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DEVELOPMENT OF BUSINESS LAW
Introduction:
A vital element impacting business transactions and decisions is business regulatory framework. Different laws and regulations govern specific aspects of many vital decisions taken by business enterprise.Meaning of Law:
Law denotes rules and principles established by authority whether in the form of legislation or self imposes customs applicable to people. These are enforced by state to regulate behavior of individuals and groups (e.g. Business firms) to secure justice, peaceful living and social order.
Definition of Law:
Austin defines law as “a rule of conduct imposed and enforced by the sovereign.”
Salmond says “Law is the body of principles recognized and applied by the state in administration of justice”.
Branches of Law:
There are many branches of laws viz;
1. Constitutional law
2. Administration law
3. Civil law
4. Criminal law
5. Mercantile or commercial law
Mercantile/Business Law:
The legal frame work within which different business firms have to operate are largely governed by General Laws applicable to all forms of organizations-irrespective of their size and ownership. These laws fall into the category of mercantile laws.
The terms ‘Business Law’, ‘commercial law’ and mercantile law’ are synonymous.
Mercantile law is related to the commercial activities of the people of the society. It is that branch of law which is concerned with trade, industry and commerce in connection with various business transactions. Mercantile law is a wide term and embraces all legal principles concerning to business transactions.
Sources of Mercantile law:
The following are the main sources of mercantile law:
1. The Common law
2. The Law merchant
3. The Statue law
4. Principles of equity
1. The common law: This law is known as judge made law. It refers to a system of law based upon English customs, usages and traditions which were developed over centuries by the English Courts. It is unwritten and its principles are applied whenever subsequent dispute of similar nature arises.
2. The law merchant: the law merchant is the most important source of mercantile law. Law merchant means customs and usage which are binding on traders/merchant in their dealings with each other. But before a custom can have a binding force of law, it must be shown that such custom is ancient, general as well as notorious and command universally then only it becomes a part of common law.
3. Principle of Equity: Equity is a body of rule, the primary source of which was neither custom nor written, but the imperative dictates conscience and which has been set forth and developed in the court of chancery.
4. The Statue: “Statue is that potion of law which is derived from the legislation or enactment of parliament or the subordinate and delegated legislative bodies”. It is now very important source of mercantile law. A written or statue law overrides unwritten law i.e. both common law and equity. The contract acts, 1872, the sale of goods act, 1930, the companies’ act 1956, are some example of the statue law in India.
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