution of what is produced.
 What is law?
• Means different things in different societies
• Different schools of thought have defined
‘law’ from different angles
• ‘Law’ is a dynamic concept
• Rule made by authority for the proper
regulation of a community or society or for
correct conduct in life.
 What is law?
• Denotes rules and principles either enforced
by an authority or self-imposed by the
members of a society to control and regulate
people’s behavior with a view to securing
justice, peaceful living and social security
 Characteristics of Business law
• branch of civil law
• regulates all the matters related to industry, commerce
and trade.
• equal treatment to all the persons including individuals
or firms or corporate bodies involved in business
• maintain peace, order, security and uniformity in the
business community and create a good environment.
• dynamic in nature.
• regulatory as well as punitive
 Functions of business law

• Defines and creates awareness about the rights, duties

and liabilities of the business persons, institutions and
the government agencies.
• Regulates industry, trade and commerce.
• Regulates the different business activities in the state.
• Protects rights and interests of business communities.
• Brings uniformity in the conduct of the businesses.
 Functions of business law
• Encourages business communities by providing
facilities.
• Provides guidelines to the business firms in
carrying out their businesses.
• Provides mechanisms for settlement of disputes
• Punishment for violation of laws and rules
• Creates harmony among the different sectors of
the business.
 Sources of business law
• Custom and usage
• Statute laws
• Judicial decisions or case laws
• Commercial agreements, treatises or
conventions – WTO, SAFTA, BIPPA etc
• English mercantile law