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Business Law_Ch - 1.ppt

  1. Ethics & Business Law
  2. Thinking about 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 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.
  3. Law  Law includes all those rules and regulations which regulate our relations with other individuals and with the state.  Law means a set of rules recognized and enforced by the state to control and regulate the conduct of people, to protect their property and contractual rights with a view to securing justice, peaceful living and social security.
  4. Law  According to Salmond, “Law is the body of principles recognized and applied by the state in the administration of justice”.  According to Holland, “Law is a rule of external human actions enforced by the sovereign political authority”.
  5. Business Law  “Business Law is the body of law that applies to the rights, relations and conducts of persons & businesses engaged in commerce, merchandising, trade and sales”.  It is mostly known as Commercial or Mercantile Law.
  6. Nature/Characteristics of Law  A Law will present the following features – (i) It is a set of rules. (ii) It regulates the human conduct. (iii) It is created & maintained by the state. (iv) It has certain amount of stability, fixity & uniformity. (v) It is backed by coercive authority. (vi) It’s violation leads to punishment.
  7. Rule of Law  The Rule of Law is the concept of equality of all persons before law.  Dicey told about THREE (3) Rule of Law – (i) “No man is punishable or can be lawfully made to suffer in body or goods except for a distinct breach of law established in the ordinary legal manner before the ordinary court”. (ii) “No man is above law”. (iii) “The Rule of Law is the result of statutes & judicial decisions determining the rights of private persons”.
  8. Scope of Business Law The Scope of Commercial Law is wide. It includes the laws relating to – 1. The Contract Act – 1872 2. The Sale of Goods Act – 1930 3. The Negotiable Instrument Act – 1881 4. The Partnership Act – 1932 5. The Company Act – 1994 6. The Insurance Act - 1938
  9. Scope of Business Law 7. The Insolvency Act – 1997 8. The Carriage of Goods Act – (a) The Common Carriers Act – 1865 (b) The Railway Act – 1890 (c) The Carriage of Goods by Sea Act – 1925 (d) The Carriage of Goods by Air Act - 1934