V BBM ‘B’ BUSINESS LAW CLASS
CONTENTS
1. Introduction to Business Laws
2. Indian Contract Act, 1872
3. Patent Act, 1970
4. Trade & Merchandise Marks Act, 1958
5. Copyright Act, 1957
6. Consumer (Protection) Act, 1986
7. Foreign Exchange Management Act, 1999
8. Information Technology Act, 2000
9. Environment Protection Act
10.Competition Act, 2002

Module I.
BUSINESS LAWS
What is law ?
1. A citizen may think of ‘law’
as a set of rules which he must obey.
2. A lawyer who practices ‘ law’ may think
of law as a vocation.
3. A legislator may look at ‘law’
as a something created by him.
4. A judge may think of ‘law’
as a guiding principles to be applied in
making decisions.

Law
• Law includes all those
rules and regulations
which regulate our
relations with other
individuals and with the
state.

Definition of Law by Salmond
• “ Law is ………………
…the body of principles
recognized and applied by
the State in the
administration of the justice
”.

Object of law
• The object of law is order, and
the result of order is that men
are enabled to look ahead
with some sort of security
as to the future.

Need for the kn owled ge o f law
• ‘Ignorantia juris non excusat’
is a familiar maxim. This means
ignorance of law is not
excusable.
The law now a days is a matter of
great intricacy.
As such no sound business man
would attempt to solve
important legal questions
affecting his business interest

BUSINESS LAWS
• Business laws are those
laws which regulate the
conduct of the businesses.

Sources of Business Law
• 1.English Mercantile Law
• 2.The Statute Law
• 3.The Case Law
• 4.The Common Law
• 5.Customs and Usages

Module: II
Law of Contract
• The law of contract is regulated by
Indian Contract Act, 1872
OBJECT OF THE LAW OF CONTRACT
The law of contract is that branch of law
which determines the circumstances in
which promises made by the
parties to a contract shall be
legally binding on them.
In simple words, the purpose of law of
contract is to ensure the realization of

OBJECT OF LAW OF CONTRACT
• According to Sir William Anson,
The law of contract is intended to
ensure that, ‘what a man has
been led to expect shall
come to pass, and that what
has been promised to him
shall be performed.

‘JUS IN