Business law is a branch of law that regulates the business sector. It comprises the law concerning trade, industry, and commerce. The business law may be defining as that branch of law which laid down the rights and obligation of the mercantile person, arising out of the mercantile transaction. Like contract law, which gives right to the party to chose the time, place and subject of contract in the form of rights and oblige the related party perform the duty emerging out of contract.
The business law laid down the provision as to what a party to the business can do or can not do. As law has aim to maintain social security and peace it restrict the business activities that lead to the destruction of social order. Like you cannot sell and purchase the weapon or can’t make contract to sell and purchase the weapon. Similarly you can’t open brothel for business.
The business law provides the information about the legal institution related to the business. Since the today’s business world is complex one and many dispute arise out the business transaction it is imminent to know about the dispute settlement mechanism and institution regarding business and business law provide this kind of information.
William MC Charty says the business law contains
- study of legal institutions
- process that affect the business
- Includes contract, company etc.
In short business law could be define as the law which regulate business transaction, laid down rights and duties of the business person emerging out of business transaction, provide information what could be done or couldn’t be done and provide information about the institution.
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