business law means

   Law
  The term 'law' refers to rules of conduct enforced by the State to maintain peace and order in the society.The objective is to provide security and uniformity by regulating human actions.In absence of law , life and business will become a matter of survival not only of the fittest but also of the most ruthless. In  a civilised society, laws are backed by the authority and the power of the State.They are enforceable against all individuals irrespective of their social status. Otherwise , the society becomes a jungle and then jungle laws will come into operation.
     

     definition of Law:

       Austin has defined law in the following words :" A law is a rule of conduct imposed and enforced by the Sovereign."

       Salmand defined law as "the body of principles recognised and applied by the State in administration of justice."

     Holland defined law as "rule of external human actions enforced by Sovereign Political Authority."

         

             From the definitions given above ,it can be noted that law is set of rules and principles relating to human actions with a view to regulate the actions of human beings in respect of one another and in relation to the society. As we are aware the society is not static, its value system keeps changing. Hence , law also keeps changing  according to the changing requirements of the society.

         Meaning of Business law

   The terms 'business' commercial' and 'mercantile' are synonymous.Day to day transactions  between individuals, institutions, Governament  or  local bodies, involving one or the other form of obligation is a business transaction.

     The growth of business made it imperative for the Parliament and State Legislatures to introduce legislation amend the existing  legislation to regulate  various business transactions.Although it is not possible for a business or layman to learn every branch of law  yet he/she must acquaint himself with the general principles ofgive law of  the country for, ignorance of law is no excuse.

      Business law is a branch of General law.It relates to industry, trade and commerce. It includes law relating to contracts, sale of goods ,partnerships, negotiable instruments,companies,cooperative societies etc. Further, consumers are a special constituent of any business. Consumers Protection Act not only recognises the importance of safeguarding the rights interests of consumers but also puts every business on alert and answerable to the consumer.

       It should be noted that Business law is not altogether distinct and separate from other  branches of law. In its application, recourse is often taken to other pieces of legislation.Laws as such are all interrelated.It is only a matter of convenience that legislation is classified into Business law , Labour law, Mercantile law etc.

       Sources of  Business Law

      The  main sources of Indian Mercantile Law are given below:

• English Mercantile Law
• Statutes of Indian Legislature
• Judicial Decision
• Customs and Usage

                     Business laws in India
1.Contract Act,1872                    9.patent act1970;Copy Rights Act
                                                         1957;Trade and  merchandise                                                                      and Marks Act,1958
2.Negotiable instruments           10.sick industrial Companies  act
    Act,1881
3.Sale of Goods act,1930           11.Consumer Protection Act,1986
4.Partnership Act,1932              12.Environment(protection)act1986
5.Companies Act,1956              13.Essential Commodities Act 1995
6.Securities Contracts 
  (Regulation) act 1956              14.Information Technology act2000
7. MRTP Act,1969                     15.Competition Act,2002
8.Foreign Exchange                   
Management Act,1999